A Review Of The Penthouse At Brickell City Centre’s Reach Tower
If you’ve ever dreamed of living in a palace in the sky, but also dreamed of living on top of an elegant shopping district, but also dreamed of living in a condo that was perfect for entertaining AND perfect for family, then we’ve got just the thing for you. Swire has released the newly finished upper penthouse at Reach Tower above Brickell City Centre and it does not disappoint.
Before we go to the review and photos, here are the specs:
Penthouse 4203
4 bedrooms, 3 baths, 2 powder rooms, 2 family rooms, 4 terraces, service quarters, rooftop pool & summer kitchen
Interior Size: 4,346 square feet
Exterior Size: 1,823 square feet
Price: $6,650,000
The Views
Starting with the views since many people in the $5 million-plus price range automatically ask for waterfront options, let me show you why I consider high floors in the city to be a better option…
If you’re in a waterfront condo, the blue water is pretty, but what will you look at after the sun goes down? Nothing. With the high floor city view, you still see the beautiful blue water of the Biscayne Bay AND the Atlantic Ocean, plus the glittering city lights at night. Gorgeous.
Speaking of water views and glittering city lights, how about you enjoy them from your private rooftop pool? Or maybe throw together a little al fresco dinner party in your summer kitchen?
To the West, you can see the city lights at night all the way to the Everglades.
The South view also offers more distant water views as the coastline tapers in through South Brickell, Coconut Grove and Coral Gables.
Now, let’s go inside for some renderings vs real life fun!
The Kitchen/Living Room Layout and Finishes
Ok, so we can see that the renderings were based on a different penthouse, but the finishes look 100% on-point, and LOOK AT THAT SPACE! I can’t even begin to think of the number of different events you could host here. Of course, if you’re a homebody like me, you could also just chill on a different sofa every night of the week and cook some crazy recipes in that kitchen.
I’m not sure what to say about that kitchen. If it were mine, I’d have platters of hors d’oeuvres filling that marble countertop for my friends and every kitchen gadget offered so that I could cook more. Heaven.
The Bathrooms
Here we are again with a rendering that was based off of another penthouse, but with on-point finishes. I love the teak shower floor. It gives a no-slip yet luxurious spa feel. Also, the backlit mirrors are typically demonstrated in sales centers and renderings, but are actually an upgrade that you don’t find out about until later. Not here. Swire delivered what they demonstrated.
The Floor Plan
Swire and Arquitectonica clearly did their homework on versatility with this layout. The way the floor plan is laid out; with the master bedroom in the front and the other bedrooms in the back, separated by the family room, it’s almost like there is a guest house.
I can see it already… a family gathering and the adults want to have adult conversations but the kids want to run crazy and do kid things. The kids can go to the family room and party with the nanny while the adults have wine and peace.
Or, it could be that the owner wants to give their guests an additional sense of privacy…. they have their own living room with a balcony.
Another thing I would like to point out is the amount of storage space! There are closets everywhere you turn AND a walk-in pantry! This is not something that is common in our marketplace.
Finally, I really appreciate the fact that they thought to separate the laundry room from the staff quarters. I always find it a bit oppressive to see the housekeeper’s bed pushed up next to the washing machine. This is 2017, not Downton Abbey. At the same time, the service quarters is not included in the bedroom and bathroom count, as they sometimes are. In this apartment, you get 4 full bedrooms, 3 full baths PLUS a bedroom and bathroom for the nanny/housekeeper who keeps your life straight.
All-in-all, I’m giving this penthouse a rave review. See below for additional photos and let us know if you would like a tour for yourself!
ECHO Brickell Closings Have Begun
instagram.com/echobrickell
Starting today, Brickell is getting a lot more luxurious. Property Markets Group is beginning closings on the newest ultra-luxury building in the greater downtown area, ECHO Brickell. The sleek tower was designed by Carlos Ott and offers the ultimate of luxury lifestyle.
Each residence comes with 9-14 foot ceilings, terraces that are 8 feet deep with summer kitchens, paneled Sub-Zero and Wolf appliances and a Bosch built-in espresso machine. The units will be delivered with marble floors indoors and out and there is a 50,000 saltwater fish tank in the lobby. Security is paramount in the building as well. Rather than fobs, residents are able to activate the elevator via biometric security.
Remaining purchase opportunities range from $1.8 million for a southeast-facing 2 bedroom on the 14th floor up to $6.5 million for a 3 bedroom lower penthouse. The $42 million opulent and dramatic Carlos Ott Penthouse is also still available for $42 million.
Contact us at [email protected] if you would like a tour of the finished project.
The Ultimate Market Stat Monday: Downtown Development Authority’s Mid-Year Report
Despite the fact that many media outlets and whispers in the marketplace would leave you to believe that the cards are stacked against us in the Miami condo market, things really aren’t so bad according to the Downtown Development Authority (DDA) Mid-Year 2017 Report. As they state in the report, “2017 has not been the best of times, but it hasn’t been the worst of times either.”
I have included the full 28 page report below, but also a synopsis…
RENTALS
The report separates the rental market into two sub-categories. Conventional rentals are the rental-only buildings that are all managed by one company. 2017 has brought 969 new rental units to the market, leaving just under 3,600 under construction. The condo rentals are considered shadow inventory since there is no way to tell whether a unit would be a rental, resale, or final sale until after delivery.
Amazingly, despite increased inventory, rental prices have increased slightly in conventional rental communities. I had previously been skeptical about the rental community market with so much inventory going up, but our neighborhood is very attractive and people are flocking in.
The segments of the rental market showing the biggest price gains are 1 bedrooms and 3 bedrooms, showing 3.4% and 3.6% growth since last year respectively. Studios are showing a slight decrease in price, but I suspect that this is due to the fact that tenants who would typically take a studio are now taking one bedrooms. Three bedrooms are less plentiful in the neighborhood, so are almost always a good investment opportunity.
PRE-CONSTRUCTION
The market in new developments is also hanging on. The researchers report that 2016 and 2017 YTD have garnered about 50% of the sales experienced in 2015, which experienced 25%-50% less than 2014. It’s undeniable that things have changed, but we will survive and the projects will be sold.
While the market has slowed markedly, projects that are currently under construction and 55%-60% sold do not seem to be in distress, according to the researchers.
One submarket that could flourish in the upcoming 18 months is the smaller-scale boutique project market. According to the report and our experience, these developments tend to capitalize on infill lots between the larger developments and do very well when the larger buildings slow down.
RESALES
Our resales are facing a tremendous amount of inventory with a 6% decline in overall pricing since last year. From July 2016 to June 2017 there were an average of 99 resales sold. That rate needs to be raised by an additional 500-700 listings sold per month to reach pricing equilibrium.
The conclusion of the report is that because so many new construction projects continue to be delivered and fewer projects are announced, we could see some stability in 2018 if nothing crazy happens.
Miami Downtown Development Authority 2017 Mid-Year Report by Sarah Elles Boggs on Scribd
VIDEO: Brickell Flatiron Reaches 17th Floor
Ugo Colombo’s Brickell Flatiron has reached the 17th floor!
The development broke ground in March of 2016. After ten months of site work, the foundation was poured in January 2017 during a ceremonious 24-hour process. Sales have remained steady as well, with 70% of the units already under contract.
Tower Residences are currently available from $480,000 to $1.62 million. The Penthouse Collection offers residences from $980,000 to $1.78 million, and in July the opulent Upper Penthouse Collection was unveiled with prices ranging from $6 million to $15.5 million.
Here is a video update of their progress:
Brickell Flatiron | Construction Progress October 2017 from Brickell Flatiron Miami on Vimeo.
Market Stat Monday: Icon Brickell
Unless you’ve been living under a rock over the last two years(or outside of Miami), you have to know that Icon Brickell is undergoing an epic pool repair. How’s that coming along?
According to their management office, very well. Everything is still on schedule to see the pool fully repaired and reopened by the December 15 date they had initially anticipated. Of course, the last year has left a lot of frustration and questions for unit owners and residents, but there is finally a light at the end of the tunnel. Because of the frustration of not having a pool, coupled with the inconvenience of living in a construction zone and our over-saturated market, have people been able been able to land some amazing bargains? Not so fast…
While there are currently 167 active listings on the market for sale and 113 available for rent, the development is still seeing solid traffic. The third quarter of 2017 brought 30 new closed sales and 104 new tenants, all paying more than 90% of the asking price.
Sales
The most expensive listing to trade over the last quarter was Bay Loft 806. It was a 2 bedroom with a den and direct bay views from each room, and traded for $745,000 after having been listed for $780,000.
The least expensive transaction was a studio in the Viceroy (W Hotel) tower. It had been listed for $270,000, but traded for $250,000. One of the unique features of Tower 3 at IconBrickell is that daily rentals are allowed.
On average, buyers have given 92% of the asking price of the condos they purchased, or $442/ square foot. It also takes 233 days to sell a listing on average, but as many as 644 days. Given that there were 30 new closed sales during the quarter, that leaves us with 16 months of inventory. This really isn’t a bad number compared with the market as a whole.
Rentals
On the rental side, things move much more quickly. With 104 closed rentals and 113 available options, there is just over 3 months’ of inventory.
The least expensive rental was a studio on he 8th floor with a river view that rented for $1,675/month. The most expensive was a 3 bedroom unit with 2 baths and a big bay view that leased for $6,000/month.
On average though, the listings are trading for $2.90/square foot and take 68 days to find a new tenant. The tenants are also paying 95% of the asking price, so there are no special bargains to be had despite the pool situation.
Not bad!
Market Stat Monday: 1010 Brickell
It has now been just over six weeks since 1010 Brickell opened its doors, sending the market into the flurry of interest and curiosity we have become familiar with when the neighborhood gets a new newest building. But does 1010 live up to the hype? Let’s have a look at the market after a few weeks and see…
Closings
Although Hurricane Irma put a hold on closings for two weeks in early September, 12 buyers were able to receive keys before the storm hit. Once the storm passed, things went back to normal and a total of 84 units have closed to-date with an average price of $411/square foot, according to the tax rolls.
Resales
Of the 84 units that closed, 34 have come back to the market as resales so far. None have found buyers yet, but the asking prices are:
– Studios: $480,000-$499,000
– 1 Bedrooms: $490,000-$649,900
– 2 Bedrooms: $729,000-$995,000
– 2 Bedrooms with private elevators: $825,000-$880,000
– 3 Bedrooms with private elevators: $1,300,000-$1,639,000
– 4 Bedrooms with private elevators: $1,479,000
When shopping in 1010 Brickell, make sure to look at the floor plan of the apartment you are planning to visit prior to the tour, as I did see several units with dens that were being sold as an extra bedroom. You will want to double check that the den has actually been converted.
For potential buyers who are financing their purchase, you will be pleased to know that 1010 Brickell is one of the few buildings in the area that has Fannie Mae Approval. This will make financing much easier and less expensive.
Rentals
So far there has been only one closed rental in the building, but there are at least four that have already found tenants and are waiting for move-in day.
The rental that has already closed was a 1778 square foot 2 bedroom/3 bath apartment on the 15th floor with a private elevator, a den and a partial bay view. The landlord had listed the property for $4,000 per month and received a full price contract.
The four that are waiting to close all have city views and are listed as follows:
– A two bedroom, three bath on the 37th floor for $3,400 per month.
– A one bedroom, two bath plan with a converted den on the 14th floor for $2,875 per month.
– A one bedroom, two bath with an open den on the 15th floor for $2,700 per month.
– A 28th floor studio for $1,800 per month.
Of course, since these four have not yet closed, we do not yet know the final lease prices but I expect them to be very close to the list price since owners are not very motivated to negotiate when they are among the very first listings in a brand new building.
One surprising factor that I will continue to monitor over the coming weeks is the fact that six weeks after opening, there are only 15 available rentals in a 389 unit building. I had expected to see three times that number! It could be because the closing schedule moves at a more leisurely pace in 1010 Brickell than in Related Group’s projects like Brickell Heights or SLS Brickell. Related Group typically closes 30-40 units per week until all have closed. According to the tax roll, 1010 Brickell is closing 10-15 per week.It could also be because more buyers are moving into their apartments, rather than leasing them out. Only time will tell.
For tenants who are hoping to move to 1010 Brickell, here are the price ranges as of today.
– Studios: $1,800 per month.
– One Bedrooms: $2,150-$2,900 per month. All of these have city views, and some have dens.
– Two Bedrooms: There are currently only two available. For a city view, $3,250 per month and for a partial bay view with a private elevator, $5,000 per month.
– Three Bedrooms: $5,250 per month with a partial bay view and private elevator.
To stay up-to-date with the available inventory yourself, you can visit our 1010 Brickell Rentals page to get real-time availability.
About 1010 Brickell
It isn’t just 1010’s status as the new newest building on the block that has the market so excited. The building also has the most expansive array of family-friendly amenities in the neighborhood, including play rooms for toddlers/little kids, climbing walls, an arcade, basketball court, bowling alley and more in addition to the expected state-of-the-art fitness center, spa, social room and hammam. Scroll through the photos below to get an idea… what do you think?
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Trey Songz Finally Sold His Brickell Key Condo After 20 Months
After more than a year and a half of steady price reductions, R&B superstar Trey Songz has finally found a buyer for his Brickell Key condo. The sale has not yet hit the public records, but according to MLS data, the final sales price was $710,000. That is a huge reduction from the original listing price of $1.05 million in 2016!
Despite the $340,000 price chop, the singer still came out ahead. He had paid just $437,000 for the unit back in 2010, so realized a profit of just over $230,000 after commissions. No word yet on the identity of the buyer, but they closed the deal with a conventional mortgage.
The unit is located in the Courts on Brickell Key, where the average sales price over the last year has averaged $436 per square foot, the same rate that the buyer paid.
The sale comes at a very convenient time for Mr. Songz, who purchased a new penthouse in Brickell Heights, which opened this summer. You can see the listing photos of his starter pad here.
VIDEO: Brickell Flatiron Reaches The 16th Floor
Despite reports that Brickell Flatiron had lost one of its tower cranes during Hurricane Irma, the project did not suffer damage and remains on track for completion in the summer of 2019. As of this week, they have reached the 16th floor of vertical construction and continue to build at a rate of one floor per week.
The development broke ground in March of 2016. After ten months of site work, the foundation was poured in January 2017 during a ceremonious 24-hour process. Sales have remained steady as well, with 70% of the units already under contract.
Tower Residences are currently available from $480,000 to $1.62 million. The Penthouse Collection offers residences from $980,000 to $1.78 million, and in July the opulent Upper Penthouse Collection was unveiled with prices ranging from $6 million to $15.5 million.
Here is a video update of their progress:
Brickell Flatiron | Construction Progress September 2017 from Brickell Flatiron Miami on Vimeo.
Market Stat Monday: Almost $50 Million In Contracts Signed Post-Irma
It has been a few weeks now since the skies have cleared in Greater Downtown Miami after Hurricane Irma’s brush, and despite a little bit of flooding and debris, we were very lucky. Now that cleanup is under way, how have the condo sales fared?
Not too bad, if I must say. Despite having only two functional weeks in September, nearly $50 million in resale contracts were signed on 79 total units.
The least expensive listing to find a buyer was at the Loft II Downtown, where a 770 square foot one bedroom was listed for $175,000. Of the 79 units that went to contract, 50 of them were listed for under $500,000. We will find out the final sales prices once they close.
In the luxury segment, there were a total of 6 properties listed over $1 million that found buyers. Among them was the crown jewel penthouse #1 at Asia on Brickell Key. With nearly 5,000 interior square feet through three levels including a dramatic rooftop terrace with a private pool, the sellers had asked $8.5 million, or $1,715/square foot.
Comparing September of 2017 to September of 2016, you will see that 2016 brought both a higher number of transactions as well as a higher volume of listings sold, but not enough to make it an overall better month considering that September 2017 was short due to people being distracted by the hurricane and Hurricane Matthew didn’t brush South Florida until October of last year. September of 2016 brought just over $60 million of listings sold, with 119 total transactions.
To celebrate the end of a successful yet stressful September, let’s check out some photos of that Asia Penthouse!
