7,400 Square Foot Penthouse at Villa Regina Sells for $1,925,000
Last week, a 7,400 square foot penthouse at Villa Regina traded hands for $1,925,000, or $260 per square foot. The 6 bedroom, 6.5 bath condo also included 1,600 square feet of balcony and a remarkable six assigned parking spaces! The residence has 10-foot high ceilings and offers spectacular views of Biscayne Bay, Key Biscayne and Brickell. There is no doubt that this penthouse was sold at an amazing price but – before anyone gets all worked up about how they missed out on the deal of the century – let it be known that this property needed a lot of work. I had the opportunity to tour the penthouse about a month ago. Conservatively, I felt that it would require at least $100 per square foot to turn it into a penthouse-quality residence by today’s standards. Regardless, even after forking over close to three-quarters of a million dollars (or more) in renovations alone, it would be well worth it. A condo this large, and at this price point, just doesn’t exist in Brickell.
Construction Shot of the Rooftop Pool at myBrickell
Last week, while showing a unit on the southwest corner of Brickell on the River South, I was able to take this great shot of the pool deck at myBrickell. As you can see, the pool deck is currently under construction. I couldn’t help but notice that the shape of the pool looks different than what was proposed in the renderings below. Also, the view of Biscayne Bay to the east has somehow magically disappeared.
Not all is lost though. Residents of myBrickell will have a front row seat to the construction site of Brickell CityCentere – the $1B+ mixed-used development which will completely change the landscape of Miami forever. It takes an aerial view like the one below to appreciate how massive this development is going to be. It is so big that I wasn’t able to fit one or two of the lots to the north into the shot.
BrickellHouse Construction Update
It seems just like yesterday that BrickellHouse was nothing more than an empty lot and a pile of dirt. Look at it now. A lot of progress has been made over the past couple of months as the construction crew keeps chugging right along. Completion of BrickellHouse is projected to take place in 2014.
Furnished 1 Bedroom Condo at 500 Brickell with a Great Return!
Here is a unit that is perfect for a value-conscious investor looking to purchase a condo in Brickell. It is a beautifully remodeled 1 bedroom/1 bathroom condo at 500 Brickell with dark, wide-plank hardwood floors throughout, window treatments, light fixtures and a custom kitchen backsplash. The 738 square foot unit has stainless steel appliances, a stacked washer/dryer, two closets and a south-facing balcony which spans the entire length of the condo. The bathroom features a Jacuzzi tub and separate glass-enclosed shower. The unit is being sold fully furnished and already has a tenant in place until September 24, 2013. The tenant is paying $2,200 per month. The condo association fees are $494 per month. The current owner paid $2,607 in property taxes in 2012 which included a $25,000 Homestead exemption but it is important to note that the property taxes for a new buyer will be based on the newly assessed value determined by the city and whether the new buyer qualifies for any exemptions. Best of all, the asking price is just $349,000. If you find a better return on a condo in Brickell, then jump on it.
500 Brickell is walking distance to the shops, restaurants and bars at Mary Brickell Village and just a few short blocks from the upcoming $1.05B mixed-use development known as Brickell Citycentre. The fabulous amenities at 500 Brickell include: two swimming pools (one is a rooftop pool facing Biscayne Bay) two club rooms, a fitness center, 12-person theater, steam room, sauna, concierge and 24-hour valet parking. The development also has ground-floor retail which includes a number of popular restaurants and bars.
If you or someone you know has an interest in purchasing this fully furnished condo at 500 Brickell, please give me a call at 786-247-6332 or email me at [email protected]. Feel free to contact me with any questions as well.
Best Luxury 3 Bedroom Condo Deal in Brickell
“Luxury” is a word that is oftentimes used carelessly without any regard for its true, intended meaning. When it comes to Brickell, only a handful of condo developments deserve to be mentioned in the same sentence as that descriptor. In my opinion, Santa Maria is at the top of that list followed closely by Four Seasons Residences. Despite being built in 1993, Bristol Tower is a second Ugo Colombo development that would make the short list of luxury residential buildings in Brickell. It has stood the test of time and remains one of Brickell’s most distinguished condo developments. Colombo’s work is synonymous with the word “quality”. Along with Bristol Tower, he has developed such masterpieces as Santa Maria, Epic Residences and Hotel and Grovenor House. All four buildings today look just as flawless as they did the day they were completed.
That being said, luxury three bedroom condos in Brickell are in very short supply. Very few are available at the aforementioned Brickell condo developments and most are priced above $2M. There is one listing, however, that is stunning and has stuck out in my mind as being an incredible deal. It is a spacious 3 bedroom plus den, 4.5 bath residence which has 2,825 interior square feet, a large wrap-around balcony offering majestic bay and city views, a laundry room with Miele appliances, white Porcelanato floors in the living areas, wide-plank hardwood floors in the bedrooms and a white Italian kitchen with rare Quartzite green countertops as well as kitchen appliances by Miele and Sub-Zero. The condo, unit 3302, is located on the 33rd floor, just two floors below the penthouse.
The best part of this elegantly appointed three bedroom condo at Bristol Tower is its price. The sellers are asking just $1,749,000, or $619 per square foot. For comparison sake, unit 2702 at Bristol Tower sold for $1.61M, or $570 per square foot, this past December. That was a complete gut-job though and requires at least $100 per square foot to make it comparable. Obviously, unit 3302 also has a better view being that it is located six floors higher than unit 2702. Additional evidence to support my assertion that unit 3302 is a great value can be found in a second recent sale at Bristol Tower which closed on October 29, 2012. Unit 3005, a smaller three bedroom floor plan, sold for $606 per square foot. It is important to note, however, that the 05 line at Bristol Tower faces southwest and has only a slight water view. It is predominantly a city view with a sliver of water. Also, all of the bathrooms in that unit are original whereas all of the bathrooms in unit 3302 have been upgraded. After adjusting for water view and upgrades, it becomes obvious that unit 3302 is a great deal even at full asking price. My prediction is that this one will be under contract by month’s end.
The Best 2 Bedroom Condo in Brickell for Under $800K
Update: This condo received three offers this past week and is now pending sale.
I know value when I see it and I recently saw it when I had the opportunity to show a stunning tower suite condo at Villa Regina. In my opinion, it represents the best 2 bedroom condo in Brickell that money can buy for under $800K. The spacious floor plan has 1,895 interior square feet, 400 square feet of balcony and soaring 11-foot ceilings. Every inch of this condo has been tastefully remodeled including both bathrooms and kitchen. The split floor plan has 24×24 marble flooring in the living room, wide-plank wood flooring in the master bedroom and bath, a private balcony off the master bedroom, front-loading washer and dryer, induction cooktop, recessed lighting throughout the condo and a very large walk-in closet off the master bedroom. It also offers an amazing view of Biscayne Bay. The best time to tour this condo though is around 6:10pm as the sun is setting. Pure beauty! The asking price is $799,000, or $422 per square foot, without the furniture. The owners, however, are open to selling the furniture separately. I highly recommend that because the furniture compliments the unit incredibly well.
This unit is located on the second highest floor in the building. At Villa Regina, the ordering of the floors is as follows, from the lowest to highest: Penthouse 1, Penthouse 2, Tower Suite 1, Tower Suite 2. This 2 bedroom condo is located on the Tower Suite 1 level.
I want to note that this is not my listing and am in no way affiliated with the office which has it listed. I also haven’t received any type of fee from the listing agent for promoting this condo. I just truly feel that the property represents a great value and whoever buys it will love coming home to it each day. That actually describes this property perfectly – it doesn’t feel like a condo; it feels like a home. Obviously, my hope is to represent the person(s) who buy this residence so please contact me if you have any questions or if you would like to schedule an appointment to see this unit in person. I also have a video which I can forward to you via email. You can reach me on my cell at 786-247-6332 or email at [email protected].
myBrickell Tops-off According to Schedule
Almost nothing in Miami goes according to schedule. That is why I was pleasantly surprised to learn that myBrickell topped-off earlier this month. Far before the first shovel even broke ground, Related Group projected that top-off would occur in February 2013. Letters were mailed to contract holders last week on February 1st to announce the good news. Closings had been projected to start in September of this year. I guess we will see if Related Group is able to meet that deadline as well.
For those unfamiliar with the development, myBrickell is a 28-story, pre-construction condo development in Brickell with 192 total units. It has been sold out for quite some time.
Case Study: Determining the Value-added for Having High Ceilings
A high ceiling is a feature which is typically associated with a penthouse. It can be difficult in these situations, however, to ascertain the value that is attributed solely to having higher ceilings. This is because a penthouse typically also has other value-added features such as one or more of the following:
- an upgraded master bathroom
- an upgraded kitchen
- the best view in the building
- an unusually large floor plan in relation to other floor plans in the building
- additional parking spaces
Most importantly, a penthouse is rare and therefore commands a higher premium than the rest of the floor plans in the building that are in greater supply.
What if, however, we could hold all else constant in order to better determine the added value that is associated with having high ceilings? In this regard, Icon Brickell presents itself as an interesting case study. The penthouses at Icon Brickell do NOT have higher ceilings than the rest of the units. However, certain floors do have higher ceilings. In Tower 1 of Icon Brickell, floors 14, 15, 22, 28 and 41 have 16-foot ceilings. In Tower 2, floors 14, 15, 22 and 41 have 16-foot ceilings. The rest of the floors, including the penthouse levels, have 9-foot ceilings. As a result, it is very possible, and highly likely, that a unit located on the 41st floor will sell at a premium to a comparable unit that is located on the 42nd floor. Furthermore, the situation also presents the possibility that a unit located on the 41st floor will sell at a higher price per square foot than one located on the penthouse level.
Due to the lack of resales, there is no evidence to validate my assumption but I think we can all agree that a high ceiling is a feature that should indeed command a premium. Of course, there are going to be those who would argue that they would never pay a premium for having higher ceilings due to the higher energy costs that would be associated but, then again, those are the type of people who likely wouldn’t pay a premium for just about anything. I’m not here to provide everyone with an all-knowing answer as to what that premium should be. The answer will be provided to us by way of our free market economy. However, it makes for an interesting story to follow.
Which would you rather have, a penthouse located on the 57th floor with a 9-foot ceiling or a unit located on the 41st floor with a 16-foot ceiling?
Brickell Condo Market Expected to Remain Strong Throughout 2013 and 2014
As of late, little has been said about the fact that myBrickell and 1100 Millecento are completely out of inventory. With the exception of two very large penthouses, the same goes for BrickellHouse. Take a moment to digest that piece of news. Of the 948 combined units that these three developments represent, only two remain available. That speaks volumes about the strength of this real estate market in Miami. 192 units at myBrickell are scheduled for delivery towards the end of this year and the balance of condos from the two other developments are not expected until the end of 2014. In the meantime, demand remains high so existing condo inventory should continue to dwindle. There isn’t much help on the way in near term either. We know that there will be a residential aspect to the highly anticipated Brickell Citicentre, which is currently under construction, but no sales information has been released as of yet. Regardless, completion of those condominiums would not be expected until 2015 at the earliest. We also know that Related Group recently purchased the Infinity II site located at 1300 S Miami Avenue. It is highly likely that sales for condominiums in that project will be announced sometime during the first half of this year. The site is approved for a 65-story tower with 556 total units so don’t expect those units to be delivered any earlier than mid-2015 unless the project is massively scaled back. Lastly, there has also been mention of Panorama Tower and Villa Magna but both projects will be rather massive so inventory in either wouldn’t be expected until late-2015. In summary, I think it is relatively safe to say that, barring any global economic meltdown, prices for condominiums in Brickell should enjoy a steady rise throughout 2013 and 2014 given the lack of inventory that will exist over the course of that time period.
By the way, the two remaining penthouses at BrickellHouse are priced at $2,396,000 for 3,500 interior square feet and $5,200,000 for 7,500 interior square feet. No matter how you slice it, sub-$700 per square foot for a penthouse in a building of this caliber is an amazing deal.
