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.
Skyrise Miami Video and Brochure
All appears to be moving forward with the proposed 1000 feet tall observation tower in Downtown Miami called SkyRise Miami. In fact, the Facebook page for the development is giving away a weekend trip to Miami to help “celebrate the SkyRise Miami Groundbreaking Ceremony, currently set for mid-2014”. Furthermore, their website, which recently launched, now includes a promotional video and brochure, which I have included below. According to their marketing materials, the targeted opening date for SkyRise Miami is mid-2017. The development is projected to cost $400M and will add approximately 7,100 jobs during the development phase and an additional 17,000 jobs once opened. SkyRise Miami will include three observation decks, a restaurant, nightclub, SkyHigh Club, ballroom, meeting room, and interactive exhibit. It will also include three thrill rides: SkyRise Flying Theatre, SkyPlunge Miami, and SkyRise Drop. Be prepared to lose your lunch on those last two rides. SkyRise Miami is expected to attract 3.2 million visitors per year, which would make it the fifth largest attraction in Florida behind Disney World, Universal Orlando, Seaworld, and Busch Gardens. If you aren’t excited about SkyRise Miami, you better check your pulse. It is going to send Miami to heights unknown, literally and figuratively.
Filling Stations Lofts to Open Q1 2014
The opening of Filling Station Lofts is right around the corner. I was told earlier today that the building is expected to open as early as February, but a March opening is more likely. Filling Station Lofts, located catty-corner from Parc Lofts at 1650 North Miami Avenue, was originally developed by The Intrepid Real Estate Company and designed by Bermello, Ajamil & Partners. After the successful sell-out of Parc Lofts, Intrepid hoped to ride the wave with its follow-up launch of Filling Station Lofts. Unit prices ranged from $300,000 to $2.7M. Development began in 2006 but construction was later stalled as a result of the global financial crisis. Intrepid eventually lost the site and partially completed building to foreclosure in January 2012. A little over a year later, in February 2013, the site and partially completed building were acquired by an investment company by the name of NR Investments. Since that time, with $15.5M in financing under their belt, NR Investments has been busy completing the once stalled project.
Under new ownership, however, plans for Filling Station Lofts have changed. Units will no longer be sold individually. Instead, the owners will lease the units and maintain the building as an all-rental development. I expect there to be great interest from prospective tenants to rent at Filling Station Lofts due to the uniqueness of the property. Besides Parc Lofts and Wynwood Lofts, you will not find another true industrial loft development in Miami. The fact that not one single unit is available for rent at Parc Lofts or Wynwood Lofts should serve as evidence that there is pent up demand for this type of product. As mentioned in a previous blog post, there is currently a waiting list to rent at Parc Lofts.
Filling Station Lofts will be comprised of 81 industrial lofts each with 18-foot ceilings. No word yet on what rental prices will be but expect them to be released sometime in January.
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
Parc Lofts Unit 409 – $275,000
Last week, I landed a beautiful listing at Parc Lofts. There is no doubt in my mind that this one is going to sell fast. Not only is it the best priced loft in the building, it is currently the only one priced under $300,000. The unit is an impeccably designed 1 bedroom/1 bath industrial loft with 15-foot ceilings, exposed ductwork and hard wood flooring throughout. It features an open floor plan with 757 interior square feet; upgraded lighting, a spacious closet with built-ins; and upgraded refrigerator, dishwasher and LG front-loading washer and dryer. The kitchen has polished concrete counter tops, white tiled backsplash, Italian cabinetry and stainless steel appliances. The unit includes one assigned parking space located on the ground level. Asking $275,000.
For those unfamiliar, Parc Lofts is a 72-unit industrial loft building located in the Arts District of Miami at 1749 NE Miami Ct, Miami, FL 33132. You won’t find anything like it in Miami. The building is a favorite amongst photographers, musicians and other artistic types in the area. For investors who might have an interest, you will be happy to know that units at Parc Lofts are in high demand from renters. In fact, at this time, not one single unit in the building is available for rent. There is a waiting list of renters looking to get into the building. In my opinion, this unit would rent easily for $1,800 per month unfurnished. Condominium association dues are $419.51 per month. You would be looking at around a 4.4% cap before management fees.
Below you will find more pictures of unit 409 at Parc Lofts. Please contact me if you or someone you know has an interest in learning more about this property. I can be reached on my cell at 786-247-6332 or via email at [email protected].
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
