The Related Group announces Pre-construction Sales for 1100 Millecento Residences

The building will feature studios, 1 bedrooms, 1 bedroom + den units and 2 bedrooms.  Reservations are now being accepted with the following price ranges in mind:

• Studios from $226,000-$290,000
• One Bedrooms from $286,000-$390,000
• One Bedroom + Den units from $326,000-$440,000
• Two Bedrooms/1 Bath units from $347,000-$490,000
• Two Bedrooms/2 Bath units from $397,000-$550,000
• Two Bedrooms/2 Bath + den units from $415,000-$550,000

The deposit structure for 1100 Millecento Residences is as follows:

• 10% of purchase price at reservation
• 10% of purchase price at contract (expected to be in June 2012)
• 15% of purchase price at groundbreaking (expected to be at the end of 2012)
• 15% of purchase price at top-off (expected to be at the end of 2013)
• Balance due at closing (expected to be at the end of 2014)

Contact us if you have any questions about 1100 Millecento Residences or if you would to reserve a unit.

Paramount Bay and Brickell House Hit 60%

I discovered yesterday afternoon that Paramount Bay now has 60% of its total units either sold or under contract.  That’s quite an accomplishment seeing that it was only four months ago that sales were launched. The penthouse units at Paramount Bay have all been sold.  The next most popular unit has been the 02 line which is a 3 bedroom/3.5 bath condo with 2,353 interior square feet.  That’s the largest non-penthouse floor plan at Paramount Bay.  Only 3 of those units remain.

For those unfamiliar with the development, Paramount Bay is an all-glass, luxury, waterfront condo development located at 2066 North Bayshore Drive in the Arts District of Miami.  The vast majority of the condos at Paramount Bay have a direct water view.  A number of great units still remain so don’t hesitate to contact us if you have an interest in touring the building and viewing any current availability that interests you.  Paramount Bay is a very high-end, exclusive building and will be a perennial favorite for years to come.

Brickell House, which began accepting pre-construction reservations in October, has 60% of its 374 total units under contract as of last week.  The 46-story, luxury condo development will be located at 1300 Brickell Bay Drive across the street from Jade.  Sieger Suerez was contracted to serve as the development’s design architect while Yabu Pushelberg and Artefacto will oversee interior design components.  To learn more about this pre-construction development, please download the Brickell House brochure or feel free to contact us with any questions that you might have.

These type of success stories demonstrate the current level of demand for new condos in Miami.  It’s no wonder that new condo developments are expected to soon be announced.

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.