The development site for MyBrickell is located at 30 SE 6 St, directly west of 500 Brickell and south of Brickell on the River South. Below, are the various development renderings for MyBrickell currently made available to the public.
MyBrickell is a 28-story condo development with 192 total units.
Miami continues to buck the trend. While other U.S. cities are dealing with a depressed real estate market, Miami has growing concerns over a lack of inventory. Two new Brickell condo developments hope to help alleviate those concerns, however, with the launch of preconstruction sales by year’s end. MyBrickell, to be located at 30 SE 6 St, will add 192 condo units while BrickellHouse, to be located at 1300 Brickell Bay Dr, will add an additional 374 condo units.
MyBrickell will be developed by The Related Group which has vast experience in developing condominiums, especially in South Florida. Their portfolio of past developments includes Icon Brickell, The Plaza on Brickell, 500 Brickell and 50 Biscayne. Arquitectonica, an internationally acclaimed architectural firm, has been selected to design MyBrickell with Karim Rashid to design the interiors. Studios will start from $164,900, 1 bedroom + den units from $219,900, 2 bedroom units from $249,900 and 2 bedroom + den units from $299,900.
BrickellHouse is to be developed by Newgard Development Group, a relatively new name in development. The Sieger Suarez team will be the architects behind BrickellHouse and Yabu Pushelberg has been selected to design the interiors. Pricing information for condos has not yet been released but I was told that the average price per square foot will approximate $375.
Reservations are now being accepted for condos at MyBrickell with an initial reservation deposit. The reservation, however, will not entitle you to a specific unit. The developer will offer a unit to the prospective buyer given their price range and unit preferences. The prospective purchaser will then have 24 hours to accept the unit offered and the balance of a 10% deposit will be due upon acceptance. Those who reject the offering or do not respond within the 24-hour time period will have their initial reservation deposit returned to them. BrickellHouse plans to accept reservations early next week and will actually allow you to choose a specific unit with a 10% initial deposit. Another 10% will then be due upon execution of the contract, 10% at groundbreaking, 20% when construction reaches your floor and a final 20% when construction is topped off – for a total of 70% due prior to closing.
Contact us at 305-428-3860 or [email protected] if you have an interest in reserving a unit at MyBrickell and/or BrickellHouse, Miami’s two newest preconstruction condo developments.
Two Fridays ago, we received a new sales listing at Icon Brickell. It was for a 1 bedroom/1 bath condo located on the 9th floor with 726 square feet of interior, the smallest 1 bedroom floor plan at Icon Brickell. The owner wanted to aggressively price the unit so we decided to list it for $315,000, or $434 per square foot. This made it the lowest priced 1 bedroom at Icon Brickell by about $10K. The next lowest priced unit was only 6 square feet bigger but located 14 floors higher. We expected the condo to sell quickly but we were blown away by just how quickly we got it under contract.
Our new listing was tenant-occupied and we weren’t able to get in to take pictures until the following Tuesday. Later that same night, we had two showings scheduled. Within an hour of the second showing, we received a verbal offer close to asking price. The next morning, we had a written contract waiting in our inbox and, after negotiating a few minor details, we had an executed contract within the next 24 hours.
Anyway you slice it, the Miami condo market is hot. With each passing month, I am more and more surprised by how limited people’s options for condos has become. I learned last week that less than 37 developer units remain at Icon Brickell. That’s remarkable considering that Icon Brickell has 1,796 total units.
I just learned that the Viceroy Tower at Icon Brickell is now completely sold out of developer inventory. This is a great news for the Miami real estate market and shows that the glut of condos created during the recent construction boom is almost behind us. At this point, there are roughly 3,000 unsold condos in the Greater Downtown Miami area. Foreign buyers played a critical role in helping to sell out the Viceroy Tower just as they have with every other new condo development in Miami.
Viceroy Tower, located at 485 Brickell Avenue, consists of 527 condo-hotel units and stands 53 stories. Sales of condos at the other two towers at Icon Brickell have also been faring tremendously well. It’ll be great once all 1,795 condos are sold and we can look back and recollect the days when the glistening towers once sat empty.
The rental market is a very interesting segment of the real estate market, not only for potential tenants on the prowl for a new pad but also current landlords and would-be investors trying to assess the demand for rentals across various neighborhoods and, more specifically, across various condo developments. Only a few years ago, the supply of rentals in Miami far outpaced demand. As a result, rental prices plunged and renters ruled the day. Fast forward to the present and an entirely different rental market is upon us in Miami. Nowadays, rental inventory is being absorbed quickly and overall rental prices are on the rise. For those living in Miami, I’m sure this a message that you have not only read in the local paper but have also heard directly from friends and family who have experienced it firsthand.
Obviously, not all neighborhoods and condo developments are created equal. Factors such as price, location, views, quality and recommendations from peers help determine rental demand. As a result, one would assume that demand can vary greatly from building to building and even neighborhood to neighborhood. Which condo developments are the leaders when it comes to rental demand and which are the laggards? More importantly, which buildings should we expect to see prices climb in the near future?
In this first segment, I decided to analyze the Brickell rental market to answer the above questions. Below, you will find a spreadsheet containing rental data for various condo developments in Brickell. Click the link below the spreadsheet to view it in its entirety.
Brickell Rental Market as of March 01, 2011
Columns C through G show the number of available rentals pertaining to each condo development grouped by number of bedrooms. Column I displays the total number of rentals available in each condo development while column J shows the total number of units within that development. I debated whether or not to include column K, the number of available rentals over the total number of units in the development expressed as a percentage, because the figure can be deceiving in buildings where developer inventory remains which has neither been sold nor rented. This is the case in buildings such as Icon Brickell and Infinity at Brickell. Regardless, I decided to include the figure because it can provide additional insight in buildings where this is not the case.
The main objective in creating this spreadsheet was to calculate months of inventory for each condo development. This can be seen in column M. Months of inventory was calculated by dividing total units available for rent by the monthly average number of units rented over a 3-month period from November 16, 2010 to February 15, 2011. You may be wondering why I did not include closed rental data from the past two weeks in determining the monthly average. I have noticed that it can take real estate agents days, and even weeks, to change the status of a rental in the MLS from pending to rented. As a result, I felt that the average would be skewed to the downside and not be an accurate representation of the Brickell rental market. Furthermore, if I had to venture a guess, I would also say that it is highly likely that around 10 percent of the total number of units available for rent are in fact no longer available. In this case, the listing agent has yet to change the status from available to pending.
Regardless, a lot can be ascertained from the spreadsheet above. In my opinion, any building with 1.5 months of inventory or less has a solid rental market. 1060 Brickell, The Plaza on Brickell and Vue at Brickell are standouts with absorption rates hovering around one month. I expect rentals prices in these developments to continue to rise in the near future. For those in the market to lease a condo in one of these developments, I advise that you act quickly and put your best foot forward when making an offer.
According to the spreadsheet, there is currently 2.29 months of rental inventory available in Brickell. Some may expect this number to increase as more units from Icon Brickell and Infinity at Brickell hit the rental market. Of course, this will all depend on how quickly the units become available and at what pace demand absorbs them. Only time will tell, but I plan to watch Brickell rental market closely and post updates on a monthly basis.
I would love to hear your thoughts and comments.
Last summer, as you may recall, I wrote a few blog posts regarding the penthouse at Imperial at Brickell. At the time, the penthouse was a bank-owned foreclosure. I felt that it was very well priced and, with the right amount of work, had a ton of potential. The 5,034 square foot penthouse ultimately sold for $1.05M, or $209 per square foot, on August 13, 2010. Amazing price!
Well, the penthouse at Imperial at Brickell is back on the market…the rental market to be exact. The asking price is $18,000 per month. No, that’s not a typo, just EXTREMELY high expectations. Judging by the pictures, only minor changes were made to the unit. I was expecting to see a complete rebuild of the penthouse. Regardless, the price had made me doing several triple-takes earlier this afternoon before I even took a look at the pictures.
Below is a video of the unit as I saw it last May:
The end is almost near…for Miami Circle Park that is. According to a local news station, a dedication ceremony of Miami Circle Park is scheduled for 11:30am on February 23, 2011. As you can see from the picture above, the park has come a long way since construction began. Miami Circle Park, designated a National Historic Landmark to preserve a 2,000 year old archaeological find, is located at the mouth of the Miami River and Biscayne Bay. Residents of Brickell will now have a green space of which they can be proud.
We currently have an exclusive listing for a beautiful 1 bedroom/1.5 bath bi-level loft at 1060 Brickell. The unit has 1,128 square feet of interior, polished porcelain tile throughout, stainless steel appliances, stackable washer/dryer, an upgraded full bathroom and a balcony facing west overlooking Mary Brickell Village.
Three months ago when we took the listing, the initial asking price of the loft was $335,000. Yesterday, we were contacted by the owner and he requested that we lower the price to $259,000 for a quick sale. $230 per square foot is an amazing deal for a unit at 1060 Brickell. In fact, our listing is currently the lowest price per square foot of any unit at 1060 Brickell.
For those not familiar with 1060 Brickell, it is centrally located in Brickell just a block away from the shops, restaurants and bars at Mary Brickell Village. Additionally, the building is within walking distance of two Publix grocery stores. 1060 Brickell has a number of great amenities such as 24-hour security and valet, swimming pool, hot tub, state-of-the-art fitness center, yoga room, steam rooms, game room with billiard table and a virtual golf room.
Below, you’ll find a video tour which shows the view and interior features of the loft. For additional information and pictures click on the following link to view the MLS property listing for unit 2216 at 1060 Brickell. Contact us at 305-428-3860 if you have any questions or have an interest in viewing the unit in person.
The foreclosure forefront has been quite slow ever since several U.S. banks initiated a voluntary freeze in October. The freeze on foreclosures was implemented after banks had acknowledged using “robo-signers” to approve hundreds of foreclosure documents a day without first verifying the information in them. Bank of America, the largest U.S. financial institution, announced the week of December 6, 2010 that it would lift its national foreclosure freeze and resume taking possession of properties. Despite the announcement, I had not seen any foreclosure condos in Miami or Miami Beach hit the market that I felt would be of any interest to my readers for quite some time. That is, until yesterday. The following are three Miami or Miami Beach condo foreclosures along with my commentary detailing why I feel they are deals worth pursuing.
