Developer Announces Sales for New Brickell Tower – Lofty Brickell

New Construction Towers in Brickell
New Construction Towers in Brickell

A new residential tower, Lofty Brickell, will be launching sales soon! The tower will rise 34 stories high, overlooking the river, and will feature 320 fully furnished and finished units.

These units will be ‘turnkey’ and are fully licensed for daily, weekly, and monthly short-term rentals. Owners can utilize platforms like AirBnb, VRBO, as well as manage on their own.

The units will feature 800 to 1,200 square-foot floor plans with studio to 2 bedrooms options. Prices will start in the low $500,000 with increases based on floor plans and upgrades.

Lofty Brickell will be similar to other Downtown Miami towers including, E11EVEN, Legacy Miami Worldcenter, and Natiivo.

Lofty Brickell

Developer, Harvey Hernandez recently closed on the lot for $50+ million. Hernandez is responsible for Centro and Brickell House.

With the announcement of this new tower comes some controversy. The current development site holds KLA Schools of Brickell and sources have reported an ‘early eviction’ although their lease expires December 2021.

Building Features

  • 35-story landmark building designed by internationally acclaimed architecture firm, Arquitectonica
  • Prime Brickell location in steps from Brickell City Center
  • Short-term rentals permitted as-of-right
  • Spectacular panoramic Miami River, Brickell and Miami skyline views
  • 2 Story lobby with floor to ceiling windows 24-hour welcome desk with concierge 24-hour valet parking 24-hour secure access Advanced technology smart-building with high-speed fiber-optic wireless internet access through out common areas
  • Exclusive LOFTY app
  • Cutting-edge green building technology
  • 6 high-speed passenger elevators with access control
  • On-site hospitality management Curated River-front restaurant with outdoor dining terrace

Building Amenities

  • Exotic resort pool with pool-side cabanas
  • Bar and grill on pool deck 24/7
  • Co-working lounge Private meeting rooms
  • Event room with exclusive terrace
  • Fully-equipped, state-of-the-art fitness center with HD TVs and wireless audio Private Peloton studios Yoga lounge and terrace
  • LOFTY Rooftop Experience

Residence Features

  • Urban luxury residences with modern open layouts from 485SF—930SF Studio, one and two bedroom units
  • All residences are delivered fully finished and furnished specially curated by INC
  • Panoramic Miami River, and Miami skyline views
  • Private balconies for every residence
  • Corner units offer wrap-around balconies
  • High ceilings ranging from 9’ to 11’
  • Owner closets in every residence
  • Floor-to-ceiling sliding glass doors and sound attenuating impact-resistant laminated glass throughout
  • Advanced technology Smart Building wiring for HD TV,
  • Multiple telephone /data lines and ultra-high-speed internet access
  • Individually controlled energy-efficient central air conditioning and heating system

Kitchen

  • Imported European cabinets with premium hardware and drawer pulls
  • Top of the line appliance package including stainless steel refrigerator, oven, cook-top,microwave, dishwasher and sink disposal
  • Elegant imported stone countertops and backsplashes
  • Contemporary stainless steel under-mounted sink•High-arc gourmet faucet with integral sprayer

Master Bathroom

  • Imported European cabinets with premium hardware and drawer pulls
  • Elegant imported stone countertops and backsplashes
  • Custom-finished floors and walls in wet areas
  • Frameless glass shower enclosures Spacious, extra-depth soaking tubs
  • Premium European-style fixtures and accessories

The project located in the heart of Brickell will include a private marina on the river with an expansive dock for boating.

Sales for a select few have started with anticipation public sales date soon. Construction completion date is expected in 2024.

Renderings Released for Baccarat Residences Miami

view from Baccarat Residences Tower 2 in Brickell Miami
Baccarat Residences Miami 75-story tower

Baccarat Residences Miami is the newest pre-construction tower located in Brickell that will soon grace the Miami skyline with its gorgeous glass exterior. The location is ideal placing Baccarat Residences in the heart of downtown at 444 Brickell Avenue.

Rising 75 stories, the collection includes 324 residences that will begin on the 15th level. The top 3 floors will feature 8 penthouses with immaculate ocean and skyline views. In addition, there will also be 28 riverfront flats and duplexes of your choosing.

Units will range from 1,330 square feet to over 7,000 square feet, with each unit featuring integrated purified air and water filters, impact-resistant floor-to-ceiling glass doors, 8-foot deep private terraces, and 10-foot high ceilings. Kitchens will be top-of-the-line with high-end appliances, granite counters, and custom cabinetry.

Interior Designed by Meyer Davis Studio, the building design incorporated a mixture of 18th-century French and 1930s Art Deco. The developer includes the Related Group with the landscape architecture designed by Enzo Enea.

view from Baccarat Residences Tower 2 in Brickell Miami

The elevated waterfront amenities deck will include an infinity pool with killer views of Miami and Biscayne Bay. Enjoy fine dining at the 10,000-square-foot restaurant that will be announced once construction continues. Additional amenities include a state-of-the-art fitness center, spa, wine cellar, and tasting room.

living-dining room from Baccarat Residences Miami
kitchen at Baccarat Residences Miami

Quick Facts:

DEVELOPMENT OVERVIEW

  • Privileged Brickell waterfront position, where the Miami River meets Biscayne Bay
  • Dazzling contemporary 75-story glass tower
  • Collection of 324 tower residences, 8 penthouses, and 28 riverfront flats and duplexes
  • Panoramic views of Biscayne Bay, the Miami River, and the Miami city lights and skyline from every residence
  • Artful service and amenities impeccably curated by Baccarat Hotels & Residences and expertly managed by SH Hotels & Resorts
  • Lushly landscaped waterfront promenade and private marina
  • Planned 10,000 square feet signature waterfront restaurant
  • Curated museum-quality art collection

BUILDING AMENITIES

  • Lushly landscaped secluded private entrance leading to the riverfront arrival court and elegant porte-cochere entrance
  • Exquisitely appointed entrance lobby with grand high ceilings leading directly to three banks of double private elevators to each residence
  • Permanent installation of curated museum-quality art collection throughout the building’s public spaces
  • Elevated 12th-level amenities resort deck loaded with a dramatic zero-entry heated saline swimming pool, outdoor spa, pool-side cabanas, summer kitchen area, and beautifully landscaped sun terrace
  • Glamorously designed Grand Salon, set as the ideal location for both intimate gatherings and grand celebrations
  • Luxurious Clubroom with bar and billiards, catering kitchen, and multimedia facilities
  • State-of-the-art fully equipped fitness center curated by Altitude
  • Fitness with cardio theater, spinning room, yoga and meditation rooms, all overlooking the pool deck resort area
  • Hammam spa with men’s and women’s steam and sauna facilities, luxurious treatment rooms, and spa shop
  • Private screening room with cutting-edge audiovisual equipment and theater-style seating
  • Game room with multimedia facilities and children’s playroom
  • Business Center with conference facilities and private workspaces
  • Gourmet market
  • Wine Cellar and Tasting Room
  • State-of-the-art Chef’s Kitchen and Private Dining room
  • Pet-friendly community with Pet Spa, Grooming, and Walk Service
  • Hair Salon & Barber Station
  • High-speed internet access in all public areas
  • Electric vehicle charging stations
  • Air-conditioned storage rooms
  • Bicycle storage spaces

BACCARAT GLOBAL MEMBER PRIVILEGES

  • Baccarat Owners Circle Services including private shopping, discounts on Baccarat crystal, discounted engraving and gilding, and priority status for custom production
  • Exclusive tour package to Baccarat France, available only to owners of Baccarat Residences
  • Invitations to Baccarat events worldwide
  • Preferred service and privileges at Maison’s Baccarat (Paris and Moscow), BBar (Tokyo) and Crystal Rooms worldwide
  • Hotel privileges in Baccarat Hotels and SH Hotels & Resorts worldwide

This project will break ground in 2022 with a completion date of 2024. If you or someone you know have an interest in purchasing one of the units at Baccarat Residences Miami, please contact Lucas Lechuga via email at [email protected] or by phone at (786)247-6332.

master bedroom Baccarat Residences Brickell Miami
balcony from Baccarat Residences Miami Brickell

Art Basel Special: Top Miami Trophy Properties Day 3

Joanna Krupa Four Seasons Miami Home

Joanna Krupa Four Seasons Miami Home

For today’s Art Basel Trophy Property of the Day, we’re going back to Brickell, to the classic yet chic Four Seasons Brickell with a celebrity-owned condo.

Back in 2013, Romain Zago, the owner of popular Miami Beach night club, Mynt, purchased this 2,139 square foot condo with his brand new wife, former Real Housewife of Miami, Joanna Krupa for $1.37 million. They made some changes to the design, lived out their happiness and re-listed the unit for $2.5 million after divorcing earlier this year. After no buyers surfaced, the price has steadily decreased until Monday, when it was reduced to $2 million.

The property is a 2 bedroom, 2.5 bath corner apartment with floor-to-ceiling windows overlooking the Brickell Financial District, Biscayne Bay, Port of Miami and Miami Beach. It is located on the 42nd floor of the 70-story tower and includes such amenities as an onsite Equinox Fitness and spa, lounging pool with hammocks hanging between palm trees in the pool, and full Four Seasons’ Hotel amenities.

The Zago-Krupas are not the only celebrities to enjoy the Four Seasons. Rapper Gucci Mane recently wed at the property in a service and party that cost well over $1 million and was televised on BET, and the new owner of the Miami Marlins, Derek Jeter, recently toured options with his family. Mr. Jeter ultimately chose another building, which we will cover later in the week, but the Four Seasons Brickell is certainly a stand-out for celebrity real estate.

Joanna Krupa Four Seasons Miami Home

Joanna Krupa Four Seasons Miami Home

Joanna Krupa Four Seasons Miami Home

Joanna Krupa Four Seasons Miami Home

Joanna Krupa Four Seasons Miami Home

Joanna Krupa Four Seasons Miami Home

Joanna Krupa Four Seasons Miami Home

Joanna Krupa Four Seasons Miami Home

Joanna Krupa Four Seasons Miami Home

Joanna Krupa Four Seasons Miami Home

Joanna Krupa Four Seasons Miami Home

Joanna Krupa Four Seasons Miami Home

Joanna Krupa Four Seasons Miami Home

Joanna Krupa Four Seasons Miami Home

Joanna Krupa Four Seasons Miami Home Joanna Krupa Four Seasons Miami Home Joanna Krupa Four Seasons Miami Home

Market Stat Monday: The IconBrickell Pool Prepares To Reopen

IconBrickell Pool Reopening

IconBrickell Pool Reopening

December is just around the corner, which means the day that IconBrickell‘s management office anticipated the completion of their pool repairs is upon us. According to the office, they are still aiming for a completion date of December 15 and from the progress we’ve seen, things appear to be coming back together.

We were the first to report of Icon Brickell’s scheduled year-long pool closing two years ago after months of whispers about the damage. As you can see below in the renovation schedule, by this point the new light fixtures should be being installed, followed by paint and cleanup, removal of the construction equipment and ultimately… POOL DAY!

IconBrickell Renovation Schedule by Sarah Elles Boggs on Scribd


You can see in our photo above that the landscaping has been reinstalled along with some light fixtures and what looks like charging stations. The management office did mention to us that additional outlets would be added, and we agree that they were much-needed!

So, now that we know that the pool is coming back very soon, what about the sales and rental values?

I cannot in good faith sit here and tell you that the values haven’t changed. They have. Condos were trading at a rate of $583 per square foot when news of the repair broke in November of 2015, By the time the work actually commenced in December of 2016, sales prices had plummeted to $426 per square foot. What is unclear is the effect the pool repair had on the final sales prices vs the effect the market in general had on sales prices.

On the upside, while the rest of the sale market is in decline, Icon Brickell is inching upward. Since July of this year, 35 units have closed with an average sales price of $449 per square foot.

The least expensive listing to sell (per square foot) was a two bedroom in Tower 3 (the W Hotel Tower) for $465,000 after nearly 2 years on the market. This works out to $361 per foot, but the listing DID mention that the seller was extremely motivated. The most expensive per square foot was a three bedroom on the 41st floor of Tower 1 that sold for $1.5 million after 5 months on the market. It was fully upgraded and furnished for $822 per square foot, so you can see the range depending upon placement, finishes and furnishings that we’re dealing with.

Now for the bad news. With 165 current active listings, IconBrickell is carrying 23 months of inventory. This isn’t as bad as some other developments that are carrying 80 months of inventory, but it still isn’t great.

So, what’s the lesson?

The 13 units that are currently under contract were listed for an average of $504 per square foot. The 35 that have closed since July all closed for 92% of their asking price, yet the 165 active listings have an asking price averaging $560 per square foot. I won’t call out specific unit numbers, but it appears a lot of the active sellers need to adjust their prices…

Trophy Property: Spectacular Rise Four Bedroom Asks $3.1 Million

Rise Brickell City Centre 4 Bedroom

Rise Brickell City Centre 4 Bedroom

In a sea of Downtown Miami area condos, it is easy to become jaded. There are so many beautiful options, and it really takes something special for us to pause and say WOW! Then we toured this exquisite corner four bedroom at Brickell City Centre’s Rise Tower.

Unit 3701 is a 3,244 square foot 4 bedroom/3.5 bath flow-through residence with a South/East-facing wraparound terrace AND a sunset terrace. The seller made several upgrades to the layout, which can be found here. They turned the staff quarters into a 400-bottle wine cellar, but left the original plumbing intact in case future owners are not wine connoisseurs. In the master bath, you will find that the dressing room is locked with fingerprint access and a hurricane-proof glass door. All closets are custom-designed Italian cabinets and a movie theater with surround-sound has been added.

Reach out at [email protected] for a tour of this gem!

Rise Brickell City Centre 4 Bedroom

Rise Brickell City Centre 4 Bedroom

Rise Brickell City Centre 4 Bedroom

Rise Brickell City Centre 4 Bedroom

Rise Brickell City Centre 4 Bedroom

Rise Brickell City Centre 4 Bedroom

Rise Brickell City Centre 4 Bedroom

Rise Brickell City Centre 4 Bedroom

Rise Brickell City Centre 4 Bedroom

Rise Brickell City Centre 4 Bedroom

Rise Brickell City Centre 4 Bedroom

Rise Brickell City Centre 4 Bedroom

Rise Brickell City Centre 4 Bedroom

Rise Brickell City Centre 4 Bedroom

Rise Brickell City Centre 4 Bedroom

Rise Brickell City Centre 4 Bedroom

Rise Brickell City Centre 4 Bedroom

Rise Brickell City Centre 4 Bedroom

Rise Brickell City Centre 4 Bedroom

Rise Brickell City Centre 4 Bedroom

Rise Brickell City Centre 4 Bedroom

Rise Brickell City Centre 4 Bedroom

Rise Brickell City Centre 4 Bedroom

Rise Brickell City Centre 4 Bedroom

Rise Brickell City Centre 4 Bedroom

Rise Brickell City Centre 4 Bedroom

Rise Brickell City Centre 4 Bedroom

Rise Brickell City Centre 4 Bedroom

Rise Brickell City Centre 4 Bedroom

Rise Brickell City Centre 4 Bedroom

Rise Brickell City Centre 4 Bedroom

Rise Brickell City Centre 4 Bedroom

Rise Brickell City Centre 4 Bedroom

Rise Brickell City Centre 4 Bedroom

Rise Brickell City Centre 4 Bedroom

Rise Brickell City Centre 4 Bedroom

Rise Brickell City Centre 4 Bedroom

Rise Brickell City Centre 4 Bedroom

Rise Brickell City Centre 4 Bedroom

Rise Brickell City Centre 4 Bedroom

Rise Brickell City Centre 4 Bedroom

Rise Brickell City Centre 4 Bedroom

 

 

First Resale At ECHO Brickell Hits The Market At $1,100 Per Foot

Echo Brickell closings have begun

ECHO Brickell Closings

instagram.com/echobrickell

After beginning closings last week, the first resale has hit the MLS at ECHO Brickell. A 1,262 square foot two bedroom with two and a half baths has been listed for $1.39 million and the pictures don’t do it justice.

To be honest, I have no idea why anyone would bring a property to market with photos like this, but to be fair it was a holiday weekend. Hopefully they just couldn’t get a photographer scheduled in time… Here’s what we’re working with…

In my opinion, these are among the best photos of the bunch. The marble floors are very pretty and you can see the water view.

ECHO Brickell Condos Miami ECHO Brickell Condos Miami

The room seems a little crooked here, but you get the idea.ECHO Brickell Condos Miami

Amazing sunset!

ECHO Brickell Condos Miami

Looking South, down Brickell Avenue.ECHO Brickell Condos Miami

Each unit includes a summer kitchen.

ECHO Brickell Condos Miami ECHO Brickell Condos Miami

The kitchen is nice and spacious, and the glossy cabinets are a refreshing change from other buildings that are delivered around the same time. Not that the matte-finish cabinets are bad, just different buyers have different tastes, so it’s nice to have another option.

If you glance to the right, you can catch a peek at the seller… or maybe it’s an agent, or a neighbor, who knows. Why do agents do this????

ECHO Brickell Condos Miami

ECHO Brickell Condos Miami

ECHO Brickell Condos Miami

I see you.

ECHO Brickell Condos Miami

Long hallways to windows that overlook a very near (and hopefully dear) neighbor are not the biggest selling feature, but the floors are nice. I should also add that each unit comes fully finished, with flooring.

ECHO Brickell Condos Miami

The neighbors to the South are a bit more distant, and there’s a water view.

ECHO Brickell Condos Miami

ECHO Brickell Condos Miami

Each apartment also comes with finished closets, which is something most developers don’t do in Miami and a very nice touch.

ECHO Brickell Condos 2017-11-14 12.39.02

ECHO Brickell Condos 2017-11-14 12.38.49

ECHO Brickell Condos Miami

ECHO Brickell Condos Miami

The bathrooms turned out quite nice! Let’s have a closer look…

ECHO Brickell Condos 2017-11-14 12.39.37

I see you.

ECHO Brickell Condos 2017-11-14 12.39.55 ECHO Brickell Condos Miami

Now, let’s check out the pool deck. It DOES look pretty relaxing and I’m pretty obsessed with how the pool is indoor/outdoor.

ECHO Brickell Condos 2017-11-14 12.42.38

ECHO Brickell Condos Miami

ECHO Brickell Condos Miami

ECHO Brickell Condos Miami

ECHO Brickell Condos Miami

These ropes are designed to pull the illusion of the flying man from the mosaic through the entire pool deck and down the side of the building. Either that or they should have been photoshopped out.

ECHO Brickell Condos Miami

ECHO Brickell Condos Miami

ECHO Brickell Condos Miami

ECHO Brickell Condos Miami

ECHO Brickell Condos Miami

ECHO Brickell Condos Miami

All in all, I feel like the building likely turned out very nice. I can’t wait t see the professional photos! What do you think?

A Review Of The Penthouse At Brickell City Centre’s Reach Tower

Reach Penthouse Brickell City Centre

Reach Penthouse Brickell City Centre

If you’ve ever dreamed of living in a palace in the sky, but also dreamed of living on top of an elegant shopping district, but also dreamed of living in a condo that was perfect for entertaining AND perfect for family, then we’ve got just the thing for you. Swire has released the newly finished upper penthouse at Reach Tower above Brickell City Centre and it does not disappoint.

Before we go to the review and photos, here are the specs:
Penthouse 4203
4 bedrooms, 3 baths, 2 powder rooms, 2 family rooms, 4 terraces, service quarters, rooftop pool & summer kitchen
Interior Size: 4,346 square feet
Exterior Size: 1,823 square feet
Price: $6,650,000

The Views

Starting with the views since many people in the $5 million-plus price range automatically ask for waterfront options, let me show you why I consider high floors in the city to be a better option…

Brickell City Centre Reach Penthouse View

If you’re in a waterfront condo, the blue water is pretty, but what will you look at after the sun goes down? Nothing. With the high floor city view, you still see the beautiful blue water of the Biscayne Bay AND the Atlantic Ocean, plus the glittering city lights at night. Gorgeous.

Speaking of water views and glittering city lights, how about you enjoy them from your private rooftop pool? Or maybe throw together a little al fresco dinner party in your summer kitchen?

Reach Penthouse Brickell City Centre

To the West, you can see the city lights at night all the way to the Everglades.

Reach Penthouse Brickell City Centre Rooftop Pool

Reach Penthouse Brickell City Centre Rooftop Pool

The South view also offers more distant water views as the coastline tapers in through South Brickell, Coconut Grove and Coral Gables.

Reach Penthouse Brickell City Centre Rooftop Pool

Now, let’s go inside for some renderings vs real life fun!

The Kitchen/Living Room Layout and Finishes

Reach Penthouse Brickell City Centre Kitchen

Reach Penthouse Brickell City Centre Kitchen Finishes

Reach Penthouse Brickell City Centre Kitchen

Ok, so we can see that the renderings were based on a different penthouse, but the finishes look 100% on-point, and LOOK AT THAT SPACE! I can’t even begin to think of the number of different events you could host here. Of course, if you’re a homebody like me, you could also just chill on a different sofa every night of the week and cook some crazy recipes in that kitchen.

I’m not sure what to say about that kitchen. If it were mine, I’d have platters of hors d’oeuvres filling that marble countertop for my friends and every kitchen gadget offered so that I could cook more. Heaven.

The Bathrooms

Brickell City Centre Penthouse Reach Bathroom

Brickell City Centre Penthouse Master Bath

Brickell City Centre Penthouse Master Bath

Brickell City Centre Penthouse Master Bath

Here we are again with a rendering that was based off of another penthouse, but with on-point finishes. I love the teak shower floor. It gives a no-slip yet luxurious spa feel. Also, the backlit mirrors are typically demonstrated in sales centers and renderings, but are actually an upgrade that you don’t find out about until later. Not here. Swire delivered what they demonstrated.

The Floor Plan

Swire and Arquitectonica clearly did their homework on versatility with this layout. The way the floor plan is laid out; with the master bedroom in the front and the other bedrooms in the back, separated by the family room, it’s almost like there is a guest house.

I can see it already… a family gathering and the adults want to have adult conversations but the kids want to run crazy and do kid things. The kids can go to the family room and party with the nanny while the adults have wine and peace.

Or, it could be that the owner wants to give their guests an additional sense of privacy…. they have their own living room with a balcony.

Another thing I would like to point out is the amount of storage space! There are closets everywhere you turn AND a walk-in pantry! This is not something that is common in our marketplace.

Finally, I really appreciate the fact that they thought to separate the laundry room from the staff quarters. I always find it a bit oppressive to see the housekeeper’s bed pushed up next to the washing machine. This is 2017, not Downton Abbey. At the same time, the service quarters is not included in the bedroom and bathroom count, as they sometimes are. In this apartment, you get 4 full bedrooms, 3 full baths PLUS a bedroom and bathroom for the nanny/housekeeper who keeps your life straight.

All-in-all, I’m giving this penthouse a rave review. See below for additional photos and let us know if you would like a tour for yourself!

Brickell City Centre Reach Penthouse

Brickell City Centre Reach Penthouse

Brickell City Centre Reach Penthouse

Brickell City Centre Reach Penthouse

Brickell City Centre Reach Penthouse

Brickell City Centre Reach Penthouse

Brickell City Centre Reach Penthouse

Brickell City Centre Reach Penthouse

ECHO Brickell Closings Have Begun

Echo Brickell condo closings have begun

ECHO Brickell Closings

instagram.com/echobrickell

Starting today, Brickell is getting a lot more luxurious. Property Markets Group is beginning closings on the newest ultra-luxury building in the greater downtown area, ECHO Brickell. The sleek tower was designed by Carlos Ott and offers the ultimate of luxury lifestyle.

Each residence comes with 9-14 foot ceilings, terraces that are 8 feet deep with summer kitchens, paneled Sub-Zero and Wolf appliances and a Bosch built-in espresso machine. The units will be delivered with marble floors indoors and out and there is a 50,000 saltwater fish tank in the lobby. Security is paramount in the building as well. Rather than fobs, residents are able to activate the elevator via biometric security.

Remaining purchase opportunities range from $1.8 million for a southeast-facing 2 bedroom on the 14th floor up to $6.5 million for a 3 bedroom lower penthouse. The $42 million opulent and dramatic Carlos Ott Penthouse is also still available for $42 million.

Contact us at [email protected] if you would like a tour of the finished project.

The Ultimate Market Stat Monday: Downtown Development Authority’s Mid-Year Report

2017 Mid-Year Miami Market Report

2017 Mid-Year Miami Market Report

Despite the fact that many media outlets and whispers in the marketplace would leave you to believe that the cards are stacked against us in the Miami condo market, things really aren’t so bad according to the Downtown Development Authority (DDA) Mid-Year 2017 Report. As they state in the report, “2017 has not been the best of times, but it hasn’t been the worst of times either.”

I have included the full 28 page report below, but also a synopsis…

RENTALS

The report separates the rental market into two sub-categories. Conventional rentals are the rental-only buildings that are all managed by one company. 2017 has brought 969 new rental units to the market, leaving just under 3,600 under construction. The condo rentals are considered shadow inventory since there is no way to tell whether a unit would be a rental, resale, or final sale until after delivery.

Amazingly, despite increased inventory, rental prices have increased slightly in conventional rental communities. I had previously been skeptical about the rental community market with so much inventory going up, but our neighborhood is very attractive and people are flocking in.

The segments of the rental market showing the biggest price gains are 1 bedrooms and 3 bedrooms, showing 3.4% and 3.6% growth since last year respectively. Studios are showing a slight decrease in price, but I suspect that this is due to the fact that tenants who would typically take a studio are now taking one bedrooms. Three bedrooms are less plentiful in the neighborhood, so are almost always a good investment opportunity.

PRE-CONSTRUCTION

The market in new developments is also hanging on. The researchers report that 2016 and 2017 YTD have garnered about 50% of the sales experienced in 2015, which experienced 25%-50% less than 2014. It’s undeniable that things have changed, but we will survive and the projects will be sold.

While the market has slowed markedly, projects that are currently under construction and 55%-60% sold do not seem to be in distress, according to the researchers.

One submarket that could flourish in the upcoming 18 months is the smaller-scale boutique project market. According to the report and our experience, these developments tend to capitalize on infill lots between the larger developments and do very well when the larger buildings slow down.

RESALES

Our resales are facing a tremendous amount of inventory with a 6% decline in overall pricing since last year. From July 2016 to June 2017 there were an average of 99 resales sold. That rate needs to be raised by an additional 500-700 listings sold per month to reach pricing equilibrium.

The conclusion of the report is that because so many new construction projects continue to be delivered and fewer projects are announced, we could see some stability in 2018 if nothing crazy happens.

Miami Downtown Development Authority 2017 Mid-Year Report by Sarah Elles Boggs on Scribd