93% of All Newly Completed Condos in Downtown Miami Now Occupied
The Miami Downtown Development Authority recently released a study showing that of the 22,785 newly completed units in Downtown Miami, 93% of them were occupied as of December 2011. That number is up 7 percentage points from December 2010 in which 86% of the units were occupied. The study focused on those units completed after 2003 located within the Downtown Development Authority District and adjacent areas of influence as shown in the above map. A total of 77 newly completed condominium developments, as defined by the study, are located within these boundaries.
I read through the entire study and wanted to share a few highlights that I found to be rather enlightening:
- 84% of the newly completed units have closed. (The overall 93% occupancy rate in downtown area condominiums substantially exceeds the number of units sold as a result of developers’ rental of unsold units.)
- In 2011, approximately 45% of total sales were first-time new unit sales in new buildings. On average about 140 sales per month were in new buildings in 2011.
- Renters account for approximately 56% of occupied units. ( I figured that this would have been slightly higher.)
- From 2010 to 2011, the average sales price of new units increased approximately 11.7% to about $420,000
- The average price per square foot of new unit sales increased approximately 12.6% from 2010 to about $365 per square foot in 2011.
Grand Opening of the Brickell Bazaar & Fresh Farmer’s Market
Don’t miss the grand opening of the Brickell Bazaar & Fresh Farmer’s Market this Saturday, March 17th, from 8am to 4pm. The event is hosted by the Downtown Miami & Brickell Chamber of Commerce and will be located just south of Icon Brickell at the historic First Presbyterian Church of Miami at 609 Brickell Avenue. If you can’t make it out this weekend, the Brickell Bazaar & Fresh Farmer’s Market will return every other Saturday.
1814 Brickell Avenue Park Almost Completed
Earlier this afternoon while driving south along Brickell Avenue, I noticed that 1814 Brickell Avenue Park appeared close to being completed. The park was originally scheduled to be completed towards the end of 2011. The .81 acre park will fill a void for many Brickell residents living along the southern end of Brickell who have long awaited a usable green space.
Below, you will find the design for 1814 Brickell Avenue Park. The design called for a reading area, picnic area, children’s playground and open lawn space. You will also notice a number of trees and shrubs planted throughout the park as well. I was happy to see this afternoon that a water fountain was included and more lighting installed than was called for in the original plan.
Additional Renderings of 1100 Millecento Residences
I came across two additional renderings of 1100 Millecento Residences while surfing the Internet which I decided to share. The one above is a nighttime shot of 1100 Millecento Residences as seen from the intersection of Southeast 9 Street and South Miami Avenue at Mary Brickell Village. I’m quite pleased with the amount of air space that resides between 1100 Millecento Residences and the north tower of Axis. I was concerned that the 19 and 20 lines at Axis would be looking directly into the west side of 1100 Millecento Residences and have their view completely obstructed. That doesn’t seem to be the case if the rendering above is accurate.
The second rendering is of an east facing unit at 1100 Millecento Residences which would provide you with an amazing view of the Brickell skyline as well as an obstructed view of Biscayne Bay. The rendering indicates that the kitchens will be outfitted with Italian wood cabinetry, limestone counter tops and a Subzero refrigerator. Unit details have to be released, however.
I also learned that 1100 Millecento Residences will have a 9th floor elevated pool deck with a club room, a state-of-the-art fitness center, private theater and 42nd floor rooftop infinity edge pool with private cabanas. To put into perspective the type of view one might get from the 42nd floor, think 500 Brickell. 500 Brickell also has a 42nd floor rooftop pool.
Pre-construction sales for 1100 Millecento Residences have not yet begun but prices are expected to start at $350 per square foot.
1100 Millecento Residences – A First Look
If all goes according to plan, Related Group will follow pre-construction sales of myBrickell with the launch of 1100 Millecento Residences, a proposed 382-unit condo development to be located directly east of the north tower of Axis at 1100 S Miami Avenue in Brickell. Designed by world-renowned architect Carlos Ott, the development formerly known as myBrickell 2 will rise 42 stories and include street-level retail space.
Pre-construction sales information has yet to released for 1100 Millencento Residences but expect an announcement soon given the level of demand for Miami condos at this time and the fact that Related Group is close to selling out myBrickell.
Brickell City Centre Construction Set to Begin
Earlier this week, The Miami Herald reported that Swire Properties has closed on a $140M line of credit which would allow them to fund the initial construction of Brickell City Centre, a $1B mixed-used development to be located just north of Mary Brickell Village along 8th Street. There’s no doubt that the addition of Brickell City Centre to the neighborhood will have a profound impact on Brickell and that real estate values in the immediate area will be positively impacted. The residential component of Brickell City Centre will be comprised of two towers: Brickell City Centre Reach and Brickell City Centre Rise.
The first phase of Brickell City Centre is expected to be completed in late 2015 and will include about 4.3 million million square feet. Plans call for 520,000 square feet of retail shops, 800 condominium units divided between two towers, a hotel with 243 rooms, two small office towers of 110,000 square feet each and 93 full-service apartments. The first phase will also include 3,100 parking spaces and design feature known as the “Climate Ribbon” that will provide a covered walkway to navigate the project. The second phase calls for an office tower of 750,000 square feet that will be built as market conditions permit.
The Mark on Brickell 3 Bedroom – $365,000
If you are in the market for a 3 bedroom condo in Brickell but on a limited budget, you might want to consider this property at The Mark on Brickell. I came across it while conducting a search on the MLS on behalf of a client and was surprised at the price. It’s a 3 bedroom/2 bath condo with 1,470 interior square feet and travertine and wood flooring throughout. The asking price is $365,000, or $248 per square foot, which is an exceptional value to be in a waterfront building in Brickell. The unit does not have a water view but one should not be expected at this price point. Expect to pay at least $100,000 more for a 3 bedroom in Brickell if you require a water view. This condo is located on the 6th floor with direct access to the pool deck which does offer panoramic views of Biscayne Bay. The unit is currently tenant-occupied but the lease ends next month.
Miami Condo Prices on the Rise
Everyone seems to be in agreement nowadays that the Miami condo market has fully recovered. In fact, not only has the condo market recovered but prices are now on the rise. A recent report released late last month by the Miami Association of Realtors showed that the median sales price for condominiums in Miami rose a remarkable 36 percent year-over-year in January. The average sales price for Miami condominiums increased 45.2 percent in the same time period.
Existing condo inventory continues to be absorbed at a rapid pace and new inventory won’t hit the market until at least the second half of 2013 when myBrickell is scheduled for completion. Pre-construction sales have gone remarkably well at myBrickell with over 85% of the units now under contract. Meanwhile, pre-construction sales at Brickell House, a 374-unit luxury high-rise scheduled for completion in 2014, has experienced similar success with over 60% of the units now under contract. Other condo projects have been approved by the city for development but sales have yet to be launched despite an overwhelming demand from foreign buyers.
Don’t take my word for it though. Here are a few major news sources who have recently reported about the upbeat Miami condo market:
Infinity at Brickell 1 Bedroom – Lowest Price Per Square Foot Unit Available
We recently received a new listing at Infinity at Brickell that should capture the interest of anyone currently in the market for a 1 bedroom loft located in Brickell. Our listing is for a 1 bedroom/1.5 bath bi-level loft with 993 square feet of interior and a 76 square foot balcony off the living room. The asking price is $297,888, or $300 per square foot, making it the lowest price per square foot unit currently available for sale on the MLS or through the developer. The decorator-ready unit comes with stainless steel appliances, a stackable washer/dryer and one assigned parking space. The east-facing loft has a view of Biscayne Bay and the Brickell skyline from the 30th floor.
With less than 10 units remaining, developer inventory at Infinity at Brickell is on the brink of being completely sold out. The last remaining developer units are being offered considerably higher than $300 per square foot. This could be your last opportunity to own at Infinity at Brickell for less than $300 per square foot. If interested, feel free to contact us with any questions or to schedule an appointment to view the unit in person. You can reach us via email at [email protected] or by phone at 305-428-3860.
