Icon Brickell Tour – Condos
This past week I was able to tour not only the amenities and common areas at Icon Brickell but also a few condos. Below, you will find the pictures that I took of a few two bedroom condos. Keep in mind that these are model units. Condos at Icon Brickell are delivered by the developer “decorator-ready”. However, as an incentive to buy now, the developer is offering either a 3 percent decorator credit or flooring installed throughout your condo.
The first condo I saw was a 2 bedroom/2 bath plus den. It has 1,503 square feet of interior space and 218 square feet of balcony.
The hallway leading to the condos at Icon Brickell.
A shot of the kitchen and dining area.
The living room and dining area.
A close-up of the kitchen with natural stone countertops and appliances by Sub-Zero, Wolf and Bosch.
The den area of this condo.
The master bedroom.
The master bathroom with French limestone flooring.
Another shot of the master bathroom with matching limestone vanity top and porcelain sinks.
A third shot of the master bathroom.
The second bedroom.
The view of Brickell Key, Biscayne Bay and Key Biscayne from this 2 bedroom condo.
The second condo I viewed was a 2 bedroom/2 bath with 1,314 square feet of interior space and 133 square feet of balcony.
The kitchen and dining area.
The living room.
The master bedroom.
The master bathroom.
The second bedroom.
The view of the Miami River and Biscayne Bay.
Icon Brickell Tour – Common Areas
Yesterday, I had the opportunity to tour Icon Brickell. I’ve decided to write two separate posts to encompass the thorough tour that I was given. This first post will include pictures and my thoughts about the common areas found at Icon Brickell. The second post, which should be published within the next couple of days, will focus on two model units that I was able to see.
The valet area is grand to say the least. The large columns that greet you as you enter the property resemble the stone heads on Easter Island called Moai. $10M was spent on these monstrous columns.
The windows of each lobby has a yellow film on them to distinguish the room from the rest of the building. It felt a bit like a haunted house to me. Above, you see the concierge desk with an over-sized armoire behind it.
The fireplace located in the lobby of Icon Brickell is surrounded by classical furniture and large, frameless Renaissance portraits.
Another shot of the lobby.
Another look at some of the artwork in the lobby of Icon Brickell.
The hallway leading to the mail room and elevators creates a sharp contrast from the lobby.
The mail room at Icon Brickell.
The Icon Brickell Cafe serves food and beverages to the pool area and makes deliveries to all of the residences.
The Icon Brickell pool deck has a Delano-style to it.
Over-sized chessboard located off the Icon Brickell pool deck.
Outdoor dining table with room for 50 people.
Outdoor gas fireplace and furniture located off the pool deck.
The theater room was locked but I was able to a shot of it through the doors. We were told the room will be filled with beds instead of leather recliners.
The Icon Brickell club room.
Another shot of the Icon Brickell club room. Although I did not get a chance to see them, I was told that there is a separate billiards room and poker room.
Above, you’ll find the thermal spa room which is reminiscent of an ancient Roman bath.
Spinning room at Icon Brickell.
The fitness center at Icon Brickell has free weights, machines, cardio equipment with personal TV screens and two boxing bags.
The locker room at Icon Brickell.
The men’s spa. We were told that the men’s and women’s spas are identical.
The steam room. There is also a separate sauna room.
A treatment/massage room in the Men’s spa at Icon Brickell.
Icon Brickell was different to say the least. It is very over-the-top with an Alice in Wonderland type feel and a hint of South Beach flare to it. The 2 acre pool deck was incredible with its lengthy dining room table, large fireplace, over-sized chessboard and Delano-style Infinity-Edge pools. Most will also appreciate the extensive collection of artwork that fill the various rooms throughout Icon Brickell. My favorite room was the thermal spa room with plunge pools and floor-to-ceiling bookcases on each end. Although it may not appeal to some, it is still a sight to see in person. The Icon Brickell Cafe is definitely an amenity that most will appreciate. There will also be two signature restaurants located at Icon Brickell. I did feel, however, that the fitness center was a bit small to accommodate 1700+ units. Overall, the development may not conform to the tastes of some but I think everyone will agree that it is unlike any condo development that we have seen in Miami.
Icon Brickell has a total of 1,783 units in the three towers that comprise the development. Closings are scheduled to begin next week. Our tour guide notified us that 90 percent of the units had been presold. It will be interesting to see how Icon Brickell fares with their closings in the months ahead.
Top 5 Miami Distressed Condo Sales Closed in September 2008
I found a total of 25 distressed condo sales that closed in the month of September in the MLS located in Brickell, Brickell Key, Downtown Miami and the Arts District. The following are, in my opinion, the five best deals that took place. This will hopefully give everyone a sense for where prices are for similar units in these buildings and neighborhoods. This is not an indication of where prices may or may not ultimately settle.
- Jade at Brickell – unit 1706 – 1 bedroom/1 bath (895 square feet) – This unit sold for $215,000, or $240 per square foot, on September 5, 2008. Foreclosure
- Blue Condominium – unit 3101 – 2 bedroom/2.5 bath (1,651 square feet) – This unit sold for $385,000, or $233 per square foot, on September 16, 2008. Short-sale
- Neo Vertika – unit 3119 – 2 bedroom + den/2 bath (1,255 square feet) – This unit sold for $225,000, or $179 per square foot, on September 5, 2008. Foreclosure
- Vue at Brickell – unit 2204 – 2 bedroom/2 bath (1,023 square feet) – This unit sold for $173,000, or $169 per square foot, on September 16, 2008. Foreclosure
- Parc Lofts – unit 208 – 1 bedroom/1 bath (1,255 square feet) – This unit sold for $220,000, or $174 per square foot, on September 9, 2008. Foreclosure
Miami & Miami Beach Condo Trends – October 2008
Below, you will find the Miami-Dade County condo inventory and months of supply figures for October 2008. The first box to the left reveals the total number of condos that are currently available for sale on the MLS throughout Miami-Dade County. The second box discloses the total number of closed sales that occurred in the month of September 2008. The third and fourth boxes show the months and years of condo supply in Miami-Dade County. As you can see, the figures are also subdivided into various price ranges to reveal which part of the condo market has been most affected. The % change box will show you how the inventory levels have changed since my last update in May 2008.
The overall supply of condos listed in the MLS in Miami-Dade County has dropped from 25,461 to 24,788 since May 2008. On the flip side, the number of closed sales in the previous month has gone up from 474 to 527 creating a 12.51 percent drop in the years of inventory in Miami-Dade County since the last update. It’s once again surprising that inventory levels have dropped despite the thousands of new condos that have been completed and delivered in 2008.
The following statistics encompass only those condos located throughout Miami (not other areas of Dade County such as Miami Beach, Aventura, Sunny Isles Beach, etc.):
The supply of condos in the MLS in Miami has dropped from 10,281 to 9,903 since May 2008. The number of closed sales in the previous month has gone up from 161 to 192 creating a 19.21 percent drop in years of inventory in Miami since the last update. As you can see, a large portion of these closed sales occurred in the $0-$249,999 price range. The inventory levels of the $500,000+ categories, however, have increased.
The following statistics encompass only those condos located throughout Miami Beach:
The supply of condos in the MLS in Miami Beach has dropped from 4,109 to 3,949 since May 2008. However, the number of closed sales in the previous month has also dropped from 113 to 98 creating a 10.82 percent increase in years of inventory for condos in Miami Beach since the last update. In fact, with the exception of the $500,000-$999,999 price range, the years of inventory has risen for each category.
The Sub-$100K Brickell Condo Hits the Market
Prices have continued to fall hard at Vue at Brickell for quite some time. It’s incredible to think that in May 2007 when I wrote the post entitled, “Vue at Brickell – Overpriced or Insanely Overpriced“, the average price per square foot of condos listed in the building was over $550!
Yesterday evening, a 1 bedroom foreclosure at Vue at Brickell hit the market for $125 per square foot. With a list price of $99,900, it was the first one bedroom condo for sale in Brickell, built after 2000, to fall below the $100K mark.
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CVS/pharmacy to Open at Everglades on the Bay
A few weeks ago, when I drove by Everglades on the Bay (now known as Vizcayne North) I noticed the “CVS/pharmacy Coming Soon!” sign hanging in the window of their large ground floor commercial space. This may not be jawdropping news but I do think that it is a good sign for Downtown Miami. It shows that the much needed infrastructure for this neighborhood is finally on its way. Large chains are starting to see that Downtown Miami is a viable neighborhood with enough residents to sustain a business despite the current economic downturn.
As far as I’ve heard, Everglades on the Bay has not yet begun closings but closings will begin shortly. It’s great to see that Everglades on the Bay was able to acquire such a strong commercial tenant so soon. There are condo buildings in Miami that began closings over a year ago that still have commercial space that is unoccupied.
New Miami Condos – Closing Rates for September 2008
It’s been a little over two months since my last condo closing rate update. The last one was published on July 8, 2008.
Below, you will find the date that each condo development began closings followed by the number of closed units in each condo development:
You’ll notice with this first batch that I dropped Star Lofts from the list. I noticed a lot of double entries which made it difficult to gauge the true number of closed condos. Additionally, Star Lofts on the Bay hasn’t shown much progress in a very long time. Ten Museum Park closed 11 units since the last update while 50 Biscayne’s vast improvement reflects the bulk sale that took place. The rest of the condo developments showed very little progress.
Plaza on Brickell once again showed the most improvement within this group. Its closing rate jumped about 14 points since the July update revealing a total of 660 closed condos of the overall 1,000 in the two towers. Apogee South Beach once again inched closer to hitting the 100 percent mark, with only 2 additional condos to close before reaching it. Quantum on the Bay moves into second place in this group and has now closed around 75 percent of its condos.
The big story in this group is Midtown 4. It jumped from a 19.10 percent closing rate to an 84.92 percent closing rate. A large bulk sale of over 250 condos seems to have taken place to a buyer with a second party name of “D M MIDTOWN MIA OWNER LLC”. The same buyer also closed on slightly over 50 condos at Midtown 2 on the same day. Was this simply the developer transferring units to one of its other entities or was this an outside buyer with no association to the developer? Marina Blue jumped about 10 points, settling at around 70 percent of its condos closed. Wind and Asia showed nice improvements this update with Wind increasing around 17 points and Asia about 18 points.
These last four condo developments all showed good progress since the July update. The biggest surprise to me was Ivy which closed 125 new condos since that time. I would have guessed that 500 Brickell and Axis would each have more closed sales than Ivy.
Disclaimer: The above closing rate information was derived from public County records. There can be a 2-3 week delay from the time that a closing occurs and the time that the closing is recorded.
Miami World Center
I’ve been on vacation for the past week but I have kept up with the comments that have been left about the Arts District and Park West. While both sides of the argument have valid points, I tend to side with AJ more than the others. I don’t consider the Arts District or Park West dangerous. It may have some shady characters at night but which neighborhood in a large city doesn’t? When I lived in Chicago, I lived in a neighborhood called the Gold Coast for a few years. It was, and still is, one of the best neighborhoods in Chicago. A mile away, however, was the housing project called Cabrini Green which had the reputation for being one of the worst neighborhoods in the NATION!
Cabrini Green has since been relocated to another area. My point is that large cities take time to transition. Park West and the Arts District of Miami are in their early stages of transitioning. There are several proposed city improvements for these two neighborhoods that will transform them. One of these proposed improvements is the Miami World Center. Take a look at their website to view various renderings of what the area behind 900 Biscayne Bay, Ten Museum Park and Marina Blue will look like once this plan is implemented. Again, it will take some time, however. The Miami World Center plan will probably not become a realization for another 5-7 years but when it does it will provide the infrastructure that is much needed in that area. My bet is that Edgewater and Park West will be among the best neighborhoods to live in about 10 years.
Update: The Mall at Miami Worldcenter is scheduled to break ground by the end of 2014. Reservations for condos at Paramount Miami Worldcenter will start on November 18, 2014.
900 Biscayne Bay Penthouse Condo – $1.9M
For the second time, I had the opportunity to view one of the penthouse condos at 900 Biscayne Bay. The building has five floors of penthouses, located from floors 59 to 63. The view in the picture above was taken from a penthouse condo located on the 60th floor at 900 Biscayne Bay.
The condo I saw was an “A” line penthouse that has 3 bedrooms, a den and 4.5 bathrooms with 3,493 square feet of interior space and an amazing 1,225 square feet of balcony space!!! The condo is located on the southern corner of 900 Biscayne Bay and offers 180-degree views to the west, south, and east.
The condo has a private elevator that opens to a private foyer. As you walk through the double doors you are greeted to a very spacious living room with views of Biscayne Bay, the Atlantic Ocean, the Miami Beach and Downtown Miami skylines and much more.
Another look at the spacious living room of this penthouse condo at 900 Biscayne Bay.
The penthouse kitchens at 900 Biscayne Bay have custom Italian cabinetry, stone countertops and high-end stainless steel appliances by Sub-Zero, Miele, and Bosch. The penthouse condos also include a cappuccino maker, mini-fridge, and wine cooler.
The breakfast area off the kitchen of this penthouse condo at 900 Biscayne Bay offers a gorgeous view to the west.
Here’s a look at just how deep some of the balconies are in the penthouse condos. This one is located off the kitchen and living room.
The master bathroom in the penthouse condos at 900 Biscayne Bay all come equipped with a Jacuzzi tub.
Here’s a look at the shower located in the master bath of the penthouse condos.
The view to the south from one of the balconies off the living room provides a spectacular view of Downtown Miami.
Condos For Sale at 900 Biscayne Bay
Condos For Rent at 900 Biscayne Bay
