BrickellHouse is now accepting reservations. The 374-unit condo development will be located directly west of Jade and north of Emerald at Brickell at 1300 Brickell Bay Drive. BrickellHouse has several appealing features but there are two which will also make it rather unique. One, it will allow daily rentals but will not be considered a condo-hotel. The building will have on-site maintenance and housekeeping staffs as well as an in-house management program for owners who wish to rent their units on a daily, weekly or monthly basis. Owners will obviously first need to finish and furnish their decorator-ready unit in order to be included in the leasing program. You can read more about this program in the BrickellHouse brochure. The second unique aspect of BrickellHouse is the parking. The building will have a fully-automated parking garage.
The 46-story high-rise will have an array of lavish amenities which include:
rooftop pool and sundeck
fully equipped, state-of-the-art fitness center
luxury health spa with sauna, steam and private treatment rooms
High-definition theater room with 10-foot screen and theater-style seating
Private owner’s lounge with event bar, catering kitchen and daily world newspapers
Resort deck with putting green and summer kitchen
50-foot-long lap pool with poolside cabanas and heated Whirlpool spa
Resident club room with conference and meeting rooms
24-hour concierge and security
24-hour guest valet parking
Additionally, Meat Market, a steakhouse on Lincoln Road in South Beach, has already signed on to occupy part of the retail space on the ground level of BrickellHouse.
BrickellHouse will be comprised of studio, 1 bedroom/1 bath, 2 bedroom/2 bath and 3 bedroom/3 bath units. The spreadsheet below will show you the approximate interior and exterior square footage for each. You can also refer to the BrickellHouse floor plans where you will also be able to view layouts for the BrickellHouse penthouses.
A full price list has not been released but the pricing below will give you a general idea for what one might be able to afford at BrickellHouse. Contact us if you have an interest in purchasing a unit at BrickellHouse and we will be able to get you pricing for other units.
Studios
Unit 2212 (S3) – $163,900 west view
Unit 1906 (S1) – $197,900 eat view – (420 sq ft under a/c)
1 bed/1 bath
Unit 2507 (A7) – $276,400 east view
Unit 2511 (A5) – $273,900 west view (790 sq ft under a/c)
2 bed/2 bath
Unit 2507 (B4) – $435,900 east view
Unit 2002 (B5) – $331,900 west view (1,116 sq ft under a/c)
2 bed + den/2 bath
Unit 3008 (B1) – $424,900
3 bed/3 bath
Unit 3002 (C1) – $683,900 (1,451 sq ft under a/c)
Contact us at 305-428-3860 or [email protected] to learn more about BrickellHouse.
Miami Condo Sales Up 58% Year-Over-Year in September; Prices Rise
The Miami real estate recovery continues, according to a report released Wednesday by the National Association of Realtors. September sales of existing condominiums in Miami rose 58 percent year-over-year while sales of existing single-family homes increased 46 percent in the same time period. Prices were also on the rise in September. The average sales price for condominiums in Miami-Dade County increased 13 percent, from $187,185 in September 2010 to $211,455 last month while the average sales price for single-family homes increased 29.8 percent, from $264,602 in September 2010 to $343,497 in September 2011.
Proposed Bill Would Incentivize Foreign Buyers of Real Estate
It’s no secret that the Miami real estate market has experienced a dramatic turnaround over the past two years due in large part to an overwhelming interest from foreigner buyers. A bipartisan bill introduced into the Senate earlier today would provide an additional incentive for foreigners to pour further capital into the U.S real estate market. The bill, the Wall Street Journal reported, would grant residence visas to foreign buyers who make a cash investment of at least $500,000 on residential real estate located throughout the U.S. The residence visa would allow a foreign buyer to bring a spouse and any children under the age of 18 into the country but would not allow them to work unless a regular work visa is obtained. Furthermore, once the property is sold, they would no longer be able to legally stay in the country.
If passed into law, this would be a tremendous boon for the South Florida real estate market. While a visa incentive likely won’t encourage further investment by most foreign buyers, it would encourage wealthy foreigners living in countries with political instability to purchase here. With that thought, two countries immediately come to mind – Venezuela and Argentina. This would be an almost ideal solution for the wealthy there. It should go without saying that a disproportionately high number of people from those two countries would choose a city like Miami – “the gateway to the Americas” – if they were to take advantage of the visa incentive.
Paramount Bay Sales to Launch Early Next Month
We received official word late last week that sales for Paramount Bay condos will launch early next month. Of the many condo developments constructed during the recent condo boom in Miami, Paramount Bay will be the last to launch sales. It is also one of the few luxury waterfront developments and perhaps the finest of the bunch. Buyers have eagerly been awaiting for condos at Paramount Bay to begin sales and we expect units to sell quickly. As a result, it is important for potential buyers to become familiar with the building and floor plans before the launch of sales. Last week, we were given a private tour of Paramount Bay and can offer the same opportunity to those who contact us with an interest to purchase a condo at Paramount Bay.
Please refer to the Paramount Bay condos website for full information regarding the sales launch and to view pictures of various condos at Paramount Bay.
Miami & Miami Beach Condo Supply Down Sharply
Thanks in large part to a strong interest from international buyers, the South Florida condo market has fared extremely well over the past year despite global economic worries. One would assume that the supply of condos has shrunk as a result, but to what extent? Is the condo inventory problem finally a thing of the past? Does the current supply of condos indicate a transition from a buyer’s market to that of a seller’s market? The condo inventory and sales figures below should shed light on the subject to help answer these questions.
The figures below were compiled on August 31, 2011. Three sets of spreadsheets and graphs can be found below. The first pertains to the inventory and sales figures for condos throughout Miami-Dade County. The second focuses on those located only in Miami while the third set concentrates on condos residing only in Miami Beach.
I grouped the number of available condos into seven distinct price ranges and provided total closed sales figures over the past six months for each. Columns three, four and five display figures for average closed sales per month, months of supply and years of supply, respectively. The last three columns show the percentage change in those figures when compared to those published slightly over 16 months earlier in April 2010.
As you will see, there is currently a little over 6 months worth of condos for sale throughout Miami-Dade County. Obviously, the supply figures vary within each price range and again when looking at the figures specific to Miami and Miami Beach. It is important to note that the figures below only include resales listed on the MLS. Developer inventory and closed sales are not included. My guess is that the statistics would be even more compelling had those figures been included. To put things into perspective, I recently heard that Icon Brickell had been averaging around 60 closed sales per month. With 1,796 total units, Icon Brickell had been the poster child of the oversupply problem in Miami. Icon Brickell currently has less than 100 available condos for sale. Word on the street is that sales for condos at Paramount Bay will launch later this month. Once it does, Paramount Bay will be the last of the recently constructed condo developments to hit the market and will add just 350 total units. Many of those condos have already been secured by original contract holders and interest from potential buyers for the remaining units is staggering. A shortage of condos in Miami is an almost certain problem that lurks on the horizon. Keep in mind, even if new condo developments were planned and approved tomorrow, it would be another 3-5 years for those condos to be completed and delivered.
Below, you will find the Miami-Dade County condo supply and sales figures for August 2011:
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 following statistics encompass only those condos located throughout Miami Beach:
developer inventory
CBS4 Reports on the Downtown Miami Condo Market Turnaround
For those who missed it earlier this evening, CBS4 aired a segment entitled “Is Downtown Miami’s Condo Market on the Rebound?“. CBS4 reporter, David Sutta, highlighted the recent sellout of the Viceroy Tower at Icon Brickell and interviewed our very own, of the Miami Condo Investments team, to get his perspective regarding the dwindling condo inventory in Downtown Miami. He compares the condo inventory at the peak of the market to the inventory that now exists. Over the past year, prices have begun to rebound in Downtown Miami as inventory has been swallowed up predominantly by foreign buyers. There is no reason to believe that the market turnaround will reverse course anytime soon as new condo inventory in Downtown Miami is years away from hitting the market.
Best Priced 2 Bedroom at 900 Biscayne Bay – $510,000
We recently got a new listing at 900 Biscayne Bay. It’s a 2 bedroom/2.5 bath condo with 1,355 square feet of interior and 597 square feet of balcony. The unit has American maple wood floors throughout the living areas and marble floors in the bathrooms. The unit faces northeast with a view of Biscayne Bay. The asking price is $510,000 which currently makes it the best priced 2 bedroom at 900 Biscayne Bay. Contact us if you would like to view the unit in person or if you would like more information regarding unit 2012 at 900 Biscayne Bay.
If you’re in the market for a luxury condo rental in Downtown Miami then you may want to take a look at the two gems below. Both rentals are stunning and came onto the market earlier this afternoon.
The first is a 4 bedroom/4.5 bath bi-level condo at Marquis Residences. The 57th floor unit has 3,880 square feet of interior with wood flooring throughout and comes fully furnished. Asking price is $12,000 per month.
The second rental is a 3 bedroom + den/4.5 bath penthouse at 900 Biscayne Bay. The unit has 3,493 square feet of interior, marble flooring throughout and an over-sized terrace unique to the 59th floor. The floor plan is pretty spectacular. Asking price is $8,900 per month. The condo is also available for sale at an asking price of $2,099,000.
900 Biscayne Bay #5901 – 3 bedroom + den/4.5 bath – $8,900 per month
Don’t hesitate to contact us if you have an interest in viewing either of the above two rentals. If these properties aren’t quite what you have in mind, please feel free to use our property search to find a rental that suits your style and needs.
Miami Condo Market Hot Again According to CNBC’s Diana Olick
Yesterday afternoon, Diana Olick of CNBC discussed the Miami condo market on her segment “Spring Realty Check”. The Miami condo market has made an amazing recovery over the past four years and is once again heating up. Miami condo sales are up 134 percent from a year ago and investors are rushing in to scoop up condos. As Diana says, “Investors should pay attention, or miss the boat”.
