We are in the process of revamping our neighborhood pages. It has been a project that I have kept on the back burner for about two years. The new neighborhood pages are geared towards non-locals and others unfamiliar with the various neighborhoods throughout South Florida. My intent is to provide quality content which will allow people to familiarize themselves with the area and get a sense for what each neighborhood has to offer.
One way in which I hope to educate these people is visually. The above video/picture slideshow is one such example. (I suggest changing the quality setting to 1080p HD and switching to full screen mode when viewing the video.) My goal when taking these pictures was to provide those unacquainted with the area the type of scenic tour one would receive if walking the neighborhood by foot. I also included some amazing shots that were taken from a boat that we rented as well as others that were taken from various high-rise buildings throughout Brickell. I thoroughly enjoyed working on this project and it made me fall in love with Brickell all over again. Brickell is truly a beautiful neighborhood and one which seems to keep getting better with time.
Creating the content for each neighborhood page is very time consuming so we are going to roll out each neighborhood one at a time starting with Brickell. We hope to have the Brickell neighborhood page launched early next week then move on from there. We are also working on a few other website enhancements which should go live later this week. I will discuss those at a later time.
MyBrickell Construction Update
I had a chance to walk by the myBrickell construction site this afternoon. 3 floors down, 25 more to go.
Miami Home Prices Increase for Seventh Straight Month
According to a report released earlier today by the Miami Association of Realtors, home prices in Miami posted solid gains last month. The increase marked seven straight months of appreciation for the Miami real estate market. In June, the median sales price of single-family homes in Miami-Dade County increased five percent to $194,250, year-over-year. The condominium market in Miami fared even better. The median sales price last month increased a staggering 34 percent to $160,000 compared to a year earlier.
The report also revealed that all-cash transactions last month represented 65 percent of total closed sales in Miami-Dade County. Cash sales in June accounted for 77 percent of condominium and 46 percent of single-family home closings. Meanwhile, the national average for all-cash transactions moved slightly higher to 29 percent in June. The astounding difference is attributed to the strong presence of international buyers in Miami.
1101 Brickell Has Been Approved; Construction to Start by Year’s End
An 80-story condo development called 1101 Brickell has been approved by the City of Miami and will be spearheaded by Florida East Coast Realty. The announcement was made by President Tibor Hollo in an interview with Miami Today News. Hollo expects construction to begin by year’s end. 1101 Brickell, which will rise 849 feet, will become the tallest building in Miami, a title now held by the Four Seasons Residences. The development will have 724 residential units and is estimated to cost $500M-$600M.
Florida East Coast Realty is the development team behind several unforgettable residential towers in Miami such as Opera Tower, The Club at Brickell Bay, Bay Parc Plaza, Venetia Condo and The Grand. 1101 Brickell will no doubt be just as memorable.
For the second time this year, a condo development in Brickell has broken ground. A ceremony was held this morning at the development site of BrickellHouse to celebrate the start of construction. BrickellHouse will be a 46-story, luxury condo development located at 1300 Brickell Bay Drive, across the street from Jade at Brickell Bay. The amenities will include a rooftop pool on the 46th floor, a luxury health spa and fitness center and a fully-automated robotic parking garage. Prior to breaking ground, BrickellHouse already had over 95 percent of the 374 total units pre-sold. I was told by a sales associate that, as of yesterday, only 15 units remain. The available inventory includes a few penthouses as well as other units located on high floors. BrickellHouse is scheduled for completion in 2014.
Remaining Developer Inventory at Met 1 to Go on Sale This Sunday
Get ’em while you can! Starting this Sunday, the developer of Met 1 will sell its last remaining developer units. With 1 bedroom condos starting at $231,000 and 2 bedroom condos starting at $385,000, this is an amazing opportunity! If you look at currently available inventory in the area you will quickly learn that it is virtually impossible to find a 1 bedroom condo in a building of comparable quality to Met 1 for less than $250,000. 300 developer units will be sold in batches. The first units sold will be the best priced. For those who missed the boat on other well priced developer close-outs over the past two years, this could be your last chance to redeem yourself.
Met 1 is located on the southern edge of Downtown Miami at 300 S Biscayne Blvd, within a few blocks of Brickell and a short walk to Mary Brickell Village. Contact us if you would like to learn more about the inventory and pricing for the first batch of units which will go on sale this Sunday. You can reach us via email at [email protected] or by phone at 305-428-3860.
All That Remains of Camillus House in Downtown Miami
While showing property in a nearby Downtown Miami condo development yesterday afternoon, I noticed the pile of wreckage that was once Camillus House. As expected, the site had been demolished early Monday morning. Even though it had only been just a day since the demolition, I decided to drive around the neighborhood yesterday evening to see if I could recognize any differences in the neighborhood. I weaved in and out of the streets around the area and found literally just one homeless person. I truly did not expect to find much of a difference yet but the difference is there and quite obvious even to the most critical of people. This is great news for Downtown Miami!
The Lebron Effect on Downtown Miami Real Estate Prices
It has been a long and winding road but the Miami Heat accomplished Thursday night what they had set out to do in July 2010 – to win an NBA championship. The Miami Heat defeated the Oklahoma City Thunder 4-1 in the NBA Finals to become the 2012 NBA champions. In all honestly, the Miami Heat obliterated the OKC Thunder and made a mockery of them – but we won’t go there. Few would refute that LeBron James, the Most Valuable Player of the 2011-2012 season, was the most contributing factor which allowed the Miami Heat to raise the NBA trophy Thursday night for only the second time in franchise history. LeBron James’ decision in July 2010 to take his talents to South Beach single-handedly changed the landscape of the league and set forth in motion an inevitability that no one outside of Miami wanted to see.
James’ arrival in the summer of 2010 was celebrated not only by die-hard Heat fans but also anyone with any type of business or property interest in the city. His announcement was seen as a godsend to the hotel and tourism, restaurant and real estate industries throughout Miami. The area most positively impacted by LeBron James’ decision to join the Heat was most certainly Downtown Miami, the neighborhood immediately surrounding the Miami Heat arena. Prior to James’ arrival, property values in Downtown Miami had endured several years of double digit price declines. Furthermore, retail spaces and hundreds of condominiums within walking distance of the arena sat completely empty. However, that was all about to change.
Within days of James’ announcement, there were reports of buyers snatching up condos in the area in a flurry of excitement. As a result, developer inventory began to dwindle and Miami real estate prices started to recover over the subsequent months. Since LeBron James’ decision in 2010, real estate values in Downtown Miami have increased over 20 percent. Additionally, across the street from the arena, several new businesses – such as a pizza restaurant, wine bar, Chinese restaurant and sports bar – have opened their doors. One could argue that James’ arrival played an instrumental role in the real estate recovery seen in Downtown Miami in recent years.
Camillus House to be Demolished Monday
Demolition of Camillus House is expected to begin Monday, as reported yesterday by The Miami Herald. The last residents of the homeless shelter will be relocated to its new campus the same day. Camillus House, located in Downtown Miami at 726 NE 1 Ave, has served the community since 1960. In recent years, however, with the continued urbanization and growth of Downtown Miami, Camillus House has been considered a neighborhood blight. With multi-million dollar condominiums just a few short blocks away, the removal of the shelter makes logical sense. It will allow for a safer environment conducive to the type of growth that Downtown Miami has seen within recent years. The move has been heralded by condo and business owners in the area in expectation that property values and business opportunities will improve as an immediate result.
Below is a map showing the Camillus House location that will be demolished on Monday along with various condominium developments in Park West Miami that will be positively affected the most:
