Plaza on Brickell vs. 1060 Brickell

Closings began within weeks of each other. The location is about the same, with Plaza on Brickell and 1060 Brickell each residing just across the street from one another on Brickell Avenue. So, which condo development represents a better buying opportunity?  Plaza on Brickell or 1060 Brickell?

About a month ago, I stepped foot into each condo development and was able to take a tour through both Plaza on Brickell and 1060 Brickell.  Below are my thoughts.  I’d love to hear the opinions of others who also have been able to tour each condo development.

Layouts & Functional Space – I felt that the closet space in the units at 1060 Brickell were much too small.  I’ve heard this complaint from several others who have toured condo units at 1060 Brickell.  A year-round resident likely won’t have enough closet space in a condo at 1060 Brickell.  I was actually pleasantly surprised by the large walk-in closets in condos at Plaza on Brickell.  Several of the 2 bedroom units at Plaza on Brickell actually have large closets in both of the bedrooms.  I also really like the floor-to-ceiling glass windows in the corner units at Plaza on Brickell because lots of natural sunlight shines through.

Views – The views are about the same since neither are waterfront condo buildings.  However, condos located on high floors looking east at Plaza on Brickell have fantastic direct bay views with views of Biscayne Bay, South Beach, Fisher Island and the Atlantic Ocean.  I’d have to give the edge to Plaza on Brickell on views.

Condo Finishes – I was actually very impressed with the finishes of condo units at Plaza on Brickell.  The kitchen finishes were especially great.  I prefer the dark cabinets but everyone has their own preference.   I thought I’d like the finishes at 1060 Brickell equally, if not more than the finishes at Plaza on Brickell, but this was not the case.

Miami – I’m Baaaack

I arrived back into Miami last night. NYC was awesome and I was actually contemplating extending my stay until Sunday but I’m happy to be home. Being in Chicago and NYC for the past couple of weeks reminded me just how many people are in this world. Walking (or driving) the streets of Miami you kind of lose site of that after a while. Walking one city block of Chicago or NYC though and you regain that perspective.

The Real Estate Connect Conference was a good experience. I met a lot of great and insightful people and listened to some very intelligent keynote speakers. I’m not sure if the conference was completely worth the price to me but it was still a great experience and I have no regrets. I’m a very tech-savvy person though, so for a Realtor who isn’t tech-savvy this conference would pay for itself in spades.

I decided to install the “Recent Comments” plug-in onto my sidebar. (You’ll find it down the right-hand side of the screen). I’ve known about this plug-in since I began this blog but I never really liked the look of it. I’ve decided to install it regardless because I know that you all enjoy participating in the latest conversations. I’ll often receive comments on a blog post that I wrote 4-6 months ago. Unless you periodically check that post or happen to stumble upon it via a search engine, then you’ll likely never know about the latest comment on that post. The “Recent Comments” plug-in will reveal the latest conversations occurring on this blog.

Here are a few tid-bits of information:

• Plaza on Brickell will begin closings in the 901 tower within the next week. I think Plaza on Brickell is the most affordable new condo development on Brickell Avenue. About three weeks ago, one bedrooms started at $210,000. I’ve mentioned before that I feel that Plaza on Brickell will act as the buoy for the Brickell condo market. If any of you are strongly considering purchasing in Plaza on Brickell then let me know because I can now get you inside so you can preview the development and walk inside condos that you may have an interest in buying.
• Avenue on Brickell (1060 Brickell condos) will begin closings within the next 7-10 days. This means big competition between Avenue on Brickell and Plaza on Brickell since closings will begin around the same time. They are basically right across the street from one another. It will be interesting to see which offers a better product.
• As most of you already know, Bank of America purchased Countrywide Financial Corp. yesterday morning for $4B in stock (a total investment of $6B when considering its $2B investment in Countrywide in 2007). With this acquisition, Bank of America will overnight become the largest mortgage originator and servicer. BOA is acquiring a HUGE customer base from Countrywide. Countrywide, however, will have huge losses as a result of bad loans and their credit risk will now be passed along to Bank of America. On the bright side, as a few financial articles have pointed out, Bank of America will enjoy huge tax savings because of this acquisition. Bank of America, which has large annual profits will be able to offset these profits with big write-offs from Countrywide. Wall Street, however, didn’t particularly like the details of the acquisition as Countrywide lost a little over 18 percent of its value on Friday.
• The Brickell and Brickell Key Condo Indexes will likely return later this month. I have a million things to get done before that but I should be able to make the time to get that done. It’ll be interesting to see if anything has changed now that we’re a few months into our peak season in Miami.
• I plan to hire a professional videographer/editor within the next couple of weeks. Up to this point, I’ve done all the video work on my own. I’m just an amateur videographer though. Every listing that I get from here on out (and the ones that I currently have) will have a professionally made video tour. The quality will be much better than I could ever do. About 80% of the buyer leads that I get from this blog are from non-locals. I think video will help these out-of-state or out-of-country buyers tremendously when previewing properties. Many brokers may not agree, but virtual tours are a thing of the past. Video may be cost prohibitive to most Realtors when compared to virtual tours but I think the investment for me will separate me from the rest. I’m trying to find a reputable videographer/editor in the Miami area. If any of you know of one then please let me know. I don’t need a production studio but rather an individual who knows what they’re doing and can deliver great Internet-quality video. Also, if any of you developers that read this blog are interested in having your development showcased then let me know because I would love to get inside with a camera crew to tour the common areas and various units. It’s all about eyeballs these days. Get more eyeballs to view your development and you’ll get more closed sales. Miami real estate has become an international market. You’ll also gain insightful comments from visitors of this blog. You may hear someone comment “The lobby looks amazing!” or “The closets are way too small”. This is the feedback that you need to hear, even if you may not want to.

New Construction Condo Deals in the Arts District, Brickell, Downtown Miami, and South Beach

As closing dates for some of South Florida’s newest condo developments quickly approaches, the motivation from contract holders to sell is becoming increasingly apparent. I’ve been receiving a lot of phone calls and emails from contract holders, within the past couple of weeks, who are looking for me to help them find a replacement buyer.

In some cases the contract holders are willing to accept a loss on their contract price in order to retain a portion of the deposit that was made 3-4 years ago. Below you will find some of the better deals that I’ve come across:

Edgewater

• The 1800 Club
  • Unit 2×04 – 1 bedroom/1 bath – 842 SF – $235,000
  • Unit 3×06 – 1 bedroom/1 bath – 822 SF – $240,000
  • Unit 3×03 – 2 bedroom/2 bath with direct bay view – 1,142 SF – $418,000
  • Unit 4×03 – 2 bedroom/2 bath with direct bay view – 1,142 SF – $428,000

• Quantum on the Bay
  • Unit 15+ floor B (south tower) – 1 bedroom/1 bath – 651 SF – $198,000
  • Unit 35+ floor D (south tower) – 1 bedroom/1.5 bath – 780 SF – $212,000
  • Unit 40+ floor B (south tower) – 1 bedroom/1 bath – 651 SF – $252,350
  • Unit 40+ floor J (south tower) – 2 bedroom/2 bath – 1,239 SF – $399,000
  • Unit 40+ floor J (south tower) – 2 bedroom/2 bath – 1,239 Sf – $409,000 obo
  • Unit 10+ floor L (north tower) – 2 bedroom + den/2.5 bath – 1,460 SF -$550,000

Brickell

• 1060 Brickell
  • LF Loft – 1 bedroom/2 bath – 972 SF – $360,000
  • 30th Floor (K floor plan) -866 SF – $290,000
  • Unit 3×07 – 2 bedroom/2 bath – 1,103 SF – $467,000
• Axis
  • 1x04S (C1 floor plan) – 2 bedroom/2 bath – 1,076 SF – $340,000
• Plaza on Brickell
  • Unit 2×09 (901 tower) – 1 bedroom/1 bath – 683 SF – $250,000
  • Unit 2×05 (901 tower) – 2 bedroom/2 bath – 1,185 SF – $339,000

Downtown Miami

• Marina Blue
  • Unit 4×04 – 2 bedroom/2 bath – 1,208 SF – $470,000

South Beach

• Continuum South Beach North Tower
  • Unit ??? – 2 bedroom/2.5 bath NW corner unit – 1,491 SF – $1.86M
  • Unit ??? – 2 bedroom/2.5 bath NW corner unit – 1,922SF – $3.35M
  • Unit ??? – 3 bedroom/3.5 bath NE corner – 3,497 SF (4 balconies) – $4.2M

If you’re a contract holder and you’re motivated to sell then feel free to email me details of your condo and the price that you are willing to accept. Most developer contracts do not allow you to market your unit outside the sales center, so I will post general information here on the blog to see if a buyer emerges.

I’ll match buyers and sellers together. The sales centers are in some cases charging higher than normal sales commissions and transfer fees which make it virtually impossible for contract holders to get their units into the hands of end-users. I’m hoping that this blog will help contract holders to get some of their money back, end-users to find a great deal and developers to have less defaulted units. The way I see it is a win-win-win situation for everyone involved.

By the way, I’ve added a link to this post on my “Deals” page and will be adding to the list above intermittently.

The $400K Price Point for 2 Bedroom Condos Has Been Breached

Only 12 months ago, finding a 2 bedroom in a desirable condo development throughout Brickell and Brickell Key for less than $500,000 seemed like quite a bargain. How times have changed! Nowadays, the new figure seems to be $400,000.

Neo Vertika currently has 11 two bedroom condos that are priced for under $400,000, Isola has 2, Courvoisier Courts has 3, One Miami has 7, Solaris at Brickell has 1, The Club at Brickell Bay (surprisingly only) has 2, The Mark on Brickell has 3 and Vue at Brickell has 11 (with 2 of the 11 two bedroom condos priced for under $300,000).

With the additional inventory, from the soon-to-be completed condo developments, I think the $400,000 price point for 2 bedroom condos in desirable condo buildings throughout Brickell and Brickell Key will become more commonplace in 2008.

Of course, the size and square footage of the condos needs to be taken into consideration. Most of these new condo developments are delivering 2 bedrooms that have 1,145-1,300 square feet. Anything larger will, of course, fetch higher prices. It should go without saying that 2 bedroom units at ultra-luxury condo buildings such as Jade, Four Seasons and Santa Maria are exempt from this discussion.

I’m actually looking forward to the opening of Plaza on Brickell in January. In my opinion, it offers the best value in Brickell. I think within 3-4 months after it opens we’ll see aggressively priced 2 bedroom condos throughout Brickell approach the $350,000 mark.

I was at the Plaza on Brickell sales office last week with out-of-the-country clients and we were both shocked by the prices that were offered. The prices had come down considerably since September, when they last visited the sales center with me. One bedroom units now start at around $210,000 and two bedroom condos start at around $340,000. Investors have become more motivated to sell as their closing date approaches.

A few days after I visited the sales center with my clients they told me that “at these prices we would regret not making an offer”. They are looking to hold for about 10 years. Where else in Brickell can you get such prices, much less in a brand new development? I think Plaza on Brickell will act as the buoy for the Brickell condo market.

This is why many investment groups have their eyes set on Plaza on Brickell. They all want to buy units in bulk at a deep discount to get positive cash flow. However, I don’t think that this will happen at this development. I think prices offered, at the present time, are appealing enough to end-users. They, too, have their eyes on the Miami condo market because it is in their own backyard.

I know from reading your comments lately that you all are very opinionated. So I ask you, where do you think 2 bedroom units will ultimately be priced? More specifically, where do you think the top 10% best priced two bedroom condos in the well known Brickell developments will be priced by the end of 2008?

Plaza on Brickell – 1 Bedroom/1 Bath – $282,000

The above picture of the progress at Plaza on Brickell was taken this afternoon. The weather was just perfect today, as it has been for the past four days. 80 degrees, no humidity and clear skies! What more can you ask for in November?

Plaza on Brickell is scheduled to begin closings in January of 2008. I’m a fan of this development for two reasons: price and location. Well, actually three. I also like the commercial aspect of the development on the ground floor along Brickell Avenue. I’ve been told that these spaces have already been accounted for and that a few fantastic restaurants and cafes will open there. It will nicely compliment the shops and restaurants at Mary Brickell Village which are only a few short blocks away. City living is finally beginning to transform Miami.

Someone contacted me a few weeks ago who has a 1 bedroom/1 bath condo under contract at Plaza on Brickell. He went to contract on the unit the first day that sales began. The condo has 838 square feet of interior space and a 130 square foot balcony. The unit is located on the northwest corner of the 851 tower, which is the taller of the two towers, and is situated above the 20th floor. The floor plan of the available condo is below:

The contract holder of this condo at Plaza on Brickell is looking to sell it for $282,000, or $337 per square foot. Units at Plaza on Brickell come move-in ready. Contact me with any questions or if you have an interest in acquiring this condo.

Sunday Afternoon Bicycle Ride Through Brickell and Downtown Miami

Last week, I purchased a new road bike. My hope was to not only get a good cardio workout while cycling but also to get some great pictures of Miami and South Beach condos while doing so. My goal today was to get some shots of the condo developments in Brickell and Downtown that were either recently completed or will be completed within the next year. Unfortunately, it was a very cloudy day as you will see below.

Closings at Plaza on Brickell will likely begin in January. This development will add 1,000 new units to the Brickell condo market.

Closings at 1060 Brickell should occur around the same time. 1060 Brickell will add 582 condo units.

Closings at Axis will likely begin around the middle of 2008. Axis will add 718 units.

Closings for 500 Brickell are scheduled for the beginning of 2008. This development will add 633 units.

Infinity at Brickell will likely be completed towards the middle of 2008. Infinity will bring 459 condo units to the market.

I forgot to get a shot of Brickell on the River South. That development will add 322 units. I also didn’t get one today for Latitude on the River but I’ve displayed pictures of that building in the past. Closings at Latitude started about two months ago. It has 455 condo units.

Asia is located on Brickell Key. It is the only development under construction there. It will add 123 condo units when it is completed in the first half of 2008.

Closings at 50 Biscayne began about a week and a half ago. I walked in the lobby last week and it is gorgeous. I didn’t have my camcorder with me at the time, however. I will try to get a video and picture tour of the building within the next week. 50 Biscayne has 529 condo units.

Closings at Loft Downtown 2 are scheduled to begin this month. In fact, they may have already begun. It will add 496 units.

Everglades on the Bay (now known as Vizcayne) likely won’t be completed until the end of 2008 or beginning of 2009. It will add 866 condo units to the Miami real estate market.

I’ve been told that closings at Marina Blue are scheduled to begin November 1, 2007. I don’t see that happening so soon but maybe I’m wrong. My guess would be sometime in December or January. Marina Blue will add 516 units.

900 Biscayne Bay will likely be completed in the first half of 2008. It will add 516 units as well.

Closings for units at Ten Museum Park began about three months ago. Closings are still underway. It has 200 units. Marquis probably won’t be completed until the end of 2008 to beginning of 2009. It will bring 306 units to the Miami condo market.

Above is a shot of Marina Blue, 900 Biscayne Bay, Ten Museum Park and Marquis.

In conclusion, there might be a tiny bit of an inventory problem in Miami (that was me being sarcastic). I also didn’t include Icon Brickell and Epic Miami which will be completed in 2009. Icon Brickell will add 1,816 units while Epic will add 966 units. The condo developments in the Arts District will also add a little over 2,000 new units to the market within the next six months.