Brickell Heights Expects Move In’s To Begin May 1 – Equinox To Follow

Brickell Heights and SLS Lux from 1010 Brickell – Photo by @305_gucci

Brickell Heights will begin distributing keys on May 1 with Equinox opening shortly thereafter, according to an email we have received from Equinox. The project sold the last of the 690 residences in January, although we expect to see plenty of resale and rental opportunities once the doors officially open.

Equinox has been busy gaining membership over the last months, with their membership center set up on the vacant lot to the east of SLS Lux (30 SE 8th Street). They are offering zero initiation fee and reduced monthly rate promotions to those who purchase memberships prior to opening day. Those who join after opening day will pay an initiation fee of $300 and a monthly rate of $165. Some companies also offer a reduced rate wellness program to their employees.

Brickell Buildings With Tennis Courts

Today we start the semifinals of the 2017 Miami Open on Key Biscayne, so let’s wrap up this condo list by looking at the buildings in the Downtown Miami area that have tennis courts. We qualify the Greater Downtown area as being Brickell, Downtown, and Midtown. Since there aren’t yet any buildings with tennis courts in Downtown Miami or Midtown, we’ll look at Brickell today.

Let’s start with the building closest to the Rickenbacker Causeway that takes you to the tennis center and work our way north. That puts us at Brickell Townhouse, which was built in 1963 but remodeled in the early 2010’s. It has been reported that there is an offer from Vladislav Doronin to purchase the entire building and use it as an 8 acre waterfront development site, but that is a very complicated deal to put together. In order for it to happen, 90% of the condo owners must agree to the terms. So, in the meantime, 1 bedroom units start at $274,000 up to $675,000 for a 1,703 square foot 3 bedroom. The 1 bedroom is newly renovated with a park and city view, the 3 bedroom is renovated with a modern look and has a park and partial bay view. Rentals range from 1,800/month to $4,300/month.

Next door to Brickell Townhouse is the Brickell Bay Club (not to be confused with the Club at Brickell Bay, which is at 1200 Brickell Bay Drive). Brickell Bay Club was built in 1974 and has a whopping six tennis courts. The building is also situated so that most every unit has at least a partial bay view, but most have a direct view. There are also some great opportunities to find renovation deals. The 1 bedroom sales start at $279,000 (not bad for a waterfront deal!) up to $1.575 million for the 3,100 square foot penthouse. Tenants should prepare to pay between $1,850/month to $3,600/month depending upon the size of the unit.

Two blocks up is Bristol Tower, the site of Pharrell’s famous penthouse and the first of Ugo Colombo’s Brickell buildings. The 40 story rotunda shaped building offers large units, from 1,210 square foot 1 bedrooms up to the 9,000 square foot triplex penthouse. The largest unit on the market currently is a 2,825 square foot 3 bedroom for $2.38 million. Rentals range from $4,700/month for a 2 bedroom to $9,500/month for a 3 bedroom.

The newest building on the Brickell list is Skyline at Brickell, which was built in 2004. The floor plans range from 1 to 3 bedrooms and offer up to 1,762 square feet. Prices start at $309,900 or $1,850/month for a fifth floor 1 bedroom with 791 square feet up to $820,000 or $3,900/month for a 2 bedroom an $950,000 to $1.1 million for a 3 bedroom. Most all of the units have at least a partial bay view.

From the newest building to possibly the most famous, many people have seen this iconic Miami building in the Scarface as well as Miami Vice. It is the first high rise designed by Architectonica, who has gone on to dominate the skyline. Atlantis on Brickell offers 2 to 4 bedroom plans from $475,000 to $1.45 million and rental units from $2,900/month to $3,700/month. All of the rental units available today are 2 bedroom plans between 1,304 square feet up to 1,666 square feet.

To follow the success of Atlantis, Architectonica went on to design the Imperial at Brickell at 16th and Brickell avenue in 1983. This building is very popular due to its proximity to the financial district and large floorplans. Available units range from 1,316 square feet to 1,792 square feet and $489,000 to $895,000. Rentals range from $2,600/month for a 2 bedroom to $3,500/month for a 3 bedroom.

The most luxurious option on our list of Brickell apartments that have tennis courts is Ugo Colombo’s Santa Maria. This is actually one of the most luxurious buildings in the neighborhood. It was built in 1997 and features the last of the original Brickell waterfront estate homes that once lined the bay. Intensely private, there are no photographs allowed of this estate, but it is an amazing place to hold an event. The apartments at Santa Maria start at $1.93 million up to $11.5 million. They have private elevators and 2,100 square feet up to 6,300 square feet. Rentals range from $6,900/month to $20,000/month.

Another interesting building in Brickell that also has a tennis court is The Palace on Brickell. It was developed by the husband of the “Queen of Mean,” Leona Helmsley. She once owned the penthouse, which was sold to a Saudi Sheik and redesigned as Brickell’s Taj Mahal. You can see photos of that penthouse here. As for current availability, units start at $595,000 and go up to $699,000. All of the available units are 2 bedroom plans around 1,650 square feet. If you are looking to lease, there are slightly more options between $3,400/month to $4,600/month. All of the rental units are also 2 bedroom plans.

The only current condo building in the financial district section of Brickell that has a tennis court is The Mark on Brickell. It is also located on a waterfront lot, at 1155 Brickell Bay Drive. Despite being built in 2001, the building recently underwent a thorough renovation. They received a new lobby, the pool deck and tennis court were refurbished, the building was repainted and the balcony railings were switched to glass from the original iron railings to give the building a newer and more high end look. This is one of my personal favorite buildings to get a great value, particularly after the modernization. It is close enough to the action of Brickell to be a part of it, yet secluded enough to be more peaceful when you want to be. The layouts are modern and usable and the prices are fair. Currently there are 1 bedrooms starting at $290,000 and a 2 bedroom penthouse is available for $760,000. All of the units have a bay view, and rental prices range from $2,100/month to $3,700/month.

Just like yesterday, when we toured the Brickell Key condo buildings that have tennis courts, it is important to remember that the prices we discuss are what is available right now. Apartments come available and others go into contract every day, so reach out if you are interested in learning more about any of these Miami buildings with tennis courts.

New Miami Condo Buildings With Tennis Courts

This time of year brings one of our favorite events to Miami. The Miami Open runs from March 19-April 1 this year, and to commemorate it, let’s have a look at our favorite buildings in the greater downtown area that have tennis courts!

If living in a brand-new condo is important to you, there are several in the pipeline. Key International’s 1010 Brickell is slated to open within a few weeks. They have an indoor tennis court and 3 remaining presales starting at $950,000. All are 3 bedroom layouts. There is one resale unit on the market so far. SLS Lux is also on track for completion this fall/winter. They have only four penthouses remaining that have recently been repriced.

In Downtown, Paramount Miami Worldcenter is going to bring every amenity imaginable to their mega-project. They are about 60% sold and have residences priced at an average of $750/square foot. Because of their strong sales figures, they were recently able to secure the second largest construction loan in this build cycle. They are currently in vertical construction and should deliver keys at the end of 2018.

If you’re looking for something sooner, you could head up to Edgewater and check out Biscayne Beach. They have 2 tennis courts over their parking deck and a bayfront beach club. They have 5 remaining presale opportunities, and we will be listing an amazing high floor 3 bedroom on the southeast corner.

For people who are looking for an integrated community, I would suggest the waterfront Paraiso complex. There are five residential sections to the complex, totaling 1400 units. Paraiso Bayviews is the most affordable section, with remaining inventory starting at $470k (as of today). They just passed the 42nd floor of construction and should be ready by the end of this year. Paraiso Bay was the first of the towers to open sales. They are currently all sold out and on track to open this summer. GranParaiso is the most luxurious of the towers. It will be finished in Spring of 2018 and has 2 bedroom residences starting at $1 million. One Paraiso is the sister building to Paraiso Bay. They have 3 remaining penthouses, starting at $1.9 million. Aside from the towers, there is also a small enclave of bayfront beach homes. There are only 8 in total and 1 remains at $2 million.

Hyde Midtown is going to be the first project in Midtown to offer a tennis court for residents. They recently topped off at 80% sold. Their prices start in the mid $400,000’s and the rooftop penthouses start at just $735,000! The penthouses have rooftop terraces as well.

Come back tomorrow and we can take a look at the existing buildings who also offer tennis courts!

1010 Brickell Is Almost Complete

Brickell is very close to having a new newest building. 1010 Brickell is on track for completion in May. The crane and construction hoist have been removed, the painters are hard at work and the 50th floor pool landscaping is already installed.

Despite being a few months behind schedule (completion had been projected for December 2016), the building was a big success from a sales standpoint. The 387 units sold for an average of $650/square foot. We assume that all 387 have sold, because our requests for their close-out inventory have not been responded to.

The building was geared toward healthy living for active families, given the central location and span of amenities. The 11th and 12th floors feature:

• Indoor heated swimming pool with retractable glass walls for flexible access to the outdoors in any weather
• Impact-absorbing outdoor running track providing unparalleled views of the Miami skyline
• Tanning Sundeck
• Mini Golf
• Kids Indoor/Outdoor playground areas
• Children’s outdoor mini water park with cooling water spray
• Active indoor game room including games such as: bowling lanes, foosball, air hockey, table tennis, and arcade games
• Vending machines (ice cream, snacks, beverages etc)
• Modern Kids Recreation Zone – a two-story exercise and entertainment area designed to keep the little ones active and engaged in healthy pursuits like climbing, crawling, and other activities
• The Court – an area with half-court basketball, racquetball, and volleyball
• Indoor Mini Soccer
• Indoor Tennis Court
• Parent/child wristband system to allow the children to freely enjoy the common areas.

There is already one resale on the market, a 1,554 square foot 2 bedroom plus den with 3 full baths. It has terrace access from both bedrooms and the living room and a southwestern view. It is priced at just under $1 million, which works out to $643/square foot (less than the average pre-construction price!)

We haven’t seen any rentals offered as of yet, but do expect them to arrive as May draws closer. As a matter of fact, I expect this to turn out to be a very popular building for young families, who would appreciate the active amenities.

While 1010 Brickell is nearing completion, it won’t be the next newest building. Brickell Heights and Brickell Heights 02 are both on track to open in April, and will hold the “Newest in Brickell” title for just a few weeks before 1010 takes it. The next buildings to open will be SLS Lux and ECHO Brickell later in the year (or early 2018 since construction timelines often get delayed toward the end).

January 2017 Brickell Real Estate Market Update

This is a very interesting time in Miami’s real estate market and we are going to start doing more regular market updates of the various neighborhoods and even individual buildings. We’ll start with Brickell, but don’t hesitate to reach out and make a request if there is a specific neighborhood or building that you are curious about.

SALES MARKET
January 2017 brought 41 closed sales in Brickell, according to MLS data, down from 66 in January of 2016. These were seller to buyer transactions, not developer to buyer transactions, since developer to buyer transactions are not reported in the MLS. We will do a separate post with developer-buyer transactions for each building as they open and the sales are recorded.

Although the number of transactions fell, the average price rose to $514,000 for those 41 closed sales. 2016’s average price was $500,000. The average price per square foot also rose to $412/square foot, up from $401/square foot last year. The condos that found buyers had an average time on the market of 163 days, last year was 114 days. It seems the longer marketing time and increasing inventory choices for buyers has made the sellers more eager to sell. The buyers who transacted were able to negotiate down to 92% of the asking price this January, down from 97% of the buyers who bought last January.

The most expensive listing that sold this month was Tower Suite 3801 in Reach at Brickell City Centre. It sold for $1.95M and was offered at $2.1M and the buyer was represented by our very own Lucas Lechuga. We did an in-depth look at the numbers from that transaction last week. The least expensive sale of the month was a $168,000 studio at Brickell’s original condo building, the Four Ambassador.

As of today, there are 1,888 active listings in Brickell (300 of which are new listings in January), averaging $725,000 and $508/square foot. If we continue selling at this rate, we have enough inventory for 46 months of business. With this amount of available alternatives for the buyers, the sellers who are eager to move on from their units need to not only price them aggressively but also hire an agent with strong marketing power so that you stand out from the crowd.

RENTAL MARKET
There were 306 new leases signed in January of this year, up from 264 in 2016. The average rental price is $2,466/month, basically the same as last year’s $2,440. The 306 landlords who found new tenants beat out the competition of 1,442 alternative active listings, 465 of which were new listings.

Although the number of transactions is up and the prices are holding firm, the marketing time is increased this year to an average of 79 days on the market. Last year it took an average of 65 days to find a new tenant and move them in.

Tenants should not smell blood in the water yet though. The 306 leases that were signed garnered 96% of the asking price, so lowballing isn’t a thing just yet. The landlords who are not into 2+ months of vacancy are pricing their units well and finding a tenant quickly.

The most expensive rental of the month was the Four Seasons Residences Unit 44C. That one rented for $9,750/month. The least expensive was a studio at The Club at Brickell Bay for $1,400. It is important to note that the entry-level apartments in the neighborhood are less likely to negotiate price. Brickell is increasingly a hot neighborhood, so the entry point options are very much in demand.

What trends do you anticipate for Brickell? Weigh in and we’ll follow back up next month!

Inside Rise at Brickell City Centre

Last summer, we were able to take a photo tour through Reach Tower at Brickell City Centre shortly after it opened. Reach is now 95% sold out and its sister tower, Rise at Brickell City Centre has opened as well.

Rise is located at 88 SW 7th Street, above Saks Fifth Avenue. It has 43 floors and 390 total units ranging from 1 bedrooms up to 3 bedrooms, Tower Suites with 4 bedrooms and 3-5 bedroom Penthouses. They are currently 60% sold and move-ins are underway. The prices for each tower start in the mid $600,000’s and go up to $2,750,000 for the 4 bedroom Tower Suite at Rise.

Stay tuned for Friday, when we will tour the available Tower Suites and Penthouses on both projects with details on each.

Here are the photos of our tour of the Rise model apartments. You can find the associated floor plans here. If you are interested in a personal tour, don’t hesitate to reach out. We’re always available to set it up for you.

The street-level lobby:

The 6th Floor Resident’s Lobby:

A full-service Hammam and Salon:

The model units are all on the 31st floor:

Diana and Francisco are making deals while touring. Multitasking like champs!

Surprisingly, the west view apartments also have a water view:

The kitchen is finished with the Latte color palette. Also available, kitchens in Espresso palette.

These are the standard finishes for all master bathrooms:

Master bedroom closets are delivered finished out:

Northeast views from the 31st floor:

Direct east views:

The rooftop of the office towers are finished with grass, making an additional community area:

Reach Tower as seen from Rise:

Our sunset happy hour awaits! Check out that view!

Doing deals while sampling the amazing food at Sugar. I recommend the boneless Korean chicken wings, but everything we sampled was amazing.

Looking south into Brickell as the sun sets.

How Much Should The Owners Of Brickell Harbour Expect From Their Buyout?

Earlier this month, we reported that the owners of Brickell Harbour are being solicited for a buyout by a mystery developer. Well, the offers have come in and unfortunately (yet expected), we cannot talk about what has been offered because they are bound under a tight confidentiality clause. What we can talk about is how much the sale is likely to garner for the owners if a good deal is made.

It is common in condo buyout deals for the developer to hold the owners under a contingency stating that the sale will only take place if 90% of the residents agree to sell. Otherwise, it makes no sense for the developer to own the building since they would not be able to develop. There are always those last few owners who hold out for the most money and sometimes it works, but sometimes it just ends up throwing a wrench in the entire deal. So, how much is a realistic number for Brickell Harbour as a development site?

First, let’s look at the most recent comparable sale. The development site at 25 NE 25th Road is just over 1 acre of waterfront land with 155 linear feet of bay frontage. It is around 300 feet deep. Once you break down the final purchase price of $48 million, that works out to just over $1,000/ft of land. The units combined are comprised of 76,291 square feet of livable space or $629/square foot ($800,000 per unit for the 61 units).

25 Bay Tower Development Site

Now let’s look at Brickell Harbour. In comparison to 25 Bay Tower, Brickell Harbour is a far superior development site. Its location at the south end of Brickell Bay drive is closer to the hustle and bustle of Brickell’s city vibe, yet secluded enough to offer peace and quiet along the bay. The site offers 275 feet of linear bay frontage and half an acre more of developable space. Both sites are in the same zone for height restrictions, allowing up to 600 feet of building height. Variances can be given, but this is where we are today.

Another feature of the site at Brickell Harbour that sticks out as a big upside is the marina. Building new marinas is extremely tedious from a permitting standpoint due to the environmental impact they cause, making them nearly impossible to add. Given all of these factors, I estimate that a final sales price of Brickell Harbour would be far north of the $1,000/square foot of land that 25 Bay Tower received.

Now that we’ve looked at the comparable and determined why Brickell Harbour is worth more, let’s get down to the numbers. Using the same price per square foot of developable land as OKO Group’s purchase would amount to a $70 million purchase for Brickell Harbour. That breaks down to an average of $380,000 per unit at Brickell Harbour, or an average of $512/square foot of livable space. Add in the increased desirability of the lot size, location and added marina, we could see a purchase of $80 million!

How much do you think the owners will end up garnering at the end of the negotiation? Do you think it will go through?

Related Group’s One Brickell On Hold For 5+ Years

One Brickell, Related Group’s riverfront mega-project in Brickell, appears to be on hold until at least 2022. The 1,400 unit waterfront project was slated to be developed in 3 towers at 444 Brickell Avenue, where Capital Grille currently stands along with a 10 story office tower. Previously, it was scheduled to break ground in 2016.

Since the news broke in late 2014 that the towers were on their way, the developer had stopped pushing for new tenants in the office building. They were still signing new leases, yet requiring a 6-month kick out clause, allowing Related to have a vacant building when it came time to begin construction. Since the kick out clause isn’t an ideal situation for tenants, not many offices complied.

As of today, Related is heavily marketing the office tower to tenants. They are pushing for the property to be leased up within 6 months, offering incentives for deals up to 10 years. The lease terms offered are between 2-10 years, with higher incentives for longer leases. New leases signed with a term of up to 5 years also do not have the kick out clause, meaning that Related cannot develop the land until those leases expire.

There has not yet been an official announcement made, but this isn’t the first tower to be put on hold. Auberge in the arts district has also been effectively placed on hold. They are still offering units for sale but have stopped marketing the project. In September, Jorge Perez said at the “State of the Market Conference” in Wynwood that he expects a market slowdown and that his company will not bring a project out of the ground if it is not at least 70% pre-sold with 50% deposits. Since One Brickell had not yet released pre-sales, it seems we have a confirmation after all.

At Last! Renovations Are Coming To 1814 Brickell Park

Photo courtesy of Rebecca Carter Facebook

After months of requesting and circulating a petition, the City of Miami Parks Department has agreed to the proposed changes to the park located at 1814 Brickell. We chimed in as well, as the current design was excellent in theory, but fell flat with the originally intended use.

Originally, the park was intended for “businesswomen in high heels” and “workers relaxing from the business district,” except those people never showed up. You can find them after work at happy hour, not strolling 5 blocks to sit in a park. Meanwhile, young children with their mothers and nannies are left with nowhere to play. As a member of the stroller brigade, this redesign makes me very, very happy!

In an onsite meeting this week, the Director of Parks met with a handful of interested Brickellians to go over the approved changes. They will be replacing the current playscape with a setup for 2-5 year old children and a swing set. To add more shade, they discussed adding a mature shade tree in the back corner of the play area and extending the foam flooring further out to add more play space. The project is set to take 6 months to complete, but will likely take a bit more time because we all know how construction timelines are fluid. There will only be about a month of the park being fully closed.

Photo courtesy of Rebecca Carter Facebook

Photo courtesy of Rebecca Carter Facebook