Photo Tour of Axis – Brickell Condo
I had the opportunity to tour Axis last Tuesday morning with a client. I brought my digital camera with me and had the chance to snap off a bunch of pictures of the common areas at Axis as well as a few model units. Axis has a large amenity level which includes a resort-style pool, separate lap pool, hot tub, audio/video room, steam room, barbecue grill, bar lounge area, billiards tables, various seating areas with flat-screen TVs and a fitness center. I tried to shoot most of the amenities at Axis but wasn’t able to get quite everything.
The following is a shot of the seating area in the lobby of the South Tower at Axis.
Here you’ll find the resort-style pool at Axis.
Here’s an aerial shot of the resort-style pool at Axis from one of the balconies. I wasn’t able to get a shot of the lap pool.
Here’s the hot tub at Axis.
The two billiards tables at Axis.
The bar lounge at Axis located off the pool deck.
A seating area with a flat-screen TV at Axis.
Another seating area with a flat-screen TV.
Yet another seating area but without a flat-screen TV.
Steam room at Axis.
A shot of the fitness center at Axis.
Another shot of the fitness center at Axis.
As I mentioned, I was able to also tour a few of the model condo units at Axis. I was told that all of the kitchen appliances and cabinetry are standard except the Penthouse condos. The Penthouse condos come with upgraded Viking appliances.
Here’s one of the fully decorated model units that I saw at Axis.
Here’s a corner 2 bedroom condo at Axis which faces northwest. If you are interested in a north facing unit then you’ll likely want to clear the Camden Brickell development directly across the street. I believe Camden Brickell has about 16 floors.
The bathrooms were pretty nice. This is a shot of the master bath in a 2 bedroom unit. The 1 bedroom units have only one sink in the bathroom though.
The master bedroom was quite spacious in this 2 bedroom condo at Axis.
The closet in the master bedroom was also quite spacious.
The stackable washer/dryer at Axis.
That concludes my photo tour of Axis. Overall, I was pleased with the building and units given the price range for condos at Axis. I definitely wouldn’t categorize it as a high-quality building but one shouldn’t expect that given the price point. Axis is a great option for a young professional working in the Financial District who wants to be in a brand new building but wants to be towards the lower end of the spectrum on price. I think the quality of the building and units is most comparable to Plaza on Brickell, although I do prefer Plaza on Brickell minus the parking woes there. Compare the pricing of both condo developments by checking the available listings of both below.
Brickell Key Condo Index – June 2008
The following data was collected on June 27, 2008. It’s been quite some time since my last Brickell Key Condo Index. In fact, the last was published in January 2008, or 5 months ago. What’s interesting is that it has been one year since I started the Brickell Key Condo Index, so in this update we’ll be able to see how prices have fared over the past 12 months.
As many of you might have guessed, the average price per square foot of Brickell Key condos listed in the MLS has continued to go down since the January 2008 update. In fact, average list prices have gone down across the board throughout the 10 Brickell Key condo buildings represented in this index. I’ll show you the percentage decreases in each building towards the bottom of this post. In January 2008, the average price per square foot of condos listed in Brickell Key was $486.07. The average now stands at $450.49. That’s about a 7.3% drop in list prices in 5 months. More interesting is the drop since June 2007. At that time, the average price of condos listed in Brickell Key was at $519.97. That means list prices in Brickell Key have come down a little over a 13% in 12 months.
Average price per square foot of Brickell Key condos currently listed on the MLS:
The average price per square foot of condos that have sold within the past five months has gone down as well. This average dropped to $367.19 per square foot from the $416.92 that we saw in January 2008. This average stood at $445.59 in June 2007. That’s a 11.9% drop within 5 months and a 17.6% drop within 12 months. The average price per square foot for closed units at St. Louis was not included in this month’s index, however, because there haven’t been any closed sales within the past 6 months. That’s why you’ll see the absence of a bar for St. Louis in the graph below. The percentage drop may have been smaller had there been closings at St. Louis but nobody knows for sure since we don’t know where the market clearing value for these condos lies.
The average price per square foot of condos sold within the past six months:
- Brickell Key One – 520 Brickell Key Drive | 33131 | $321.16
- Brickell Key Two – 540 Brickell Key Drive | 33131 | $299.76
- Carbonell – 901 Brickell Key Drive | 33131 | $408.33
- Courts Brickell Key – 801 Brickell Key Drive | 33131 | $360.31
- Courvoisier Courts – 701 Brickell Key Drive | 33131 | $336.01
- Isola – 770 Claughton Island Drive | 33131 | $265.79
- One Tequesta Point – 888 Brickell Key Drive | 33131 | $392.33
- St. Louis – 800 Claughton Island Drive | 33131 | N/A
- Three Tequesta Point – 848 Brickell Key Drive | 33131 | $465.02
- Two Tequesta Point – 808 Brickell Key Drive | 33131 | $455.98
The chart below reveals additional statistics pertaining to the 10 aforementioned condo buildings in Brickell Key:
The first column to the right of each condo development is the difference in the average sales price and list price for this month, expressed as a percentage. As you can see, there is, in some cases, very large discrepancies in the average list price versus the average sales price for condos that have closed within the past six months. Notice the 36.75% difference in these two averages for Isola and about 29% differences for Brickell Key II and Carbonell. Wow! I guess list prices in these buildings still have a ways to go to catch up to price level where there’s actual demand to buy.
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. If you compare this month’s chart to the one published in January 2008, you’ll notice that the majority of the Brickell Key condo buildings have had a slight increase in the number of available listings. The cells highlighted in green reveal those developments that have active listings that represent less than 10 percent of the the overall units in the building. As I’ve stated before, I find this to be a very healthy number. The ones highlighted in red reveal those developments that have active listings that represent over 20 percent of the overall units in the building. Proceed with caution if you’re buying in a condo building where the available listings represents over 20 percent of the total number of units. Condo developments with active listings representing less than 10 percent of the overall condos 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 in the MLS. All of the buildings have had at least 3 closed sales within the past six months except St. Louis, which laid a fat goose egg. Two Tequesta Point experienced the most closings in that time frame with 9.
The sixth column shows the difference in the average list prices from January 2008 and this month, expressed a percentage. Those highlighted in red reveal those condo developments which have had a drop in their average list price. As you can see, each of the 10 buildings in Brickell Key, represented in this index, have experienced a drop in their average list prices within the past five months.
The seventh column reveals the difference in average sales prices from January 2008 and this month, expressed as a percentage. Only Two Tequesta Point and Three Tequesta Point have had increases in their average price per square foot for units sold within the past six months. With 9 and 6 closed sales, respectively, within the past six months, perhaps these two buildings have established a floor? I guess time will tell.
It’ll be interesting to see where prices for Brickell Key condos will reside in another 12 months. My take is that about 4 or 5 of these condo buildings are close to reaching their bottoms while the other half still needs at least another 4-6 months to reach that point.
Villa Magna Project Lives On…
…at least for the time being. The “Miami Today News” reported last week that the Villa Magna project is still pushing forward. I guess we can all scrap the inkling of a dream that the land would become a public park. I don’t think any of us actually thought it would be turned into a park but rather just wishful thinking that the city wanted a nice green space for the residents of Brickell. The Villa Magna project will reside on the last bayfront lot in Brickell. Now, we can all move on to hoping that the Brickell CitiCentre land will become a public park.
The same issue of the “Miami Today News ” also discussed the relocation of the Camillus House. For those not local to Miami, the Camillus House is a homeless shelter located in the neighborhood of Park West, a few blocks west of new luxury condo high-rise buildings such as Ten Museum Park, 900 Biscayne Bay, Marquis and Marina Blue. The good news is that the relocation of the homeless shelter is still going to happen. The bad news is that the move won’t happen until 2010. I think residents of these condo buildings are highly anticipating that day to arrive. The neighborhood will see a dramatic improvement and, as the article mentions, commercial developers will be more prone to open retail space in the neighborhood. 2010 will be a great year! The Super Bowl will be returning to Miami and Camillus House will be heading west!
Update: I do plan to update this blog on a more frequent basis like you had enjoyed in the past. I took some time off but now I’m back in full blogging mode. The new “Condo Deals” page is coming along nicely and should be rolled out by the end of next week. I’m looking forward to that as well as a few other changes that I think you’ll all enjoy.
Panoramic Views from 3 Bedroom Penthouse at Quantum on the Bay
This morning, I showed a 3 bedroom Penthouse unit on the 51st floor at Quantum on the Bay to some foreign buyers. The views were pretty amazing! Take a look for yourself below.
To the south, you can see Brickell Key and Key Biscayne from the Penthouse at Quantum on the Bay.
You can also see the Venetian Islands, Fisher Island, South Beach and Star, Hibiscus and Palm Islands.
Here you see the rest of Miami Beach from the Penthouse at Quantum on the Bay.
To the north, you can see Surfside, Bal Harbour and Sunny Isles Beach in the distance.
Marina Blue Through the Eyes of a Professional Photographer
About a month ago, I shared a bunch of pictures that I shot while touring Marina Blue. Someone left a comment remarking that my amateur eye didn’t fully encompass Marina Blue in all its glory. I think you will all agree, after viewing this post. Fortunately, the people at Posh Condos were nice enough to share with me some professionally shot photos that they had someone shoot for them. They agreed that I could share these amazing pictures of Marina Blue with my readers, so enjoy!
The lobby seating area at Marina Blue.
The hallway to elevator core 3 and the beautiful orange round-chair at the end.
A shot of elevator core 1 at Marina Blue.
The entrance to the Sky Beach Fitness Center on the 14th floor at Marina Blue.
This amazing view should inspire quite a few to get their cardio workout in each day.
The two hot tubs at Marina Blue.
The sunrise pool at Marina Blue and the Downtown Miami view.
The poolside eating area off the club room. The barbecue grills aren’t installed yet but they will be.
The poolside lounge area at Marina Blue.
The rock garden at Marina Blue. I never knew rocks could look so beautiful.
The putting green. I think there’s about 5 holes in all.
A shot of the circular beds off the sunset pool at Marina Blue.
The sunset pool. You can work on your tan all day until the sun fades into the horizon. The sand volleyball court was being set up the last time I was on the pool deck at Marina Blue.
Most people hate to see an unfinished unit with concrete floors. Above, you’ll find a finished condo at Marina Blue with painted walls, flooring, baseboards and window treatments. The view is killer even from this condo on a relatively low floor. Last week, I got a rental listing on the 5th floor and received an offer that was accepted after just one showing. All Marina Blue condos have a direct water view.
This is the kitchen at Marina Blue from a 12 line unit with tiled floors. The 12 line is a 2 bedroom/2 bath corner unit with direct views of Biscayne Bay and Miami Beach from the living room and master bedroom and views to the north and west from the kitchen and second bedroom.
A sick view to the east at Marina Blue.
A view down Biscayne Boulevard. Yes, the traffic may be congested at times, although you don’t see it in this shot, but isn’t that what urban life is all about? I honestly can’t wait for there to be more traffic in Park West, Brickell and the Arts District. The infrastructure will follow.
I’m originally from Chicago. A few years before I left Chicago, nobody wanted to live south of Congress. The infrastructure wasn’t in place at the time because there wasn’t much interest to live there from young professionals. Now, it’s a totally different situation. Development has pushed more south with each passing year and what was formally known as the “hood” has become a place that young professionals actually enjoy living.
There’s no doubt that the same will happen with Miami. Six months ago, I used to show condos at Loft 2 and 50 Biscayne and hardly anybody lived there. Now, the foot traffic that goes through the lobby of each building each hour is incredible. I showed a condo for sale at Loft 2 this evening and I couldn’t believe how many people actually live there now. It was a sight to see! It’ll definitely take some time for the market to digest the new inventory but, when it does, Miami will be hot again!!!
Marina Blue Condos For Sale
Marina Blue Rentals
A Preview of 500 Brickell
Last Thursday night, I attended the brokers preview party for 500 Brickell. It was great to be in the company of the one or two Realtors left in Miami. Okay, I’m exaggerating a bit. The place was actually pretty packed. The wine was flowing and the hors d’oeuvres were everywhere. The picture above was taken from the rooftop pool on the 42nd floor.
Jorge Perez attended the party. Jorge gave free copies of his newly published book “Powerhouse Principles” and stayed around to sign books. Above, Jorge is doing his rendition of “Love Me Tender” by Elvis Presley. I’m joking. Actually, he was thanking his staff and everyone involved in the 500 Brickell project.
I was actually very impressed with the amenities at 500 Brickell. It’s definitely a very “hip” building. That’s the word that kept coming to mind for me at least. Here you see the lobby of the east tower at 500 Brickell.
This is a shot of the Sports Bar room at 500 Brickell. The room also has a billiards table and a bar with flat-screen TVs which you’ll see below.
Another shot of the Sports Bar.
The spa was very nice, complete with a steam room and sauna.
A shot of the hot tub in the men’s spa room.
I’m kicking back in one of the reclining seats at the back of theater room watching “Bourne Ultimatum”.
Above is a shot of the fitness center. This is one amenity area that didn’t quite impress me. I found it to be rather small to accommodate the residents of the east and west towers at 500 Brickell.
The all-famous halo at 500 Brickell. I was laying back in a lounge chair as I took this shot. It was kind of trippy. I felt like I would be beamed up to the Related Group mother-ship at any moment. I spoke with an architect who worked on 500 Brickell who mentioned that the scattered windows running down the sides of each tower were to resemble water running down. I thought that was pretty interesting.
The kitchens were nice but they’re identical to the kitchens that you’ll find in the “Sky Residences” at Plaza on Brickell, so they were nothing new to me. Each of the condos at 500 Brickell comes with a Jacuzzi tub in the master bath that are the same, or at least resemble, the ones found in the “Sky Residences” at Plaza on Brickell as well.
The floor plans were pretty spacious and the bathrooms in most of the lines were rather large. However, the group I was with did find a major flaw in the 00 line of the east tower. The shot above is of the shower. Take note of how narrow it is. A slender lady in our group entered the shower and pretended to wash her hair. She couldn’t lift her elbows without hitting the glass. The 00 line does have the best views of all the 1 bedrooms at 500 Brickell but anyone looking to buy a condo in the 00 line should take note of the shower. You’ll definitely need to open up the space somehow. The showers in the other lines didn’t seem to have this problem.
The view to the south of Brickell at dusk was pretty killer. However, there is an office building currently under construction that will block much of this view. If you look closely, you can see the construction cranes in the foreground of the picture above.
A view to the northeast. The view of the Bank of America building directly to the north was also a nice sight, although you can’t see it in this picture. Personally, I much prefer the northern view at 500 Brickell over the southern view.
Here’s a shot of the east view. I thought Icon Brickell would block most of the views to the east at 500 Brickell but, as you can see, you still get nice views of Biscayne Bay and Brickell Key. Obviously, you do see Icon Brickell to the side but the visual distraction isn’t as bad as I thought it would be.
By the way, a few of you mentioned that the illuminating halo in the middle of the two towers might shed unwanted light into the condos residing on the interior of the condo development at 500 Brickell. I made sure to take a look at one of those condos to see if that was true. The halo didn’t shine a bit into the unit that I was in that night. There might be a few units where this might be a problem but I’m sure it’s nothing that some blackout shades can’t resolve.
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
