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!!
Today we start the semifinals of the 2017 Miami Open on Key Biscayne, so let’s wrap up this condo list by looking at the buildings in the Downtown Miami area that have tennis courts. We qualify the Greater Downtown area as being Brickell, Downtown, and Midtown. Since there aren’t yet any buildings with tennis courts in Downtown Miami or Midtown, we’ll look at Brickell today.
Let’s start with the building closest to the Rickenbacker Causeway that takes you to the tennis center and work our way north. That puts us at Brickell Townhouse, which was built in 1963 but remodeled in the early 2010’s. It has been reported that there is an offer from Vladislav Doronin to purchase the entire building and use it as an 8 acre waterfront development site, but that is a very complicated deal to put together. In order for it to happen, 90% of the condo owners must agree to the terms. So, in the meantime, 1 bedroom units start at $274,000 up to $675,000 for a 1,703 square foot 3 bedroom. The 1 bedroom is newly renovated with a park and city view, the 3 bedroom is renovated with a modern look and has a park and partial bay view. Rentals range from 1,800/month to $4,300/month.
Next door to Brickell Townhouse is the Brickell Bay Club (not to be confused with the Club at Brickell Bay, which is at 1200 Brickell Bay Drive). Brickell Bay Club was built in 1974 and has a whopping six tennis courts. The building is also situated so that most every unit has at least a partial bay view, but most have a direct view. There are also some great opportunities to find renovation deals. The 1 bedroom sales start at $279,000 (not bad for a waterfront deal!) up to $1.575 million for the 3,100 square foot penthouse. Tenants should prepare to pay between $1,850/month to $3,600/month depending upon the size of the unit.
Two blocks up is Bristol Tower, the site of Pharrell’s famous penthouse and the first of Ugo Colombo’s Brickell buildings. The 40 story rotunda shaped building offers large units, from 1,210 square foot 1 bedrooms up to the 9,000 square foot triplex penthouse. The largest unit on the market currently is a 2,825 square foot 3 bedroom for $2.38 million. Rentals range from $4,700/month for a 2 bedroom to $9,500/month for a 3 bedroom.
The newest building on the Brickell list is Skyline at Brickell, which was built in 2004. The floor plans range from 1 to 3 bedrooms and offer up to 1,762 square feet. Prices start at $309,900 or $1,850/month for a fifth floor 1 bedroom with 791 square feet up to $820,000 or $3,900/month for a 2 bedroom an $950,000 to $1.1 million for a 3 bedroom. Most all of the units have at least a partial bay view.
From the newest building to possibly the most famous, many people have seen this iconic Miami building in the Scarface as well as Miami Vice. It is the first high rise designed by Architectonica, who has gone on to dominate the skyline. Atlantis on Brickell offers 2 to 4 bedroom plans from $475,000 to $1.45 million and rental units from $2,900/month to $3,700/month. All of the rental units available today are 2 bedroom plans between 1,304 square feet up to 1,666 square feet.
To follow the success of Atlantis, Architectonica went on to design the Imperial at Brickell at 16th and Brickell avenue in 1983. This building is very popular due to its proximity to the financial district and large floorplans. Available units range from 1,316 square feet to 1,792 square feet and $489,000 to $895,000. Rentals range from $2,600/month for a 2 bedroom to $3,500/month for a 3 bedroom.
The most luxurious option on our list of Brickell apartments that have tennis courts is Ugo Colombo’s Santa Maria. This is actually one of the most luxurious buildings in the neighborhood. It was built in 1997 and features the last of the original Brickell waterfront estate homes that once lined the bay. Intensely private, there are no photographs allowed of this estate, but it is an amazing place to hold an event. The apartments at Santa Maria start at $1.93 million up to $11.5 million. They have private elevators and 2,100 square feet up to 6,300 square feet. Rentals range from $6,900/month to $20,000/month.
Another interesting building in Brickell that also has a tennis court is The Palace on Brickell. It was developed by the husband of the “Queen of Mean,” Leona Helmsley. She once owned the penthouse, which was sold to a Saudi Sheik and redesigned as Brickell’s Taj Mahal. You can see photos of that penthouse here. As for current availability, units start at $595,000 and go up to $699,000. All of the available units are 2 bedroom plans around 1,650 square feet. If you are looking to lease, there are slightly more options between $3,400/month to $4,600/month. All of the rental units are also 2 bedroom plans.
The only current condo building in the financial district section of Brickell that has a tennis court is The Mark on Brickell. It is also located on a waterfront lot, at 1155 Brickell Bay Drive. Despite being built in 2001, the building recently underwent a thorough renovation. They received a new lobby, the pool deck and tennis court were refurbished, the building was repainted and the balcony railings were switched to glass from the original iron railings to give the building a newer and more high end look. This is one of my personal favorite buildings to get a great value, particularly after the modernization. It is close enough to the action of Brickell to be a part of it, yet secluded enough to be more peaceful when you want to be. The layouts are modern and usable and the prices are fair. Currently there are 1 bedrooms starting at $290,000 and a 2 bedroom penthouse is available for $760,000. All of the units have a bay view, and rental prices range from $2,100/month to $3,700/month.
Just like yesterday, when we toured the Brickell Key condo buildings that have tennis courts, it is important to remember that the prices we discuss are what is available right now. Apartments come available and others go into contract every day, so reach out if you are interested in learning more about any of these Miami buildings with tennis courts.
New Miami Condo Buildings With Tennis Courts
This time of year brings one of our favorite events to Miami. The Miami Open runs from March 19-April 1 this year, and to commemorate it, let’s have a look at our favorite buildings in the greater downtown area that have tennis courts!
If living in a brand-new condo is important to you, there are several in the pipeline. Key International’s 1010 Brickell is slated to open within a few weeks. They have an indoor tennis court and 3 remaining presales starting at $950,000. All are 3 bedroom layouts. There is one resale unit on the market so far. SLS Lux is also on track for completion this fall/winter. They have only four penthouses remaining that have recently been repriced.
In Downtown, Paramount Miami Worldcenter is going to bring every amenity imaginable to their mega-project. They are about 60% sold and have residences priced at an average of $750/square foot. Because of their strong sales figures, they were recently able to secure the second largest construction loan in this build cycle. They are currently in vertical construction and should deliver keys at the end of 2018.
If you’re looking for something sooner, you could head up to Edgewater and check out Biscayne Beach. They have 2 tennis courts over their parking deck and a bayfront beach club. They have 5 remaining presale opportunities, and we will be listing an amazing high floor 3 bedroom on the southeast corner.
For people who are looking for an integrated community, I would suggest the waterfront Paraiso complex. There are five residential sections to the complex, totaling 1400 units. Paraiso Bayviews is the most affordable section, with remaining inventory starting at $470k (as of today). They just passed the 42nd floor of construction and should be ready by the end of this year. Paraiso Bay was the first of the towers to open sales. They are currently all sold out and on track to open this summer. GranParaiso is the most luxurious of the towers. It will be finished in Spring of 2018 and has 2 bedroom residences starting at $1 million. One Paraiso is the sister building to Paraiso Bay. They have 3 remaining penthouses, starting at $1.9 million. Aside from the towers, there is also a small enclave of bayfront beach homes. There are only 8 in total and 1 remains at $2 million.
Hyde Midtown is going to be the first project in Midtown to offer a tennis court for residents. They recently topped off at 80% sold. Their prices start in the mid $400,000’s and the rooftop penthouses start at just $735,000! The penthouses have rooftop terraces as well.
Come back tomorrow and we can take a look at the existing buildings who also offer tennis courts!
1010 Brickell Is Almost Complete
Brickell is very close to having a new newest building. 1010 Brickell is on track for completion in May. The crane and construction hoist have been removed, the painters are hard at work and the 50th floor pool landscaping is already installed.
Despite being a few months behind schedule (completion had been projected for December 2016), the building was a big success from a sales standpoint. The 387 units sold for an average of $650/square foot. We assume that all 387 have sold, because our requests for their close-out inventory have not been responded to.
The building was geared toward healthy living for active families, given the central location and span of amenities. The 11th and 12th floors feature:
Indoor heated swimming pool with retractable glass walls for flexible access to the outdoors in any weather
Impact-absorbing outdoor running track providing unparalleled views of the Miami skyline
Tanning Sundeck
Mini Golf
Kids Indoor/Outdoor playground areas
Children’s outdoor mini water park with cooling water spray
Active indoor game room including games such as: bowling lanes, foosball, air hockey, table tennis, and arcade games
Modern Kids Recreation Zone – a two-story exercise and entertainment area designed to keep the little ones active and engaged in healthy pursuits like climbing, crawling, and other activities
The Court – an area with half-court basketball, racquetball, and volleyball
Indoor Mini Soccer
Indoor Tennis Court
Parent/child wristband system to allow the children to freely enjoy the common areas.
There is already one resale on the market, a 1,554 square foot 2 bedroom plus den with 3 full baths. It has terrace access from both bedrooms and the living room and a southwestern view. It is priced at just under $1 million, which works out to $643/square foot (less than the average pre-construction price!)
We haven’t seen any rentals offered as of yet, but do expect them to arrive as May draws closer. As a matter of fact, I expect this to turn out to be a very popular building for young families, who would appreciate the active amenities.
While 1010 Brickell is nearing completion, it won’t be the next newest building. Brickell Heights and Brickell Heights 02 are both on track to open in April, and will hold the “Newest in Brickell” title for just a few weeks before 1010 takes it. The next buildings to open will be SLS Lux and ECHO Brickell later in the year (or early 2018 since construction timelines often get delayed toward the end).
$200k Price Chop For Andy Murray’s Brickell Apartment
Four months ago, Andy Murray relisted his 45th floor 4 bedroom apartment at Jade Residences at Brickell Bay, and we were optimistic at his chances of coming out on top with a workable deal. Well, that didn’t happen. As of today, he has slashed his price by nearly $200,000 in order to reduce it below $2.5 million.
To be honest, the listing photos really don’t do this lovely apartment justice. Jade Residences at Brickell Bay is a great building and is increasingly popular despite the inventory struggles of our current market. The apartment is a 3,415 square foot 4 bedroom, which is insanely large for the Brickell area. It is also on the northeast corner of the building, offering amazing views of Brickell Key, the Port of Miami, Brickell, Miami Beach and of course the Biscayne Bay. Unit 4201 has the same layout and recently sold for $2.7 million. We recently sold apartment 904, which is a smaller plan, but the buyer was able to take out a conventional mortgage on the property… something that is not particularly common in the Brickell real estate market and speaks very highly of how the building is being run.
As for the active and available alternatives to this listing, we have had apartment 4107 on the market for just over a week and have already had several prospective buyers. Apartment 4107 is a three bedroom with bay and city views. You can compare the layouts and photos here.
Do you think Andy will have success this go-round?
January 2017 Brickell Real Estate Market Update
This is a very interesting time in Miami’s real estate market and we are going to start doing more regular market updates of the various neighborhoods and even individual buildings. We’ll start with Brickell, but don’t hesitate to reach out and make a request if there is a specific neighborhood or building that you are curious about.
SALES MARKET
January 2017 brought 41 closed sales in Brickell, according to MLS data, down from 66 in January of 2016. These were seller to buyer transactions, not developer to buyer transactions, since developer to buyer transactions are not reported in the MLS. We will do a separate post with developer-buyer transactions for each building as they open and the sales are recorded.
Although the number of transactions fell, the average price rose to $514,000 for those 41 closed sales. 2016’s average price was $500,000. The average price per square foot also rose to $412/square foot, up from $401/square foot last year. The condos that found buyers had an average time on the market of 163 days, last year was 114 days. It seems the longer marketing time and increasing inventory choices for buyers has made the sellers more eager to sell. The buyers who transacted were able to negotiate down to 92% of the asking price this January, down from 97% of the buyers who bought last January.
The most expensive listing that sold this month was Tower Suite 3801 in Reach at Brickell City Centre. It sold for $1.95M and was offered at $2.1M and the buyer was represented by our very own Lucas Lechuga. We did an in-depth look at the numbers from that transaction last week. The least expensive sale of the month was a $168,000 studio at Brickell’s original condo building, the Four Ambassador.
As of today, there are 1,888 active listings in Brickell (300 of which are new listings in January), averaging $725,000 and $508/square foot. If we continue selling at this rate, we have enough inventory for 46 months of business. With this amount of available alternatives for the buyers, the sellers who are eager to move on from their units need to not only price them aggressively but also hire an agent with strong marketing power so that you stand out from the crowd.
RENTAL MARKET There were 306 new leases signed in January of this year, up from 264 in 2016. The average rental price is $2,466/month, basically the same as last year’s $2,440. The 306 landlords who found new tenants beat out the competition of 1,442 alternative active listings, 465 of which were new listings.
Although the number of transactions is up and the prices are holding firm, the marketing time is increased this year to an average of 79 days on the market. Last year it took an average of 65 days to find a new tenant and move them in.
Tenants should not smell blood in the water yet though. The 306 leases that were signed garnered 96% of the asking price, so lowballing isn’t a thing just yet. The landlords who are not into 2+ months of vacancy are pricing their units well and finding a tenant quickly.
The most expensive rental of the month was the Four Seasons Residences Unit 44C. That one rented for $9,750/month. The least expensive was a studio at The Club at Brickell Bay for $1,400. It is important to note that the entry-level apartments in the neighborhood are less likely to negotiate price. Brickell is increasingly a hot neighborhood, so the entry point options are very much in demand.
What trends do you anticipate for Brickell? Weigh in and we’ll follow back up next month!
Inside Rise at Brickell City Centre
Last summer, we were able to take a photo tour through Reach Tower at Brickell City Centre shortly after it opened. Reach is now 95% sold out and its sister tower, Rise at Brickell City Centre has opened as well.
Rise is located at 88 SW 7th Street, above Saks Fifth Avenue. It has 43 floors and 390 total units ranging from 1 bedrooms up to 3 bedrooms, Tower Suites with 4 bedrooms and 3-5 bedroom Penthouses. They are currently 60% sold and move-ins are underway. The prices for each tower start in the mid $600,000’s and go up to $2,750,000 for the 4 bedroom Tower Suite at Rise.
Stay tuned for Friday, when we will tour the available Tower Suites and Penthouses on both projects with details on each.
Here are the photos of our tour of the Rise model apartments. You can find the associated floor plans here. If you are interested in a personal tour, don’t hesitate to reach out. We’re always available to set it up for you.
The street-level lobby:
The 6th Floor Resident’s Lobby:
A full-service Hammam and Salon:
The model units are all on the 31st floor:
Diana and Francisco are making deals while touring. Multitasking like champs!
Surprisingly, the west view apartments also have a water view:
The kitchen is finished with the Latte color palette. Also available, kitchens in Espresso palette.
These are the standard finishes for all master bathrooms:
Master bedroom closets are delivered finished out:
Northeast views from the 31st floor:
Direct east views:
The rooftop of the office towers are finished with grass, making an additional community area:
Reach Tower as seen from Rise:
Our sunset happy hour awaits! Check out that view!
Doing deals while sampling the amazing food at Sugar. I recommend the boneless Korean chicken wings, but everything we sampled was amazing.
Looking south into Brickell as the sun sets.
Preconstruction Investor Sells Reach Tower Suite At $350k Loss
A buyer has scooped up an amazing deal on one of the last Tower Suites at Brickell City Centre’s Reach Tower. The original buyer had paid $2,175,000 back in August of 2016, then listed the property on the MLS as a resale shortly thereafter.
The buyer was able to snag the opportunity for $1,950,000, represented by our very own Lucas Lechuga with a quick and seamless closing. After the developer fee on the purchase, the price negotiation and commission on the resale, the seller walked away from over $350,000 in the transaction!
The apartment has 2,740 square feet with 3 bedrooms, 4.5 baths and encompasses the entire east side of the building, offering gorgeous views of the neighborhood and Biscayne Bay. You can find the floor plan here. No word on the reason the investor was willing to take such a drastic loss, but congratulations to the buyer! Here’s a tour of the layout:
Do you think any of the pre-construction investors will be able to turn a profit on their resales now that the buildings are all opening?
SLS Lux Reduces Prices On Final Inventory Of Penthouses
I have long said that the best time to buy in a new development is either in the very beginning or at the very end of the sales cycle. That is when the buyer gets the best deal.
In the beginning, the developer offers lower pricing in exchange for being among the first to participate in the project. You don’t receive a tour of the building and many times the sales center isn’t even completed yet. At the end of the project, the developer has a handful of units remaining and is eager to move on to their next project, so are less likely to hold on to top dollar for those last few purchase opportunities.
My personal favorite time to sell an apartment is at the very end of the sales cycle. At that point, the buyer can have a tour of the project, they know that it will actually happen because they can see it, and many times they can still choose their finishes. Some people think that the last few units remaining are the dog apartments of the building, but that is not what my experience has shown. It is typically penthouses because they are so unique.
So, here we are at SLS Lux. After opening sales in the summer of 2014, the partnership between Related Group and The Allen Morris Company is now on the home stretch to Sold Out status. They have five remaining units, all penthouses. In an effort to close out the building as quickly as possible and reflect the new market, they have repriced the last inventory. Here are the new prices:
Penthouse 04
This one has northern exposure, looking over Brickell City Centre to see Downtown Miami and the Biscayne Bay. It has 2,777 square feet and 3 bedrooms, 4 bathrooms and a den. There are three of these remaining.
Lower Penthouse 04 has been reduced to $2,599,900 from $2,999,900.
Middle Penthouse 04 has been reduced to $2,649,900 from $3,149,900.
Upper Penthouse 04 has been reduced to $2,699,900 from $3,199,900.
The 01 penthouses have 1,888 square feet with 3 bedrooms, 3 baths and a den. They are on the northwest corner of the building, looking over Brickell City Centre into Downtown Miami. Two of these remain, both priced at $1,599,900. The previous price was $1,999,900.
In addition to the amenities and standard finishes in SLS Lux, the penthouses will have upgraded kitchens, 12 foot ceilings, summer kitchens on the terraces and 2 assigned parking spaces. Completion is expected late this year. Here is a preview of the views from the various penthouses.
Inside ECHO Brickell: Construction Tour Of The $42 Million Carlos Ott Penthouse
ECHO Brickell is topping off this week and we were lucky enough to be the first to get a hard hat tour of the 57 story project, including the Carlos Ott penthouse. The penthouse covers the entire 56th & 57th floor and is the most dramatic, most expensive penthouse in the history of Brickell.
With over 10,000 interior square feet, the residence will have 4 bedrooms, 7.5 baths, a den, fitness center, service suite and 30 foot indoor lap pool and spa overlooking the Biscayne Bay. In the video, you can already see the dramatic 14 foot ceilings and double height living room, giving the living room a 28 foot ceiling with floor to ceiling windows. The project will offer top of the line biometric security for the elevators, a dramatic 50 million gallon fish tank in the lobby and round the clock concierge services. The penthouse is custom designed by Carlos Ott and is priced at $42.2 million.
Here is a video of our hard hat tour of the penthouse. Please remember that this is a raw video of the tour and the property is still very much a construction site.
Here is a virtual tour of what the property will look like once finished.
Stay tuned to the blog as we post construction tours of other units to celebrate ECHO Brickell’s milestone! There are 13 remaining purchase opportunities with prices starting at $2 million.
