Vue at Brickell Makes Amazing Turnaround from its Dire Days
A much needed facelift is well underway at Vue at Brickell. The building recently had a brand new fitness center installed and is only two weeks away from unveiling its brand new pool and pool deck. Also, permits were recently obtained in order to begin renovation on its lobby. Work is scheduled to begin later this month.
As some might recall, Vue at Brickell was initially developed as a rental community before being converted to condos soon after being completed in 2004. From 2007-2008, Vue at Brickell was an unfortunate victim of widespread mortgage fraud which ultimately led to an insurmountable number of foreclosures and short sales throughout the building. At the height of the crisis, over 200 units were delinquent on paying their monthly condo association dues out of 323 total units! This obviously led to budget shortfalls and spending cuts. The building was in disarray and prices followed. Prices tanked so much in 2008 that it was not unheard of for condos at Vue at Brickell to sell below $100,000.
That was then. The building has come a very long way from those dire days! Condo prices at Vue at Brickell have made an amazing turnaround. In fact, at this time, the lowest priced unit in the building is asking $265,000. A one bedroom recently sold for $245,000. Of most importance is its location. Vue at Brickell is located in one of the hottest areas in Brickell. At the base of its building, there are a number of popular restaurants that can be found such as Golden Fig, My Ceviche and Piola. It is also within walking distance to the shops and restaurants at Mary Brickell Village and two Publix grocery stores. Best of all, the area will only get better with time as SLS Brickell, and its highly publicized restaurants, will open directly across the street. Also, the $1.05B mixed-use development known as Brickell Citycentre, which is currently under construction, is just blocks away. The future is most certainly bright for Vue at Brickell owners.
Miami Preconstruction Condos
Miami condo boom 2.0 is well underway and, over the past year, a plethora of luxury condo developments have been announced for South Florida. I have decided to launch a page devoted to the latest and greatest preconstruction condo developments in Miami and other surrounding areas. I will keep it updated as new projects are announced. Definitely check back in two weeks to learn about a very exciting waterfront development in Edgewater that is expected to be announced on July 15th. You won’t want to miss it!
Pharrell Williams’ Miami Penthouse Marked Down $5.9M
It appears that the market for Miami penthouse condos is not all sunshine and rainbows. Despite a red hot Miami luxury real estate market which has seen an array of record-breaking penthouse sales during the first half of this year (See Exhibit A, Exhibit B, Exhibit C and Exhibit D), the Bristol Tower penthouse currently owned by hip-hop sensation, Pharrell Williams, has seen its price slashed $5.9M since hitting the market this past November. Initially set at $16.8M, the tri-level mansion-in-the-sky was recently marked down to $10.9M – a whopping 35 percent price reduction!
Formerly the residence of Bristol Tower developer, Ugo Colombo, the 5 bedroom, 6.5 bath penthouse features 9,080 interior square feet, private elevator entry, grand living spaces with impressive floor-to-ceiling glass walls, a 180-degree wrap-around balcony, 7 assigned parking spaces and rooftop terraces with summer kitchen, pool and Jacuzzi. The one-of-a-kind penthouse also sports a sensational view! It offers sweeping 360-degree views of Biscayne Bay, the Atlantic Ocean and sparkling city lights at night along with the opportunity to enjoy both the sunrise and sunset each day.
According to property records, Mr. Williams acquired the penthouse in March 2007 for $12,525,000.
Baltus House – Related’s Latest Pre-construction Condo Development in Miami
Reservations are now being accepted for Baltus House – RELATED’s most recent pre-construction condo development. It will be located at 4300 Biscayne Boulevard – a five minute walk from the luxury shops and world famous restaurants in the Design District. Baltus House, designed by Arquitectonica, will have 167 total units across 15 floors with a mix of studios, one, two and three bedroom units. Amenities at Baltus House will include a state-of-the-art fitness center, 55-foot long swimming pool and over-sized Whirlpool, beautifully appointed clubroom and rooftop terrace with Jacuzzi and BBQ area.
Visit my Baltus House page for more details including a full-color brochure and floor plans. Contact me if you have any questions or an interest in making a reservations. The payment/deposit schedule is as follows:
- 10% Reservation / Now
- 10% Contract / July 2013
- 20% Ground Breaking / September 2013
- 10% Top Off / Spring 2014
- 50% Delivery / Spring 2014
Echo Brickell – Brickell’s Latest Pre-construction Condo Development
It appears that a luxury pre-construction condo development named Echo Brickell will begin accepting reservations next week. The Miami Herald reports that the skyscraper will rise 750 feet , or 60 stories, and feature large floor plans with up to 250 total units. The penthouses are expected to span over 7,000 square feet – unusually large by Brickell standards. Once completed, Echo Brickell will be the second tallest building in the neighborhood.
Unlike the handful of other pre-construction condo developments in Brickell that have been announced over the past couple of years, Echo Brickell will be located directly on the famed Brickell Avenue. The development will be erected at 1451 Brickell Avenue – a corner lot between The Four Seasons and St. Jude Melkite Catholic Church. Echo Brickell will be developed by Property Markets Group – the same development group which recently had a very successful launch of a 190-unit condo development in Aventura called Echo Aventura. World famous architect, Carlos Ott, has been chosen to design the luxury high-rise. Units at Echo Brickell will feature 10, 12 and 14-foot ceilings. The article states that plans for Echo Brickell include a swimming pool, which will encompass an entire floor about midway up the building, along with a fitness center and spa above it. The units will be sold move-in ready.
No mention of pricing was included in the article. However, in the coming days, I plan to get more information regarding Echo Brickell…so stay tuned!
Penthouse Floor Plans Released for SLS Brickell Residences
Preliminary floor plans for the penthouses at SLS Brickell Residences have been released. You will see below that there will be a total of seven floor plans on the penthouse level but only five of them will have unique layouts when compared to the other floor plans in the building. The five uniquely designed floor plans will essentially combine one and two bedroom floor plans from other levels to create larger spaces which will range from 1,845 to 2,332 interior square feet. Unfortunately, these units will not have a rooftop terrace or other distinguishing features which are typically associated with penthouses. There will, however, be a rooftop pool but that will be for all residents in the building to enjoy and not just those who own a penthouse. Regardless, if you are excited about SLS Brickell Residences but feel that the floor plans are too small, the penthouses might be a great opportunity to look into. However, being that there are only five combination units in the entire building, I do not expect availability for these to last long.
A $100,000 deposit is required to reserve a penthouse at SLS Brickell Residences. The balance of 20% will be required at contract, which should take place sometime between May and July. Contact me if you have an interest in reserving one (or heck, all five) penthouses at SLS Brickell Residences.
Latest Renderings of SLS Brickell Residences
I have to admit, until just hours ago, I hadn’t been overly excited about the recently announced SLS Brickell Residences. The first rendering, which was released to the public about a month ago, was rather boring. Being a foodie, the only thing that really excited me about the development was the fact that three amazing restaurants would be on-site: Bazaar by Jose Andres , Katsuya by Starck and a restaurant by Michael Schwartz. I’m a big fan of Michael’s Genuine so to have a brand new restaurant by Michael Schwartz only an elevator ride away sounded very appealing to me. Oh, and having a 250-foot long elevated pool – which I’m sure will be surrounded by some of Miami’s most beautiful women – didn’t sound so bad either. However, I just couldn’t get my mind off that very unexciting rendering of the development that made its way into my inbox last month.
That was the past though. With the latest rendering above, I’m back on board and am very excited about SLS Brickell Residences. It looks visually stunning and whoever created it did an outstanding job! Street-level, the rendering gives off a sense of activity and energy, which I have no doubt will be delivered true to life given the inclusion of the SLS Hotel, the three aforementioned restaurants and on-site Jazz bar. Mark my words, this is going to be the “in” place to be and live in Brickell once this development is completed. The party starts here!
As I had previously posted, reservations for condos at SLS Brickell Residences are now being accepted. Prices are expected to average around $500 per square foot. I had previously been advising clients to stay away from the west-facing units because they will look straight into units at Infinity at Brickell. However, the rendering above shows that the west-facing units will also have the privilege of checking out the activity down below at the pool deck. If you are planning to buy a west-facing unit, my advice is to go for a low floor. There is no point in buying a high floor on the west side of the building when the action will be down below. The price per square foot will be much lower as well.
Contact me if you have an interest in learning more about this exciting pre-construction condo and hotel development which will be located at 1300 South Miami Avenue in Brickell. You can find the brochure, floor plans, video and other information regarding this development on my SLS Brickell Residences page.
SLS Brickell Residences Now Accepting Reservations
The wait is over. SLS Brickell Residences is now accepting reservations. The recently announced pre-construction condo and hotel development will be located at 1300 South Miami Avenue, within walking distance to the shops and restaurants at Mary Brickell Village and upcoming Brickell CityCentre. The luxury tower, which has been designed by Arquitectonica, will rise 51 stories and be comprised of 450 condo residences and 133 hotel rooms. The SLS branded hotel component will take up the first nine floors. The residential units will be located on floors 10 through 51 with 11 units per floor. The ninth floor will house most of the amenities such as a 200-foot long elevated pool, spa deck, HYDE Bar and Lounge and CIEL Spa. The building will also have an 8,000 square foot ballroom, state-of-the-art fitness center, screening rooms and 3,000 square foot business center with private meeting rooms. A residents-only rooftop pool and lounge will encompass the entire top floor. On the ground-level, there will be three incredible restaurants, including Katsuya by Starck, Bazaar by Jose Andres and a restaurant by Michael Schwartz of Michael Genuine. Each unit will come with one assigned parking space.
Please refer to my SLS Brickell Residences page for more information. There, I have a full-color brochure, floor plans and video for the development.
To purchase a condo at SLS Brickell Residences, the payment structure is as follows:
- 10% at reservation – NOW!
- 10% at contract – June 2013
- 10% at ground-breaking – Fall 2013
- 10% at 25th floor slab – Mid-2014
- 10% at top-off – Mid-2015
- 50% at closing – Summer 2016
Contact me if you have an interest in reserving a unit at SLS Brickell Residences. You may reach me on my cell at 786-247-6332 or via email at [email protected].
7,400 Square Foot Penthouse at Villa Regina Sells for $1,925,000
Last week, a 7,400 square foot penthouse at Villa Regina traded hands for $1,925,000, or $260 per square foot. The 6 bedroom, 6.5 bath condo also included 1,600 square feet of balcony and a remarkable six assigned parking spaces! The residence has 10-foot high ceilings and offers spectacular views of Biscayne Bay, Key Biscayne and Brickell. There is no doubt that this penthouse was sold at an amazing price but – before anyone gets all worked up about how they missed out on the deal of the century – let it be known that this property needed a lot of work. I had the opportunity to tour the penthouse about a month ago. Conservatively, I felt that it would require at least $100 per square foot to turn it into a penthouse-quality residence by today’s standards. Regardless, even after forking over close to three-quarters of a million dollars (or more) in renovations alone, it would be well worth it. A condo this large, and at this price point, just doesn’t exist in Brickell.
