Brickell on the River South Tower Developer Closeout Sale
Some of you may have noticed the bus stop ad above for Brickell on the River South Tower throughout various locations in Brickell. I must have driven past it a dozen times without noticing it. However, a friend of mine mentioned the ad to me over lunch this past weekend, so I had to take a look for myself.
It looks like the developer of Brickell on the River South Tower, Groupe Pacific, has decided to discount the condos it recently got back. This is the first major condo development that I know of in Brickell that has decided to discount prices below initial preconstruction prices.
This is great news for young professionals looking to live in Brickell in a new building at bargain prices. The marketing material on their website promoting the developer closeout mentions that one bedrooms start from $199,000. It also mentions that flooring and paint are included in the price. On the flip-side, this is awful news for those who recently closed on a condo in Brickell on the River South Tower. Ouch!
Miami & Miami Beach Condo Trends – May 2008
Earlier this afternoon, someone left a link in the comments area of a previous post to a Florida Association of Realtors article that reveals an improvement in real estate inventory levels for the state of Florida in the first quarter of 2008. I wanted to see how the Miami and Miami Beach condo markets fared in comparison, so I decided to provide new supply figures for May 2008. My last Miami & Miami Beach Condo Trends report was published in February 2008.
Below, you will find the Miami-Dade County condo inventory and months of supply figures for May 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 April 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.
(Note: If you’re over the age of 40, you may want to have someone younger read the numbers below aloud to you. Either that, or bust out a magnifying glass.)
I was shocked to see that the months and years of supply figure had gone down significantly since my February update. The number of available condos has fallen slightly since February but the number of sold condos in the previous month has gone up about 41 percent. That’s a huge increase in sales activity. I was puzzled that the number of condos on the market actually fell. We’ve seen a lot of new condo buildings begin closings since the beginning of the year. I would have expected the number of available condos on the market to be much higher than in February.
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 number of available condos on the market went up slightly since February but again the number of closed sales within the previous month showed a proportionately much larger increase. Miami condos experienced around a 44 percent increase in closed sales when compared to the figures presented in February. Miami now has a 5.32 year supply of condos. The $250,000-$499,000 price range has the highest supply at 8.16 years while the $1,000,000-$2,499,9999 is sitting on only 2 years worth of supply.
The following statistics encompass only those condos located throughout Miami Beach:
There’s been a decrease in the number of available condos in Miami Beach since February and about a 57 percent increase in closed condo sales. Miami Beach is now sitting on 3.03 years worth of condos. The $500,000-$999,999 price range has the highest supply of condos at 3.57 years while the $1,000,000-$2,499,999 price range is the healthiest at 2.32 years worth of condos.
What does everyone make of these figures? There’s definitely been an increase in the number of closed condo sales since February. I don’t think anyone can dispute that. However, what is happening to all the new condos that have hit the market since February? I expected sales activity to have picked up because of declining values and better opportunities than were available in February but I also expected to see a much higher number of available condos on the market. Are most of these condos being rented or is it too early to see an impact from the newly constructed condos because developers, for the most part, don’t list there unclosed condos on the MLS?
Atlantis on Brickell
People from all over the world, even those who may have never visited Miami, may recognize the building pictured above. It caught the eyes of many in the opening credits of a wildly popular 1980s TV show called “Miami Vice”.
It amazes me by how many times nonlocal clients say something like, “Hey, there’s the building with the square cut into it” or “There’s that building with the palm tree, hot tub and spiral staircase in the middle,” as we drive down Brickell Avenue.
Atlantis on Brickell, was built in 1982 and still resonates in the minds of many. This Arquitectonica classic has stood the test of time and helped define the Miami skyline. Over 25 years later, and people still remember this iconic Miami condo building.
The question for my readers is, which condo development, built within the past two years, will be most associated with Miami two decades from now? Cast your vote on the poll found along the right-hand side of this blog or share your thoughts and comments below.
View current condos for sale at Atlantis on Brickell
View current condos for rent at Atlantis on Brickell
Photo Tour of 900 Biscayne Bay
This past week, I had the opportunity to take a very extensive tour of 900 Biscayne Bay. I couldn’t wait to see if 900 Biscayne Bay held up to its high expectations. I took a ton of pictures that day and wanted to share them with everyone. Above, you see the nice water feature that greets you as you drive into the valet area at 900 Biscayne Bay.
The lobby at 900 Biscayne Bay is two stories. The first story is for guests entering off the street while the second story welcomes those entering through the valet area. The grand spiral staircase at 900 Biscayne Bay, in the photo above, takes you to the second level.
The Infinity-edge, resort-style pool at 900 Biscayne Bay was beautiful. I’m sure residents will make full use of the large bar behind the pool while sunning themselves as well. There’s also a fire pit and hot tub available on the same level.
The lap pool was closed, so unfortunately I wasn’t able to get some laps in while my clients were talking about the great amenities that 900 Biscayne Bay has to offer.
Another great water feature pictured above. This is the entry-way to the amenities found at 900 Biscayne Bay shown in the pictures below.
Here we have the theater room at 900 Biscayne Bay. It’s the best theater room that I’ve ever seen in a condo building in Miami. It has a 153 inch screen and seating for 35 people. I doubt many people will actually make use of this room but it’s still quite impressive to have in your building.
Many of the rooms found on this level at 900 Biscayne Bay come equipped with the above technology. Mount your iPod and enjoy the sounds of your own tunes throughout the room.
The club room at 900 Biscayne Bay with a grand piano and kitchen.
The conference room at 900 Biscayne Bay.
The entry-way into the men’s and women’s spa at 900 Biscayne Bay which is each equipped with a steam room, sauna and hot tub.
Tell me that it doesn’t look inviting. This is the hot tub in the women’s spa at 900 Biscayne Bay. I’m hoping that this isn’t the last time that I get invited into the women’s spa at 900 Biscayne Bay. In my mind, I already had my shoes and socks off, but unfortunately the tour wasn’t over.
Another shot of the women’s spa.
The fitness center at 900 Biscayne Bay was a nice size. It wasn’t overly impressive but it had plenty of free weights, machines and cardio equipment. I would have preferred a view of the bay to the east, however.
I took a look at about 3 condos at 900 Biscayne Bay that day. Here’s a shot of one of the kitchens with dark cabinetry. Another kitchen I saw that day had beige colored cabinets.
Here’s an east view from one of the condos I saw at 900 Biscayne Bay. I think this was a shot from the 34th floor.
Overall, I felt that 900 Biscayne Bay exceeded my expectations. I think Pedro Martin and Terra Group delivered an outstanding condo development. Of all the new condo buildings that I’ve been in that have been completed within the past three years in Miami, 900 Biscayne Bay is on an entirely different level. The quality of the building is unsurpassed of the new condo buildings that I’ve seen. I haven’t been in Asia yet but I think that will be the only other recently finished condo building in Miami that may be able to measure up to 900 Biscayne Bay. The quality does come at a price, however. Expect to pay more than you’ll find at Marina Blue or Ten Museum Park, but like I said, the quality is unsurpassed.
900 Biscayne Bay condos for sale
900 Biscayne Bay condos for rent
Beautiful 5 Bedroom Condo at Villa Regina with 4,100 Square Feet – $1,499,900
Five-bedroom condos in Brickell are very rare. In fact, at this time, there are only two other condos in Brickell that are listed on the MLS with that many bedrooms. Just last week, I listed the best priced 5 bedroom condo in Brickell in a building called Villa Regina. The new listing is attractively priced at $1,499,900. The next best priced 5 bedroom residence is listed for over $1M more.
If size, quality, and location are what you need, then look no further. The 5 bedroom listing at Villa Regina spans 4,100 square feet (380.9 square meters), has a total of 15 rooms, 5 full bathrooms, comes with 3 parking spaces, has 4 terraces with gorgeous bay and city views and has been tastefully remodeled. The kitchen has new granite countertops and stainless steel appliances with custom cabinetry. The air conditioning system was also replaced 3 months ago and the condo has impact resistance windows and shutters.
The amenities at Villa Regina include: 24-hour full-service concierge and security, swimming pool, fitness center, his and her spas, barbecue area and 4 grand party rooms. Villa Regina is located directly on Biscayne Bay and is one of the few condo buildings in Brickell with its own private marina.
Contact me today if you’d like to take a look at this 5 bedroom condo at Villa Regina.
Premium Views from Plaza on Brickell
I had the opportunity last week to also show a few condo units at Plaza on Brickell offering their best views. The pictures that I took were shot from the 10 and 11 lines in the 851 Tower located at 950 Brickell Bay Drive from the 45th floor.
As you can see, the views at Plaza on Brickell differ from those that you’ll find in many of the new condo buildings in the Arts District or Park West in that the city views are much pronounced. It goes nicely with the gorgeous view of Biscayne Bay. The best of both worlds!
It was pretty amazing to overlook Brickell Key and see Miami Beach and the Atlantic Ocean in the distance. I don’t think I’ve ever captured Brickell Key quite like this. Unfortunately, I wasn’t able to fit Asia into the picture.
The condos that I showed are called “sky residences”. They are premium units with 10-foot ceilings, upgraded appliances and a Jacuzzi tub in the master bathroom.
Incredible Views from the 50th Floor at Marina Blue
Once again, I visited Marina Blue yesterday afternoon. This time, clients accompanied me to see a 1,754 square foot 2 bedroom on the 50th floor. This is one of six units at Marina Blue with this floor plan.
Take a look at the views that you get from a condo this high. You see everything! Biscayne Bay, Miami Beach, the Atlantic Ocean and a number of islands such as Watson, San Marco, Palm, Hibiscus, Star and Fisher.
Later, we also saw a 2 bedroom loft unit which I had been looking forward to seeing for quite some time. Unfortunately, I wasn’t very impressed. To me, the floor plan felt much smaller than the 1,457 square feet stated in its floor plan. Has anyone else had a chance to walk through one of the loft units at Marina Blue?
Brickell Condo Index – April 2008
The Brickell Condo Index is back! I was shocked to see that it’s been six months since I last provided an update to what used to be a monthly report. Those who’ve been around long enough to remember those updates would probably agree, however, that very little change in the market was seen on a month-to-month basis. In this report, you’ll definitely see that prices in some Brickell condo buildings have changed quite a bit within the past six months. Ideally, from this point forward, I’d like to provide a Brickell Condo Index update every three months.
Most of the following data was collected last week on April 22, 2008. The pending sales information towards the bottom of the post was collected today.
I finally decided to include Latitude on the River in the Brickell Condo Index. In November, the average price per square foot of available condos in the Brickell Condo Index listed in the MLS was $512.14. Six months later, asking prices have dropped 6.52 percent to an average of $478.76 per square foot. The drop would have been 5.64 percent had Latitude on the River not been added to the index. A few of the following condo buildings, however, have had huge reductions in their average asking prices. I’ll discuss these in more detail towards the end of the post.
Average price per square foot of units currently listed on the MLS:
The average price of Brickell condos sold over the past six months has dropped 13.20 percent to $410.38 per square foot from November’s average of $472.80. The drop would have been 11.75 percent had Latitude on the River not been included in this month’s update.
Average price per square foot of condos sold in the MLS within the past six months:
- Atlantis – 2025 Brickell Ave | 33129 | $249.28
- Brickell on the River – 31 SE 5 St | 33131 | N/A
- Bristol Tower – 2127 Brickell Ave | 33129 | $442.37
- Emerald at Brickell – 218 SE 14 St | 33131 | $409.11
- Four Seasons Residences – 1425 Brickell Ave | 33131 | $913.08
- Imperial at Brickell – 1627 Brickell Ave | 33129 | N/A
- Jade – 1331 Brickell Bay Dr | 33131 | $544.02
- Latitude on the River – 185 SW 7 St | 33130 | $314.35
- Neo Vertika – 690 SW 1 Ct | 33130 | $322.13
- One Miami – 325 & 335 S Biscayne Blvd | 33131 | $324.77
- Santa Maria – 1643 Brickell Ave | 33129 | $595.43
- Skyline on Brickell – 2101 Brickell Ave | 33129 | $397.72
- Solaris at Brickell – 186 SE 12 Ter | 33131 | N/A
- The Club at Brickell Bay – 1200 Brickell Bay Dr | 33131 | $367.44
- The Mark on Brickell – 1155 Brickell Bay Dr | 33131 | $386.25
- The Palace – 1541 Brickell Ave | 33129 | $320.09
- Villa Regina – 1581 Brickell Ave | 33129 | $356.79
- Vue at Brickell – 1250 S Miami Ave | 33131 | $212.82
Below you will find some additional statistics:
As in the past, the first column to the right of each condo development’s name is the difference in the average sales price and list price for this month, expressed as a percentage. An “N/A” is found next to Brickell on the River, Imperial at Brickell and Solaris at Brickell since this percentage could not be computed as each building failed to have a closed sale within the past six months through the MLS, and thus did not have an average price per square foot for condos sold.
The second column is the number of active listings in each development currently in the MLS. The third column shows the percentage that these listings represent over the total number of condo units in each development. The cells highlighted in green reveal those condo developments that have active listings that represent less than 10 percent of the the overall units in the building. In my opinion, this often demonstrates a sound condo building. The ones highlighted in red reveal those condo developments that have active listings that represent over 20 percent of the overall units in the building. There’s definitely underlying risk in buying condos in these buildings and I’d only advise buying within one of these condo buildings if the price justified the risk. The condo developments with active listings less than 10 percent are considered very safe, in my opinion, and anything in the 10-15 percent range is considered normal, even in a healthy market.
The fourth column shows the number of pending sales while the fifth column displays the number of closed sales within the past six months. There are a total of 58 total pending sales in the 18 condo buildings now represented in the Brickell Condo Index. In November, there were a total of 49 pending sales at the time. I was quite surprised by the large number of pending sales at The Club at Brickell Bay, Jade and Solaris at Brickell. It looks like buyers are finally starting to step in and place some of the condo foreclosures in these buildings under contract.
The sixth column show you the difference in the average list prices from this month’s and November’s, expressed a percentage. Those highlighted in red reveal those condo developments which had a drop in their average list price while those highlighted in green show those that had an increase. Vue at Brickell saw asking prices drop about 25 percent, The Club at Brickell Bay around 19 percent, Jade around 16 percent and Solaris at Brickell around 11.5 percent. The seventh column reveals the difference in average sales prices from this month’s and November’s, expressed as a percentage. The condo buildings hardest hit with mortgage fraud saw prices drop in half, in a few cases, as the fraud has ceased and the supply of foreclosures has grown. The average price per square foot for condos sold at Vue at Brickell within the past six months has dropped almost 48 percent. A few apparent fraudulent transactions included in the November average have fallen off. The Club at Brickell Bay’s average dropped a little over 46 percent, Solar at Brickell’s dropped about 33 percent and Jade fell around 25 percent. Even One Miami took a big hit with a drop of around 23.5 percent.
Closings at Asia Have Begun
I received word today that closings at Asia began late last week. The outside of the building looks spectacular. I fully expect that the common areas and units will be just as impressive, if not more so. I’m hoping to get inside to view Asia for myself within the next couple of weeks.
For those not familiar with Asia, it is a very high-end condo development located on the northern end of Brickell Key, along the Miami River. With just 123 residences, each with 12-foot ceilings and private elevators, Asia is now regarded as the most exclusive address on Brickell Key.
I think Asia is going to do a good job in closing out its units. I haven’t received one phone call or email from a concerned contract holder of Asia. That’s saying something. In fact, it’s the only major new condo development where this is the case.
