Throwback Thursday: Brickell’s Santander Tower

Welcome to TBT! Throwback Thursday, a time when we can pay our respects to what once was (or could have been). For today, let’s pay homage to the Santander Tower.

This was originally proposed to be located at 1401 Brickell Avenue, where the smaller Santander office building still stands today. It was slated for completion in 2018 but never got off the ground after being cancelled several years back during Spain’s economic crisis. If built, it would have stood 843 ft and had 52 stories of offices and retail on the ground level.

Do you think this would have been a welcome addition to our skyline?

On a side note, if you’re ever curious about the status of proposed or rumored towers, feel free to reach out! We keep track of the status of all of the projects, whether approved or not.

Almost 40% of Downtown Miami Residents Have Pets – Strategies for Investors and Tenants

The Downtown Miami DDA (Downtown Development Authority) released its updated demographics study today, and they found that 39% of Downtown Miami households include a pet. This is interesting because so many of the developments impose strict pet policies upon their residents. Some only allow certain sizes of pets, some only cats, some only allow pets for unit owners and some say no pets at all.

This is always a touchy subject when we are working with a client who has a pet. There is so much misinformation out there regarding which buildings do and do not welcome pets. If a resident gets caught with an unauthorized pet, they are forced with the difficult choice of paying a lease cancellation fee (which is typically the value of 2 months’ rent), or re-homing their beloved pet. Unfortunately, not all agents verify the pet policies before entering into a contract, which wastes time and gets the client all excited about an apartment that they cannot have. No bueno.

I even once had a client who cheated on me with another agent that had told them they could have a large pet in a pet-restricted building. That is completely irresponsible and self-serving of that agent. Thank goodness, the clients realized what would happen if they went forward with that deal. The agent would have been paid and then they would have either had to break their lease or part with their dog. That is a horrible choice to have to make when most people consider their pets as members of the family.

In order to have an authorized pet in the building, many associations require an additional registration and application. The pet’s weight is verified (many times with a report from the veterinarian), their vaccinations are verified and some buildings even take it a step further. Infinity at Brickell requires a DNA sample to be placed on file and in the event that messes are found in the lobby, the mess is sent in for a DNA match. The resident that pops up after the DNA test is issued a fine. I call it Maury Povich enforcement… but it works. If people know they’re going to get busted breaking the rules, they’ll be less likely to do so. This way, the building can continue to allow large pets for everyone.

Over recent years, a popular workaround to the ‘No Pets’ buildings has become all the rage. There are websites where you can claim that you need a therapy dog. They’ll issue you a certificate for a fee and, viola! Your dog can go with you everywhere and nobody can say anything… except the condo associations have started to get wise of this ruse. The Jade at Brickell verifies these Therapy Dog certificates through an attorney. It takes an extra few days during the application process and you don’t get your application fees back if you get caught with a phony form. I don’t recommend the fake therapy dog stunt.

If you are curious of whether a particular building accepts pets, just have a look at the building page on our website. We have verified all of the buildings’ policies and list them in the FAQ section of the website. Every now and again, a building will change their policy in between when we last called to verify, but we update it frequently. Our agents also keep themselves updated of the pet policies and fees for the buildings in the area. We’re all about efficiency and not wasting your time or energy…

So what about investors?

With the rental market changing, it is important to have apartments that appeal to as many people as possible. Purchasing an investment condo for sale in a pet-restricted building automatically crosses out almost 40% of the prospective tenants that could be interested in moving in. Some of my favorite pet-friendly buildings are MarinaBlue and 900 Biscayne Bay in Park West, Infinity at Brickell in Brickell, the Midtown developments in Midtown and One Miami in Downtown.

For investors who are concerned with having animals in your property without knowing the behavior or cleanliness of the pets, it is completely customary to charge a pet deposit for the unit. In many cases, the building has a separate pet deposit or fee, but I suggest a refundable deposit for the unit itself. The amount can vary depending upon the pet. Puppies would require a bit of a larger deposit since they tend to chew and have accidents. You could also lower the deposits in the event that a tenant was able to submit a diploma from obedience school or behavior training.

Whether you are an investor, or if you are buying/renting a home for yourself, if there is a specific building that you are curious about, don’t hesitate to drop us a line and inquire. We’re happy to help.

Brickell Flatiron Gets Its Tower Cranes

Ugo Colombo’s Brickell Flatiron site work is coming right along! In April, The Next Miami reported that CMC Group had filed permits for two tower cranes but did not yet know when they would be installed.

Well, the answer is this week. One crane will be 760 feet above ground and the second will be 800 feet. When we last checked in with the development in August, they were 52% sold.

I don’t know about you guys, but this is one of the most interesting projects coming to the area. I can’t wait to see it in the skyline!

The Bond On Brickell Resales and Rentals Hit the Market

Two months after receiving their TCO, the first resale listings and rental listings at The Bond On Brickell are available on the MLS. The listings include a handful of remaining inventory from the developer, some being sold finished and some decorator ready.

When we toured the building in August, we got a chance to check out some of the views and layouts. They seemed very much what I expected from a Rilea building. There weren’t any crazy attention-grabbing features like the crazy/creepy/cool LED displays at SLS Brickell, just very tasteful design with extremely high quality finishes. I was impressed with the suede and leather walls, the elegant simplicity of the common areas and the themed playroom. Being a new mom myself without a playroom in my building, I paid special attention to that part.

Prices of the apartments start at $319,000 for a studio, $469,900 for a one bedroom, $685,000 for a two bedroom, $1,200,000 for a three bedroom and $2,593,000 for the four bedroom plans. There are 19 available with 8 listings being resales and 11 are the last of the developer inventory.

For the rental options, there are 11 one bedroom plans available as of today. They range in price between $2,500-$3,300, depending upon whether the apartment has a den and view of the bay.

Here is a link to our photo tour, so you can see the finishes.

Check Out the LED Displays in the Motorcourt of SLS Brickell

When we went on our hard hat tour of SLS Brickell last month, our contact from the hotel mentioned an artistic LED display was going to be installed on the ceiling of the motorcourt. It seemed intriguing enough at the time, but I was anxious to go inside the building and didn’t pay much mind to the concept. Yesterday I noticed that the display is now live and it stopped me in my tracks!

On the ceiling there are circular LED displays scattered throughout and they each run a loop of a different scene. Sometimes the scenes are orchestrated together, sometimes they are completely different and sometimes they are all the same. I’m not sure whether this is a test run or if it will always vary, but the entire display is certainly attention-grabbing.

Some of the scenes are pretty and calming, some are inspirational and thought-provoking and some are downright creepy. How very Phillipe Starck. Here is a sample of one of the scenes. It features dancers dressed up like white goats and spelling out different phrases with their bodies. I found these costumes really creepy, but it still held my attention. What do you think?

The LED installation on the ceiling of the motorcourt at SLS Brickell is running! What do you think?

A video posted by Miami Condo Investments (@miamicondoinvestments) on Sep 12, 2016 at 12:16pm PDT

Brickell City Centre Expands its Weekly Farmer’s Market

Brickell City Centre has expanded its weekly farmer’s market in conjunction with the Green Market Co-Op. They are the organizers behind the popular Pinecrest Market, who may regard as the best farmer’s market in town.

The new and improved Brickell Market will include over 40 vendors including fresh, locally-grown produce, baked goods, artisan foods, plants, flowers, home and garden goods, health and beauty items, pet food, lunch spots and even a DJ. No event in Miami is complete without a DJ.

One of my personal favorite vendors is the Tree Hugging Hippie Soap guy. He makes his soaps himself in the Little River area and then sells them himself as well. There’s nothing like buying from someone who is really passionate about their craft and this guy is all about healthy soaps. They smell really nice and make your skin feel really nice too. I’m not a full blown tree hugging hippie, but I hope to see him there this week. He didn’t ask me to say that, I really need more soap.

Sales Prices in Free Fall at BrickellHouse as Parking Saga Drags On

Back in January, we did a check in at BrickellHouse to see how their parking drama was affecting transactions in the almost-new development. At the time, not much had changed. It appears though that we were at the edge of a cliff.

The Real Deal reported an update of the case on Tuesday, explaining that the debacle is far from finished. Apparently the condo association has sued the developer on behalf of the owners because the system is going to have to be replaced. The only available replacement system is configured differently and cannot hold as many cars as the current, defunct system. That would mean that some owners will have to forego their parking spots and they are not amused.

The developer insists that the entire system does not need to be replaced, only the software. And so the lawsuits go on, bouncing the blame around like a game of Hot Potato.

While the bickering continues, sales prices have been in free fall. In January I reported that sales values from Q4 of 2015 were sitting pretty at $641/foot. That is a healthy increase from the $595/foot that we saw from the developer’s pre-sales. It seems the market had not had time to react to the parking issue, but it certainly responded quickly. In Q1 of 2016, closed sales values fell to $456/foot, then down to $419/foot in Q2 and $402/foot in Q3. Yikes. With 79 active listings today and an absorption rate that could compare to pouring molasses in December, we are in for a ride.

There is no telling how long this will last. Nobody wants to buy into a building with a monstrous problem and banks will not touch the building because of the snowballing litigation. Heck, hard money lenders probably wouldn’t even do a deal there. Cash buyers are not as plentiful as they once were, so it seems the best thing for the owners to do is wait and pray.

On the bright side, the rental market has not been affected. Rental values are holding steady at an average of $3.50/foot. I guess the tenants don’t really care about parking. With our “Uber everywhere” society these days, it looks like what people really don’t want is drama.

Inside the Bond on Brickell, Which Just Received its Temporary Certificate of Occupancy

The lobby

The Bond on Brickell, which used to be called the Bond ‘at’ Brickell until its developers MDR and the Rilea Group secured an address and entrance on Brickell Avenue itself for the building (the name change has become something of, shall we say, a conversation piece) recently received its temporary certificate of occupancy for most of the building, and has started closings while still putting on finishing touches. It is also almost completely sold out, with only about a dozen units remaining according to a building representative. Meanwhile, it was recently reported that the first unit closings took place earlier this week. Today the building was a beehive of activity as workers got the Bond showcase ready and brokers brought their clients/current owners/us for a looksie.

On the first floor, the building’s driveway can be entered via either Brickell Avenue or SE 1st Avenue, leading to a covered porte cochere which will have a waterfall feature, and the building’s signature London phone booth. Inside, the spacious lobby itself is divided into a few sitting areas, with a fireplace, overstuffed couches, and mod chairs, giving it a bit of a British vibe. Not really British-meets-the-tropics, or British colonial, just British. Walls throughout are paneled in a variety of interesting materials. In the lobby, surfaces alternate between gray suede and dark, blood red leather. Despite its location in the heart of Brickell, the building’s interiors are hushed, due to a layer of fiberglass behind all the walls.

Upstairs, on the amenity level, a club room, library, and fitness center all look out onto an amenity deck with a large T-shaped pool and outdoor fire pit. Also on the floor is a children’s playroom which is probably the most explicitly flag-flying, ‘God save the Queen’-ing part of the entire building, with wallpaper covered in British-isms like ‘Mind the Gap.’ Mens and women’s saunas and steam room, with accompanying locker rooms, are elsewhere on the floor, slightly oddly not attached to the gym, but on the opposite side. They are tiled in contrasting black and white rocks, to moody effect.

Finally, we checked out a few units with varying layouts. Balconies are generously deep, all kitchens come standard with Bosch appliances, designed to coordinate with the dark wood cabinetry, and some units come with dens. Interior doors feel solid wood, instead of hollow, which is often the case, and door handles and other hardware is nice.

One final note about the exterior. Although renderings gave the impression of dramatic exterior lighting, it appeared that this was not (or at least not yet?) part of the final design. Where there would have been long bands of light shooting up and across the facade as of now are just bands of decorative plaster, painted a dark gray.

Inside Brickell City Centre’s First Completed Condo Tower, Reach

Brickell City Centre Reach was recently completed and opened to residents, and today Miami Condo Investments got a lookie-loo inside. The building, the first of two condo towers in Phase I of Brickell City Centre, is done up to the nines, with everything super-perfect and tchochkies on every surface. Meanwhile, almost all units have sold in Reach, while there is much more availability in the not-yet-completed Rise, and prices for both are averaging about $650 per square foot. Check out the photo tour below.

Related Just Unveiled SLS Brickell’s Dramatically Diagonal Balcony Lights

Photo by Marcos Viñas, courtesy Instagram @anapaulacg.

The Related Group’s SLS Brickell condominium tower in the heart of Brickell is fast approaching completion, with closings comin’ up soon. How soon? According to Carlos Rosso, Related’s Luxury Condo Division President, they’re planning on September 1st. In anticipation, the tower was set ablaze last night with a dramatic outdoor lighting scheme of dominated by diagonal rows of twinkling blue dots affixed to small promontories poking out of the building’s balconies, then wrapping around the building at the corners. The effect is really very cool, although last night was a test. How did the test turn out? Well, it looks pretty great,. but as you can see a few big chunks of balcony lights stayed in the dark. Looks like someone might have to do some more testing, Christmas light style.