As workers were scurrying around, putting the final touches on the Brickell Heights amenities in preparation for Wednesday’s big grand opening, we were able to take a full tour of everything the building has to offer. Despite the fact that today wasn’t the sunniest or prettiest day in Miami history, you can tell that the building came together beautifully.
Pictured above is the view from the rooftop swimming pool in Brickell Heights East. Even though I admit to being a bit jaded when it comes to Miami views, my jaw dropped when I stepped out of the elevator lobby. On this level, there is also a summer kitchen and dining area. Here are some additional shots. Again, please excuse the dust. They were getting ready for the party.
After we finished on the 50th floor pool area, we went down to the 9th floor to tour the other amenities starting in the East tower and working our way West.
First was the conference room. It also has wifi and docking stations with a view of Mary Brickell Village.
The party room in the East tower also has a polished concrete billiard table and matching ping pong table. All of the design was put together by David Rockwell.
This sculpture is called “Frozen Fire”. It was created especially for this party room.
I am a big fan of the foliage walls. They were found throughout the amenity area. The plants pictured are not plastic either (thank goodness). The real plants are more upkeep (especially if you’re like me and don’t have a green thumb), but they really add a nice touch to the ambiance.
The plant wall theme was carried into the fitness center, that has a nice mix of machines and lots of space for a condo gym workout. For a “kid in Disneyworld” level workout, residents do receive a complimentary membership for a limited time.
As a mother to a toddler, I almost imploded with envy at the play room. Just this alone was nearly enough for me to pack up my apartment in Infinity and move across the neighborhood. The play room is so perfect, I almost feel like someone is baiting me, like a mosquito to a light bulb.
While the kids are tearing down their play palace, the moms can go in the spa and relax.
… or get a massage.
Want to invite your 30 closest friends over for a movie, but don’t want people in your apartment? No problem.
Behind the West party room, the building also has a vegetable garden. Botanists are going to pick the fresh herbs and veggies each week and leave them in the lobbies for the residents to take.
The main pool deck has a putting green for those who want to work on their short game.
And finally, the main pool! It was difficult to get a good shot of the pool today, since it was mostly covered. They covered the pool in clear plexiglass to make a dance floor for Wednesday’s grand opening. Each side of the pool has a concrete arch like the one pictured below. When turned on, the arch becomes a water wall.
The doors open this week!
Overall, I feel Related Group and David Rockwell nailed it with Brickell Heights. The building has a great mix of usability with an edge of the cool factor. I predict this will be one of the more successful buildings long-term that comes from their portfolio.
Now, the streetscape!
Inside Brickell Heights Part 1: The Condos
We are going to take a break from #MarketStatMonday this week, because I have a ton of photos to share! Brickell Heights and Brickell Heights 02 are opening this week, and we got a preview tour of the project. There are so many photos, I will break them up into three posts. First, we’ll look at the units themselves, then we’ll tour the amenities and the new streetscape, curtained by the mural from famed artist, Fabián Burgos.
When we arrived in the East lobby, Jorge Perez, Carlos Rosso and Jon Paul Perez were finishing up a walk through to get ready for their big opening celebration on Wednesday night. They were followed by a swarm of people, an art curator, a landscape architect, and several others.
You can see by Mr. Perez and Mr. Rosso’s faces that the project is almost there, but not quite perfect yet. The lobby needed more trees, but not just any trees… there is a specific look they are going for. The trees needed to be tall, decorative trees to highlight the art. I was pleased to see them involved in this level of detail of the project. So, let’s get going…
Brickell Heights’ East Lobby
After finishing up his appointment, Carlos took us on a thorough tour of the building. Here he is, getting into the elevator to get started.
We toured the units on level 10, and the amenities are on level 9. Here is the branded elevator panel.
I like how the new kitchen designs allow more storage. Even in the galley kitchen of the two bedroom corner layouts, there is a large wall next to the kitchen that allows for custom cabinetry.
Kitchen in 1 Bedroom Unit
Kitchen In 2 Bedroom Corner Unit
Master Bath Double Vanity
Master Bath Soaking Tub
Guest Bath
This is the view from the lowest residential level of the building. On the North side, residents look into Brickell City Centre, which is 4 stories. On the East, they look onto the pool deck of SLS Lux. On the South, they look over Mary Brickell Village.
10th Floor City View
View of SLS Lux’s pool deck from the 10th floor of Brickell Heights
For those interested in renting in the building, we are keeping a list of people who want to be among the first residents. Let us know if you would like to be included.
Stay tuned for the amenities’ tour, including rooftop view photos and news about the streetscape.
Countdown To Closings: Brickell Heights Prepares To Open
Image via Carlos Rosso
The countdown to TCO is on! Related Group is expecting their temporary certificate of occupancy for Brickell Heights next week, and plans to begin closings June 1.
We received an e-blast from the membership office of Equinox with the following update:
Our club will be opening SOMETIME between the 1st and 15th of June. The gym itself is complete, and once the building has finished their lobby, the inspection will be completed and we will be allowed to move in and open immediately. I encourage you to take a walk by and check it out yourself. The building lobby is being finished, and you can see the two Equinox signs in the street entrance directly across from Rosa Mexicano.
I reached out to our friend and Brickell Heights developer representative, Yenny Hanley, to see if we could get a more solid date. She informed me that if the TCO does come through on time next week, closings will begin June 1. They will start with floors 10-20 and then move on to floors 21 and up during the end of June/start of July. We will be on the lookout for the first rentals and resales and report back when they are made active. Meanwhile, check out the preview clip of the rooftop pool that Yenny sent us. Exciting!!
What Happens If A Buyer Cannot Close On Their Preconstruction Condo?
The spring and summer of 2017 are going to be an interesting time for Miami in a real estate sense. We are going to see a flurry of new condo developments opening, bringing thousands of new closings (and probably hundreds of new resale and rental listings).
Brickell Heights 01 and Brickell Heights 02 are set to open within the next month, 1010 Brickell will follow shortly thereafter (or maybe they will open before… the two projects are neck and neck). Up in Edgewater, Biscayne Beach is slated to open its doors any day now, followed by the first tower of the Paraiso District, Paraiso Bay. The four projects together total over 1,800 new condos that are set for completion this summer. The fall and winter will bring another flurry, but for now let’s concentrate on the openings that are closer. These projects are all effectively sold-out. They are a wild success for the developers! But, what happens if one of the buyers is unable to come up with the remaining funds to close?
During the sales cycle of these four towers, the developers were requiring staggered deposit schedules that totaled a 50% down payment prior to closing and the remaining 50% due at closing. Remember that the majority of these condo sold in 2014-2015. A lot of things can happen in 3 years that can change the financial situation of the buyers. There could be an argument between partners in a condo, divorce, death, health issues. There could be political problems, currency exchange rate troubles, economic hardship. A dictator could be elected. We all know that these things are going on around the globe and they are all very sad. But what happens if one of these factors affects a buyer’s ability to close? It isn’t as dire as some may fear. The buyers do have choices.
They can walk from their deposit
Everyone knows this one. If you put a deposit down on a contract and don’t complete the contract, you will lose your deposit. It is very straightforward, and it stings. These condos sold around $500-$600/square foot. If you figure Related Group’s signature 2 bedroom layout that is almost always 1,200 square feet, give or take, the sale amount would be around $700,000. That’s a $350,000 loss, and that is not ideal for anyone… but it’s an option.
They can close with a mortgage
Although condo financing isn’t easy in brand-new developments, there are banks that will finance preconstruction purchases at the time of closing. The challenge is that many of the buyers in these developments are foreign nationals, and those mortgages are more difficult. Some banks refuse to lend to buyers from countries that have political turmoil (looking at you, Venezuela). It’s not a racist thing, the banks are worried about the political climate and their ability to recoup the mortgage. If you have questions about which banks can finance buyers from different countries, let us know. We have a resource that can help.
They can close with a private mortgage
If traditional financing just isn’t a possibility, buyers could visit a private lender. These mortgages typically require very little documentation and are able to close very quickly because the lender is familiar with the local market, the project, and bases the approval on that. The downside of these mortgages is that they are extremely expensive. Expect to pay 3-4 points to the lender at closing as a fee plus astronomical interest rates. I’ve seen interest rates as high as 13-14%. If a buyer was attempting to close the signature 2 bedroom unit that we discussed previously, that would amount to $10,500 – $14,000 just as a closing fee. Then you could expect around $4,000 per month to go just toward interest. Again, not ideal but also better than losing $350,000 right out of the gate.
They could find someone to step in and close on their behalf
This is probably the most ideal situation for someone in a preconstruction condo bind. Developers typically frown upon contract flipping and there’s no guarantee they would approve it, but developers in today’s market are also not eager to hold inventory on a previously sold-out project. They want to take their money and go do something else until another build cycle opportunity presents itself.
We have already had several investors request opportunities to buy in the event that a preconstruction buyer cannot or will not close. If anyone is in a preconstruction condo bind, please contact us and hopefully we can work it out in a mutually beneficial way.
Brickell Heights Expects Move In’s To Begin May 1 – Equinox To Follow
Brickell Heights and SLS Lux from 1010 Brickell – Photo by @305_gucci
Brickell Heights will begin distributing keys on May 1 with Equinox opening shortly thereafter, according to an email we have received from Equinox. The project sold the last of the 690 residences in January, although we expect to see plenty of resale and rental opportunities once the doors officially open.
Equinox has been busy gaining membership over the last months, with their membership center set up on the vacant lot to the east of SLS Lux (30 SE 8th Street). They are offering zero initiation fee and reduced monthly rate promotions to those who purchase memberships prior to opening day. Those who join after opening day will pay an initiation fee of $300 and a monthly rate of $165. Some companies also offer a reduced rate wellness program to their employees.
Brickell Heights is 100% Sold Out, Closings Beginning in the Spring
Just ahead of their opening day, Brickell Heights has sold the last of their pre-construction condos. The building is preparing to open on schedule in late April or early May of this year, according to the developer’s representative who we work with, Yenny Hanley.
Of the project’s 690 units, the last to sell were the penthouses, but this is a common occurrence in new projects. Because they are so customized, the penthouses typically take longer to sell. SLS Brickell still has a penthouse available, as does SLS Lux and ECHO Brickell. Back when Infinity at Brickell was doing their initial sell-off, the penthouses were in the last handful of apartments to sell as well. Brickell Heights has been a very successful project, with all of the units being sold for around $500/square foot.
The closings are expected to begin in late April or early May, depending upon the permit process. Equinox is already hard at work signing up new members for their 30,000 square foot location within the project. SoulCycle is also expected to open alongside the residential portion of the project.
It is so exciting to see our new neighborhood coming together!
Brickell Heights is Getting its Stripes
Photo courtesy of Carlos Rosso
In preparation for their early 2017 opening, Brickell Heights is getting its Fabian Burgos mural this week. The mural actually began color-testing in July, but can proceed now that the building has topped off and the cranes have been removed.
There are currently only 4 apartments remaining for sale at Brickell Heights, the East tower has a 3 bedroom for $1,034,900 and a penthouse for $1,485,900. The West tower has a 3 bedroom for $1,233,900 and a penthouse for $1,690,900.
The Equinox gym that will be in the development is currently accepting memberships at the membership center just East of SLS Lux on 8th Street & SE 1st Avenue.
Brickell Heights Construction Progress – Carlos Rosso’s Facebook
Related Group’s Brickell Heights has now reached the 35th floor of construction and less than 100 opportunities remain. To celebrate the development’s success, Related Group has opened their close-out incentives with hopes of selling the remaining 10% of apartments as quickly as possible.
Buyers can now secure their apartment with a lower deposit amount, having paid only 30% of the purchase price at closing time. The remaining 70% comes due at closing, rather than the previously required 50% deposit. All of the apartments will come fully finished with porcelain tile floors throughout and select apartments have price discounts.
Because of the way developers release their inventory in new projects, the remaining opportunities are scattered throughout the different floors and the different sizes offered. The last apartments are not the least attractive opportunities, they are the same as the mix of views and floor placement that were offered earlier in the sales cycle… just at a discount now because the developer is excited to finish up.
With the special incentives and discounts, the remaining apartments range in price from $409,900 for a 1 bedroom on the 33rd floor with a view of Brickell City Center (once offered for $481,900) up to a 2 bedroom with den on the northeast corner, also with a view of Brickell City Center for $589,900 (once priced at $706,900).
Brickell Heights is scheduled to open in early 2017 and is located just across the street from both Mary Brickell Village and Brickell City Centre (opening Fall 2016). Retailers for Brickell City Centre are slated to include Valentino, Chopard, Stuart Weitzman and anchored by Saks Fifth Avenue.
Contact us today to discuss the remaining inventory with information on prices, floor plans and deposit terms.
Brickell Heights Rendering
Brickell Heights Lobby Rendering
Brickell Heights Corner Apartment
Brickell Heights Pool Deck Rendering
Related Group Construction Update
The Related Group is looking to start 2016 ahead of schedule. This morning Carlos Rosso, President of Related’s condo division, shared these construction photos of SLS Lux, Brickell Heights, SLS Brickell and the Paraiso mega-development.
Above, you can see Brickell Heights and SLS Lux. Brickell Heights is the two towers under construction in the center of the photo. The tower to the right is Brickell Heights tower 1. This phase is sold out except for a few penthouse opportunities, Brickell Heights 02 is 85% sold out with select residences and penthouses remaining for purchase. This project is scheduled for completion in late 2016.
SLS Lux is the shorter tower to the right of Brickell Heights. The construction began more recently than Brickell Heights and it is scheduled for completion in the fall of 2017. This project is nearly sold out as well with roughly 20 residences remaining and penthouses. Upon completion, SLS Lux will be 57 floors and Brickell Heights will have 49 floors in each tower.
Above, you can see SLS Brickell. This one is topped off just in time for the new year and has been sold out for some time with the exception of a couple of penthouse opportunities. The construction schedule shows SLS Brickell being completed in the spring of 2016.
Below is a great angle to see the impressive size of the Paraiso Bay mega development in Edgewater. This project features 4 towers on 4.6 acres that will begin to be delivered in late 2016. The four towers are Paraiso Bay, Gran Paraiso, One Paraiso and Paraiso Bayviews.
Bravo to Related for pushing the projects & heading toward the finish ahead of schedule! We can’t wait to see the neighborhoods continue to grow. We are happy to help should you be interested in any of the remaining opportunities in the projects.
Developers Offering Year-End Incentives to Close Out Projects
In an effort to hold the attention of buyers and sell as many apartments as possible before the end of 2015, developers are coming out with attractive incentives packages to help buyers decide to act now and close out their projects. Here are some of our favorite incentives from buildings that are currently under construction and selling pre-construction residences:
Brickell Heights – Related has lowered the down payment requirement to 30% from the original 50%. Prices of remaining inventory start in the $400,000’s.
SLS Lux – All of the condo/hotel apartments are currently under contract, but the developer is offering upgraded kitchens on the remaining condo residences and 30% down payment. The penthouse collection has recently been released and sales are almost finished. Prices start in the $600,000’s for the remaining units.
Paraiso Bayviews – All four towers of the Paraiso development are currently under construction and Paraiso Bayviews is 95% sold. For select apartments, the developer is offering a finishes package with porcelain flooring throughout. The prices currently start in the mid $500,000’s up to the high $600,000’s and penthouses are priced between $639,900 to $1.75MM. The developer has not officially offered deposit flexibility but has indicated that it is possible on a case-by-case basis.
Hyde Midtown – The construction of Hyde Midtown has only just started in recent months, but close out is fast approaching. Prices on remaining inventory start in the $400,000’s and the sales team has offered some flexibility on the 30% down payment on a case by case basis.
We were very happy to see these flexible down payment options, as it will make new condo purchases more accessible to those who hope to live in the apartments. The incentives also help to allow for the possibility of financing the condo purchases, which many people have inquired about yet been unable to easily attain until now.
Let us know if you or someone you know is interested in more information on these or other developments. We will have team members in Miami during all of the holidays and until the end of the year to help visitors by appointment.
