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.
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
myBrickell Tops-off According to Schedule
Almost nothing in Miami goes according to schedule. That is why I was pleasantly surprised to learn that myBrickell topped-off earlier this month. Far before the first shovel even broke ground, Related Group projected that top-off would occur in February 2013. Letters were mailed to contract holders last week on February 1st to announce the good news. Closings had been projected to start in September of this year. I guess we will see if Related Group is able to meet that deadline as well.
For those unfamiliar with the development, myBrickell is a 28-story, pre-construction condo development in Brickell with 192 total units. It has been sold out for quite some time.
Brickell Condo Market Expected to Remain Strong Throughout 2013 and 2014
As of late, little has been said about the fact that myBrickell and 1100 Millecento are completely out of inventory. With the exception of two very large penthouses, the same goes for BrickellHouse. Take a moment to digest that piece of news. Of the 948 combined units that these three developments represent, only two remain available. That speaks volumes about the strength of this real estate market in Miami. 192 units at myBrickell are scheduled for delivery towards the end of this year and the balance of condos from the two other developments are not expected until the end of 2014. In the meantime, demand remains high so existing condo inventory should continue to dwindle. There isn’t much help on the way in near term either. We know that there will be a residential aspect to the highly anticipated Brickell Citicentre, which is currently under construction, but no sales information has been released as of yet. Regardless, completion of those condominiums would not be expected until 2015 at the earliest. We also know that Related Group recently purchased the Infinity II site located at 1300 S Miami Avenue. It is highly likely that sales for condominiums in that project will be announced sometime during the first half of this year. The site is approved for a 65-story tower with 556 total units so don’t expect those units to be delivered any earlier than mid-2015 unless the project is massively scaled back. Lastly, there has also been mention of Panorama Tower and Villa Magna but both projects will be rather massive so inventory in either wouldn’t be expected until late-2015. In summary, I think it is relatively safe to say that, barring any global economic meltdown, prices for condominiums in Brickell should enjoy a steady rise throughout 2013 and 2014 given the lack of inventory that will exist over the course of that time period.
By the way, the two remaining penthouses at BrickellHouse are priced at $2,396,000 for 3,500 interior square feet and $5,200,000 for 7,500 interior square feet. No matter how you slice it, sub-$700 per square foot for a penthouse in a building of this caliber is an amazing deal.
1100 Millecento, BrickellHouse and myBrickell on the Brink of Selling Out
I realize that I run the risk of sounding like your typical salesman, but it must be said – “This market is hot!”. Over the past nine months in Brickell, three pre-construction condo developments – 1100 Millecento, BrickellHouse and myBrickell – were launched. I was made aware yesterday afternoon that only 20 units remain available for sale amongst these three developments combined! That represents 2.1% of their combined 948 total units. Only two units remain at 1100 Millecento, 8 at BrickellHouse and 10 at myBrickell. The first two projects haven’t even broken grounded yet. If that’s not hot then I don’t know what is. Before anyone starts to chime in with bubble talk, we need to keep in mind that all three pre-construction developments require a very large portion of the purchase price to be paid long before closing. In the case of 1100 Millecento the buyer will have already paid 50% of the purchase price by closing. BrickellHouse and myBrickell are virtually immune from default risk with the buyer required to pay 70% and 80% of the purchase price, respectively, by closing. Like I said – This market is hot!
View all Brickell condos
MyBrickell Construction Update
I had a chance to walk by the myBrickell construction site this afternoon. 3 floors down, 25 more to go.
MyBrickell and Millecento Pre-construction Sales Update
Pre-construction sales at MyBrickell and 1100 Millecento have been remarkably strong this year. MyBrickell, which broke ground about a month and a half ago, has only 11 of 192 units remaining. Completion is slated for the end of 2013. Millecento has been even more impressive. Millecento should be completely sold out long before groundbreaking. Only 13 of 382 units remain and groundbreaking is not expected to take place until October. Delivery is scheduled for November 2014.
Contact us if you have an interest in reserving one of the last available units at MyBrickell or Millecento.
Miami Condo Prices on the Rise
Everyone seems to be in agreement nowadays that the Miami condo market has fully recovered. In fact, not only has the condo market recovered but prices are now on the rise. A recent report released late last month by the Miami Association of Realtors showed that the median sales price for condominiums in Miami rose a remarkable 36 percent year-over-year in January. The average sales price for Miami condominiums increased 45.2 percent in the same time period.
Existing condo inventory continues to be absorbed at a rapid pace and new inventory won’t hit the market until at least the second half of 2013 when myBrickell is scheduled for completion. Pre-construction sales have gone remarkably well at myBrickell with over 85% of the units now under contract. Meanwhile, pre-construction sales at Brickell House, a 374-unit luxury high-rise scheduled for completion in 2014, has experienced similar success with over 60% of the units now under contract. Other condo projects have been approved by the city for development but sales have yet to be launched despite an overwhelming demand from foreign buyers.
Don’t take my word for it though. Here are a few major news sources who have recently reported about the upbeat Miami condo market:
MyBrickell Sales Officially Launch; Prices Start at $177,900
Last night’s gala introducing Karim Rashid, the world-acclaimed interior designer behind MyBrickell, marked the official launch of sales for the condo development. MyBrickell is off to a tremendous start with over one-third of the condos already reserved. That is quite an amazing feat given the fact that reservations were not being accepted until just 11 days ago. The level of success that MyBrickell has experienced thus far helps to understand the level of demand that still remains for new condo inventory in Miami.
MyBrickell will have a mix of studio, one bedroom + den, 2 bedroom and 2 bedroom + den units. Prices start at $177,900 which is excellent, in my opinion, given the current availability of Brickell condos in that price range. To put the pricing for studios into perspective, there are currently only 4 studios in Brickell priced under $200,000 for sale on the MLS. Two of those studio condos are located at The Four Ambassadors (built in 1968), one at Brickell Townhouse (built in 1963) and one at Brickell Bay Tower (built in 1964). Furthermore, two of the four listings are short sales. It goes without saying that MyBrickell will be a brand-spanking new condo development when it is completed and delivered in 2013 to those with reservations. I may not have a crystal ball, and cannot tell you with certainty where prices are headed, but I can pretty much guarantee you that there will be less condo inventory in Brickell in 2013 than there is now. Moreover, MyBrickell will be the only Brickell condo development to hit the market that year.
One of our clients attended the MyBrickell sales event last night and reserved a 1 bedroom + den. Her price – only $228,000! With pricing like that, it helps explain the rush by people to reserve condos at MyBrickell.
Below, you will find the price ranges for condos available at MyBrickell. The average price per square foot for MyBrickell hovers around $300.
Now that sales have officially launched at MyBrickell, you are able to receive pricing for specific units and reserve one immediately if you choose to move forward. Please refer to our MyBrickell profile page with renderings, building and unit information and pricing. There, you may also download the MyBrickell e-brochure as well as the reservation agreement and wire instructions. Feel free to contact us if you have any questions or an interest in reserving a condo at MyBrickell.
Mybrickell Renderings
The development site for MyBrickell is located at 30 SE 6 St, directly west of 500 Brickell and south of Brickell on the River South. Below, are the various development renderings for MyBrickell currently made available to the public.
MyBrickell is a 28-story condo development with 192 total units.
