A Preview of 500 Brickell
Last Thursday night, I attended the brokers preview party for 500 Brickell. It was great to be in the company of the one or two Realtors left in Miami. Okay, I’m exaggerating a bit. The place was actually pretty packed. The wine was flowing and the hors d’oeuvres were everywhere. The picture above was taken from the rooftop pool on the 42nd floor.
Jorge Perez attended the party. Jorge gave free copies of his newly published book “Powerhouse Principles” and stayed around to sign books. Above, Jorge is doing his rendition of “Love Me Tender” by Elvis Presley. I’m joking. Actually, he was thanking his staff and everyone involved in the 500 Brickell project.
I was actually very impressed with the amenities at 500 Brickell. It’s definitely a very “hip” building. That’s the word that kept coming to mind for me at least. Here you see the lobby of the east tower at 500 Brickell.
This is a shot of the Sports Bar room at 500 Brickell. The room also has a billiards table and a bar with flat-screen TVs which you’ll see below.
Another shot of the Sports Bar.
The spa was very nice, complete with a steam room and sauna.
A shot of the hot tub in the men’s spa room.
I’m kicking back in one of the reclining seats at the back of theater room watching “Bourne Ultimatum”.
Above is a shot of the fitness center. This is one amenity area that didn’t quite impress me. I found it to be rather small to accommodate the residents of the east and west towers at 500 Brickell.
The all-famous halo at 500 Brickell. I was laying back in a lounge chair as I took this shot. It was kind of trippy. I felt like I would be beamed up to the Related Group mother-ship at any moment. I spoke with an architect who worked on 500 Brickell who mentioned that the scattered windows running down the sides of each tower were to resemble water running down. I thought that was pretty interesting.
The kitchens were nice but they’re identical to the kitchens that you’ll find in the “Sky Residences” at Plaza on Brickell, so they were nothing new to me. Each of the condos at 500 Brickell comes with a Jacuzzi tub in the master bath that are the same, or at least resemble, the ones found in the “Sky Residences” at Plaza on Brickell as well.
The floor plans were pretty spacious and the bathrooms in most of the lines were rather large. However, the group I was with did find a major flaw in the 00 line of the east tower. The shot above is of the shower. Take note of how narrow it is. A slender lady in our group entered the shower and pretended to wash her hair. She couldn’t lift her elbows without hitting the glass. The 00 line does have the best views of all the 1 bedrooms at 500 Brickell but anyone looking to buy a condo in the 00 line should take note of the shower. You’ll definitely need to open up the space somehow. The showers in the other lines didn’t seem to have this problem.
The view to the south of Brickell at dusk was pretty killer. However, there is an office building currently under construction that will block much of this view. If you look closely, you can see the construction cranes in the foreground of the picture above.
A view to the northeast. The view of the Bank of America building directly to the north was also a nice sight, although you can’t see it in this picture. Personally, I much prefer the northern view at 500 Brickell over the southern view.
Here’s a shot of the east view. I thought Icon Brickell would block most of the views to the east at 500 Brickell but, as you can see, you still get nice views of Biscayne Bay and Brickell Key. Obviously, you do see Icon Brickell to the side but the visual distraction isn’t as bad as I thought it would be.
By the way, a few of you mentioned that the illuminating halo in the middle of the two towers might shed unwanted light into the condos residing on the interior of the condo development at 500 Brickell. I made sure to take a look at one of those condos to see if that was true. The halo didn’t shine a bit into the unit that I was in that night. There might be a few units where this might be a problem but I’m sure it’s nothing that some blackout shades can’t resolve.
Brickell on the River South Tower Developer Closeout Sale
Some of you may have noticed the bus stop ad above for Brickell on the River South Tower throughout various locations in Brickell. I must have driven past it a dozen times without noticing it. However, a friend of mine mentioned the ad to me over lunch this past weekend, so I had to take a look for myself.
It looks like the developer of Brickell on the River South Tower, Groupe Pacific, has decided to discount the condos it recently got back. This is the first major condo development that I know of in Brickell that has decided to discount prices below initial preconstruction prices.
This is great news for young professionals looking to live in Brickell in a new building at bargain prices. The marketing material on their website promoting the developer closeout mentions that one bedrooms start from $199,000. It also mentions that flooring and paint are included in the price. On the flip-side, this is awful news for those who recently closed on a condo in Brickell on the River South Tower. Ouch!
Atlantis on Brickell
People from all over the world, even those who may have never visited Miami, may recognize the building pictured above. It caught the eyes of many in the opening credits of a wildly popular 1980s TV show called “Miami Vice”.
It amazes me by how many times nonlocal clients say something like, “Hey, there’s the building with the square cut into it” or “There’s that building with the palm tree, hot tub and spiral staircase in the middle,” as we drive down Brickell Avenue.
Atlantis on Brickell, was built in 1982 and still resonates in the minds of many. This Arquitectonica classic has stood the test of time and helped define the Miami skyline. Over 25 years later, and people still remember this iconic Miami condo building.
The question for my readers is, which condo development, built within the past two years, will be most associated with Miami two decades from now? Cast your vote on the poll found along the right-hand side of this blog or share your thoughts and comments below.
View current condos for sale at Atlantis on Brickell
View current condos for rent at Atlantis on Brickell
Beautiful 5 Bedroom Condo at Villa Regina with 4,100 Square Feet – $1,499,900
Five-bedroom condos in Brickell are very rare. In fact, at this time, there are only two other condos in Brickell that are listed on the MLS with that many bedrooms. Just last week, I listed the best priced 5 bedroom condo in Brickell in a building called Villa Regina. The new listing is attractively priced at $1,499,900. The next best priced 5 bedroom residence is listed for over $1M more.
If size, quality, and location are what you need, then look no further. The 5 bedroom listing at Villa Regina spans 4,100 square feet (380.9 square meters), has a total of 15 rooms, 5 full bathrooms, comes with 3 parking spaces, has 4 terraces with gorgeous bay and city views and has been tastefully remodeled. The kitchen has new granite countertops and stainless steel appliances with custom cabinetry. The air conditioning system was also replaced 3 months ago and the condo has impact resistance windows and shutters.
The amenities at Villa Regina include: 24-hour full-service concierge and security, swimming pool, fitness center, his and her spas, barbecue area and 4 grand party rooms. Villa Regina is located directly on Biscayne Bay and is one of the few condo buildings in Brickell with its own private marina.
Contact me today if you’d like to take a look at this 5 bedroom condo at Villa Regina.
Premium Views from Plaza on Brickell
I had the opportunity last week to also show a few condo units at Plaza on Brickell offering their best views. The pictures that I took were shot from the 10 and 11 lines in the 851 Tower located at 950 Brickell Bay Drive from the 45th floor.
As you can see, the views at Plaza on Brickell differ from those that you’ll find in many of the new condo buildings in the Arts District or Park West in that the city views are much pronounced. It goes nicely with the gorgeous view of Biscayne Bay. The best of both worlds!
It was pretty amazing to overlook Brickell Key and see Miami Beach and the Atlantic Ocean in the distance. I don’t think I’ve ever captured Brickell Key quite like this. Unfortunately, I wasn’t able to fit Asia into the picture.
The condos that I showed are called “sky residences”. They are premium units with 10-foot ceilings, upgraded appliances and a Jacuzzi tub in the master bathroom.
Brickell Condo Index – April 2008
The Brickell Condo Index is back! I was shocked to see that it’s been six months since I last provided an update to what used to be a monthly report. Those who’ve been around long enough to remember those updates would probably agree, however, that very little change in the market was seen on a month-to-month basis. In this report, you’ll definitely see that prices in some Brickell condo buildings have changed quite a bit within the past six months. Ideally, from this point forward, I’d like to provide a Brickell Condo Index update every three months.
Most of the following data was collected last week on April 22, 2008. The pending sales information towards the bottom of the post was collected today.
I finally decided to include Latitude on the River in the Brickell Condo Index. In November, the average price per square foot of available condos in the Brickell Condo Index listed in the MLS was $512.14. Six months later, asking prices have dropped 6.52 percent to an average of $478.76 per square foot. The drop would have been 5.64 percent had Latitude on the River not been added to the index. A few of the following condo buildings, however, have had huge reductions in their average asking prices. I’ll discuss these in more detail towards the end of the post.
Average price per square foot of units currently listed on the MLS:
The average price of Brickell condos sold over the past six months has dropped 13.20 percent to $410.38 per square foot from November’s average of $472.80. The drop would have been 11.75 percent had Latitude on the River not been included in this month’s update.
Average price per square foot of condos sold in the MLS within the past six months:
- Atlantis – 2025 Brickell Ave | 33129 | $249.28
- Brickell on the River – 31 SE 5 St | 33131 | N/A
- Bristol Tower – 2127 Brickell Ave | 33129 | $442.37
- Emerald at Brickell – 218 SE 14 St | 33131 | $409.11
- Four Seasons Residences – 1425 Brickell Ave | 33131 | $913.08
- Imperial at Brickell – 1627 Brickell Ave | 33129 | N/A
- Jade – 1331 Brickell Bay Dr | 33131 | $544.02
- Latitude on the River – 185 SW 7 St | 33130 | $314.35
- Neo Vertika – 690 SW 1 Ct | 33130 | $322.13
- One Miami – 325 & 335 S Biscayne Blvd | 33131 | $324.77
- Santa Maria – 1643 Brickell Ave | 33129 | $595.43
- Skyline on Brickell – 2101 Brickell Ave | 33129 | $397.72
- Solaris at Brickell – 186 SE 12 Ter | 33131 | N/A
- The Club at Brickell Bay – 1200 Brickell Bay Dr | 33131 | $367.44
- The Mark on Brickell – 1155 Brickell Bay Dr | 33131 | $386.25
- The Palace – 1541 Brickell Ave | 33129 | $320.09
- Villa Regina – 1581 Brickell Ave | 33129 | $356.79
- Vue at Brickell – 1250 S Miami Ave | 33131 | $212.82
Below you will find some additional statistics:
As in the past, the first column to the right of each condo development’s name is the difference in the average sales price and list price for this month, expressed as a percentage. An “N/A” is found next to Brickell on the River, Imperial at Brickell and Solaris at Brickell since this percentage could not be computed as each building failed to have a closed sale within the past six months through the MLS, and thus did not have an average price per square foot for condos sold.
The second column is the number of active listings in each development currently in the MLS. The third column shows the percentage that these listings represent over the total number of condo units in each development. The cells highlighted in green reveal those condo developments that have active listings that represent less than 10 percent of the the overall units in the building. In my opinion, this often demonstrates a sound condo building. The ones highlighted in red reveal those condo developments that have active listings that represent over 20 percent of the overall units in the building. There’s definitely underlying risk in buying condos in these buildings and I’d only advise buying within one of these condo buildings if the price justified the risk. The condo developments with active listings less than 10 percent are considered very safe, in my opinion, and anything in the 10-15 percent range is considered normal, even in a healthy market.
The fourth column shows the number of pending sales while the fifth column displays the number of closed sales within the past six months. There are a total of 58 total pending sales in the 18 condo buildings now represented in the Brickell Condo Index. In November, there were a total of 49 pending sales at the time. I was quite surprised by the large number of pending sales at The Club at Brickell Bay, Jade and Solaris at Brickell. It looks like buyers are finally starting to step in and place some of the condo foreclosures in these buildings under contract.
The sixth column show you the difference in the average list prices from this month’s and November’s, expressed a percentage. Those highlighted in red reveal those condo developments which had a drop in their average list price while those highlighted in green show those that had an increase. Vue at Brickell saw asking prices drop about 25 percent, The Club at Brickell Bay around 19 percent, Jade around 16 percent and Solaris at Brickell around 11.5 percent. The seventh column reveals the difference in average sales prices from this month’s and November’s, expressed as a percentage. The condo buildings hardest hit with mortgage fraud saw prices drop in half, in a few cases, as the fraud has ceased and the supply of foreclosures has grown. The average price per square foot for condos sold at Vue at Brickell within the past six months has dropped almost 48 percent. A few apparent fraudulent transactions included in the November average have fallen off. The Club at Brickell Bay’s average dropped a little over 46 percent, Solar at Brickell’s dropped about 33 percent and Jade fell around 25 percent. Even One Miami took a big hit with a drop of around 23.5 percent.
Brickell on the River – 1 Bedroom/1 Bath Short-Sale – $200,000
I’m quite surprised that the 1 bedroom/1 bath short-sale for $200,000 at Brickell on the River isn’t under contract yet. It was offered for sale on April 1, 2008. The next best priced condo in the building, located directly 8 floors below the short-sale condo, is priced at $260,000.
Depending on someone’s credit score, this condo should break-even on a monthly basis if you’re able to get $1,500 per month for it with a 20 percent down payment. The condo faces west and has a view of the Miami River. The listing says that the monthly maintenance fee is $418 per month.
Last Summer, a client of mine placed on offer on unit 2703 at Brickell on the River, which has a very similar view as 2907, for $240,000. It, too, was a short-sale. The condo was listed for $280,000 at the time. The bank felt that our offer was too low to warrant a counteroffer. I received word that the bank would not accept anything that wasn’t “very” close to the listing price. Within a month, the list price was actually increased to $320,000. Needless to say, the condo failed to sell through the MLS, despite the price eventually being lowered to $259,000 on March 12, 2008. The listing was canceled a few weeks later. I’m guessing that the condo went into foreclosure, but I haven’t confirmed that.
Close to one year later we have unit 2903 on the market for $200,000. That’s close to a 30 percent discount from what the banks, a year earlier, felt that they should be able to get. I think $200,000 for this condo at Brickell on the River North is a very good price. In fact, it is probably one of the best priced one bedrooms currently offered in all of Brickell. I guess time will tell for how much this condo eventually sells.
The Urbanization of Brickell
Many of you local to Miami may have read in Sunday’s edition of the Miami Herald an article entitled, “Brickell’s Draw: A Feel of City Life”. It describes the great transformation that Brickell has seen within the past 2-3 years. The article is a must-read for non-locals who may not be very familiar with what Brickell has to offer. Be sure to also take a look at the video which provides great insight from the perspective of a Miami resident.
New Miami Condos – Closing Rates for April 2008
It has been a while since my last post regarding the closing rate of various Miami condo developments. The last update was provided on February 20, 2008. As with the February post, the first graph below reveals the closing rate of those Miami condo developments that began closings prior to November 1, 2007. The condo developments are ordered, from left to right, according to when closings began.
Below you will find the date that each condo development began closings:
I’m quite impressed with the closing rate of Loft 2. Their closing rate has improved roughly 13.5 percentage points since the last update and is within 6 percentage points of reaching the 100 percent mark. Great job!
The rest of the condo developments in this group have not changed much since the February update. The closing rate of 50 Biscayne has improved about 6 percent while the closing rate of Onyx on the Bay has improved a little more than 4 percent. The rest of the condo developments have improved 1.5 percent or less. You may notice that the closing rate of Star Lofts on the Bay has actually gone down since the February update. Well, obviously, two closings weren’t rescinded. I discovered two deeds that were re-recorded. I hadn’t caught these in the February post. No additional units have closed at Star Lofts on the Bay since November 8, 2007.
The following graph shows the closing rate of various condo developments in Miami that began closings after November 1, 2007.
Below you will find the date that each condo development began closings:
For the most part, a lot has changed with this group since the February closing rate update. Of this group of condo developments, I must say that Apogee South Beach has done a remarkable job! Apogee was the second to last condo development in this group to begin closings, yet it has far surpassed the success of the others. The high closing rate of condos at Apogee proves once again that the ultra-luxury condo market in Miami Beach is still doing quite well.
The 1800 Club has pushed well through the 50 percent mark and has improved roughly 16 points. Quantum on the Bay is hovering right at 50 percent which is good considering that they received the TCO on the second tower around the beginning of March. I can definitely see it hitting the 75 percent mark within the next two months. I also want to note that Plaza on Brickell and 1060 Brickell are both comprised of two towers. I’ve heard that closings for condos in the 851 tower of Plaza on Brickell recently began. The condo units in the 851 tower represent 60 percent of the overall development. I also know a few people who have contracts on condos in the 901 tower who are still waiting to receive a closing date. I’m not sure if only one or both of the towers at 1060 Brickell have begun closings yet.
Next month, I plan to include Marina Blue, Wind and Midtown 4, which each began closings recently.
Disclaimer: The above closing rate information was derived from public County records. There can be a 2-3 week delay from the time that a closing occurs and the time that the closing is recorded.
