My First Impression of BrickellHouse
Yesterday afternoon, I finally got a chance to show a few condos at BrickellHouse. While there, I was also able to check out the amenities. Surprisingly, up until a few days ago, I hadn’t received one single buyer or rental lead for that building. Actually, I found that to be very surprising, almost to the point of being alarming. When a new building opens, there typically is a lot of interest and excitement from early-adopter-type people who clamor to be one of the firsts to live there. With BrickellHouse, I didn’t see that this time around, and I couldn’t explain why that was. I’ve already been seeing huge interest from people looking to buy or rent at the soon-to-be-opened 1100 Millecento, but interest in BrickellHouse has been lacking – at least from what I’ve been seeing. Again, I can’t explain it, but I’m here to tell you that if you are in the market to buy or rent a condo in Brickell, you should brush aside whatever reservations you may have about BrickellHouse and go check it out. It’s definitely worth considering. I must admit, I wasn’t expecting much from BrickellHouse in the way of views, given that it has buildings surrounding it on all sides, but views it has. They far exceeded my expectations. I showed one unit facing northwest, located on the 28th floor, and another facing southeast, situated on the 11th floor. Both had outstanding views. Just don’t go there, however, expecting to get uninterrupted water views, because you’re not going to get it unless you’re on a really high floor facing southeast, such as in the photo immediately below. I’ve also included a few other shots I took of the views. Unfortunately, I didn’t take any shots of the actual units. One of the condos I showed was a huge mess because it was in the middle of being built out and the other I didn’t a chance to because I was busy talking with my client. Hopefully, I’ll be back again soon and get a chance to take and share some photos of the actual units.
Overall, I was impressed with BrickellHouse. I think it helps fill a sizable gap between existing high-end condos (e.g. Icon Brickell) and mid-range condos (i.e. The Plaza on Brickell and 1060 Brickell).
BrickellHouse Construction Update
It seems just like yesterday that BrickellHouse was nothing more than an empty lot and a pile of dirt. Look at it now. A lot of progress has been made over the past couple of months as the construction crew keeps chugging right along. Completion of BrickellHouse is projected to take place in 2014.
Brickell Condo Market Expected to Remain Strong Throughout 2013 and 2014
As of late, little has been said about the fact that myBrickell and 1100 Millecento are completely out of inventory. With the exception of two very large penthouses, the same goes for BrickellHouse. Take a moment to digest that piece of news. Of the 948 combined units that these three developments represent, only two remain available. That speaks volumes about the strength of this real estate market in Miami. 192 units at myBrickell are scheduled for delivery towards the end of this year and the balance of condos from the two other developments are not expected until the end of 2014. In the meantime, demand remains high so existing condo inventory should continue to dwindle. There isn’t much help on the way in near term either. We know that there will be a residential aspect to the highly anticipated Brickell Citicentre, which is currently under construction, but no sales information has been released as of yet. Regardless, completion of those condominiums would not be expected until 2015 at the earliest. We also know that Related Group recently purchased the Infinity II site located at 1300 S Miami Avenue. It is highly likely that sales for condominiums in that project will be announced sometime during the first half of this year. The site is approved for a 65-story tower with 556 total units so don’t expect those units to be delivered any earlier than mid-2015 unless the project is massively scaled back. Lastly, there has also been mention of Panorama Tower and Villa Magna but both projects will be rather massive so inventory in either wouldn’t be expected until late-2015. In summary, I think it is relatively safe to say that, barring any global economic meltdown, prices for condominiums in Brickell should enjoy a steady rise throughout 2013 and 2014 given the lack of inventory that will exist over the course of that time period.
By the way, the two remaining penthouses at BrickellHouse are priced at $2,396,000 for 3,500 interior square feet and $5,200,000 for 7,500 interior square feet. No matter how you slice it, sub-$700 per square foot for a penthouse in a building of this caliber is an amazing deal.
1100 Millecento, BrickellHouse and myBrickell on the Brink of Selling Out
I realize that I run the risk of sounding like your typical salesman, but it must be said – “This market is hot!”. Over the past nine months in Brickell, three pre-construction condo developments – 1100 Millecento, BrickellHouse and myBrickell – were launched. I was made aware yesterday afternoon that only 20 units remain available for sale amongst these three developments combined! That represents 2.1% of their combined 948 total units. Only two units remain at 1100 Millecento, 8 at BrickellHouse and 10 at myBrickell. The first two projects haven’t even broken grounded yet. If that’s not hot then I don’t know what is. Before anyone starts to chime in with bubble talk, we need to keep in mind that all three pre-construction developments require a very large portion of the purchase price to be paid long before closing. In the case of 1100 Millecento the buyer will have already paid 50% of the purchase price by closing. BrickellHouse and myBrickell are virtually immune from default risk with the buyer required to pay 70% and 80% of the purchase price, respectively, by closing. Like I said – This market is hot!
View all Brickell condos
BrickellHouse Groundbreaking Ceremony
For the second time this year, a condo development in Brickell has broken ground. A ceremony was held this morning at the development site of BrickellHouse to celebrate the start of construction. BrickellHouse will be a 46-story, luxury condo development located at 1300 Brickell Bay Drive, across the street from Jade at Brickell Bay. The amenities will include a rooftop pool on the 46th floor, a luxury health spa and fitness center and a fully-automated robotic parking garage. Prior to breaking ground, BrickellHouse already had over 95 percent of the 374 total units pre-sold. I was told by a sales associate that, as of yesterday, only 15 units remain. The available inventory includes a few penthouses as well as other units located on high floors. BrickellHouse is scheduled for completion in 2014.
Paramount Bay and Brickell House Hit 60%
I discovered yesterday afternoon that Paramount Bay now has 60% of its total units either sold or under contract. That’s quite an accomplishment seeing that it was only four months ago that sales were launched. The penthouse units at Paramount Bay have all been sold. The next most popular unit has been the 02 line which is a 3 bedroom/3.5 bath condo with 2,353 interior square feet. That’s the largest non-penthouse floor plan at Paramount Bay. Only 3 of those units remain.
For those unfamiliar with the development, Paramount Bay is an all-glass, luxury, waterfront condo development located at 2066 North Bayshore Drive in the Arts District of Miami. The vast majority of the condos at Paramount Bay have a direct water view. A number of great units still remain so don’t hesitate to contact us if you have an interest in touring the building and viewing any current availability that interests you. Paramount Bay is a very high-end, exclusive building and will be a perennial favorite for years to come.
Brickell House, which began accepting pre-construction reservations in October, has 60% of its 374 total units under contract as of last week. The 46-story, luxury condo development will be located at 1300 Brickell Bay Drive across the street from Jade. Sieger Suerez was contracted to serve as the development’s design architect while Yabu Pushelberg and Artefacto will oversee interior design components. To learn more about this pre-construction development, please download the Brickell House brochure or feel free to contact us with any questions that you might have.
These type of success stories demonstrate the current level of demand for new condos in Miami. It’s no wonder that new condo developments are expected to soon be announced.
Miami Condo Prices on the Rise
Everyone seems to be in agreement nowadays that the Miami condo market has fully recovered. In fact, not only has the condo market recovered but prices are now on the rise. A recent report released late last month by the Miami Association of Realtors showed that the median sales price for condominiums in Miami rose a remarkable 36 percent year-over-year in January. The average sales price for Miami condominiums increased 45.2 percent in the same time period.
Existing condo inventory continues to be absorbed at a rapid pace and new inventory won’t hit the market until at least the second half of 2013 when myBrickell is scheduled for completion. Pre-construction sales have gone remarkably well at myBrickell with over 85% of the units now under contract. Meanwhile, pre-construction sales at Brickell House, a 374-unit luxury high-rise scheduled for completion in 2014, has experienced similar success with over 60% of the units now under contract. Other condo projects have been approved by the city for development but sales have yet to be launched despite an overwhelming demand from foreign buyers.
Don’t take my word for it though. Here are a few major news sources who have recently reported about the upbeat Miami condo market:
BrickellHouse Renderings
Up until now, interior renderings for BrickellHouse have not been made available. Earlier today, however, I was able to get my hands on a few initial designs created by the award-winning interior design firm Yabu Pushelberg. Yabu Pushelberg has designed the interiors for a number of exceptionally high quality condominium developments in South Florida which include Apogee South Beach, W South Beach and the soon-to-be-opened St. Regis Bal Harbour. That should give you an idea of what to expect from BrickellHouse when it is completed in 2014.
These are hot off the presses. As you can see these were dated November 7, 2011 and were released to the developer earlier today.
BrickellHouse Floor Plans, Info and Pricing
BrickellHouse is now accepting reservations. The 374-unit condo development will be located directly west of Jade and north of Emerald at Brickell at 1300 Brickell Bay Drive. BrickellHouse has several appealing features but there are two which will also make it rather unique. One, it will allow daily rentals but will not be considered a condo-hotel. The building will have on-site maintenance and housekeeping staffs as well as an in-house management program for owners who wish to rent their units on a daily, weekly or monthly basis. Owners will obviously first need to finish and furnish their decorator-ready unit in order to be included in the leasing program. You can read more about this program in the BrickellHouse brochure. The second unique aspect of BrickellHouse is the parking. The building will have a fully-automated parking garage.
The 46-story high-rise will have an array of lavish amenities which include:
- rooftop pool and sundeck
- fully equipped, state-of-the-art fitness center
- luxury health spa with sauna, steam and private treatment rooms
- High-definition theater room with 10-foot screen and theater-style seating
- Private owner’s lounge with event bar, catering kitchen and daily world newspapers
- Resort deck with putting green and summer kitchen
- 50-foot-long lap pool with poolside cabanas and heated Whirlpool spa
- Resident club room with conference and meeting rooms
- 24-hour concierge and security
- 24-hour guest valet parking
Additionally, Meat Market, a steakhouse on Lincoln Road in South Beach, has already signed on to occupy part of the retail space on the ground level of BrickellHouse.
BrickellHouse will be comprised of studio, 1 bedroom/1 bath, 2 bedroom/2 bath and 3 bedroom/3 bath units. The spreadsheet below will show you the approximate interior and exterior square footage for each. You can also refer to the BrickellHouse floor plans where you will also be able to view layouts for the BrickellHouse penthouses.
A full price list has not been released but the pricing below will give you a general idea for what one might be able to afford at BrickellHouse. Contact us if you have an interest in purchasing a unit at BrickellHouse and we will be able to get you pricing for other units.
Studios
- Unit 2212 (S3) – $163,900 west view
- Unit 1906 (S1) – $197,900 eat view – (420 sq ft under a/c)
1 bed/1 bath
- Unit 2507 (A7) – $276,400 east view
- Unit 2511 (A5) – $273,900 west view (790 sq ft under a/c)
2 bed/2 bath
- Unit 2507 (B4) – $435,900 east view
- Unit 2002 (B5) – $331,900 west view (1,116 sq ft under a/c)
2 bed + den/2 bath
- Unit 3008 (B1) – $424,900
3 bed/3 bath
- Unit 3002 (C1) – $683,900 (1,451 sq ft under a/c)
Contact us at 305-428-3860 or [email protected] to learn more about BrickellHouse.
