Market Watch-Condo Sales Surge First Week of June in Miami
Condo sales and volume have surged for the for Miami-Dade county for first week of June. From May 30th to June 5th, 299 condo units sold for $233.2 million. This is up from the previous week in May at 274 units for a total of $183.1 million.
The average price for the units is $780,000, which is up from the last week of May at $668,000. Price per square footage is at an average of $447, with an increase of $31 price per square foot from the previous week.
The week’s most expensive sale is tennis star Carolina Wozniacki and NBA player David Lee for a penthouse at Palazzo Del Sol at Fisher Island. The condo closed for $18.7 million at $2,670 price per square foot. The property was on the market for 472 days and listed by Dora Puig at Luxe Living Realty.
Coming in second is a condo at the Santa Maria Brickell in Miami at $13 million with $1,300 per square foot. This property was on the market for 1 day.
The 3rd most expensive sale was located at One Ocean 402, sold for $3.1 million at $1,516 price per square feet with 57 days on the market.
Renderings and Site Plan Released for Downtown Miami’s Newest Tower The District
Renderings, floor plans, and site plans have recently been released for Miami newest 37-story condominium tower called The District. In April, The Related Group and Parcel C LLC’s proposed and received approval for the project.
This tower is in pre-construction and is proposed to include 347 residential condos with 2,297 square feet of retail space. This project will not have any parking but the developer is requesting an off-site parking waiver.
Rising 393 plus feet tall, The District will be located at 233 N Miami Avenue in downtown Miami. The floor plans will be fully finished and furnished ranging from 446 square feet to 874 square feet with studio to 2 bedroom options.
Includes integrated audio, video window treatment and lighting systems
All residences come equipped with a contemporary lighting package, including recessed lighting, dimmers, and lighting control
Fully built-out closets in all residences
Built in top-of-the-line in-unit washer and dryer
Flooring selections included with specifications recommended by Meshberg Design
Pre-wired for high-speed communications and data connection
Kitchens feature custom Italian cabinetry curated by Meshberg Design
Smeg appliance package includes integrated paneled microwave, dishwasher, built-in convection oven and refrigerator/ freezer
Building Amenities
Rooftop Amenity Deck : Expansive resort-style rooftop amenity deck with plunge swim spa, fire pit, summer kitchen, and gorgeous views of Downtown Miami and Biscayne Bay.
Basketball & Racquetball Courts :Full-height indoor basketball court and regulation-size racquetball court and Rock climbing wall.
Co-working Space :Co-working floor with multiple seating options, high-speed Internet, private meeting rooms, conference room and a full-service kitchen.
Fitness Center :State-of-the-art fully equipped fitness center including a private yoga/spinning room with virtual trainer and men’s/women’s sauna/ sauna and locker rooms.
Museum-quality Art :Double-height lobby featuring professionally curated museum-quality art.
Monitoring Services :24/7 security services and controlled property access.
The District App :Customized password-protected app for home/away smart-home management.
Parking :24/7 valet services and self parking.
Dining :On-site café servicing the residences and recreation areas.
Electric bikes with charging stations are available for residents on the go.
Housekeeping :On-demand full housekeeping services available at your convenience.
Climatized receiving and storage room
Resort Style pool deck with lounge and recreation room
Unit Distribution
Unit Type
Floors
Sq.Ft Range
Starting Prices
Studios
4th – 33rd
458 Sq.Ft – 469 Sq.Ft
From $352,900
1 BD / 1 BA
4th – 37th
558 Sq.Ft. – 615 Sq.Ft.
From $385,900
2 BD / 2 BA
4th – 37th
786 Sq.Ft. – 884 Sq.Ft.
From $573,900
Deposits
10% down with executed contract
10% 60 days after executed contract
10% at groundbreaking (scheduled end 2021)
10% at top off (schedule 3rd quarter of 2022)
60% at closing (scheduled 2nd quarter 2023)
Multiple waivers have been approved on April 9, 2021 but the construction permits have not been filed. Some of paperwork also includes transitioning some units in hotel room. The ground breaking is scheduled for the end of 2021 with estimated completion date of 2023.
MLB Hall of Famer Mike Piazza Sells Miami Beach Mansion for $15 Million
If you need anymore convincing of how hot the Miami real estate market is, another luxury mansion just sold! It gets better because the seller is Major League Baseball Hall of Famer Mike Piazza.
Piazza listed the Miami Beach mansion in December 2017 at $18.5 million. The property located at 1401 West 27th Street, Miami Beach was recently relisted for $14.7 million with a sold price of $15 million. This 8 bedroom, 9.5 bathroom mansion features 9,438 square feet of custom finishes including Jerusalem stone floors and an Italian-inspired kitchen. A private pool, dock, and boat lift elevates the remarkable 100 feet water frontage lot.
The buyers for this incredible residence is none other than the Major Food Group’s co-founder Jeffrey Zalaznick and wife. The couple has been renting the property since October 2020.
According to tax records, Piazza paid $10 million for the home in 2008. But don’t worry, they are not leaving Miami any time soon. They still own a unit at the Ritz-Carlton Residences Miami Beach that they purchased in 2019 for $5.6 million.
One Of These Downtown Miami Sites Could Be The New Amazon HQ
Now that Miami has officially thrown its hat in the ring to be the new home of Amazon’s second headquarters, the competition is also heating up between potential development sites. Amazon’s Request for Proposals was very specific regarding the criteria they are looking for with regards to square footage, zoning and proximity to transportation.
Using a software called Zonar that has recently been adopted by the City of Miami to streamline the development process, it takes only a few hours to pinpoint potential development sites and maximize the space with Amazon’s criteria in mind.
Here is the full feasibility report with details on all 6 potential sites in the Downtown Miami area. Which do you think is the best fit?
East Hotel Taking Reservations Starting May 9, Reach Tower 95% Sold As Brickell CityCentre Begins to Open
Just three days after the ribbon cutting and official opening of Three Brickell CityCentre, we have exciting news about the other phases of the opening. All three remaining components of the much-anticipated development will be opened within the next six months. Here is the timeline we are working with:
Hotel: The East Hotel is currently accepting reservations with availability beginning May 9, 2016. Rates for the first night begin at $279/night including complimentary wifi and continental breakfast for two according to the booking section of their website. Separate packages are available for business travelers, offering a complimentary welcome cocktail, dry cleaning credit, wifi and continental breakfast for one.
Residential: Sales remain strong at both residential towers, Reach and Rise. Reach is currently 95% sold and awaiting their certificate of occupancy to begin closings this month. For buyers who wish to move-in within the upcoming weeks, a few opportunities remain with pricing averaging at $650/square foot. Rise tower is not far behind, boasting 50% sold status and similar pricing. We expect to see Rise opening later this year.
Retail: The impressive list of tenants have already begun their interior build-out to prepare for the grand opening of the mall, which is expected to be in September of 2016. The mall will be anchored by Saks Fifth Avenue and Cinemex luxury movie theater with a gourmet dining component. Other retailers will include Apple with their largest store in Florida, Valentino, Chopard and Lululemon. Sources have been buzzing since 2014 about the addition of an Eataly location although representatives of Swire have been unable to confirm this claim. Here is a full list of retailers that has been released by Swire.
Office: Three Brickell CityCentre was officially opened on March 1 with a ceremonial ribbon cutting attended by Mayor Regalado along with executives from Swire Properties and Akerman. Akerman is the anchor tenant of the office component of the development with 290 attorneys on staff. The new space will allow them to grow by 10%. Two Brickell CityCentre is the second office tower that is currently awaiting their certificate of occupancy.
It is important to note that these are prospective dates, considering everything goes as planned with the weather, contractors and permit delivery. We will be sure to be on top of any changes. Should you be interested in space in the residential, retail or office components, we are here to help.
Market Update: Brickell Condo Sales
Penthouse view from Nine at Mary Brickell Village – PH08
Many people have been debating recently on the state of Miami’s condo market, and sometimes it is difficult to tell whether they are overly optimistic, pessimistic, in denial or leading us on. Is the market declining? Are we in a bubble? Are we in for a crash? Here are a few notes that we have made about the Brickell condo market that will be of use to residents, buyers and sellers alike.
The statistics listed below are accurate at the time of publishing. For statistics updated daily, visit the building and neighborhood pages linked in this post.
Brickell Statistics
Average sales price/square foot (over previous 6 months): $554
Average marketing time for listings that ultimately sell (over previous 6 months): 134 days
Buildings that currently have the most available sales
Lowest Priced Sale: 540 Brickell Key Drive #1509
This apartment is a 470 square foot studio in Brickell Key II with partial bay & city views. It was originally built in 1991 and was listed for $219,900 then sold for $177,510 cash after 101 days on the market.
Highest Priced Sale: 1643 Brickell Avenue #4401
For $6,550,000 the new owners of Santa Maria 4401 will enjoy direct bay and city views from this flow-through residence on the 44th floor. The apartment has 4 bedrooms, 6 1/2 baths, private elevator, his/hers master suite and staff quarters. Santa Maria was built in 1997 and this apartment was originally listed for $7,000,000 then sold for cash after 21 days on the market.
Living room with bay view in Santa Maria #4401 Photo credit: MLS
Stay tuned for our update of the preconstruction market!
Week in Review: How to Avoid the Federal Disclosure Law for Cash Purchases and Other News…
Rendering from Paramount Miami Worldcenter
Week of January 17-23, 2016.
The US Treasury announced this week that starting in March, title companies will be required to disclose the identities of buyers to government regulators for all cash purchases above $1 million in Miami’s residential real estate market. They are hoping to put a stop to illicit funds being laundered through the cash purchases, but effectively are also spooking legitimate buyers who simply do not wish to have their buying habits publicly disclosed.
Fear not, fancy condo shoppers. The ink is not even dry on the new order and The Real Deal has already compiled a list of 7 ways that the rule can be circumvented. [The Real Deal]
Last week, the developer of Miami Worldcenter announced that it is scrapping the plans for an enclosed mall just days after Macy’s announced multiple store closings due to slow sales. After this announcement Taubman and Forbes cancelled their contract with Worldcenter, causing a flurry of rumors and news stories stating that the project would be scrapped. It turns out that everyone jumped the gun. According to the developer and this Taubman release, the project is not scrapped. The contract just needs to be renegotiated to reflect the new building plans. [Zacks]
While everyone was up in arms about the potential drama at Miami Worldcenter, Brickell CityCentre released their updated list of all retailers, shops and restaurants that will be opening with the mall. The shops will begin individual build-out soon and is scheduled to open later in the year. [The Next Miami]
In possibly the least surprising news of the week, Car2Go finally announced that they are suspending service effective March 1. They say that the reason for the service-shuttering is low ridership and high state taxes, locals have not wasted time or minced words with their own theories. It seems they have been in trouble with their client base for some time due to poor handling of a PR incident involving a drunk driving accident, not offering service in many important areas of the community, poor customer service and unreliable service. We think it can be easily explained by simple economics… why pay more to drive yourself in a shared smart car with a complicated service when you can pay less and have an Uber car pick you up at your doorstep and drop you off wherever you want to go? The choice is simple. [Curbed]
Related Group Construction Update
The Related Group is looking to start 2016 ahead of schedule. This morning Carlos Rosso, President of Related’s condo division, shared these construction photos of SLS Lux, Brickell Heights, SLS Brickell and the Paraiso mega-development.
Above, you can see Brickell Heights and SLS Lux. Brickell Heights is the two towers under construction in the center of the photo. The tower to the right is Brickell Heights tower 1. This phase is sold out except for a few penthouse opportunities, Brickell Heights 02 is 85% sold out with select residences and penthouses remaining for purchase. This project is scheduled for completion in late 2016.
SLS Lux is the shorter tower to the right of Brickell Heights. The construction began more recently than Brickell Heights and it is scheduled for completion in the fall of 2017. This project is nearly sold out as well with roughly 20 residences remaining and penthouses. Upon completion, SLS Lux will be 57 floors and Brickell Heights will have 49 floors in each tower.
Above, you can see SLS Brickell. This one is topped off just in time for the new year and has been sold out for some time with the exception of a couple of penthouse opportunities. The construction schedule shows SLS Brickell being completed in the spring of 2016.
Below is a great angle to see the impressive size of the Paraiso Bay mega development in Edgewater. This project features 4 towers on 4.6 acres that will begin to be delivered in late 2016. The four towers are Paraiso Bay, Gran Paraiso, One Paraiso and Paraiso Bayviews.
Bravo to Related for pushing the projects & heading toward the finish ahead of schedule! We can’t wait to see the neighborhoods continue to grow. We are happy to help should you be interested in any of the remaining opportunities in the projects.
Developers Offering Year-End Incentives to Close Out Projects
In an effort to hold the attention of buyers and sell as many apartments as possible before the end of 2015, developers are coming out with attractive incentives packages to help buyers decide to act now and close out their projects. Here are some of our favorite incentives from buildings that are currently under construction and selling pre-construction residences:
Brickell Heights – Related has lowered the down payment requirement to 30% from the original 50%. Prices of remaining inventory start in the $400,000’s.
SLS Lux – All of the condo/hotel apartments are currently under contract, but the developer is offering upgraded kitchens on the remaining condo residences and 30% down payment. The penthouse collection has recently been released and sales are almost finished. Prices start in the $600,000’s for the remaining units.
Paraiso Bayviews – All four towers of the Paraiso development are currently under construction and Paraiso Bayviews is 95% sold. For select apartments, the developer is offering a finishes package with porcelain flooring throughout. The prices currently start in the mid $500,000’s up to the high $600,000’s and penthouses are priced between $639,900 to $1.75MM. The developer has not officially offered deposit flexibility but has indicated that it is possible on a case-by-case basis.
Hyde Midtown – The construction of Hyde Midtown has only just started in recent months, but close out is fast approaching. Prices on remaining inventory start in the $400,000’s and the sales team has offered some flexibility on the 30% down payment on a case by case basis.
We were very happy to see these flexible down payment options, as it will make new condo purchases more accessible to those who hope to live in the apartments. The incentives also help to allow for the possibility of financing the condo purchases, which many people have inquired about yet been unable to easily attain until now.
Let us know if you or someone you know is interested in more information on these or other developments. We will have team members in Miami during all of the holidays and until the end of the year to help visitors by appointment.
