First Look at the Newly Opened myBrickell
Closings have officially begun at myBrickell. I was able to tour the building earlier today with a client who closed this afternoon on a 2 bedroom unit. For those who aren’t aware, myBrickell is the first newly built condo development in Brickell to begin closings since the condo boom and bust of yesteryear. In a way, it represents the strength and resilience of the Miami condo market over the past five years. MyBrickell, located at 31 SE 6 Street, is directly across the street from Brickell on the River South and immediately west of 500 Brickell.
Included in this blog post are a number of pictures I took this afternoon while touring the property. Unfortunately, it was raining outside, so I wasn’t able to snap a good picture of the rooftop pool. I am sure I will have more opportunities in the weeks ahead.
Please contact me if you have an interest in renting a 1 or 2 bedroom condo at myBrickell. Within the next week, I will have a listing for each.
Change is on the Horizon for Guests and Residents of Marquis Residences
A few weeks ago, it was reported that Africa-Israel USA, the developer of Marquis, had sold the lower 15 floors of the luxury high-rise to CGI Merchant Group (CGI), a Miami-based investment and asset management firm, for $37.5M. The sale included the Casa Moderna Hotel and Spa, Amuse Restaurant and Lounge, 5,700 square foot retail space, parking garage, and the 14 townhomes that are situated around the pool.
Above, you will find the official notice from the Marquis Condominium Association advising building residents of CGI’s acquisition. It states:
The Miami Marquis Condominium Association and KW Property Management is proud to announce the sale of the hotel portion of the Marquis Residences.
CGI Merchant Group, a Miami-based investment and asset management firm, has acquired the lower 15 floors of the Marquis tower including the first floor “gallery” space, parking garage, spa and 14 townhomes.
CGI is planning to transform and re-brand the hotel, joining in partnership with an internationally renowned, 5 star hotelier, soon to be announced.
Plans call for extensive renovation and upgrades to include converting the townhomes into full-floor hotel suites as well as major improvements to the pool deck and gym amenities. Hotel renovations will include additional luxurious suites and a vibrant new restaurant and event space.
An elegant entrance to the front of the property accommodating the hotel and “gallery” space directly off Biscayne Blvd. will also be included as part of the upgrade.
The Marquis Condominium Board has worked diligently alongside CGI to support the sale while strengthening the relationship by negotiating to have a Condo Board Member represent condo owners at the master level. This opportunity provides direct feedback from the membership while promoting transparency for all parties involved.
The Marquis Condominium Association welcomes the long overdue improvements and amenity upgrades and looks forward to a long-term partnership with the CGI Merchant Group.
More information will be announced within the next couple of weeks. CGI is planning a “Meet and Greet” to detail the improvements and answer questions from the residents.
Regards,
Marquis Condominium Association
My guess is that one of the first questions asked by residents during CGI’s upcoming “Meet and Greet” will pertain to valet parking. Currently, valet parking is free for resident guests. Will the transition to new ownership mean an end to this long-time practice? Also, how long will it take for improvements to be completed? Sounds like the pool and gym may be closed for a long period of time.
I hate to ruin surprises, but “rumor” has it that the hotel will be operated by “Me by Meliá”, which is a luxury hotel brand of Meliá Hotels International with its roots in Spain. I have also heard that The Darby, a popular restaurant and lounge from New York City, will open its first Miami location at Marquis.
On a side note, I was told earlier today that moving forward only owners will be permitted to have a pet at Marquis Residences. Sorry renters, but you are out of luck…once again!
Best Deal in Brickell! Fully Furnished 1 Bedroom Penthouse on the 44th Floor – $310,000
Update: Price has been reduced to $310,000. Includes furniture.
Earlier today, I got another new listing signed. This time a beautifully furnished 1 bedroom penthouse with 12-foot ceilings and ceramic tiled floors throughout. The 783 square foot condo is located on the 44th floor of Latitude on the River and offers amazing views of Biscayne Bay and the Brickell skyline to the south. The unit comes with one assigned parking space located on the 6th floor of the parking garage. That is extremely rare since almost all 1 bedroom units in the building come with one valet-only space. The kitchen comes equipped with stainless steel appliances, granite countertops, and white Italian cabinetry. The unit includes a large walk-in closet in the bedroom along with a second spacious closet in the hallway. It is important to note that this unit completely clears the Latitude One office building situated just in front of Latitude on the River. Most of the south facing units do not.
Latitude on the River is located at 185 SW 7 St, just two short blocks away from the upcoming mixed-use development called Brickell City Centre. The nine acre development will include an array of luxury shops and restaurants as well as a number of entertainment options. Phase one completion of the one billion dollar development is scheduled for next year.
The maintenance fee for this condo is $554.39 per month. Based on recent rental comparables, this furnished unit should easily rent for $2,000 per month on an annual basis. Renting the unit on a short-term basis would also be an option since Latitude on the River allows rentals with a 3 month minimum. Latitude is also a pet friendly building permitting up to 2 dogs with a maximum weight limit of 70 pounds.
Additional pictures of the penthouse, along with the floor plan and pictures of the building amenities, can be found in the slideshow below. Please contact me if you or someone you know has an interest in scheduling an appointment to view this beautiful condo in person. I am also available to answer any questions you may have. I can be reached via email at [email protected] or on my cell at 786-247-6332.
New Renderings Released for Nine at Mary Brickell Village
Two new renderings for Nine at Mary Brickell Village were released earlier today: one of the kitchen (shown above) and one of the bathroom (shown below). One key difference between Nine at Mary Brickell Village and most other preconstruction condo developments in Miami is that each unit at Nine at Mary Brickell Village will be delivered move-in ready. Units will come with imported porcelain tile flooring in a wood grain finish, as shown in the rendering above, and solar window shades. The kitchens will feature white lacquer European-cabinetry and quartz countertops with full-height backsplashes. Also found in the kitchens will be high-performance, ENERGY STAR stainless steel appliances such as a 25 cubic foot side-by-side refrigerator and drop-in oven with glass cook-top. It is important to note, however, that not all units at Nine at Mary Brickell Village will include an island kitchen as shown in the rendering above.
The bathrooms at Nine at Mary Brickell Village will feature quartz countertops with under-mount sinks, chrome-finish hardware, over-sized deep-soaking tubs and/or semi-frameless glass-enclosed showers with soothing rainfall showerheads.
Completion is estimated for Summer 2014.
Penthouse Sale at Marquis Breaks Record on Per Square Foot Basis
Recently, a record-breaking sale took place at Marquis in Park West Miami. Unit 6101 – a 4 bedroom, 4.5 bath bi-level penthouse encompassing 3,729 interior square feet – sold last Friday for $2,675,000, or $717 per square foot. This made it not only the highest sale to ever take place at Marquis on a per square foot basis, but also the first sale in the building to the eclipse the $700 per square foot threshold. The view – which is amplified by its soaring 20-foot, floor-to-ceiling glass windows – is nothing short of spectacular. The condo, located on the southeast corner of the 61st floor, offers views of the Miami Beach skyline, Downtown Miami, Biscayne Bay and the Atlantic Ocean.
The penthouse was priced extremely well. I know firsthand that there was a high level of interest from buyers. The unit lasted not even two weeks on the market before going under contract and ended up selling $175,000 above asking price.
The unit was purchased decorator-ready directly from the developer in March 2011 for $1,730,000, or $464 per square foot.
It is important to note that this penthouse is not one of the penthouses that includes a rooftop pool. As you may recall, one of those penthouses sold decorator-ready in June 2010 for $4.2M, or $525 per square foot. That was the mammoth penthouse at Marquis with 8,000 interior square feet across four levels. In case you’re wondering, that is the largest penthouse currently in existence in Downtown Miami. That record will be shattered once THE PENTHOUSE at One Thousand Museum is completed. That penthouse will have a mind-blowing 15,000 interior square feet.
Marquis condos for sale
Marquis condos for rent
myBrickell Closings to Begin Next Month
Closings for myBrickell condos are expected to begin next month. The building has been completed but the developer must first wait to receive its TCO from the city before closings can commence. MyBrickell represents the first newly built condo highrise in Brickell to begin closings since the condo boom and bust of yesteryear. The Miami real estate market has been on an absolute tear since preconstruction condo sales for myBrickell were announced in October 2011. In fact, last month marked the 24th straight month in which the median sales price rose for both single family homes and condominiums in Miami.
MyBrickell has 192 total units comprised of studios, 1 and 2 bedroom residences. It is important to note that myBrickell does not have a parking garage. Units begin on the second floor with the lobby and retail space occupying the entire first floor. The 1 and 2 bedroom units will come with valet parking. The studios, however, are out of luck. Those who rent or own a studio will need to rely on their own two feet and public transportation. Or, they can look into obtaining a parking space in a nearby garage (good luck with that one though).
Brickell rental inventory has been thin over the past year. The emergence of new rental units from myBrickell should bring a sigh of relief from renters who have seen rental prices in Brickell climb steadily over the past three-plus years. Despite the valet-only situation, I expect there to be a tremendous amount of interest from both renters and buyers for the one and two bedroom units at myBrickell. It will be interesting, however, to see what happens with the studios. Public transportation has gotten better over the past couple of years so I’m sure people can make do without a car if they really tried. The big question, however, is how many will be willing.
According to the myBrickell brochure, units at myBrickell will be delivered with “designer berber carpeting throughout living, dining and bedrooms”. Kitchens and bathrooms will be delivered with “imported designer tile”. Splash on a coat of paint and hang some window treatments, and these units will be move-in ready. I expect the first residents to move into the building by late January to early February.
If you have an interest in buying or renting a unit at myBrickell, please contact me. I already have one rental listing and should have more in the weeks ahead. Once closings begin, I will contact, on a first-come/first-served basis, those who have expressed an interest in either buying or renting a unit at myBrickell.
If you are a contract holder and are looking to retain the services of a reliable and experienced real estate agent to sell or lease your unit at myBrickell, look no further. I take pride in my work and handle each and every one of my listings with the care and attention that they deserve. If you have any questions, feel free to reach me on my cell at 786-247-6332 or via email at [email protected].
myBrickell floor plans:
Mybrickell floor flans by Lucas Lechuga
One Thousand Museum – The Best Bargain in Town
There isn’t a preconstruction condo development in town that I’m more excited about than One Thousand Museum. It will be more than a building. It will be a work of art. A work of art that I feel has tremendous upside potential. Critics cry foul at the $900-$1,200 per square foot prices. I cry bargain. In my opinion, there isn’t a better bargain in town.
Keep in mind that critics cried foul when prices at Apogee South Beach pushed $1,000 per square foot. They thought it was ungodly. Just four years later, prices there are now over twice that amount. Also keep in mind that units at Apogee South Beach were delivered decorator-ready while units at One Thousand Museum will be delivered move-in ready complete with ultra-luxe design finishes.
Still, naysayers point to the fact that One Thousand Museum is across the bay. They feel that condos on that side of the water won’t see prices push $1,000 per square foot anytime soon. At least, not by 2016 when One Thousand Museum is slated for completion. I’m here to tell you that prices across the causeway have already eclipsed the $1,000 per square foot mark. Epic Residences and Paramount Bay have both had units trade for over $1,000 per square foot. One Thousand Museum will be in an entirely different league. There’s no comparison. It will be unlike anything South Florida has ever seen. And that’s without taking into account the upside potential for the neighborhood as a result of Miami Worldcenter – a 27-acre mixed-use development which will be located directly behind One Thousand Museum. Completion for Miami Worldcenter is estimated for the end of 2016, just as the first residents of One Thousand Museum move into the building.
To learn more about One Thousand Museum, I highly suggest that you watch the sales presentation below. I captured it recently while wearing Google Glass.
One Thousand Museum sales presentation:
A quick look at the One Thousand Museum floor plans:
One Thousand Museum model kitchen:
New Exclusive Listing – 2 Bedroom with 16-foot Ceilings at Icon Brickell III (Viceroy Tower) – $760,000
Brand new listing at Icon Brickell Tower 3 (Viceroy Tower). I likely won’t have the listing up on the MLS until early next week because I first want to have it professionally photographed. Yesterday evening, however, I used Google Glass to record a walk-through of the unit so I could give a few of my clients a special preview. The video is at the bottom of this post.
The 2 bedroom, 2 bath corner unit has 16-foot ceilings, glass tiled floors and a fabulous view of Biscayne Bay and the city. The condo is being sold fully furnished. Tower 3 is the only tower at Icon Brickell that allows short-term rentals. That’s great for investors. The owner does not have the unit in the hotel program but recently started using an outside company to handle the short-term rentals on her behalf. To give you an idea as to the kind of income you can expect during high-season, the unit got rented for $7,000 for three weeks from the end of December to mid-January. The owner gets to keep 80% of it.
Asking price for the condo, including the furniture, is $760,000. Please contact me if you or someone you know has an interest in learning more about this spectacular residence. I can be reached on my cell at 786-247-6332 or via email at [email protected].
Update: I have since had a professional photographer take pictures of the unit. Below you will find a slideshow with those pictures.
Brickell Heights Sales Launch Party
Yesterday night, I attended the Brickell Heights sales launch party. Jorge Perez, Chairman & CEO of The Related Group, and Harvey J. Spevak, President & CEO of Equinox, spoke at the event. I recorded the presentations and uploaded those videos onto YouTube. Judging by the empty seats in the row in front of me, it may not seem like the party was well attended but I assure you that it was. There were lots of people standing along the sides and towards the back of the room. The footage isn’t great due to the bright screen behind the stage but you can hear everything clearly.
After a brief introduction and unveiling of the Brickell Heights promo video, Harvey J. Spevak spoke followed by Jorge Perez. Mr. Spevak discussed the impact that Equinox has had on real estate sales for residential developments in New York City with which his brand has been associated. Equinox will have 35,000 square feet of dedicated space at Brickell Heights. That will make it the largest Equinox club in South Florida. Brickell Heights will also have a 3,000 square foot spin studio separate from Equinox called Soul Cycle. Mr. Spevak noted that Equinox Brickell will have an elite team of personal trainers – some of the best in the world – which will work with members not only at the club but also at a member’s residence if they so desire.
Jorge Perez kept his speech short and sweet but I think he did a terrific job in driving home the message that Brickell Heights is going to be at the center of the action in Miami. Located across the street from Mary Brickell Village and just one block from the upcoming Brickell City Centre, residents of Brickell Heights will have hundreds of shops, restaurants and bars at their doorstep. Mr. Perez also explained how Equinox came into the picture. He envisions a very healthy and active lifestyle for residents of Brickell Heights. He refers to Equinox as the “Rolls Royce of fitness” and, therefore, a perfect match for a luxury condo development such as Brickell Heights.
Below you will find four videos which cover the presentations that were given at last night’s Brickell Heights sales launch event:
Introduction
Brickell Heights promo video
Harvey J. Spevak, President & CEO of Equinox, presents
Jorge Perez, Chairman & CEO of The Related Group, presents
