Lobby Makeover Planned at The Club at Brickell Bay
Late last week, I showed a few condos at The Club at Brickell Bay to a client. On our way out, I noticed a pair of poster boards alongside a voting box in the lobby. The voting box urged condo owners to vote for one of two plans to renovate the building lobby with the following descriptions below each option:
Option 1: A royal blue scheme, referencing existing color tones, but done in a much more opulent and sophisticated manner, with new porcelain tile flooring, area rugs below new seating areas, wall covering, drapery feature wall treatment (while keeping the window wall unobstructed), reception/concierge desk, central feature table, ceiling treatments, light fixtures and artwork/accessories/greenery
Option 2: A neutral champagne scheme that is a more distinct color departure from the existing blue, but nearly identical to Option 1 in terms of architectural design treatment with the exception of a mirror installed in place of artwork, and circular rugs in lieu of square at the seating areas
The best news of all is that I heard that there’s enough money in the budget to undertake such a project. Maintenance fees will not increase as a result of the renovation project nor will a special assessment be levied. Looks like the building has come a long way since management was replaced a few years ago. I remember the days when The Club at Brickell Bay had difficulties paying its own operating expenses.
Shrinking Rental Inventory in Brickell and Downtown
In this episode, we discuss the shrinking rental inventory of condos in Brickell and Downtown Miami. In recent months, it has become increasingly more difficult to find a rental in these neighborhoods than it has since the peak of the market. For example, at this time The Plaza on Brickell, which has 1,000 total units, only has two unfurnished one bedrooms available while 1060 Brickell has zero. We highlight eight other well known condo buildings in these areas and provide an overview of the rental availability within them.
Prices Slashed at Icon Brickell
Late last Friday afternoon prices were slashed at Icon Brickell. In the video below, we provide an overview of the Icon Brickell price reduction and end the show with the morning-breaking news that Dwyane Wade and Chris Bosh will sign with the Miami Heat tomorrow.
Imperial at Brickell Penthouse Reduced to $238 Per Square Foot
Earlier this week, the 5,034 square foot 5 bedroom penthouse at Imperial at Brickell that we featured this past May was reduced from $1,490,000 to $1,199,999, or $238 per square foot. The unit has an amazing 4,000 square foot terrace with direct views of Biscayne Bay and Key Biscayne. Take a look at the video below for a tour of the Imperial at Brickell penthouse. Call us at 305-428-3860 or email us at [email protected] to schedule a showing.
Unrestricted Free Agent, Carlos Boozer, Sells Coconut Grove Mansion for $5.5M
Tuesday afternoon, The Los Angeles Times reported that Carlos Boozer, the unrestricted free agent of the Utah Jazz, recently sold his Coconut Grove mansion for $5.5M. The home was purchased by him and his wife, CeCe, for $7.3M in 2007. The 7,002 square foot Mediterranean-style estate has 5 bedrooms, 5 full baths, 2 half baths and a 3-car garage. Despite the recent sale, there is still speculation that Boozer will sign with the Miami Heat this off-season. Carlos Boozer had also been the former owner of a 25th floor condo at Jade Brickell which he sold for $1,385,000 in 2006.
Miami Real Estate Review – Episode 7
In this episode, we provide an update regarding the developer blowout sale at The Plaza on Brickell that started last Thursday. We also touch upon pricing at Icon Brickell and discuss news regarding Marquis. We end the show by highlighting four noteworthy foreclosures that came onto the market since last Friday.
Developer Blowout at The Plaza on Brickell
In this video segment, we discuss the developer blowout sale at The Plaza on Brickell that was announced Thursday afternoon. I received word just 24 hours later that 16 units had already been placed under contract. This is now the best deal in Brickell but availability won’t last long. Later in the video, we also discuss the uptick in luxury condo sales in 2010. We end the show with a picture slideshow of Penthouse A at Apogee South Beach which came onto the market last month with an asking price of $16M.
$12.9M Penthouse Foreclosure at Santa Maria Hits the Market
Earlier this afternoon, a penthouse foreclosure at Santa Maria came onto the market with an asking price of $12.9M. It’s a two story condo with 10,000 square feet of interior and has a rooftop terrace with a large hot tub.
Update: As I was writing this blog post, I received word that the penthouse has already gone under contract. Word is that the accepted offer price was $11M. Geez, that was fast!
Price Increases Seen in the Sub-$250K Market
This video introduces a 1 bedroom/1 bath foreclosure condo at Brickell on the River North which came onto the market yesterday. It’s located on the 24th floor and faces west with a direct view of the Miami River. The asking price is $128,700, or $170 per square foot.
The video also explains why we’ve been seeing prices rebound in the sub-$250K segment of the market. Demand has increased due to the availability of financing in 2010 which had been pretty much nonexistent throughout 2009. Each month we continue to see more and more buildings become Fannie Mae approved throughout Miami. The common element in most of these newly approved buildings is that condos in the sub-$250K market are well represented. Furthermore, supply has decreased as evidenced by recent market reports showing large percentage increases in year-over-year closed sales as well as pending sales. Arguments which point to remaining and future developer inventory hold very little water in this segment of the market. Buildings such as 900 Biscayne Bay, Paramount Bay, Mint, Infinity at Brickell, Marquis and Icon Brickell have very little, if any, inventory in that price range.
