5 Most Expensive Rentals In The Downtown Miami Area
MLS Photo 900 Biscayne 6301
Lots of us are suckers for browsing fancy properties online and Miami is known for our flashy pads. Here is a list of the top 5 most expensive rental properties in the Downtown Miami area.
Four Seasons 48E – $22,500/month
Throughout the last building booms in Brickell, the Four Seasons has retained its stature as one of the best ultra-luxury properties in the neighborhood. People are familiar with the name and the level of service. For $22,500 per month, you can call this 3,357 square foot residence home. It has 4 bedrooms, 4 baths and tremendous east-facing bay views that include South Beach, Fisher Island, the Port of Miami and Key Biscayne. The listing photos don’t do this apartment justice, so here is a photo of the view.
MLS Photo Four Seasons Brickell 48E
Paramount Bay 4502 – $19,900/month
You can actually be the first to live in this full-floor residence at Paramount Bay. It has 4,437 square feet of walls of glass and 360 degree views. There are 4 bedrooms and 4 bathrooms, multiple balconies, a view from your bathtub, a hidden kitchen and all top-of-the-line fixtures that are detailed out in the listing photos.
MLS Photo Paramount Bay 4502
Four Seasons 56CD – $19,850/month
Skipping back over to Brickell, we have another option at the Four Seasons. Just like apartment 48E, this apartment comes fully furnished and designer decorated. This one is a combination of two west-facing apartments, so offers view of all of Brickell and westward into the Everglades. At night, the twinkling lights are amazing. The apartment is 3,253 square feet and has 3 bedrooms and 3 bathrooms. You can check out the photos here.
MLS Photo Four Seasons Brickell 56CD
900 Biscayne Bay 6301 – $16,000/month
Now we’ll head back over to Park West and visit THE apartment to have if you’re into backlit onyx. Probably the most photogenic of the bunch, 900 Biscayne Bay 6301 offers 3,199 square feet indoors and a 1,500 square foot terrace. The custom backlit onyx stretches throughout the apartment, giving it a completely different feel at night versus the daytime look. You have to check the listing photos to see for yourself. It may not be everybody’s taste, but you can’t deny that it is fun to look at. It’s like a family home that transforms into a private nightclub when the sun goes down. Interesting. Very Miami.
MLS Photo 900 Biscayne 6301
Santa Maria 1202 – $15,000/month
Back in Brickell again, we will round out the list at Ugo Colombo’s 1996 stunner, Santa Maria. Possibly the most secure of all of the buildings, there are very few clues that this property is 20 years old. Unit 1202 has 3,170 square feet and 3 bedrooms, 4.5 bathrooms with wraparound terraces and views of both the Biscayne Bay and Brickell. This unit is furnished by Artefacto and I would say the most tasteful of the bunch. Because the building is as secure as a fortress, you will have a treat in the listing photos. There are some shots of the amenities that are not typically seen.
MLS Photo Santa Maria 1202
What do you think of the list? Were there any buildings that you were surprised to not see? Do you like the apartments? Let us know, we love hearing feedback!
Brickell Is The Best Neighborhood To Be In During a Hurricane. Here’s why. (UPDATED)
It’s been a long time, my friends. The last notable storm that hit South Florida was back in 2005, when Brickell was simply a banking center that emptied out at 6pm. Today, as we all sit in anticipation of Hurricane Matthew’s path, something occurred to me. I sure am glad that I live in Brickell. As far as safety and discomfort from a storm is concerned, I feel that Brickellians (or Brickellites) sure have it easy relative to other areas of South Florida.
We don’t have to worry about storm shutters.
Most of the residential buildings in the Brickell area were constructed with hurricane impact glass, so we don’t have to worry about the hassle of putting up our shutters. Sure, we have to clean off our balconies, but we dodge the issue of who is responsible for installing the shutters and sitting in the dark, should we decide to weather the storm at home.
Our cars are stowed away safely in the garage.
Since the parking garages in Brickell are typically in the pedestal of the building, our cars are safely parked in their spots. There is no need to worry about them blowing away or a tree falling on top of them. Also, because they are typically 2-12 floors above ground, your risk of losing your car to flood is relatively low.
We have 3 Publix locations.
Ok, so one of the locations is on the west end of West Brickell, but practically anywhere you live in the neighborhood, there is a Publix that is close enough to scurry into between swells in case you forgot something or need more beer and wine.
If you’re afraid to run to Publix, you could order from any of the countless delivery services. Sure, they may stop delivering during the storm itself, but service will be restored quickly and we can be back to our convenient living.
We will be first on the list when it comes to having power restored.
Speaking of getting back to convenient living, Brickell is one of the most populous neighborhoods in America. According to the Downtown Development Authority’s recent demographics report, there are an estimated 35,000 people living in our little neighborhood that is just over 1 square mile. We are also one of the biggest banking hubs in the nation. Because of this, the FPL regards Brickell as an important neighborhood to keep running. We are the first to receive power restoration after the hospitals. Other neighborhoods that are on the ‘high priority’ list are South Beach along Collins and Downtown Miami.
Several of our favorite go-to restaurants and bars will remain open.
Our friend and contact over at Swire, Jami Reyes, reminded me yesterday that Perricone’s is always open during storms. I also saw that The New Times has a handy list of eateries and bars that we can rely on in case we didn’t properly prepare. Here are the Brickell locations:
– Batch Gastropub: Batch is on SW 12th Street, just under the Hampton Inn. They have a full bar and amazing food (even though I still wish they would bring back their roasted peppers. Looking at you, Kevin). They also make their own Fireball, so there’s that.
– Blackbird Ordinary: This is on SW 1st Street just north of Mary Brickell Village. They have some pretty amazing craft cocktails and Jenga.
– Coyo Taco: Our local Coyo Taco is under Axis on SW 1st Street. I don’t think I really need to say more. It’s not Taco Tuesday, but it’s always time for Coyo Taco.
– PM Fish and Steakhouse: In case you’re feeling sophisticated, you can go to PM Steakhouse on 15th and South Miami Avenue for a fine cut of beef or a lobster tail.
– Perricone’s: This is a Brickell staple since forever. Perricone’s is on 10th Street, just north of Mary Brickell Village. Typically viewed as a romantic date spot and also a solid choice for a business lunch, they also have a generator and roll it out for storm days.
– Sushi Maki: They have recently moved from their original location and are now in the old Rosinella spot at 11th and South Miami Avenue.
– Tino’s: Next to Sushi Maki is Tino’s, the newest pizza location in Brickell and one of my favorites. Their pizza is top-notch. The service is really friendly and they have a really romantic secluded patio in case you visit between swells.
Does this mean that I’m skipping the preparation? No. I ordered enough LaCroix and flat water to get my family through the next few days and will pass by the store for beer and wine after work. I am thankful though that I’m not hustling with storm shutters.
Brickell Heights is Getting its Stripes
Photo courtesy of Carlos Rosso
In preparation for their early 2017 opening, Brickell Heights is getting its Fabian Burgos mural this week. The mural actually began color-testing in July, but can proceed now that the building has topped off and the cranes have been removed.
There are currently only 4 apartments remaining for sale at Brickell Heights, the East tower has a 3 bedroom for $1,034,900 and a penthouse for $1,485,900. The West tower has a 3 bedroom for $1,233,900 and a penthouse for $1,690,900.
The Equinox gym that will be in the development is currently accepting memberships at the membership center just East of SLS Lux on 8th Street & SE 1st Avenue.
Almost 40% of Downtown Miami Residents Have Pets – Strategies for Investors and Tenants
The Downtown Miami DDA (Downtown Development Authority) released its updated demographics study today, and they found that 39% of Downtown Miami households include a pet. This is interesting because so many of the developments impose strict pet policies upon their residents. Some only allow certain sizes of pets, some only cats, some only allow pets for unit owners and some say no pets at all.
This is always a touchy subject when we are working with a client who has a pet. There is so much misinformation out there regarding which buildings do and do not welcome pets. If a resident gets caught with an unauthorized pet, they are forced with the difficult choice of paying a lease cancellation fee (which is typically the value of 2 months’ rent), or re-homing their beloved pet. Unfortunately, not all agents verify the pet policies before entering into a contract, which wastes time and gets the client all excited about an apartment that they cannot have. No bueno.
I even once had a client who cheated on me with another agent that had told them they could have a large pet in a pet-restricted building. That is completely irresponsible and self-serving of that agent. Thank goodness, the clients realized what would happen if they went forward with that deal. The agent would have been paid and then they would have either had to break their lease or part with their dog. That is a horrible choice to have to make when most people consider their pets as members of the family.
In order to have an authorized pet in the building, many associations require an additional registration and application. The pet’s weight is verified (many times with a report from the veterinarian), their vaccinations are verified and some buildings even take it a step further. Infinity at Brickell requires a DNA sample to be placed on file and in the event that messes are found in the lobby, the mess is sent in for a DNA match. The resident that pops up after the DNA test is issued a fine. I call it Maury Povich enforcement… but it works. If people know they’re going to get busted breaking the rules, they’ll be less likely to do so. This way, the building can continue to allow large pets for everyone.
Over recent years, a popular workaround to the ‘No Pets’ buildings has become all the rage. There are websites where you can claim that you need a therapy dog. They’ll issue you a certificate for a fee and, viola! Your dog can go with you everywhere and nobody can say anything… except the condo associations have started to get wise of this ruse. The Jade at Brickell verifies these Therapy Dog certificates through an attorney. It takes an extra few days during the application process and you don’t get your application fees back if you get caught with a phony form. I don’t recommend the fake therapy dog stunt.
If you are curious of whether a particular building accepts pets, just have a look at the building page on our website. We have verified all of the buildings’ policies and list them in the FAQ section of the website. Every now and again, a building will change their policy in between when we last called to verify, but we update it frequently. Our agents also keep themselves updated of the pet policies and fees for the buildings in the area. We’re all about efficiency and not wasting your time or energy…
So what about investors?
With the rental market changing, it is important to have apartments that appeal to as many people as possible. Purchasing an investment condo for sale in a pet-restricted building automatically crosses out almost 40% of the prospective tenants that could be interested in moving in. Some of my favorite pet-friendly buildings are MarinaBlue and 900 Biscayne Bay in Park West, Infinity at Brickell in Brickell, the Midtown developments in Midtown and One Miami in Downtown.
For investors who are concerned with having animals in your property without knowing the behavior or cleanliness of the pets, it is completely customary to charge a pet deposit for the unit. In many cases, the building has a separate pet deposit or fee, but I suggest a refundable deposit for the unit itself. The amount can vary depending upon the pet. Puppies would require a bit of a larger deposit since they tend to chew and have accidents. You could also lower the deposits in the event that a tenant was able to submit a diploma from obedience school or behavior training.
Whether you are an investor, or if you are buying/renting a home for yourself, if there is a specific building that you are curious about, don’t hesitate to drop us a line and inquire. We’re happy to help.
The Bond On Brickell Resales and Rentals Hit the Market
Two months after receiving their TCO, the first resale listings and rental listings at The Bond On Brickell are available on the MLS. The listings include a handful of remaining inventory from the developer, some being sold finished and some decorator ready.
When we toured the building in August, we got a chance to check out some of the views and layouts. They seemed very much what I expected from a Rilea building. There weren’t any crazy attention-grabbing features like the crazy/creepy/cool LED displays at SLS Brickell, just very tasteful design with extremely high quality finishes. I was impressed with the suede and leather walls, the elegant simplicity of the common areas and the themed playroom. Being a new mom myself without a playroom in my building, I paid special attention to that part.
Prices of the apartments start at $319,000 for a studio, $469,900 for a one bedroom, $685,000 for a two bedroom, $1,200,000 for a three bedroom and $2,593,000 for the four bedroom plans. There are 19 available with 8 listings being resales and 11 are the last of the developer inventory.
For the rental options, there are 11 one bedroom plans available as of today. They range in price between $2,500-$3,300, depending upon whether the apartment has a den and view of the bay.
A Look Inside the SLS Brickell as They Prepare for Opening Day
October 3rd is the big day. The SLS Brickell will officially be open, although the site is very clearly still under construction. We were lucky enough to get a hard-hat tour of the project from bottom to top this week and wow! Brickell is in for a treat! Here are some of the highlights from our outing:
The residential lobby has a really cool textured finish on all of the walls and the ceiling.
The hotel lobby has a dramatic curved staircase & direct entry to Fi’lia, Michael Schwartz’s newest restaurant in Miami. They will serve ‘honest Italian food,’ according to their instagram profile @filiarestaurant. (Check it out for pics of the plates).
Speaking of Fi’lia, here is a snap of the progress in the restaurant. It will have an open kitchen and be the more casual of the restaurants in SLS Brickell.
Up on the pool deck, things are coming along with the poolside restaurant and the signature Philippe Starck duck already in place. The pool deck has 2 large pools, a reflection pool and 2 jacuzzi’s along with cabanas and the restaurant.
Along side of the pool deck is the start of the meeting rooms. We anticipate many distractions from those meetings with the views of the South Brickell skyline and all of the action from the pool. But, what do you expect from Miami?
Up top, the residents will enjoy a private pool deck that they will not share with the hotel guests. (Sorry, guys. You have to pay to play.) This deck is on the 54th floor with crazy views all around.
The penthouses have private rooftop terraces with their own private pools.
Back down on the ground level, we toured Bazaar. That is the more fancy seafood restaurant that will have custom tile murals with mermaids, leopards, boating wildlife and all kinds of fun things. The spot will also have a fish tank and separate sushi room.
They already have plenty of parties booked, including a farewell party for a certain much-loved Miami Heat player.
The residences should start closings as well in October, but are pending their TCO (temporary certificate of occupancy). Currently there is only 1 unit remaining, a 50th floor penthouse for $1,698,900.
The hotel is already booking rooms, with a crazy introductory rate of $200/night! I’m sure that won’t last long, but get it while it’s hot! See you there!
Inside the Bond on Brickell, Which Just Received its Temporary Certificate of Occupancy
The lobby
The Bond on Brickell, which used to be called the Bond ‘at’ Brickell until its developers MDR and the Rilea Group secured an address and entrance on Brickell Avenue itself for the building (the name change has become something of, shall we say, a conversation piece) recently received its temporary certificate of occupancy for most of the building, and has started closings while still putting on finishing touches. It is also almost completely sold out, with only about a dozen units remaining according to a building representative. Meanwhile, it was recently reported that the first unit closings took place earlier this week. Today the building was a beehive of activity as workers got the Bond showcase ready and brokers brought their clients/current owners/us for a looksie.
On the first floor, the building’s driveway can be entered via either Brickell Avenue or SE 1st Avenue, leading to a covered porte cochere which will have a waterfall feature, and the building’s signature London phone booth. Inside, the spacious lobby itself is divided into a few sitting areas, with a fireplace, overstuffed couches, and mod chairs, giving it a bit of a British vibe. Not really British-meets-the-tropics, or British colonial, just British. Walls throughout are paneled in a variety of interesting materials. In the lobby, surfaces alternate between gray suede and dark, blood red leather. Despite its location in the heart of Brickell, the building’s interiors are hushed, due to a layer of fiberglass behind all the walls.
Upstairs, on the amenity level, a club room, library, and fitness center all look out onto an amenity deck with a large T-shaped pool and outdoor fire pit. Also on the floor is a children’s playroom which is probably the most explicitly flag-flying, ‘God save the Queen’-ing part of the entire building, with wallpaper covered in British-isms like ‘Mind the Gap.’ Mens and women’s saunas and steam room, with accompanying locker rooms, are elsewhere on the floor, slightly oddly not attached to the gym, but on the opposite side. They are tiled in contrasting black and white rocks, to moody effect.
Finally, we checked out a few units with varying layouts. Balconies are generously deep, all kitchens come standard with Bosch appliances, designed to coordinate with the dark wood cabinetry, and some units come with dens. Interior doors feel solid wood, instead of hollow, which is often the case, and door handles and other hardware is nice.
One final note about the exterior. Although renderings gave the impression of dramatic exterior lighting, it appeared that this was not (or at least not yet?) part of the final design. Where there would have been long bands of light shooting up and across the facade as of now are just bands of decorative plaster, painted a dark gray.
Over 30% of Brickell City Centre’s Reach Tower Units Are Already Offered as Rentals
Brickell City Centre’s Reach Tower has been open now for a little over 3 months and over 30% of the apartments are already offered as rentals! According to public records, Swire has been able to close 277 of the contracts on the units already, probably closer to 300 if you count the two-week delay that is common with tax roll searches. Of those closed apartments, 125 have already come back to the market as rental apartments.
What I find to be even more alarming is the fact that of the 125 rental opportunities, only 15 landlords have found a tenant. Fifteen. In 3 months. If we keep up at that pace, landlords will be holding their apartments for 2 years or more. That’s a big pill to swallow if you bought a condo with the expectation of having it produce an income for you.
But what does this mean for Brickell?
Here’s the bottom line. The condos are beautiful. The neighborhood is hot. The condos will rent and tenants will be found… but at what price?
The Downtown Development Authority estimates that 70 new families move to Brickell each month in their 2014 Demographics Report. That doesn’t include people who relocate between buildings in the neighborhood, and there is plenty of that going on. The demand is there and nobody is denying the fact that Brickell City Centre is one of the most anticipated projects of them all. That leaves us at price.
Before the building opened, agents were boasting to our team members that they were representing landlords and planned to offer their 1 bedroom units for $3,500 and 2 bedroom units for $4,500. You see, our team members know their way around the Brickell rental market. Their response was, “You guys have fun with that.”
Fast forward to today. The 15 units that rented were all leased for $2,500-$2,750 for one bedrooms and $3,300-$4,000 for two bedrooms. The one bedrooms offered currently are between $2,500-$3,300 and the two bedrooms offered are between $3,700-$5,700, so some folks are starting to get the memo.
Hopefully the others will realize the true market value, before the Bond on Brickell, SLS Brickell and Rise at Brickell City Centre open, further flooding the market. With this being said, please don’t think it is fire sale time in Brickell. The neighborhood is still very hot, it is just readjusting with the new inventory.
We’ll check back in a few months to see how things are going after the Bond on Brickell and SLS Brickell open.
Pharrell Williams Finally Sells His Toy-Filled, Domed Penthouse at the Bristol Tower for $9.25 Million
Pharrell Williams’ Penthouse at the Bristol Tower.
After three and a half years on the market, broker Dora Puig of Luxe Living Realty has finally sold singer Pharrell Williams’ incredible Brickell Avenue penthouse, at the Bristol Tower, for $9.25 million. Full disclosure: Miami Condo Investments is under the umbrella of Luxe Living, so go boss! We’re proud of our own, yo. The Journal just broke the story. The ten thousand square foot pad takes up the entire top of the building, with an incredible triple-height living space under the building’s massive dome. Mr. Williams had it artfully decorated with toys galore, from his many projects including Minions, and things he loved, with an obviously personal touch. It includes a home theater, five bedrooms, and a rooftop pool.
The unique design of the whole condo was obviously personal too, which is undoubtedly one reason why it took so long to sell. And yes, Pharrell did take a financial hit on the place, having purchased it for $12.525 million at the height of the last real estate bubble. But Dora did it! After an original ask of $16.8 million under another broker, a price that Curbed expressed skepticism about when I was there (Dora originally listed it for $10.9), and multiple price cuts, she clinched the sale.
