The long-awaited Apple Store at Brickell City Centre is slated to open on March 25. There will be a grand opening beginning at 10am, according to Apple.
This will be the first Apple Store in the Downtown Miami area and is very much welcomed. It will employ over 100 people speaking a total of 9 different languages, according to TechCrunch. Over half of the employees will speak Spanish, something we know is required for the Miami market.
On the outside, there will be 13-foot-tall floor-to-ceiling glass windows looking into the indoor/outdoor mall. Inside, there will be a large forum with a video wall and display windows with regular new designs. There will also be a boardroom for business customers to speak with Apple employees and try out new devices.
We will see you there next Saturday!
Miami Condo Investments Is Going To The Movies! Cinemex At Brickell City Centre Update
Last month, we received information that the Cinemex movie theater in Brickell City Centre was set to open on February 17. This news was welcomed with much excitement by the people who have been waiting patiently to see a movie in Brickell. The people with Swire were less impressed. It seemed there were some delays behind the scenes that we were unaware of, and the opening day was pushed back to March 17.
As that date draws nearer, the permits still haven’t been closed out and opening day is rescheduled for March 24. This process of final permits always leaves us with very fluid dates. The date that they are closed out depends upon the schedules of the inspectors, contractors, the amount of paperwork on the desk of the inspectors and a host of other moving parts that could create a delay. Even so, we took a peek inside this week and saw that things are indeed very close to completion.
We are just as anxious as everyone else to see the theater open! This is something we have wanted to have in the neighborhood for 10 years now, and at last it is SO CLOSE! We have even signed on to have a 30 second commercial that will air before each movie on each of the 10 screens at the theater, starting on opening night. We are so eager to see the theater open, we can’t wait to show it to you! What do you think?
Just Listed – Beautiful 3 Bedroom Condo at the Luxurious Jade at Brickell Bay
I am pleased to announce our newest listing – a beautifully renovated and furnished 3 bedroom, 3 bath, flow-through residence at the luxurious Jade at Brickell Bay with 2,130 interior square feet; 32-inch by 32-inch, white porcelain tiled flooring throughout the living areas and marble flooring in all bathrooms. It also includes motorized shades on all windows; closets with built-in cabinets; custom lighting; Samsung front-loading washer and dryer; and Master Bath with Jacuzzi tub, separate glass-enclosed shower, bidet, and double vanity. Best of all, the unit is located on the 41st floor offering breathtaking views of the Atlantic Ocean, Biscayne Bay, Virginia Key, and Miami Beach skyline.
It is rare that a 3 bedroom unit on a high floor becomes available for sale at Jade. In fact, it has been almost 3 years since one above the 36th floor has been listed for sale. From these very high floors, the view to the north becomes significantly better because it completely clears all but one of the high-rises on Brickell Key. It is also rare to find a renovated unit at Jade, especially one with such a clean, modern decor. Unsurprisingly, the feedback that I have received thus far from agents and their prospective buyers has been very positive. I have no doubt that this showroom-quality residence will soon find its way to a very happy buyer. The asking price is $1,999,999 and condominium association dues are $1,747 per month. It includes 2 parking spaces (1 assigned space + 1 valet space) plus storage.
Despite being built in 2004, Jade at Brickell Bay is still regarded as one of Miami’s finest condo developments. It is a waterfront development located along Biscayne Bay at 1331 Brickell Bay Drive. It is comprised of 338 total residences and rises 48 stories. Amenities at Jade at Brickell Bay include: infinity-edge pool, hot tub, state-of-the-art fitness center, spa, full-service concierge, rooftop sky lounge, complimentary valet parking for guests, 24-hour business center, and more.
See below for additional photos and information. If you or someone you know have an interest in scheduling an appointment to view this spectacular property, please contact me via email at [email protected] or on my cell phone at 786-247-6332.
$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?
Four Ambassadors’ Waterfront Restaurant Space To Be Redeveloped As ‘Brickell Bay Boardwalk’
A long underutilized stretch of waterfront restaurant space is being offered for lease with a redevelopment plan, according to an offering summary we received this week. Many people would be surprised to learn that there is a nearly 15,000 square foot waterfront restaurant underneath the Four Ambassadors at 8th Street & Brickell Bay Drive. At long last, a redevelopment plan is in place.
The Brickell Bay Boardwalk will be a 14,354 square foot restaurant space with 160 feet of linear bayfront space and an option for tenant docks. Once completed, the restaurant will have beautiful views of the Biscayne Bay and Brickell Key. The Mandarin Oriental is just across the bridge and Brickell City Centre is just 2 blocks to the west.
After a 6 month rent abatement for build-out, the space is offered for $96/square foot NNN with $14/square foot CAM charge. The space is also divisible in to two restaurant spaces of 5,260 square feet and 9,094 square feet. It looks like an interesting addition to Brickell and a great use of the space! What do you think?
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.
Brickell Heights is 100% Sold Out, Closings Beginning in the Spring
Just ahead of their opening day, Brickell Heights has sold the last of their pre-construction condos. The building is preparing to open on schedule in late April or early May of this year, according to the developer’s representative who we work with, Yenny Hanley.
Of the project’s 690 units, the last to sell were the penthouses, but this is a common occurrence in new projects. Because they are so customized, the penthouses typically take longer to sell. SLS Brickell still has a penthouse available, as does SLS Lux and ECHO Brickell. Back when Infinity at Brickell was doing their initial sell-off, the penthouses were in the last handful of apartments to sell as well. Brickell Heights has been a very successful project, with all of the units being sold for around $500/square foot.
The closings are expected to begin in late April or early May, depending upon the permit process. Equinox is already hard at work signing up new members for their 30,000 square foot location within the project. SoulCycle is also expected to open alongside the residential portion of the project.
It is so exciting to see our new neighborhood coming together!
Brickell Flatiron’s Foundation Pour Is Tonight
Image courtesy of CMC Group
The foundation pour for Ugo Colombo’s Brickell Flatiron is scheduled to begin tonight! When completed in 2018, the building will reach 750 feet into the skyline and have 65 floors.
This will be the largest pour to-date for Moss Construction, the contractor for the project. Since the building is so tall, the foundation will be 12,500 cubic yards and use 1,300 truckloads of concrete. This will take place over a span of 24 hours, according to The Next Miami. In order to ensure the strength of the foundation, the concrete must be poured continuously until it is complete.
Of the 552 total units, around 60% are currently sold, a representative from the developer reported. Prices on remaining inventory start at $465k. If you would like to view the pour, the 10th Street Metromover Station offers a bird’s eye view. Concrete starts flowing at 10pm and the developer will be hosting an event on Saturday to commemorate the milestone.
