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.
Miami’s Rental Market Is In Decline, About To Be Flooded. What Does This Mean For You?
The rental market in the Downtown Miami area is in for a jolt, according to an inventory report from the Downtown Development Authority. Many people expected that rental prices would begin to decline in 2017 as the new luxury condo buildings begin to open. As of the third quarter of 2016, the prices were already beginning to decline after buildings such as The Bond at Brickell and SLS Brickell began to open, flooding the market with new options for prospective tenants.
What many people did not see was the influx of new rental buildings that are going to start being delivered in 2017. A few have already come to market, but 2017 promises a whole new array of choices for tenants. Landlords are fervently trying to keep their tenants if leases are coming up for renewal, but many of the options are too good to pass up. In 2016, we saw 3,748 new condo units come to the market and 1,038 additional units in rental-only buildings. 2017 will flip that number, with 2,774 new condo options and 3,575 new units in rental-only buildings.
What to do if you are a tenant?
Don’t be greedy. While the market is in decline, the condos for rent in Miami are not going to rent for fire-sale prices. Yes, you may have more leeway in negotiation than once before with condo units, rental-only buildings typically do not negotiate their prices. Rather, they are pre-set at the beginning of each day based upon an algorithm in their computer software.
A quick move-in is worth a lot. If you can offer to move-in as quickly as possible, you will have more negotiation power than if you are shopping several months in advance. I always say that the sweet spot between the contract date and the move-in date is 3 weeks. That gives everyone enough time to get their paperwork together and applications completed. Building applications commonly take 2 full weeks in condo developments. Rental-only developments are commonly quicker, so are a good option if you get in a pinch and need to move even more quickly.
Have ONE agent to represent you. Make sure that person is someone who is well-informed about the market and what is available. That will prevent you from drowning yourself in options and becoming frustrated. Be open with your agent about what features you like and what features you are disinterested in. Let your agent take you to rental developments as well. Many times, we know ahead of time what the availability and rough price ranges are at the rental developments.
What to do if you are a landlord?
If you currently have a good tenant, entice them to stay and treat them well.
Don’t panic, but understand the monetary value of each month of vacancy. Price your available rental on the market as quickly as possible and with a firm that will give you the most exposure.
When reviewing offers, consider reductions based upon the risk of a full month of vacancy rather than holding onto the idea that your condo will earn as much this year as it did in years past. It won’t. If you have a unit that was previously earning $3,000/month and you receive a quick-move in offer for $2,750/month, it would be a good business decision to accept. Otherwise, you could be stuck accepting far less in contract value on top of the $3,000 expense of having the unit vacant for a month.
Negotiate with people who lowball. Run your numbers and decide what is the lowest price you can accept based upon available options for the tenant and the amount of vacancy that you are already into. Not that you will always have to accept that lowest price, but you know how much room you really have for negotiation.
Remember that just like market storms that we have weathered in the past, this one will blow over. The condos will still be beautiful and in-demand afterward. If you need to sell, then sell. Otherwise just be patient until the inventory is absorbed.
