$110k Loss for Singer Trey Songz After Selling his Miami Condo
In 2017, singer and songwriter, Trey Songz purchased a condo in Miami’s Brickell Heights East for $1.09 million. In January 2022, Songz listed the unit for $1.2 million and ended up selling the unit in March for $980k to an undisclosed buyer.
The property itself features 2 bedrooms, and 3 bathrooms, with over 1,356 square feet. With 12-foot ceilings, floor to ceiling heigh impact glass windows, and a modern kitchen that opens to the living room.
These specific units showcase elegant entry foyers, wrap-around terraces, and custom bathrooms with designer porcelain tile. The bathroom rooms also feature porcelain tile and custom vanities.
Amenities for Brickell Heights East
Equinox Fitness Club & Spa with high-performance fitness programs
3,500 square foot SoulCycle studio
24-hour concierge
24-hour valet parking
Rooftop pool
9th-floor pool terrace with swimming and lap pools
Screening room
Two beautifully designed entertainment rooms available for private events
Kids’ playroom
WiFi access in all amenity areas
Songz previously purchased a unit in the same building in 2010 for $473k and sold it for $710k right before purchasing the second unit.
Trey Songz, whose real name is Tremaine Aldon Neverson, is an American songwriter, singer, record producer, and actor. Songz released his first album in 2005 with Atlantic Records, I Gotta Make It. One of Songz’s highest charting songs to date is Bottoms Up which featured Nicki Minaj. Songz has released a total of 8 albums.
Rosetta Bakery From Miami Beach Plans Two Brickell Locations, One Downtown
Miami Beach’s Rosetta Bakery is gearing up for a HUGE 2018 with seven new locations opening up around the Miami area, according to the Miami New Times. Three of those locations are slated for the Greater Downtown Miami area.
The first Brickell location will be in the base of Brickell Heights’ East Tower, just around the corner from Equinox. The apartments at this location range from the high $300,000’s to $2.8 million for purchase, or $2,000 per month to $11,000 per month for rent and just came available this past summer.
Next, a location will open in the retail space at ECHO Brickell, which opened just last month. The apartments here range from the high $800,000’s for a one bedroom to $4.2 million for a duplex (two-story) three bedroom. They also have a custom-designed penthouse that asks $42 million!
After the two Brickell locations are open, a grab & go kiosk will open in the Miami Central Station in Downtown Miami. We don’t have a date for this just yet, but are very much looking forward to the Brightline link between Miami, Broward, Palm Beach, Orlando and beyond!
The idea behind Rosetta is to offer high-quality, fresh bakery items and coffees quickly and affordably. There aren’t any frozen bakery items, everything is made in small batches by Italian chefs that have been brought here from Italy to share their craft with Miamians. In addition to the sweet pastries and fruit tarts, there will also be savory sandwiches. If you would like a preview of the fare, visit their flagship store at 16th and Collins on Miami Beach.
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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.
Market Stat Monday: How Is The Rental Market At Brickell Heights?
It has now been almost 3 months since this photo was taken, just as Brickell Heights was preparing to open. The closings have gone down at a harried pace, Equinox is open and buzzing with activity and moving trucks are filling the loading docks daily. The project was a resounding success for The Related Group, and it is too soon to tell how the resale market will fare, but we have had enough time and activity to check the pulse of the rental market.
Between the active/available rental options, the ones whose tenants have already moved in and the ones whose tenants are awaiting association approval, it appears that 99 of the tower’s 358 units are operating as rentals. That amounts to 28% of the building as of today, not bad! I’ve come to expect to see an investor ratio of 60%-75% in most of the Brickell condo towers, after seeing the condo questionnaires that banks use to determine financing availability.
In the last 3 months, 26 landlords have moved their tenants in and have accepted $2.73 per square foot on average. One bedrooms range from $2,000 per month up to $2,750 per month, and two bedrooms are renting for $3,000 per month up to $3,900 per month. Nine units are currently pending, but I expect to see the final pricing stay in line with the previous numbers.
With 64 active/available listings, it looks like we’re operating with right about 2 months of inventory (great news!). The pricing of the available options is also more or less in line with the rented units. One bedrooms are available for between $2,000 per month up to $3,000 per month, two bedrooms range from $2,700 to $3,700 per month and three bedrooms are between $5,500 to $5,950 per month (there are only two of these currently available).
Just as we have seen in past buildings, the landlords are not budging much on their pricing. The ones who already rented their units did so for an average of 97% of their asking price.
Originally slated to be a rental-only tower that turned back into a condo tower when the pre-construction market took off, the West tower is still shaping up to be mainly rentals. There are currently 90 available units for lease, ranging in price from $1,950-$3,000 for one bedrooms, $2,800-$4,500 for two bedrooms and $4,950-$5,250 for three bedrooms.
Aside from those 90 available listings, 16 have rented and 26 more are awaiting association approval. With that many pending leases, I imagine there is quite a bit of backlog in the management office. For the next couple of months, it is probably a good idea to lease here only if you have a flexible move-in date or 3+weeks to wait for approval. Otherwise, you could find yourself in a hotel while you wait for approval.
The 16 units that did rent garnered 96% of their asking price and range from $1,950-$2,200 per month for one bedrooms and $2,700-$3,250/month for two bedrooms. The tenants are paying $2.66/square foot on average.
Looking Ahead
It will be interesting to see what happens over the next few months at Brickell Heights with the new competition from Solitaire and Panorama Tower, both of which are slated to open soon. Do you think the prices will dip a bit during the wave of inventory of the first lease-up and then level off at a higher value due to continued demand and less inventory like SLS Brickell, or do you think Panorama Tower and Solitaire’s wave of inventory will hold the prices lower?
Related Companies Buys Brickell Heights Retail Space For $12.2M
I know what this sounds like, Related built Brickell Heights, so how could they sell the retail portion to themselves? What many people don’t realize is that Related Group’s luxury condo development division is only one portion of what its parent company, Related Companies, focuses on. They also have divisions for luxury rental developments, commercial development, even affordable/workforce housing. It is only natural that they should want to pounce on an amazing retail space in a thriving neighborhood that is poised for another growth spurt.
Yesterday, Related Group sold the 30,000 square foot retail space that was recently leased by Equinox along with the 6,000 square foot space that will soon be home to SoulCycle to Related Companies for $12.2 million.
“The closing of Equinox and SoulCycle units Brickell Heights is another step forward in our efforts to transform South Miami Avenue into a vibrant, pedestrian friendly corridor in the same vein as Lincoln Road. Brickell is thriving, and these closings show a long-term commitment to further establish the area as a bustling neighborhood to live, work and play. Our buyers at both Brickell Heights and SLS LUX are excited about these changes and can’t wait to start living the lifestyle,” said Carlos Rosso, President of the Related Group’s condo division.
Aside from the A+ location, the fact that both spaces have newly-signed long term leases with A+ tenants makes them among the most attractive retail investments in the neighborhood. The exact terms of the leases have not been shared.
Despite the high sticker price, it appears that Related gave itself quite a bargain when you consider the size of the space. With a total of 36,000 square feet of leasable space, Related Companies paid just $339/square foot. Just next door, 8,015 square feet of raw space is being marketed for $10.5 million, or $1,310/square foot. Since it is raw space, there is currently no lease income and it is offered for almost $1,000/square foot more than Related Companies paid!!
The Full List Of Downtown Miami Area Condos With Fannie Mae Approval
Let’s talk about financing. Many people already know that financing in condos is far more difficult than single-family homes and very few buildings in Miami have achieved that coveted “Fannie Mae Approval”, but which ones did make the cut? Here’s our updated list with expiration dates of the approvals.
SLS Brickell (expires June 2018)
SLS Brickell almost didn’t get to be on this list. According to the executives at Related Group, the inspectors from Fannie Mae were under the impression that it was a condo-hotel... something that would disqualify the property from Fannie Mae Approval. After a site inspection, they could see that it is not a condo hotel. SLS Brickell is a hotel with a tower of residences on the top. They look the same, but work very much differently. Approved!
1010 Brickell (expires February 2018)
This is the first of two buildings who have their approval but are not yet completed. Although it is unarguably behind schedule, I’m really looking forward to see 1010 Brickell open. It is the first building I have seen in Brickell that has such a wide range of amenities for kids of all ages.
1010 Brickell is currently sold-out, but the Fannie Mae approval will help with people who are interested in resales.
Brickell Heights East& West (expires December 2017)
We have covered the Brickell Heights opening extensively and are so pleased with how it turned out. Three members of the Miami Condo Investments team have already signed up for Equinox and are loving the classes!
This is going to be the building for people who want to be in the middle of everything. It is right between Brickell City Centre and Mary Brickell Village, offering a host of entertainment choices. I have heard people who are concerned about the plans to build a 75 story tower called 18 on the lot directly to the north, but it is my opinion that this will not happen. I feel it is simply a sexy tower with approvals to help increase the land value. That’s a pretty common tactic in land sales, but we can talk more about it in another post…
LeParc at Brickell (expires January 2018)
If you’re the type of person who likes to be near the hustle and bustle of city life, but not necessarily right in the middle of it, Le Parc at Brickell is for you. It is a boutique condo that is walking distance to Brickell’s Financial District, but is also located behind Simpson Park. Simpson Park is a natural hammock on the corner of South Miami Avenue and SE 15th Street and offers trails to experience the natural habitat of this area before the estates and high rises were here.
Fun fact: it is naturally MUCH cooler in the middle of Simpson Park than it is on the street.
Centro (expires February 2018)
This past Monday, we visited the market statistics for Centro and were amazed at how few transactions there were. This is a great opportunity for someone who Ubers everywhere (or Lyft if you’re part of the #DeleteUber movement). There are no parking spots included with the units, so this is for someone who wants a true city lifestyle. Aside from the lack of parking, the location and finishes are great.
Canvas (expires January 2018)
Now we’re going to skip North to the Arts & Entertainment district. Canvas is also still under construction and will need to extend their approval because the building is not quite topped off yet. I feel it will be closer to the middle of 2018 before these units are ready to close.
Crimson (expires June 2017)
If you’re in the market for a LEED certified waterfront condo, then you need to look into Crimson. You also need to hurry because their approval expires at the end of the month. No word yet on whether they intend to renew it.
Biscayne Beach (Expires December 2017)
With interiors by Thom Filicia, Biscayne Beach opened last month to rave reviews. They are currently 99% sold-out of their developer inventory and over have of the units have already closed. Two Roads Development (who is also developing the nearby Elysee) paid off their construction loan and are now sitting pretty as buyers begin to move in.
If you missed the developer inventory, we have listed a beautiful 3 bedroom, 4 bathroom plus den corner layout with south and east views. It is available with one of the best views of Miami, decorator ready for your personal touch at $1.75 million.
Miami Condo Investments’ Most Popular Buildings in Greater Downtown Miami
I thought about doing a TBT post today, but then changed my mind. There is so much going on in today’s real estate market, why talk about the past? New buildings are opening every month, people are curious about how these new buildings compare to the ones that were new in years past. So which buildings are currently the most popular by condo shoppers?
I took a look through our Google Analytics report to see what our readers are looking at the most. In the time period from May 14, 2017-June 14, 2017, MiamiCondoInvestments.com received a total of nearly 73,000 page views. Of those, here are the ten most viewed building pages. This list does not include views of individual listings, just of the building pages themselves, where you can find inventory lists, market statistics and closed sale/rental data.
1 – SLS Brickell – 1,219 views
It makes sense that SLS Brickell would take the number one spot with an overwhelming lead. The project was very much anticipated by future tenants, owners and pool-party-goers alike. Move-ins began in late December/early January and have moved on at a rapid pace, leaving the building almost at full occupancy now, with demand still strong. Our agents alone have handed out 16 sets of keys in the building, with a healthy book of buyers and prospective tenants still shopping.
2 – Reach at Brickell City Centre – 731 views
I would have been surprised if Brickell City Centre didn’t make this list! This project was the catalyst that fueled the buying craze in Brickell over recent years and reinvigorates the neighborhood that was once a dense yet sleepy enclave of beautiful high rises that became quiet at night. Reach was the first residential tower to open in Brickell City Centre, and is also approaching occupancy. When the project initially opened, one bedrooms started at $2,400-$2,450/month, but now have risen to $2,650/month.
3 – Brickell Heights East – 715 views
The newest new building on the block also made the list, and no surprise there. Our photo tour of Brickell Heights just days before they opened was one of the most popular blog posts so far this year, and the amount of calls we get for it is a very good sign that the initial occupancy of the building will go smoothly.
4 – 1100 Millecento – 700 views
Millecento’s place as number 4 on the list was a bit more surprising, but not in a bad way. It’s not the newest building in the area, so people aren’t hungry for a preview. There’s really no drama going on with the building (that I have heard of at this time), so people aren’t looking for gossip and info. We still receive a healthy amount of calls and contact requests on Millecento, so I feel it’s safe to say that the traffic is good ol’ prospective residents. That’s great!
5 – Biscayne Beach – 638 views
Edgewater’s newest new building is also on the charts. We covered the progress & opening extensively, so it makes sense that blog readers are interested in the progress. We also have a beautiful 3 bedroom unit listed on the 30th floor with direct bay and Downtown Miami views. It is well-priced and a blank canvas inside. With the amount of attention the building receives, I feel that it will sell quickly.
6 – The Bond on Brickell – 615 views
The Bond is very popular for people who want to live in a brand-new condo in Brickell, but prefer understated elegance and high quality finishes over the kitschy excess that is SLS Brickell. We receive many calls about this building, and there have also been many of our clients who have called about SLS Brickell but then chosen The Bond. It is like SLS Brickell’s quieter sister.
7 – The Plaza at Brickell East Tower – 531 views
The Plaza is basically a Brickell staple. I was surprised that it received more views than any of the IconBrickell towers, but that just shows what the market is interested in. We did a market report on Monday about The Plaza and found that sellers and landlords fare better in today’s market by removing that horrible outdated berber carpet from 2008. There is too much competition in the neighborhood to expect buyers and tenants to sign up for old berber carpet (in case I didn’t make my point on Monday).
8 – BrickellHouse – 530 views
Despite their garage saga, BrickellHouse remains a popular building in the neighborhood. Yes, the garage is broken. No, we don’t know when it will be fixed. Despite that, the finishes are quite lovely, the views and location are great and it remains very popular among our clients.
9 – IconBrickell Tower 1 – 477 views
Of course IconBrickell would be on the list. It has remained one of our most requested buildings since it opened… even since the pool closed. The pool should reopen by the end of the year.
10 – Jade Residences at Brickell Bay – 468 views
Jade is one of the most luxurious buildings in the neighborhood, even after 13 years. Although most buildings in Brickell have beautiful bay views, Jade is where you go if you want an extremely luxurious setting with private elevators and direct bayfront. The only building it competes with is the Santa Maria, except that Jade is more modern and in a more walkable section of the neighborhood.
Do you think that the top viewed buildings on our website are surprising, or expected?
Brickell Heights’ Retail Space Hits the Market for Rent or Sale
Now that Brickell Heights has opened its doors and Equinox has announced its opening date, let’s talk about the last remaining opportunity in the streetscape of Brickell’s newest project. There is one remaining commercial unit on the South side of the building under the West tower that is available for lease or purchase.
The space is bordered on one side by SoulCycle, which is slated to open toward the end of 2017 (once their interior build-out is complete). It encompasses a total of 8,015 square feet, but is divisible into two units as shown in the floor plan in the property brochure below. Just across the street is Mary Brickell Village, with restaurants, shopping and Publix as the grocery anchor.
Due to its size and location, I foresee a nice restaurant or lounge for the space. It could also be successful for a daycare or preschool concept. The seller is represented by Fabio Faerman from Fortune, who informed us that the asking price is $85/square foot for a 10 year lease, or $10.5 million for purchase.
What concepts do you think would be most successful for the space? To set up a tour for your concept, contact us here.
Equinox in Brickell Heights Schedules Opening Date
The long awaited Equinox in Brickell Heights’ East Tower has set their opening date. According to an email from their membership sales office, the three story club will open at 2pm on Wednesday, June 14.
We were treated to a preview by the Related Group and were very impressed with the finishes. Sadly, we are not able to show the photos at the request of the folks at Equinox, but rest assured you will be pleased.
The first level (street level) is the elevator lobby and retail section. You will find juices, Equinox gear, protein bars, and a private elevator to the 7th floor reception area. Behind the reception desk are the locker rooms that are very well-appointed. On the other side of the reception desk is a grand staircase to the main workout floor.
In the workout floor, you will find every workout machine imaginable as well as a huge spinning room. I was amazed to see that the dumbbells go all the way up to 120 lb!
The third floor is the spa area. I really wish I could share a photo of the treatment rooms.. whoever did their interior design deserves a star. They’re really beautiful. The third floor is also home to the lap pool. It is situated on the North side of the building, so will get the morning sun. The lap pool is also flanked with cabanas and outdoor treatment areas.
If you have not yet signed up for Equinox, you can do so at their membership center at 40 SE 8th Street. People who register before Wednesday have their $300 initiation fee waived.
Inside Brickell Heights Part 3: The Mural and Streetscape
One of the goals behind the development of Brickell Heights was to activate the urban atmosphere and make South Miami Avenue a complete, pedestrian-friendly, lively environment, according to Carlos Rosso. The minds behind the project envisioned a well-lit atmosphere where people could be working out in a top-of-the-line gym, or sitting in a lounge at a happy hour below. Once you add in a colorful and lively mural by famed Argentinian artist, Fabián Burgos, you have Brickell Heights.
Watch this video where Fabián speaks about his mural and its effect on our neighborhood:
Under the curtain of the bright and colorful mural, there are several retail spaces that seamlessly connect Mary Brickell Village to Brickell City Centre, making one continuous shopping, wellness and entertainment area. The lights also serve a double purpose, making a safe walking environment for residents.
Directly below Brickell Heights East, residents will enjoy a French Cafe, the lobby of the Equinox Fitness, the elevator lobby for the offices above, and a large new Capital One Bank location with a cafe inside. As the building curves around the corner onto 9th Street, pedestrians will see the East lobby, the motorcourt, the West lobby, and under Brickell Heights West, there will be a large SoulCycle location that is scheduled to open later this year, and an 8,000 square foot restaurant space. Concepts are still being reviewed for the restaurant space (which I will go into more detail on in a separate post).
Once everything is open for business, the vibe of South Miami Avenue will be forever transformed. No longer will we have the bustling financial center by day/quiet residential area by night vibe. Mary Brickell Village was dwarfed by Brickell City Centre, and Brickell Heights is tying the strip together. I cannot wait to take a followup photo to this one below, that was shared by Carlos Rosso to show the lighting of the mural. It is very beautiful, and will be even more beautiful after the building is lit up and people are home.
