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
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).
Brickell City Centre’s Apple Store Opens March 25
The long-awaited Apple Store at Brickell City Centre is slated to open on March 25. There will be a grand opening beginning at 10am, according to Apple.
This will be the first Apple Store in the Downtown Miami area and is very much welcomed. It will employ over 100 people speaking a total of 9 different languages, according to TechCrunch. Over half of the employees will speak Spanish, something we know is required for the Miami market.
On the outside, there will be 13-foot-tall floor-to-ceiling glass windows looking into the indoor/outdoor mall. Inside, there will be a large forum with a video wall and display windows with regular new designs. There will also be a boardroom for business customers to speak with Apple employees and try out new devices.
We will see you there next Saturday!
Just Listed – Beautiful 3 Bedroom Condo at the Luxurious Jade at Brickell Bay
I am pleased to announce our newest listing – a beautifully renovated and furnished 3 bedroom, 3 bath, flow-through residence at the luxurious Jade at Brickell Bay with 2,130 interior square feet; 32-inch by 32-inch, white porcelain tiled flooring throughout the living areas and marble flooring in all bathrooms. It also includes motorized shades on all windows; closets with built-in cabinets; custom lighting; Samsung front-loading washer and dryer; and Master Bath with Jacuzzi tub, separate glass-enclosed shower, bidet, and double vanity. Best of all, the unit is located on the 41st floor offering breathtaking views of the Atlantic Ocean, Biscayne Bay, Virginia Key, and Miami Beach skyline.
It is rare that a 3 bedroom unit on a high floor becomes available for sale at Jade. In fact, it has been almost 3 years since one above the 36th floor has been listed for sale. From these very high floors, the view to the north becomes significantly better because it completely clears all but one of the high-rises on Brickell Key. It is also rare to find a renovated unit at Jade, especially one with such a clean, modern decor. Unsurprisingly, the feedback that I have received thus far from agents and their prospective buyers has been very positive. I have no doubt that this showroom-quality residence will soon find its way to a very happy buyer. The asking price is $1,999,999 and condominium association dues are $1,747 per month. It includes 2 parking spaces (1 assigned space + 1 valet space) plus storage.
Despite being built in 2004, Jade at Brickell Bay is still regarded as one of Miami’s finest condo developments. It is a waterfront development located along Biscayne Bay at 1331 Brickell Bay Drive. It is comprised of 338 total residences and rises 48 stories. Amenities at Jade at Brickell Bay include: infinity-edge pool, hot tub, state-of-the-art fitness center, spa, full-service concierge, rooftop sky lounge, complimentary valet parking for guests, 24-hour business center, and more.
See below for additional photos and information. If you or someone you know have an interest in scheduling an appointment to view this spectacular property, please contact me via email at [email protected] or on my cell phone at 786-247-6332.
$200k Price Chop For Andy Murray’s Brickell Apartment
Four months ago, Andy Murray relisted his 45th floor 4 bedroom apartment at Jade Residences at Brickell Bay, and we were optimistic at his chances of coming out on top with a workable deal. Well, that didn’t happen. As of today, he has slashed his price by nearly $200,000 in order to reduce it below $2.5 million.
To be honest, the listing photos really don’t do this lovely apartment justice. Jade Residences at Brickell Bay is a great building and is increasingly popular despite the inventory struggles of our current market. The apartment is a 3,415 square foot 4 bedroom, which is insanely large for the Brickell area. It is also on the northeast corner of the building, offering amazing views of Brickell Key, the Port of Miami, Brickell, Miami Beach and of course the Biscayne Bay. Unit 4201 has the same layout and recently sold for $2.7 million. We recently sold apartment 904, which is a smaller plan, but the buyer was able to take out a conventional mortgage on the property… something that is not particularly common in the Brickell real estate market and speaks very highly of how the building is being run.
As for the active and available alternatives to this listing, we have had apartment 4107 on the market for just over a week and have already had several prospective buyers. Apartment 4107 is a three bedroom with bay and city views. You can compare the layouts and photos here.
Do you think Andy will have success this go-round?
Checking In On IconBrickell’s Sales And Rental Values
It has been 3 months since we last checked in on IconBrickell’s pool project, and construction is now well underway. The photo above was taken this morning during one of our showings. You can see that the trees have been removed and their soil is now being removed to make way for the tile demolition.
Back in November, we noticed that the prices were in a virtual free-fall. Thankfully, the trend has not continued now that the work is underway. In the last 3 months, the average sales price per square foot has actually risen to $492/square foot and sellers have been discounting their listing prices less than the Brickell market overall. IconBrickell sellers are accepting an average of 94% of their asking price, opposed to the average of 92% of asking price that is being accepted throughout the neighborhood.
In the rental market, we have seen a flurry of action! A whopping 96 apartments were leased in the building during the last 3 months, with 49 pending contracts waiting for move-in day. The prices have fallen, but not as far as many have feared. Apartments are starting at $1,700/month for studios, $1,900/month for one bedrooms and $2,500/month for two bedrooms. Please also note that the prices I am giving are AFTER negotiation. The landlords are not negotiating as much as some may hope. The studios are offering very little room for negotiation, one and two bedrooms may reduce their asking price by $100 or so, but nothing dramatic. Despite the pool hiccup, it seems the building is still very popular to tenants.
One metric that was alarming to me was the fact that there are currently 228 active listings for sale in the project, but only 12 closings during the last 90 days and 14 units with contracts in escrow. Since inventory is up and closings are down but values are holding steady, this tells me that only the owners who really need to sell are doing so. This is good news for IconBrickell fans, it shows the owners understand that the building will be restored to its former glory once the repairs are complete. Unfortunately for those who were hoping to capitalize on the building’s situation, it doesn’t look like that strategy is panning out as well as many had hoped.
We will check back in a few months and see how the trend is moving along. In the meantime, you can browse the available options here.
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.
Preconstruction Investor Sells Reach Tower Suite At $350k Loss
A buyer has scooped up an amazing deal on one of the last Tower Suites at Brickell City Centre’s Reach Tower. The original buyer had paid $2,175,000 back in August of 2016, then listed the property on the MLS as a resale shortly thereafter.
The buyer was able to snag the opportunity for $1,950,000, represented by our very own Lucas Lechuga with a quick and seamless closing. After the developer fee on the purchase, the price negotiation and commission on the resale, the seller walked away from over $350,000 in the transaction!
The apartment has 2,740 square feet with 3 bedrooms, 4.5 baths and encompasses the entire east side of the building, offering gorgeous views of the neighborhood and Biscayne Bay. You can find the floor plan here. No word on the reason the investor was willing to take such a drastic loss, but congratulations to the buyer! Here’s a tour of the layout:
Do you think any of the pre-construction investors will be able to turn a profit on their resales now that the buildings are all opening?
