Just Listed – A Gut-Renovated, Turnkey Furnished 2 Bedroom Apartment at Icon Brickell II – Asking $6,800 per Month
If you’re in the market for a turnkey furnished 2 bedroom apartment in Brickell and are looking for the very best, look no further. For the first time on the market, I introduce to you unit 4102 at Icon Brickell Tower 2 – a gut-renovated, turnkey furnished 2 bedroom corner unit featuring soaring, 16-foot high ceilings with floor-to-ceiling glass windows and sweeping views of the city and water. In creating this stunning masterpiece, over $700,000 was spent in upgrades, renovations, and furnishings.
Unit 4102 also features a fully-equipped, modern kitchen with white quartz countertops, stainless steel appliances, white cabinets, and wine cooler; wood-like porcelain tiled flooring throughout the living areas and second bathroom; an exquisitely appointed master bath w/ His & Hers console vanities, subway-tiled walls, a freestanding bathtub, and glass-enclosed shower; linear slot diffusers throughout; dropped ceiling with recessed lighting in every room; motorized shades; and a 268-square-foot balcony with access from the living room, kitchen, and master bedroom.
Asking $6,800 per month, unit 4102 is the ideal home for a corporate exec or Miami power couple. For showings, email Lucas Lechuga at [email protected].
The world-class amenities at Icon Brickell include a 300-foot long swimming pool, 50-person hot tub, 28,000-square-foot full-service spa and fitness center, movie theater, game room, on-site restaurants, full-service concierge, and valet parking.
The Icon Brickell Pool Deck Has Officially Reopened
After two long years of construction, the Icon Brickell pool deck has officially reopened. The Icon Brickell master association “received permission from the City of Miami Building Department to open the pool and pool deck under a Temporary Certificate of Occupancy from 7:30 AM to 5:00 PM daily until the final building, roofing and electrical inspections are passed”.
Below is the letter sent yesterday from the Icon Brickell Master Association to owners and residents:
December 29, 2018 marks the first day that the pool deck has been open since closing on December 5, 2016 for repairs and renovations. Because the association did not make arrangements for an alternative pool during the time of construction, residents of Icon Brickell have been without a pool for a little over two years. The work was expected to be completed about 12 months later but unexpected delays prevented the association from hitting that mark.
Below are some Instagram photos and video showing people enjoying the Icon Brickell pool on this beautiful December day in Miami:
Well, December 15th came and went, and the pool remained a construction zone.
In early February 2018, the Icon Brickell Master Association Board of Directors sent a new notice to residents to update them about the large delay to reopen the pool, blaming the delay on “the hurricane and unforeseen construction items”. They also provided a new anticipated opening date of April 1, 2018, barring any significant delays due to weather.
Well, here we are in June. Once again, the reopening date came and went and still no finished pool deck. Earlier today, an agent on the Miami Condo Investments showed a few units at Icon Brickell and was able to snap a few shots of the pool deck along with a short video clip. By the looks of it, there’s quite a ways to go until one can expect the Icon Brickell pool to reopen.
I had been hearing rumblings that the anticipated reopening date had been pushed back to July or August; however, an owner at Icon Brickell notified me today that he has received word from management that the pool isn’t anticipated to reopen until August. I guess we shall see!
If you ask me, they’re planting them Christmas trees around the pool in anticipation of a December 2018 reopening…LOL!
Icon Brickell Pool Deck Slated to Reopen April 1st
The pool deck at Icon Brickell has been closed for renovation and repairs since December 5, 2016. Originally, the plan was for it to reopen by December 15, 2017. However, due to Hurricane Irma, along with other unforeseen circumstances, construction was delayed. According to a recent email sent by the Icon Brickell Master Association Board of Directors, the new anticipated opening date is April 1, 2018, barring any additional delays due to the weather.
Below is the update that was emailed last week to Icon Brickell owners and residents:
As we are entering into the final stage of our pool deck project, we wanted to provide you with an updated schedule for completion. Due to a couple significant events that were beyond the control of the Association and the Contractor, including the hurricane and unforeseen construction items, we were not able to meet our original target date to reopen the pool at the end of 2017. That said, we have been working diligently with the construction team and consultants to get this project across the finish line. At this point, based on all available information, we are anticipating an opening date of April 1, 2018, assuming we don’t have a significant number of rain days between now and then.
As you may have noticed, there is now water in the pools. We are in the process of flood testing the pools to ensure the construction has been successfully completed in a way that meets code and will provide a long-lasting end result. The Contractor is also completing the electrical wiring and will start installation of lights shortly thereafter. Lights will be installed on the observation deck first, followed by placement of the wall sconces and the bollards. In addition, we are making strong progress with respect to the landscaping. Three more trees remain to be planted, and immediately following that completion, we will move on to reinstalling the large decorative pots.
Lastly, some of you have asked what will become of the space previously occupied by Café icon. The Board, and residents present at the last Master Board meeting, recently saw three presentations from potential operators for the space. The Board has asked each of them to provide additional information before a decision is reached at an upcoming Board meeting.
We are very cognizant of the need to return the pool deck to operation, but also the necessity to deliver a space that provides for the optimal enjoyment of residents at a reasonable expense. Accordingly, now is not the time to cut corners, as we want to do everything possible to avoid having to deal with this inconvenience again for a long time to come.
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!
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…
Market Stat Monday: Icon Brickell
Unless you’ve been living under a rock over the last two years(or outside of Miami), you have to know that Icon Brickell is undergoing an epic pool repair. How’s that coming along?
According to their management office, very well. Everything is still on schedule to see the pool fully repaired and reopened by the December 15 date they had initially anticipated. Of course, the last year has left a lot of frustration and questions for unit owners and residents, but there is finally a light at the end of the tunnel. Because of the frustration of not having a pool, coupled with the inconvenience of living in a construction zone and our over-saturated market, have people been able been able to land some amazing bargains? Not so fast…
While there are currently 167 active listings on the market for sale and 113 available for rent, the development is still seeing solid traffic. The third quarter of 2017 brought 30 new closed sales and 104 new tenants, all paying more than 90% of the asking price.
Sales
The most expensive listing to trade over the last quarter was Bay Loft 806. It was a 2 bedroom with a den and direct bay views from each room, and traded for $745,000 after having been listed for $780,000.
The least expensive transaction was a studio in the Viceroy (W Hotel) tower. It had been listed for $270,000, but traded for $250,000. One of the unique features of Tower 3 at IconBrickell is that daily rentals are allowed.
On average, buyers have given 92% of the asking price of the condos they purchased, or $442/ square foot. It also takes 233 days to sell a listing on average, but as many as 644 days. Given that there were 30 new closed sales during the quarter, that leaves us with 16 months of inventory. This really isn’t a bad number compared with the market as a whole.
Rentals
On the rental side, things move much more quickly. With 104 closed rentals and 113 available options, there is just over 3 months’ of inventory.
The least expensive rental was a studio on he 8th floor with a river view that rented for $1,675/month. The most expensive was a 3 bedroom unit with 2 baths and a big bay view that leased for $6,000/month.
On average though, the listings are trading for $2.90/square foot and take 68 days to find a new tenant. The tenants are also paying 95% of the asking price, so there are no special bargains to be had despite the pool situation.
Not bad!
Miami Condo Investments’ Most Popular Buildings in Greater Downtown Miami
I thought about doing a TBT post today, but then changed my mind. There is so much going on in today’s real estate market, why talk about the past? New buildings are opening every month, people are curious about how these new buildings compare to the ones that were new in years past. So which buildings are currently the most popular by condo shoppers?
I took a look through our Google Analytics report to see what our readers are looking at the most. In the time period from May 14, 2017-June 14, 2017, MiamiCondoInvestments.com received a total of nearly 73,000 page views. Of those, here are the ten most viewed building pages. This list does not include views of individual listings, just of the building pages themselves, where you can find inventory lists, market statistics and closed sale/rental data.
1 – SLS Brickell – 1,219 views
It makes sense that SLS Brickell would take the number one spot with an overwhelming lead. The project was very much anticipated by future tenants, owners and pool-party-goers alike. Move-ins began in late December/early January and have moved on at a rapid pace, leaving the building almost at full occupancy now, with demand still strong. Our agents alone have handed out 16 sets of keys in the building, with a healthy book of buyers and prospective tenants still shopping.
2 – Reach at Brickell City Centre – 731 views
I would have been surprised if Brickell City Centre didn’t make this list! This project was the catalyst that fueled the buying craze in Brickell over recent years and reinvigorates the neighborhood that was once a dense yet sleepy enclave of beautiful high rises that became quiet at night. Reach was the first residential tower to open in Brickell City Centre, and is also approaching occupancy. When the project initially opened, one bedrooms started at $2,400-$2,450/month, but now have risen to $2,650/month.
3 – Brickell Heights East – 715 views
The newest new building on the block also made the list, and no surprise there. Our photo tour of Brickell Heights just days before they opened was one of the most popular blog posts so far this year, and the amount of calls we get for it is a very good sign that the initial occupancy of the building will go smoothly.
4 – 1100 Millecento – 700 views
Millecento’s place as number 4 on the list was a bit more surprising, but not in a bad way. It’s not the newest building in the area, so people aren’t hungry for a preview. There’s really no drama going on with the building (that I have heard of at this time), so people aren’t looking for gossip and info. We still receive a healthy amount of calls and contact requests on Millecento, so I feel it’s safe to say that the traffic is good ol’ prospective residents. That’s great!
5 – Biscayne Beach – 638 views
Edgewater’s newest new building is also on the charts. We covered the progress & opening extensively, so it makes sense that blog readers are interested in the progress. We also have a beautiful 3 bedroom unit listed on the 30th floor with direct bay and Downtown Miami views. It is well-priced and a blank canvas inside. With the amount of attention the building receives, I feel that it will sell quickly.
6 – The Bond on Brickell – 615 views
The Bond is very popular for people who want to live in a brand-new condo in Brickell, but prefer understated elegance and high quality finishes over the kitschy excess that is SLS Brickell. We receive many calls about this building, and there have also been many of our clients who have called about SLS Brickell but then chosen The Bond. It is like SLS Brickell’s quieter sister.
7 – The Plaza at Brickell East Tower – 531 views
The Plaza is basically a Brickell staple. I was surprised that it received more views than any of the IconBrickell towers, but that just shows what the market is interested in. We did a market report on Monday about The Plaza and found that sellers and landlords fare better in today’s market by removing that horrible outdated berber carpet from 2008. There is too much competition in the neighborhood to expect buyers and tenants to sign up for old berber carpet (in case I didn’t make my point on Monday).
8 – BrickellHouse – 530 views
Despite their garage saga, BrickellHouse remains a popular building in the neighborhood. Yes, the garage is broken. No, we don’t know when it will be fixed. Despite that, the finishes are quite lovely, the views and location are great and it remains very popular among our clients.
9 – IconBrickell Tower 1 – 477 views
Of course IconBrickell would be on the list. It has remained one of our most requested buildings since it opened… even since the pool closed. The pool should reopen by the end of the year.
10 – Jade Residences at Brickell Bay – 468 views
Jade is one of the most luxurious buildings in the neighborhood, even after 13 years. Although most buildings in Brickell have beautiful bay views, Jade is where you go if you want an extremely luxurious setting with private elevators and direct bayfront. The only building it competes with is the Santa Maria, except that Jade is more modern and in a more walkable section of the neighborhood.
Do you think that the top viewed buildings on our website are surprising, or expected?
IconBrickell’s Hotel Program Was Cancelled – Tips For Investors
News broke last May that IconBrickell’s Viceroy Hotel was being sold to Starwood Hotels. The 148 room hotel began a renovation and was rebranded as W Miami in a $64.5 million deal that included hotel rooms, 15th floor restaurant, and access to the 10 acre amenity deck. What was not included was the hotel program, which allows unit owners in Tower 3 the option to have the hotel to lease their units on a nightly basis to hotel guests. The program was cancelled.
We receive a lot of requests from investors who want to purchase a condo in Miami to rent out for most of the year and then retain the ability to use it during the times when they would like to visit. For this type of investor, hotel programs have always been a popular choice, although they are not as plentiful as one would expect. They are also not as profitable as one would expect.
In the investor’s eyes, they are granting the hotel the right to lease their apartment to hotel guests. The apartment owner does not need to manage those guests or the apartment, they just give notice to the hotel that they would like to use their apartment on certain days and then collect checks. It’s not so easy or profitable.
What isn’t usually mentioned is that the hotel only rents condo/hotel apartments to the hotel guests after the hotel is already at full capacity. The condo/hotel unit owners are only getting the overflow guests, and since the average occupancy rate for 2016 was 75.9%, the vacancy rate could go quite high. From that amount that the guests pay, the owner receives a percentage of their daily rate minus a management charge and reserve account charges. They also lose the right to determine how the unit is furnished, as it must follow the design guidelines of the hotel brand. Even with all of these fees and regulations, the owner is still required to repair damage to the apartment in the event that a hotel guest is rowdy.
Since the introduction of AirBnb, many investors have abandoned condo/hotel investments in favor of the online booking service, even though it is fully illegal in Miami Beach and not allowed in condo buildings from other areas. Most of the buildings in the Greater Downtown area (Brickell up to Midtown) require at least 6 months of minimum lease term, although a few have begun to allow rental terms of as low as one month. Finding a building that allows daily rentals is extremely rare in this area.
Even if Miami is successful in introducing similar ordinances to the aggressive $20,000/infraction fine that Miami Beach is enforcing, there are private companies who manage short term rentals that do follow the rules. These could fall under the category of vacation rentals or corporate rentals. It gives the investor more control of the apartment without having to be hands-on with the guests’ stay.
So, here we have a great investment opportunity! Tower 3 at IconBrickell allows daily rentals, making it a great spot for AirBnb investors (or other corporate rental investors). The investors are able to have more control over their investment and occupancy rates, while still reserving the right to use the apartment at their leisure. I like it.
What Will IconBrickell’s Pool Look Like After The Renovation?
It seems everyone in the South Florida area knows that IconBrickell’s famous pool deck is closed for a year, but we realized last week that nobody has asked about what it will look like when it reopens. Will they bring Phillipe Starck back in to do a redesign? Are there any renderings floating around?
We sat down with the property manager to find out what is in store after the construction crews complete their jobs and were pleased to learn that the design won’t be changing much. Most of the necessary work is not cosmetic, so the finished product can look very similar to the iconic pool that we are used to.
There are some changes that will be necessary. The patches of tiles that resembled red wood will need to be replaced with something more slip-resistant but they plan to use the same color, just a different material. Also, the cabanas will be relocated to a sunnier area so that people are more inclined to use them. They will also use this opportunity to choose new pool furniture and add more outlets. It seems Related Group underestimated how many people need to charge their phones while they lay by the pool. Previously, there were only 11 outlets on the entire deck. The animal lights will return as well, although with updated technology.
We have been pleased to see that the construction seems to be moving along according to schedule and although the number of sales transactions has fallen, the prices are holding stable. It was a frightening moment last year when the prices were in free-fall. Once the more candid details of the repair came out and the work actually started, everyone’s nerves seem to have calmed. There won’t be any renderings of the project, since the finished product will be so similar to the original. We’ll have to wait and see in person!
Here is a photo of the pool before the renovation:
