Construction is moving right along at PMG’s super-luxury tower, ECHO Brickell this week, and the sign has now been installed. The logo is reminiscent of the building’s signature shape, filled with black glass tile and surrounded by slate. The awnings and lighting features are also being installed.
Construction began on the Carlos Ott designed tower at the end of 2014, and is expected to be completed at the end of this year. Earlier this year, we were lucky to receive a hard hat tour of the progress & the views, including the $42 million Carlos Ott Penthouse. Prices of available residences range from $1.9 million to $19.7 million including a handful of one-of-a-kind custom designed floor plans.
Brickell City Centre’s Rise Penthouse Has Sold For $5.75 Million
Even before the offering was able to be made to the public, an undisclosed buyer has snatched up the upper penthouse at Brickell City Centre’s Rise tower. This is an amazing sign, in a time when the news media continually injects fear and dread into our real estate market. Although the number of buyers are undeniably less plentiful, the buyers who are looking into Miami purchases are very serious about getting what they want and after you see the floor plan, it won’t be a surprise that this gem sold before it hit the market.
The duplex penthouse boasts approximately 4,500 square feet of interior space plus roughly 4,500 square feet of outdoor space. There are 4 bedrooms including a junior master suite plus service quarters and a den. There are 3 balconies, two on the first level and one on the second level off of the master suite. Each level has a terrace overlooking Brickell and the Biscayne Bay. On the first floor, the terrace includes a summer kitchen and a private swimming pool. A private jacuzzi overlooking the city is located on the terrace off of the master suite.
This comes on the heels of another recent noteworthy sale, when a South African buyer purchased a waterfront teardown for $10 million. We have learned that the buyer of the Brickell City Centre Penthouse is not a foreign investor, just a very private American with very good taste. The final sale price was $5.75 million.
Allison Ortiz from Fortune International’s in-house sales team was the one to put the deal together. She is someone who has worked with the Miami Condo Investments team for many years, even back when Brickell City Centre was just a spark in Stephen Owens’ eye. We have been fortunate to have her as an asset for our clients at Brickell City Centre, Infinity at Brickell and also Met1 in Downtown. The earlier projects have since sold out fully, but she always goes the extra mile for our buyers and the clients we have worked in those buildings have all been extremely pleased with their purchases. Congratulations to Allison on a job well done and congratulations to the buyer on a beautiful property!
Currently on the 10th, going on 11th floor of vertical construction with over $300 million in signed contracts, Brickell Flatiron has unveiled their dramatic penthouse collection designed by famed Italian architect Massimo Iosa Ghini. The penthouse apartments are located on floors 50-64 of the 700 foot tower and include a wide variety of layouts.
Expansive single story residences are priced between $1 million – $2.5 million. Upper penthouse duplex and triplex residences are priced from $6 million to $15.5 million. The upper penthouses will include rooftop pools and summer kitchens in addition to the upgraded finishes in all of the penthouse units.
The upgraded kitchens have Snaidero motorized cabinetry with customizable cabinet colors, Miele under-counter wine coolers and integrated appliances. The laundry rooms are outfitted with Bosch washers and dryers that have anti-vibration and noise-suppression technology. Every penthouse unit is fully equipped with state-of-the-art technology systems, including a private wireless network and a secure smart-lock system.
Have a look also at the latest construction update video, shared with us by Chris Suarez, our representative for the development:
Market Stat Monday: Brickell Sales Statistics By Country Of Buyer’s Origin
Since this is such a patriotic week and it is no secret that our friends from abroad play a big role in the Brickell real estate market, I thought it would be interesting to see which countries are producing the most buyers of condos. The Miami MLS has a new-ish feature that reports the country of origin for the buyers after they close on a listed condo. We still have to rely upon the word of developers in order to report buyer origins of new condos, but resales can now be statistically found.
Out of the 414 total sales that have happened in Brickell since the beginning of the year, about half of the agents have reported the country of origin of their buyers. This represents just under $100 million of Brickell inventory sold out of the $198 million that was sold in total.
Here are our findings:
If you look at the total sales volume of all of the sale transactions in the neighborhood during 2017 so far, you can see that the United States is responsible for the overwhelming majority, followed by Brazil, Venezuela, Colombia, and Argentina.
Despite reports of their sales activity in the area, China and Mexico did not spend nearly as much as other countries, and Russia was not even on the list.
The number of transactions was skewed even farther in the United States’ favor, with Venezuela, Argentina, Colombia and Brazil following behind.
For those who prefer a chart rather than a graph, here are the actual figures for each country.
Are you surprised by the findings?
SLS Lux Releases New Renderings; Only 2 Penthouses Remain Available For Sale
Although they are on the home stretch to completion and sold-out status, Related Group has released a new set of renderings to promote their newest new project, SLS Lux. The project is the sister tower to Brickell Heights East & West, which opened this month on the west side of South Miami Avenue. SLS Lux is set to be the most luxurious tower of the three, with private elevators, a wine cellar and cigar room, a rock climbing wall, limousine services to a private beach club, and two ground floor dining experiences, Katsuya and Sbar.
The new renderings depict the Katsuya restaurant in the retail level, the Yabu Pushelberg-designed lobby and 9th floor gardens, as well as the penthouse collection. The two remaining penthouses each have summer kitchens on the terrace, 12 foot ceilings, two assigned parking spaces, among other penthouse-quality upgrades in the kitchen and baths.
MPH 04 has 3 full bedrooms, 4 baths plus a den with a North view for $2,649,900. Just below is LPH 04, with the same layout for $2,599,900. Both apartments have 2,777 of interior square footage. Here is a preview of the view, as well as the new renderings.
Just Listed – Lower Penthouse Condo at Villa Regina with 11-Foot High Ceilings
I am pleased to announce that I’ve listed for sale an exceptional and very spacious lower penthouse condo at the iconic Villa Regina located at 1581 Brickell Avenue. It’s a fully furnished and fully renovated 2 bedroom, 2 bath unit with 1,895 interior square feet, 400 square feet of balcony, lots of closet space, and 11-foot high ceilings with floor-to-ceiling glass windows. It has marble floors in the living room and bathrooms, wood floors in the bedrooms, custom millwork, custom lighting, custom doors, front-loading washer and dryer, stainless steel appliances, and Nest Thermostat. It also offers tons of natural light along with breathtaking water and sunset views. This exquisitely designed residence is a true “home” in every sense of the word!
The master bedroom suite is exceptionally roomy with over 500 square feet including its own private balcony; large, walk-in closet; linen closet; and fully renovated bathroom with white marble floors, double vanities, and tiled stone walls.
The second bedroom has balcony access, built-in closets, and its own fully renovated bathroom.
Below is an HD video of the property including aerial footage of Villa Regina. The building was completed in 1982 but recently underwent a number of renovation projects. For example, the lobby, fitness center, and spa, which are nearly completed, are currently under renovation; the building was freshly painted within the past two years; and the “Queen’s Room” was remodeled into a children’s playroom. Additionally, a project to rebuild the seawall is expected to begin “very soon” according to management.
The unit includes hurricane shutters plus 1 assigned parking space. The monthly condo dues are $1,447 per month. The asking price is $875,000, making it THE best priced 2 bedroom unit in the entire building. The last time that this property hit the market, which was in 2013, it received 3 offers and went under contract in 2 weeks. Since listing the property this past Sunday night, I’ve gotten a lot of interest and expect that it won’t last long.
Inside SLS Lux: June 2017 Construction Update
It has now been 6 months since we got to preview the views from the penthouses at SLS Lux with Carlos Rosso. Since then, they have been hard at work on the finishes and amenities in preparation for the big grand opening later this year.
Here is an update of their progress from Carlos’s Facebook.
This is a bath/shower of one of the suites.
An architectural accent in a hotel suite.
Katsuya and S Bar on the retail level.
Building the form set for the pool on the amenity level.
Miami Condo Investments’ Most Popular Buildings in Greater Downtown Miami
I thought about doing a TBT post today, but then changed my mind. There is so much going on in today’s real estate market, why talk about the past? New buildings are opening every month, people are curious about how these new buildings compare to the ones that were new in years past. So which buildings are currently the most popular by condo shoppers?
I took a look through our Google Analytics report to see what our readers are looking at the most. In the time period from May 14, 2017-June 14, 2017, MiamiCondoInvestments.com received a total of nearly 73,000 page views. Of those, here are the ten most viewed building pages. This list does not include views of individual listings, just of the building pages themselves, where you can find inventory lists, market statistics and closed sale/rental data.
1 – SLS Brickell – 1,219 views
It makes sense that SLS Brickell would take the number one spot with an overwhelming lead. The project was very much anticipated by future tenants, owners and pool-party-goers alike. Move-ins began in late December/early January and have moved on at a rapid pace, leaving the building almost at full occupancy now, with demand still strong. Our agents alone have handed out 16 sets of keys in the building, with a healthy book of buyers and prospective tenants still shopping.
2 – Reach at Brickell City Centre – 731 views
I would have been surprised if Brickell City Centre didn’t make this list! This project was the catalyst that fueled the buying craze in Brickell over recent years and reinvigorates the neighborhood that was once a dense yet sleepy enclave of beautiful high rises that became quiet at night. Reach was the first residential tower to open in Brickell City Centre, and is also approaching occupancy. When the project initially opened, one bedrooms started at $2,400-$2,450/month, but now have risen to $2,650/month.
3 – Brickell Heights East – 715 views
The newest new building on the block also made the list, and no surprise there. Our photo tour of Brickell Heights just days before they opened was one of the most popular blog posts so far this year, and the amount of calls we get for it is a very good sign that the initial occupancy of the building will go smoothly.
4 – 1100 Millecento – 700 views
Millecento’s place as number 4 on the list was a bit more surprising, but not in a bad way. It’s not the newest building in the area, so people aren’t hungry for a preview. There’s really no drama going on with the building (that I have heard of at this time), so people aren’t looking for gossip and info. We still receive a healthy amount of calls and contact requests on Millecento, so I feel it’s safe to say that the traffic is good ol’ prospective residents. That’s great!
5 – Biscayne Beach – 638 views
Edgewater’s newest new building is also on the charts. We covered the progress & opening extensively, so it makes sense that blog readers are interested in the progress. We also have a beautiful 3 bedroom unit listed on the 30th floor with direct bay and Downtown Miami views. It is well-priced and a blank canvas inside. With the amount of attention the building receives, I feel that it will sell quickly.
6 – The Bond on Brickell – 615 views
The Bond is very popular for people who want to live in a brand-new condo in Brickell, but prefer understated elegance and high quality finishes over the kitschy excess that is SLS Brickell. We receive many calls about this building, and there have also been many of our clients who have called about SLS Brickell but then chosen The Bond. It is like SLS Brickell’s quieter sister.
7 – The Plaza at Brickell East Tower – 531 views
The Plaza is basically a Brickell staple. I was surprised that it received more views than any of the IconBrickell towers, but that just shows what the market is interested in. We did a market report on Monday about The Plaza and found that sellers and landlords fare better in today’s market by removing that horrible outdated berber carpet from 2008. There is too much competition in the neighborhood to expect buyers and tenants to sign up for old berber carpet (in case I didn’t make my point on Monday).
8 – BrickellHouse – 530 views
Despite their garage saga, BrickellHouse remains a popular building in the neighborhood. Yes, the garage is broken. No, we don’t know when it will be fixed. Despite that, the finishes are quite lovely, the views and location are great and it remains very popular among our clients.
9 – IconBrickell Tower 1 – 477 views
Of course IconBrickell would be on the list. It has remained one of our most requested buildings since it opened… even since the pool closed. The pool should reopen by the end of the year.
10 – Jade Residences at Brickell Bay – 468 views
Jade is one of the most luxurious buildings in the neighborhood, even after 13 years. Although most buildings in Brickell have beautiful bay views, Jade is where you go if you want an extremely luxurious setting with private elevators and direct bayfront. The only building it competes with is the Santa Maria, except that Jade is more modern and in a more walkable section of the neighborhood.
Do you think that the top viewed buildings on our website are surprising, or expected?
Market Stat Monday: The Plaza on Brickell
Happy Monday! We’re back! After a two week hiatus for Memorial Day and the opening of Brickell Heights, we are resuming #MarketStatMonday with one of Related Group’s top projects from the last building cycle (2004-2008), The Plaza on Brickell. Typically, when I run a market statistics report for a project with more than one tower, I would separate them into two reports. Since The Plaza on Brickell East and The Plaza on Brickell West are largely similar, I’m going to combine them into one overall project report today.
Between the two towers, The Plaza on Brickell has 1,000 apartments that share a common amenity space above the parking garage. It is pet-friendly and family-friendly. While it is not as trendy or flashy as many other buildings in the area, it is very well-kept, has all of the amenities people ask for in the area, the layouts are nice and it remains a popular choice for our clients.
One thing that we have to watch for at Plaza is that the majority of the apartments were delivered with carpet and the majority of original buyers were investors. At this point, most people have changed the carpet, but we still see the occasional listing pop up with the original 9 year old berber rug that nobody wants. Even though it’s an easy fix, we can see a direct effect in the transaction value on those listings, both for rentals and for sales.
Sales Market
So far in 2017, there have been 15 closed sales that were unfurnished non-penthouse apartments. For those who are new to Market Stat Monday, I leave out the “outliers” on our market report. That would be penthouses, town homes, or apartments that have been combined. Buyers are paying on average $438/square foot for their Plaza condos and sellers are negotiating to 95% of their asking price.
One bedrooms sold for between $278,000-$357,000 and two bedrooms sold for between $400,000-$487,000. Yes, the least expensive units sold with carpet. The lowest priced sale of an apartment with hard flooring (tile, wood, laminate) sold for $320,000…. so there you go.
Looking at what is available, there are 83 active listings of non-penthouse/non-townhouse/non-combined units. The average listing price is $497/square foot. Given the fact that sellers are negotiating on average 95% of their asking price, it looks like eager sellers need to amend their price in order to see results.
The part that I once saw as alarming but now come to expect is that at the current rate of sales, we have 33 months’ of inventory waiting to be sold at Plaza. They don’t have any internal drama or litigation that I have heard of. Their HOA dues are lower than the competing buildings in the area, and the design isn’t so trendy that it alienates a portion of the market… quite the contrary. That brings us back to price. If people want to sell, there is a tremendous competition right now for buyers. The apartments need to be shined up, professionally photographed in their Sunday best, and priced properly. No more 9 year old carpet. That doesn’t fly in this market.
As of today, one bedrooms start at $285,000 for a unit with a Brickell Avenue view and original carpet. We are offering a one bedroom with wood laminate floors and a view of the meditation area near the pool for $330,000. If you’re looking for a two bedroom plan, options start at $399,000 for a carpeted unit with a view of Brickell.
I also saw a two bedroom plan with carpeted floors and a South partial-bay view that was listed for $389,452. It was The Plaza East 950 Brickell Bay Drive #2507. Just when I was writing about what a great deal that was for a buyer, the status changed to pending. Congratulations to that buyer!
Rental Market
As we have seen in other buildings during recent weeks, the rental market is much healthier than the sales market. With 30 active unfurnished listings and 99 closed rentals this year, we have almost 2 months’ of inventory in the market right now.
Although the rental market is healthier, the marketing time is on average 78 days, including the time a prospective tenant undergoes their background checks. The apartments that found tenants accepted 96% of their asking price, so again… this is not a fire sale opportunity for tenants who are interested in over-negotiating.
Just like in the sales market, we are seeing the lowest priced listings still have that original 2008 berber carpet that has seen as many as 10 tenants. Even with shampoo, nine year old carpet is beyond its’ intended life span and should be changed. One bedrooms rented between $1,700-$2,200 per month and two bedrooms garner between $2,400-$3,616 per month, with the more expensive rentals being larger plans with hard floors and superior views.
My biggest takeaway for today’s look into The Plaza is that if you are looking to increase your return, whether it be on the rental or the sales market, the first thing you should do is CHANGE THE CARPET! What is your biggest takeaway from The Plaza?
