Countdown To Closings: Brickell Heights Prepares To Open
Image via Carlos Rosso
The countdown to TCO is on! Related Group is expecting their temporary certificate of occupancy for Brickell Heights next week, and plans to begin closings June 1.
We received an e-blast from the membership office of Equinox with the following update:
Our club will be opening SOMETIME between the 1st and 15th of June. The gym itself is complete, and once the building has finished their lobby, the inspection will be completed and we will be allowed to move in and open immediately. I encourage you to take a walk by and check it out yourself. The building lobby is being finished, and you can see the two Equinox signs in the street entrance directly across from Rosa Mexicano.
I reached out to our friend and Brickell Heights developer representative, Yenny Hanley, to see if we could get a more solid date. She informed me that if the TCO does come through on time next week, closings will begin June 1. They will start with floors 10-20 and then move on to floors 21 and up during the end of June/start of July. We will be on the lookout for the first rentals and resales and report back when they are made active. Meanwhile, check out the preview clip of the rooftop pool that Yenny sent us. Exciting!!
Brickell Flatiron Construction Reaches 6th Floor; Penthouse Design Revealed
After it’s epic foundation pour in January, the vertical construction of Brickell Flatiron has reached the sixth floor just as the developer releases the floor plan of its’ four-bedroom penthouse.
The layout can be seen in the floor plan below, which was shared with us by Chris Suarez, our contact for Brickell Flatiron. It has 4 bedrooms, 4.5 baths, 2,592 interior square feet and unobstructed cityscape and sunset views from the 509 square foot terrace. Each of the bedrooms has a dedicated bathroom and the master suite is situated on the opposite side of the residence behind a support beam, for additional privacy. Being someone who is a very light sleeper, I can fully get on board with that.
I also like that there is a den/studio just off of the secondary bedrooms, which would serve as a great place for a kids’ play room, a movie room, or an office. All of the bedrooms and the living room are situated in a way that they each have balcony access and a big, open view of the sunsets.
It is always a pet peeve of mine when developers don’t fully think through the usability of the space they sell. There are so many condos in the neighborhood that are situated in a way that the best view in the unit is from the office, or even worse, from the window over a bathtub. Such a waste, but that doesn’t happen here. The space appears to be designed with the future resident in mind, without throwing in wasted space. I’m a fan!
The finishes in the apartment will include furniture-ready interiors with Italian porcelain tile flooring, custom designed Snaidero kitchen cabinetry with stainless steel backsplashes, Cedarstone countertops, and Zucchetti faucets. The appliances will be fully-integrated professional grade appliances from Miele. There will be front-loading Bosch washer and dryers and custom solid wood doors made in Italy with soft-close hinges. The bathrooms are custom designed with Milldue cabinetry, Italian marble flooring and chrome-finished Zucchetti faucets. I really like the back-lit wall mirrors in the master bath as well… those are typically upgrades.
Vertical construction of the 552 unit project started in January of this year. As of today, they have reached the 6th floor. The general contractor, Moss & Associates expects to reach the 17th floor by the end of the year and then complete one floor per week until the final top-off is achieved in late 2018.
Have a look here at the penthouse plan and let us know what you think. Prices start at $1.64 million. Non-penthouse residences start at $475,000.
Brickell Flatiron Penthouse by Sarah Elles Boggs on Scribd
Construction Photos from Moss & Associates:
Additional Interior Renderings from CMC Group:
Market Stat Monday: Brickell on the River North
After a few weeks in the Miami Riverfront and Edgewater areas, we’re going to jump back to Brickell for this week’s Market Stat Monday and look into Brickell on the River’s North tower. For the Brickell newbies out there, Brickell on the River was built in 2006 and has 2 towers that share an amenity deck and parking garage, but aside from that are very much different.
The north tower was the first to be built. It has 42 stories and a contemporary feel. The lobby is marble with wooden accents and the condos are all flat, with sizes varying from 1 bedrooms up to 3 bedrooms. The condo association has recently completed a face-lift to the hallways and lobby. I have always viewed this tower as a great option for both end users and investors alike since it has such a great mix of qualities that are attractive to most anyone. Once the north tower was complete, work began on the south tower, that was completed in 2007. The south tower has 46 floors and features a more modern design with duplex lofts rather than the flat apartments with separated bedrooms.
One of the big selling features of Brickell on the River lately has been the fact that it is the only building in Brickell that is approved for FHA financing. Sadly, I have to announce that this approval has expired, but conventional financing is still available.
Even without the FHA approval, the north tower hasn’t been performing to badly lately. There have been 5 closed sales this year with an average price per square foot of $350. One thing that is interesting is the fact that of the 5 recent closings, two have been REO deals (foreclosures). Unit 2503 is a 1 bedroom that closed for a paltry $239,925, which worked out to $309/square foot. Before you go crazy about this ridiculously low-priced sale, you also have to acknowledge that this particular sale seems to have squatters, which are the buyer’s responsibility. The listing noted that the property was occupied and no interior inspections were available… meaning the property cannot be seen in person. That’s pretty hardcore.
In a less dramatic deal, unit 4019 is a two bedroom that closed for $370,000. This one was a Homepath deal, a foreclosure that was taken back by Fannie Mae. I saw this property in person and it was in great shape. It needed only some drapes and was ready to move-in. Someone got a very good deal. That unit would rent for $2,450/month by my estimates.
As for non-distressed sales, we saw a 1 bedroom trade for $330,000 ($365/square foot), and then a two bedroom corner unit that sold for $407,500 ($367/ft). On the 39th floor, a 2 bedroom with 2 parking spaces closed for $415,000.
Overall, the sellers who closed their units accepted 93% of their desired price, staying in line with the rates of negotiation we are seeing in other buildings.
There are currently 3 contracts pending in the building. One is a short sale that was listed for $360,000 for a two bedroom. This one has to be considered an outlier because who knows whether it will get approved and the buyer has to pay the seller’s closing and legal costs. There’s no telling how much that will amount to!
Units 1603 and 2403 are both one bedroom plans and are asking $299,900 and $299,000 respectively. We have also just listed apartment 803 for $283,000, so expect to see an offer come through very quickly!
Aside from apartment 803, there are 33 total active sales in the building. While that does work out to 33 months of inventory at the rate that closings are coming, it is also only 9% of the total units. That is a far better situation than some of the other buildings in the area.
One bedrooms start at $255,000 up to $325,000. Two bedrooms are between $384,000 to $485,000 aside from one two bedroom listing that is a short sale offered for $308,000. I can’t believe we’re talking about short sales again! Even with the short sales and foreclosures that are being marketed, since financing is still possible, I would still consider Brickell on the River North to be a relatively healthy building in this market.
On the rental side, we have seen 24 rented apartments in the last months with an average price of $2.33/square foot. One bedrooms range from $1,850-$2,100, two bedrooms from $2,300-$2,750 and 3 bedrooms around $3,400/month. The average marketing time is 46 days and owners are garnering 96% of their asking price. It is also important to make note that most of the rentals are transacting for the asking price, especially in the lower price points. Furnished rentals tend to be a bit more flexible since they are more challenging to fill, but the unfurnished units are not budging in price.
Current rental availability ranges from $2,150/month-$2,375/month for one bedrooms, $2,500/month-$2,850/month for two bedrooms and $3,200/month-$3,500/month for three bedrooms.
Fun Fact Friday: Every Building Swire Builds Is Blessed By Monks… Twice
We find ourselves praising Swire Properties regularly. They move trees from their development sites to local parks rather than cutting them down, they donate money to The Underline (Miami’s answer to New York’s High Line), they spend $31 million on a climate ribbon that cools their shopping center, protects shoppers from the elements and looks really nice from every angle. Now, we also learn that each and every building that Swire Properties builds is blessed by monks at least twice.
The Hong Kong based developer has a tradition of flying monks to their build site at groundbreaking for a blessing ceremony. The ceremony is repeated once the project is complete. In 2005, Carbonell was even able to be blessed by the Dalai Lama himself! Brickell City Centre was blessed multiple times. First, there was a blessing ceremony at groundbreaking, then the East Hotel was blessed upon completion. Reach and Rise received their own completion ceremonies with the East Hotel receiving an additional blessing at this time. When the mall opened, the entire project was blessed again. Talk about counting our blessings! Here are the other buildings in the area that were built by Swire Properties:
Brickell Key One (1982)
Brickell Key Two (1991)
One Tequesta Point (1995)
Courvoisier Courts (1997)
Two Tequesta Point (1998)
Three Tequesta Point (2001)
Courts at Brickell Key (2003)
Jade Residences at Brickell Bay (2004)
Carbonell (2005)
Now that’s what we call #Blessed!!
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!
