New Park Along Brickell Avenue Coming Soon
A few weeks ago, The Miami Herald reported that the city of Miami, along with the Hollo family, acquired a one-acre parcel along Brickell Avenue which will be converted into a park by the end of this year. There has been a dire need for more green space in the Brickell area over the past couple of years as an influx of people have moved into the area. I had a chance to take an aerial shot of the site yesterday afternoon while showing property at Santa Maria.
1 Bedroom Foreclosure at Brickell on the River North – $138,000
A 1 bedroom/1 bath condo foreclosure at Brickell on the River North became available yesterday for $138,000. The unit has 757 square feet of interior space, a balcony off the living room, a Jacuzzi tub in the bathroom, carpeting in the living room and bedroom, ceramic tile in the kitchen and marble flooring in the bathroom. Earlier this afternoon, I stopped by the condo to take a look at it for myself. The unit appeared to be in great condition with all appliances, including the washer/dryer, still present in the unit. The 24th floor condo faces west with a direct view of the Miami River and the sunset in the evening.
This is definitely one of the best priced 1 bedroom condo foreclosures that I’ve seen come onto the market within the past three months. $182 per square foot is a good deal for a condo in a quality building like Brickell on the River North. Amenities in the building include 24-hour concierge and valet parking, fitness center, yoga room, sauna, steam room, conference room, club room, swimming pool and hot tub. The previous owner paid $305,000 in February 2006 for this 1 bedroom condo. This unit will likely have multiple offers and be under contract by next Friday.
Call me at 305-428-3860 if you would like to view the condo in person.
Top 5 Distressed Condo Sales Closed in January 2010
Below, you will find what I believe to be the five best condo deals of the 66 distressed sales that closed in January 2010 in the MLS located in Brickell, Brickell Key, Downtown Miami and the Arts District.
- Ten Museum Park #1905 – 1 bedroom/1.5 bath (791 square feet) – This unit sold for $137,000, or $173 per square foot, on January 11, 2010. Short Sale
- Neo Vertika #PH226 – 1 bedroom/2 bath (1,155 square feet) – This unit sold for $158,000, or $137 per square foot, on January 11, 2010. Foreclosure
- Parc Lofts #206 – 2 bedroom/1 bath (1,267 square feet) – This unit sold for $122,000, or $96 per square foot, on January 8, 2010. Foreclosure
- The Club at Brickell Bay #1506 – 1 bedroom/1 bath (825 square feet) – This unit sold for $108,000, or $131 per square foot, on January 15, 2010. Foreclosure
- Solaris at Brickell #806 – 1 bedroom/1 bath (754 square feet) – This unit sold for $120,000 or $159 per square foot, on January 29, 2010. Foreclosure
Miami Super Bowl Condo Rental
A friend of ours has a furnished 2 bedroom/2 bath condo that he would like to lease the week of Super Bowl XLIV. It’s an upgraded corner unit with 1,204 square feet of interior space plus a 164 square foot wraparound balcony located on the 16th floor. The building is located in Brickell within walking distance of the shops and restaurants at Mary Brickell Village. Starting and ending dates are flexible. Asking price for the entire week is $2,500.
Rentals Now Available at Icon Brickell II
I was notified yesterday that rentals are now available in tower 2 of Icon Brickell. Tower 2 is the southeast tower of the Icon Brickell development. The units are renting fast! 56 rentals were made available on Saturday and as of yesterday 15 had already been rented.
Below, you will find the floor plans that are available along with the starting prices. The rent price includes 800 channels of cable, high-speed Internet, one parking space, water and a health club membership. Pets are NOT allowed.
Call me at 305-428-3860 or email me at [email protected] if you would like to schedule a showing.
- H floor plan – 1 bedroom/1 bath – 732 square feet – starting at $1690
- G floor plan – 1 bedroom/1 bath – 984 square feet – starting at $2000
- G-Rev floor plan – 1 bedroom/1 bath – 1035 square feet – starting at $2100
- E floor plan – 2 bedroom/2 bath – 1327 square feet – starting at $2750
- C floor plan – 2 bedroom/2 bath – 1500 square feet – starting at $2850
- B floor plan – 2 bedroom/2 bath – 1503 square feet – starting at $2950
- D floor plan – 2 bedroom/2 bath – 1600 square feet – starting at $2500
There currently aren’t any studio or 3 bedroom rentals available.
Top 5 Distressed Condo Sales Closed in December 2009
Below, you will find what I believe to be the five best condo deals of the 59 distressed sales that closed in December 2009 in the MLS located in Brickell, Brickell Key, Downtown Miami, and the Arts District.
- Uptown Lofts #1005 – 1 bedroom/2 bath (1,280 square feet) – This unit sold for $135,900, or $106 per square foot, on December 4, 2009. Foreclosure
- Cite on the Bay #3304 – 1 bedroom/1 bath (797 square feet) – This unit sold for $107,000, or $134 per square foot, on December 16, 2009. Short Sale
- Solaris at Brickell #1001 – 2 bedroom/2 bath (1,145 square feet) – This unit sold for $182,000, or $159 per square foot, on December 23, 2009. Short Sale
- Latitude on the River #2407 – 1 bedroom/1.5 bath (899 square feet) – This unit sold for $148,000, or $165 per square foot, on December 4, 2009. Short Sale
- 2 Midtown #M0707 – 2 bedroom/2 bath (986 square feet) – This unit sold for $165,000 or $167 per square foot, on December 7, 2009. Foreclosure
Brickell & Brickell Key Closed Condo Sales – November 2009
Click on the links below to view the condo sales in Brickell and Brickell Key closed in November 2009:
Brickell Closed Condo Sales – November 2009 – There were 30 closed condo sales in Brickell last month. The average sales price of these condos was $243 per square foot. I was surprised to see that a one bedroom condo at Skyline on Brickell sold for $334 per square foot.
Brickell Key Closed Condo Sales – November 2009 – 10 condos in Brickell Key closed last month. These sold at an average sales price per square foot of $258. Here I was shocked to see that someone would be willing to pay $294 per square foot for a unit at Isola, especially one with carpeting.
Completely Renovated Townhouse at Atlantis on Brickell
I remember walking through unit 306 at Atlantis on Brickell towards the end of 2007. The place was a disaster! Flooring was ripped out, walls were horribly damaged, mold was evident in a few of the rooms and the kitchen and bathrooms badly needed to be updated.
Unit 306 is a 4 bedroom/4 bath two-story townhouse with 2,628 interior square feet. In 2007, when the unit came onto the market as a foreclosure, the unit was listed for $799,900. After eight price reductions and a little over nine months later, the unit sold for $415,000, or $158 per square foot, on February 29, 2008.
After a complete overhaul, the unit made its way onto the market about six months ago for $1,130,000, or $430 per square foot – quite a stretch even after accounting for renovation and holding costs. The list price was slashed a few times before recently being reduced to $865,000, or $329 per square foot – a step in the right direction but still at least $100,000 away, in my opinion.
My guess is that it probably cost somewhere in the ballpark of $100 per square foot to completely gut and renovate the unit, given the quality and the fact that mold was present. I’ve estimated taxes to be around $25,000 and HOA fees to be around $22,000 over the past 21 months. That represents about an extra $18 per square foot to the cost basis of the owner. It’ll be interesting to see if the owner is able to make a profit or, at the very least, break-even on this investment, especially after accounting for cost of capital.
Before Pictures
After Pictures
Construction to Begin on Sky Palace at Mary Brickell Village Next Month
Construction is scheduled to begin on the condominium high-rise that was once known as Skyline at Mary Brickell Village in December 2009. The 369-unit Mediterranean-style condo building is now known as Sky Palace at Mary Brickell Village. It will sit atop the parking garage at Mary Brickell Village located on the west end of the commercial development. Completion of Sky Palace at Mary Brickell Village is projected to occur in the last quarter of 2011.
Update: Sky Palace at Mary Brickell Village was later renamed Nine at Mary Brickell Village.
