Art Basel Special: Top Miami Trophy Properties Day 3
For today’s Art Basel Trophy Property of the Day, we’re going back to Brickell, to the classic yet chic Four Seasons Brickell with a celebrity-owned condo.
Back in 2013, Romain Zago, the owner of popular Miami Beach night club, Mynt, purchased this 2,139 square foot condo with his brand new wife, former Real Housewife of Miami, Joanna Krupa for $1.37 million. They made some changes to the design, lived out their happiness and re-listed the unit for $2.5 million after divorcing earlier this year. After no buyers surfaced, the price has steadily decreased until Monday, when it was reduced to $2 million.
The property is a 2 bedroom, 2.5 bath corner apartment with floor-to-ceiling windows overlooking the Brickell Financial District, Biscayne Bay, Port of Miami and Miami Beach. It is located on the 42nd floor of the 70-story tower and includes such amenities as an onsite Equinox Fitness and spa, lounging pool with hammocks hanging between palm trees in the pool, and full Four Seasons’ Hotel amenities.
The Zago-Krupas are not the only celebrities to enjoy the Four Seasons. Rapper Gucci Mane recently wed at the property in a service and party that cost well over $1 million and was televised on BET, and the new owner of the Miami Marlins, Derek Jeter, recently toured options with his family. Mr. Jeter ultimately chose another building, which we will cover later in the week, but the Four Seasons Brickell is certainly a stand-out for celebrity real estate.
Rosetta Bakery From Miami Beach Plans Two Brickell Locations, One Downtown
Miami Beach’s Rosetta Bakery is gearing up for a HUGE 2018 with seven new locations opening up around the Miami area, according to the Miami New Times. Three of those locations are slated for the Greater Downtown Miami area.
The first Brickell location will be in the base of Brickell Heights’ East Tower, just around the corner from Equinox. The apartments at this location range from the high $300,000’s to $2.8 million for purchase, or $2,000 per month to $11,000 per month for rent and just came available this past summer.
Next, a location will open in the retail space at ECHO Brickell, which opened just last month. The apartments here range from the high $800,000’s for a one bedroom to $4.2 million for a duplex (two-story) three bedroom. They also have a custom-designed penthouse that asks $42 million!
After the two Brickell locations are open, a grab & go kiosk will open in the Miami Central Station in Downtown Miami. We don’t have a date for this just yet, but are very much looking forward to the Brightline link between Miami, Broward, Palm Beach, Orlando and beyond!
The idea behind Rosetta is to offer high-quality, fresh bakery items and coffees quickly and affordably. There aren’t any frozen bakery items, everything is made in small batches by Italian chefs that have been brought here from Italy to share their craft with Miamians. In addition to the sweet pastries and fruit tarts, there will also be savory sandwiches. If you would like a preview of the fare, visit their flagship store at 16th and Collins on Miami Beach.
Brickell Is Finally Getting A Park For Children
Photo courtesy of Paola Andrea
Anyone who lives in Brickell and has a family will tell you that one of the things the neighborhood lacks is a proper park for little kids. Sure, Mary Brickell Park has a playscape and also the park across from Santa Maria in South Brickell, but both of those are designed for kids that are older. There are no swings, no slide and no fun for the little ones…until now.
Three years ago, Southside Park was one of many in Miami that were closed for remediation due to contaminated soil. It was a huge controversy at the time, but today things are looking up for the green spaces. Most have already reopened, and Southside Park officially reopened in June of 2016, only to close again this year for the addition of a much-needed playscape.
At long last moms, dads and nannies will be able to take the kids out to play without taking the MetroMover to Bayfront Park, schlepping across the Brickell Key Bridge in the blistering summer heat, or getting our cars out to go to Key Biscayne or Alice Wainwright park! Thank you, City of Miami!!
For those who are unfamiliar, Southside Park is located just west of the Metrorail tracks at 140 SW 11th Street, just west of Axis at Brickell. As you can see from the photos, it is still very much under construction but looks really fun for the little ones already!!
Photo courtesy of Paola Andrea
Market Stat Monday: The IconBrickell Pool Prepares To Reopen
December is just around the corner, which means the day that IconBrickell‘s management office anticipated the completion of their pool repairs is upon us. According to the office, they are still aiming for a completion date of December 15 and from the progress we’ve seen, things appear to be coming back together.
We were the first to report of Icon Brickell’s scheduled year-long pool closing two years ago after months of whispers about the damage. As you can see below in the renovation schedule, by this point the new light fixtures should be being installed, followed by paint and cleanup, removal of the construction equipment and ultimately… POOL DAY!
IconBrickell Renovation Schedule by Sarah Elles Boggs on Scribd
You can see in our photo above that the landscaping has been reinstalled along with some light fixtures and what looks like charging stations. The management office did mention to us that additional outlets would be added, and we agree that they were much-needed!
So, now that we know that the pool is coming back very soon, what about the sales and rental values?
I cannot in good faith sit here and tell you that the values haven’t changed. They have. Condos were trading at a rate of $583 per square foot when news of the repair broke in November of 2015, By the time the work actually commenced in December of 2016, sales prices had plummeted to $426 per square foot. What is unclear is the effect the pool repair had on the final sales prices vs the effect the market in general had on sales prices.
On the upside, while the rest of the sale market is in decline, Icon Brickell is inching upward. Since July of this year, 35 units have closed with an average sales price of $449 per square foot.
The least expensive listing to sell (per square foot) was a two bedroom in Tower 3 (the W Hotel Tower) for $465,000 after nearly 2 years on the market. This works out to $361 per foot, but the listing DID mention that the seller was extremely motivated. The most expensive per square foot was a three bedroom on the 41st floor of Tower 1 that sold for $1.5 million after 5 months on the market. It was fully upgraded and furnished for $822 per square foot, so you can see the range depending upon placement, finishes and furnishings that we’re dealing with.
Now for the bad news. With 165 current active listings, IconBrickell is carrying 23 months of inventory. This isn’t as bad as some other developments that are carrying 80 months of inventory, but it still isn’t great.
So, what’s the lesson?
The 13 units that are currently under contract were listed for an average of $504 per square foot. The 35 that have closed since July all closed for 92% of their asking price, yet the 165 active listings have an asking price averaging $560 per square foot. I won’t call out specific unit numbers, but it appears a lot of the active sellers need to adjust their prices…
Trophy Property: Spectacular Rise Four Bedroom Asks $3.1 Million
In a sea of Downtown Miami area condos, it is easy to become jaded. There are so many beautiful options, and it really takes something special for us to pause and say WOW! Then we toured this exquisite corner four bedroom at Brickell City Centre’s Rise Tower.
Unit 3701 is a 3,244 square foot 4 bedroom/3.5 bath flow-through residence with a South/East-facing wraparound terrace AND a sunset terrace. The seller made several upgrades to the layout, which can be found here. They turned the staff quarters into a 400-bottle wine cellar, but left the original plumbing intact in case future owners are not wine connoisseurs. In the master bath, you will find that the dressing room is locked with fingerprint access and a hurricane-proof glass door. All closets are custom-designed Italian cabinets and a movie theater with surround-sound has been added.
Reach out at [email protected] for a tour of this gem!
SLS Lux Gets Its Rooftop Sign; Closings Begin Soon
Closings are just a few weeks away, and SLS Lux now has its sign. Related Group’s Carlos Rosso posted a photo update as they put the finishing touches on Brickell’s new newest tower.
The 58 story tower is the most luxurious of the Brickell Heights complex, which is easily identified by its signature Fabián Burgos mural wrapping the parking structures of all 3 towers. There will be a Katsuya restaurant in the lobby level as well as interiors and amenities designed by Yabu Pushelberg, which you can preview here.
Closings are scheduled to begin in December. While the project is fully sold, resale opportunities are available on an off-market basis. Please let us know if you are interested.
Rumor Mill: SaltBae To Open A Second Steakhouse In Miami!
It looks like Miami Beach is about to get a lot saltier, in a good way. Just as Miamians are finally able to digest the fact that we really have a Nusret Steakhouse in Brickell, rumors are swirling that a second location is in the works!
According to whispers in the commercial/retail real estate world, the internet sensation chef has taken the retail space below South of Fifth’s One Ocean building at 1 Collins Avenue, a newly opened development where condos range from $3.7 million to over $15 million. Given Nusret’s menu, this location would give direct competition to South Beach staple, Prime 112.
Since its opening a week ago, Nusret Miami has been packed non-stop and received rave reviews from all around. In addition to the Brickell and South Beach eateries, locations will be added in Manhattan and Los Angeles.
Downtown Miami DDA Ambassadors Expand To Brickell
Photo courtesy of blockbyblock.com
If you’ve been in Downtown Miami during the day or evening over the last few years, you’ve likely seen these folks. The walk around in official orange shirts and make sure everything is ok. They are the Downtown Miami Development Authority’s Ambassadors.
I’ve heard people say before that they thought the Ambassadors are Downtown Miami mall cops, but that’s wrong. They’re here to help. They make sure tourists know where they’re going, help the elderly cross the street, and report infrastructure problems. And now, they roam Brickell as well!
Just yesterday, I was teetering on a curb, pushing a baby stroller with one hand, trying to avoid an annoying puddle that is always on the corner of SW 1st Avenue and SW 13th Street. Even if there has been no rain, the puddle remains. It is the most resilient puddle I’ve ever seen. Anyway, I was in the middle of my puddle-dodging dance when I spotted these guys. It couldn’t have been a better time to stumble upon them. Within minutes, they had reported the puddle to the city for repair, handed me a brochure with handy numbers for everything from illegal parking and broken street lights to trolley information. They also have a Safe Walks program to make sure residents arrive home without issue!
If you see these guys roaming around in Brickell or Downtown, be sure to stop and thank them for keeping us safe and informed!
First Resale At ECHO Brickell Hits The Market At $1,100 Per Foot
instagram.com/echobrickell
After beginning closings last week, the first resale has hit the MLS at ECHO Brickell. A 1,262 square foot two bedroom with two and a half baths has been listed for $1.39 million and the pictures don’t do it justice.
To be honest, I have no idea why anyone would bring a property to market with photos like this, but to be fair it was a holiday weekend. Hopefully they just couldn’t get a photographer scheduled in time… Here’s what we’re working with…
In my opinion, these are among the best photos of the bunch. The marble floors are very pretty and you can see the water view.
The room seems a little crooked here, but you get the idea.
Amazing sunset!
Looking South, down Brickell Avenue.
Each unit includes a summer kitchen.
The kitchen is nice and spacious, and the glossy cabinets are a refreshing change from other buildings that are delivered around the same time. Not that the matte-finish cabinets are bad, just different buyers have different tastes, so it’s nice to have another option.
If you glance to the right, you can catch a peek at the seller… or maybe it’s an agent, or a neighbor, who knows. Why do agents do this????
I see you.
Long hallways to windows that overlook a very near (and hopefully dear) neighbor are not the biggest selling feature, but the floors are nice. I should also add that each unit comes fully finished, with flooring.
The neighbors to the South are a bit more distant, and there’s a water view.
Each apartment also comes with finished closets, which is something most developers don’t do in Miami and a very nice touch.
The bathrooms turned out quite nice! Let’s have a closer look…
I see you.
Now, let’s check out the pool deck. It DOES look pretty relaxing and I’m pretty obsessed with how the pool is indoor/outdoor.
These ropes are designed to pull the illusion of the flying man from the mosaic through the entire pool deck and down the side of the building. Either that or they should have been photoshopped out.
All in all, I feel like the building likely turned out very nice. I can’t wait t see the professional photos! What do you think?
