UPDATED: SLS Brickell Rentals Becoming Available Starting At $1,900/Month
Closings are currently under way at SLS Brickell and the competition for qualified tenants is already picking up. We don’t yet have a solid date that the properties will be move-in ready as many were sold decorator-ready.
For those who are new to Miami real estate, decorator ready means that the condo is delivered without flooring, light fixtures, window treatments and the walls are delivered with primer, ready for the topcoat. These are all added after the closing takes place but before the first residents move in. The process of laying the floors and adding the fixtures typically takes around a month, depending upon scheduling and permitting.
As of today, there are three active rental listings in the building. They are all three 1 bedroom listings and range from $2,600-$2,950 per month. As closings continue, we certainly expect to see more inventory. There are also investors who are planning to offer units for as low as $1,900/month for 1 bedrooms or $2,600 for 2 bedrooms, according to the investor’s representative. These units will become available for showings starting next week, but move-in dates are based upon the closing and flooring schedule, so stay tuned.
If you would like to be notified when the apartments become available, please send us a message and we will be sure you are the first to know.
UPDATE: We heard back from the investor’s representative, who informed us that the closings are scheduled for late December and the properties will be available starting in January.
5 Most Expensive Rentals In The Downtown Miami Area
MLS Photo 900 Biscayne 6301
Lots of us are suckers for browsing fancy properties online and Miami is known for our flashy pads. Here is a list of the top 5 most expensive rental properties in the Downtown Miami area.
Four Seasons 48E – $22,500/month
Throughout the last building booms in Brickell, the Four Seasons has retained its stature as one of the best ultra-luxury properties in the neighborhood. People are familiar with the name and the level of service. For $22,500 per month, you can call this 3,357 square foot residence home. It has 4 bedrooms, 4 baths and tremendous east-facing bay views that include South Beach, Fisher Island, the Port of Miami and Key Biscayne. The listing photos don’t do this apartment justice, so here is a photo of the view.
MLS Photo Four Seasons Brickell 48E
Paramount Bay 4502 – $19,900/month
You can actually be the first to live in this full-floor residence at Paramount Bay. It has 4,437 square feet of walls of glass and 360 degree views. There are 4 bedrooms and 4 bathrooms, multiple balconies, a view from your bathtub, a hidden kitchen and all top-of-the-line fixtures that are detailed out in the listing photos.
MLS Photo Paramount Bay 4502
Four Seasons 56CD – $19,850/month
Skipping back over to Brickell, we have another option at the Four Seasons. Just like apartment 48E, this apartment comes fully furnished and designer decorated. This one is a combination of two west-facing apartments, so offers view of all of Brickell and westward into the Everglades. At night, the twinkling lights are amazing. The apartment is 3,253 square feet and has 3 bedrooms and 3 bathrooms. You can check out the photos here.
MLS Photo Four Seasons Brickell 56CD
900 Biscayne Bay 6301 – $16,000/month
Now we’ll head back over to Park West and visit THE apartment to have if you’re into backlit onyx. Probably the most photogenic of the bunch, 900 Biscayne Bay 6301 offers 3,199 square feet indoors and a 1,500 square foot terrace. The custom backlit onyx stretches throughout the apartment, giving it a completely different feel at night versus the daytime look. You have to check the listing photos to see for yourself. It may not be everybody’s taste, but you can’t deny that it is fun to look at. It’s like a family home that transforms into a private nightclub when the sun goes down. Interesting. Very Miami.
MLS Photo 900 Biscayne 6301
Santa Maria 1202 – $15,000/month
Back in Brickell again, we will round out the list at Ugo Colombo’s 1996 stunner, Santa Maria. Possibly the most secure of all of the buildings, there are very few clues that this property is 20 years old. Unit 1202 has 3,170 square feet and 3 bedrooms, 4.5 bathrooms with wraparound terraces and views of both the Biscayne Bay and Brickell. This unit is furnished by Artefacto and I would say the most tasteful of the bunch. Because the building is as secure as a fortress, you will have a treat in the listing photos. There are some shots of the amenities that are not typically seen.
MLS Photo Santa Maria 1202
What do you think of the list? Were there any buildings that you were surprised to not see? Do you like the apartments? Let us know, we love hearing feedback!
Over 30% of Brickell City Centre’s Reach Tower Units Are Already Offered as Rentals
Brickell City Centre’s Reach Tower has been open now for a little over 3 months and over 30% of the apartments are already offered as rentals! According to public records, Swire has been able to close 277 of the contracts on the units already, probably closer to 300 if you count the two-week delay that is common with tax roll searches. Of those closed apartments, 125 have already come back to the market as rental apartments.
What I find to be even more alarming is the fact that of the 125 rental opportunities, only 15 landlords have found a tenant. Fifteen. In 3 months. If we keep up at that pace, landlords will be holding their apartments for 2 years or more. That’s a big pill to swallow if you bought a condo with the expectation of having it produce an income for you.
But what does this mean for Brickell?
Here’s the bottom line. The condos are beautiful. The neighborhood is hot. The condos will rent and tenants will be found… but at what price?
The Downtown Development Authority estimates that 70 new families move to Brickell each month in their 2014 Demographics Report. That doesn’t include people who relocate between buildings in the neighborhood, and there is plenty of that going on. The demand is there and nobody is denying the fact that Brickell City Centre is one of the most anticipated projects of them all. That leaves us at price.
Before the building opened, agents were boasting to our team members that they were representing landlords and planned to offer their 1 bedroom units for $3,500 and 2 bedroom units for $4,500. You see, our team members know their way around the Brickell rental market. Their response was, “You guys have fun with that.”
Fast forward to today. The 15 units that rented were all leased for $2,500-$2,750 for one bedrooms and $3,300-$4,000 for two bedrooms. The one bedrooms offered currently are between $2,500-$3,300 and the two bedrooms offered are between $3,700-$5,700, so some folks are starting to get the memo.
Hopefully the others will realize the true market value, before the Bond on Brickell, SLS Brickell and Rise at Brickell City Centre open, further flooding the market. With this being said, please don’t think it is fire sale time in Brickell. The neighborhood is still very hot, it is just readjusting with the new inventory.
We’ll check back in a few months to see how things are going after the Bond on Brickell and SLS Brickell open.
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
- Icon Brickell – 238 of 1,646 units
- Millecento – 84 of 382 units
- BrickellHouse – 74 of 374 units
Buildings that currently have the most available rentals
- Icon Brickell – 105 of 1,646 units
- BrickellHouse – 35 of 374 units
- Infinity at Brickell – 29 of 459 units
Notable sales from the last 6 months
- 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!
SoMa at Brickell Opens
SOMA at Brickell, formerly known as The Edge at Brickell, opened to new tenants this week after beginning construction early in 2014.
SOMA at Brickell offers a rare mid-rise option to Brickell’s rental market with 8 floors and 418 apartment residences. The apartments range in size from 514 to 1,102 square feet in the studio, 1 bedroom, and 2 bedroom floor plans. All residences at Soma Brickell feature stainless steel appliances, granite countertops, and in-unit washer/dryer.
SOMA at Brickell is located in Southwest Brickell at 145 SW 13th Street. It’s a 2.4-acre site directly across the street from a Publix grocery store as well as walking distance to both the Downtown area Metro Mover and the Metrorail’s Brickell Station. This location makes for a seamless commute for SOMA Brickell residents to popular locations such as the University of Miami, Jackson Memorial, and Dadeland areas. Additionally, shops, cafes, and bars at Mary Brickell Village and Brickell City Centre are within walking distance of SOMA Brickell.
The amenities at Soma at Brickell include a cyber cafe, rooftop lounge area with cabanas and grills, fitness center with yoga studio, screening room, sports court and club room with a catering kitchen and billiard. The 8-story parking garage at SOMA Brickell includes charging stations for electric cars.
The building management at SOMA Brickell is offering quick move-in with prices starting at $1,695 for studios, $1,800 for 1 bedroom plans, and $2,375 for 2 bedroom plans. Contact us today to arrange a tour and to check current availability.
16 Units at Met 1 Offering One Month Free Rent as Incentive
For those in search of a condo to rent in Downtown Miami, you may want to consider Met 1. Currently, an owner of 16 units there is offering one month free rent as an incentive to qualified renters – a pretty sweet incentive if you ask me! It’s uncommon to come across such an incentive for units in a condo development, especially one for so many units, so get it while you can!
The 16 units are a mix of 1 and 2 bedroom units, most of which include at least partial water views. Some of the units have carpet while others have tile throughout. Additionally, included in the rent price are basic cable TV, Internet, water, and one assigned parking space.
For those unfamiliar with Met 1 and/or are new to Miami, Met 1 is ideally located in Downtown Miami at 300 South Biscayne Blvd – just one block from the new Whole Foods and directly across the street from the Miami Riverwalk. The amenities at Met 1 include: a pool, hot tub, fitness center, men’s and women’s sauna, full-service concierge, valet parking, and much more.
To give you an idea as to what the units look like, I’ve included below photos that I took earlier this afternoon for 3 of the 16 available units (2201, 2914, and 3108). If you are in the market to rent a unit in Downtown Miami and would like to consider these as options, please contact me to schedule a showing. I can be reached via email at [email protected] or on my cell phone at 786-247-6332.
Unit 2201 – $2,100 per month
1 bed/1.5 bath corner unit with 790 interior square feet + balcony
Unit 2201 at Met 1 is a 1 bed/1.5 bath corner unit with beautiful views of the city and partial water views. The unit feels much larger than its stated 790 square feet. I love the fact that it has a window in the kitchen. I cook regularly at home, so that’s a big plus in my book.
Unit 2914 – $2,850 per month
2 bed/2 bath condo with 1,006 interior square feet + balcony
Unit 2914 at Met 1 is a 2 bed/2 bath unit facing direct east and offering partial views of Biscayne Bay and the Miami River. It has tiled flooring throughout and balcony access off the second bedroom.
Unit 3108 – $2,850 per month
2 bed/2 bath 1,091 interior square feet + large balcony
Unit 3108 at Met 1 is a 2 bed/2 bath unit facing south and offering views of Biscayne Bay, the Miami River, Brickell Key, and Brickell. The balcony curves along the width of the unit with access from all rooms. The views from this unit are phenomenal!
Ten Museum Park Pet Policy Change
At a recent board meeting, the Residential Board of Directors for Ten Museum Park voted and passed to overturn the pet policy. Once again, renters will be permitted to have a maximum of two pets per unit with a combined total weight not to exceed 100 pounds. All unit owners and renters will required to fill out a pet registration form, submit a photo of their pet(s), and remit a non-refundable $50 pet fee per pet. The policy change will go into effect starting December 19, 2014.
In my opinion, this is great news for unit owners in the building, especially for investors. There have been so many times that I have had to turn away prospective renters from Ten Museum Park simply because they have a pet. Up until around August 2013, Ten Museum Park had been a pet-friendly building and a favorite among pet owners due to its open floor plans. The change should increase rental demand for units at Ten Museum Park, which should in turn have a positive impact on rental prices. As it stands, rental inventory is low in the building. Currently, there are just 6 units available for rent at Ten Museum Park of 200 total units. With the newly opened, $40M Museum Park right across the street, I am sure Ten Museum Park will once again be a favorite among dog owners.
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
Fully Furnished 2 Bedroom + Den with 16-foot Ceilings at Icon Brickell II – $5,400/mo
Within the next month, a client of mine will be closing on a 2 bedroom + den at Icon Brickell Tower 2. The unit is very unique because it features soaring 16-foot ceilings from the 41st floor. This is the highest floor in the building that has high ceilings. The unit also includes motorized shades in both bedrooms, three crystal chandeliers, TUI furniture package and a state-of-the-art electronics package. Electronics package includes: Blu-ray 3D player, 3D TV and 3D surround sound system. Wake up each morning to a breathtaking view of Biscayne Bay from the 41st floor. 1 assigned parking space. Rent includes basic cable TV, Internet & water. Asking price is $5,400 per month. If you have an interest please contact me at 786-247-6332.
