The Bond On Brickell Resales and Rentals Hit the Market
Two months after receiving their TCO, the first resale listings and rental listings at The Bond On Brickell are available on the MLS. The listings include a handful of remaining inventory from the developer, some being sold finished and some decorator ready.
When we toured the building in August, we got a chance to check out some of the views and layouts. They seemed very much what I expected from a Rilea building. There weren’t any crazy attention-grabbing features like the crazy/creepy/cool LED displays at SLS Brickell, just very tasteful design with extremely high quality finishes. I was impressed with the suede and leather walls, the elegant simplicity of the common areas and the themed playroom. Being a new mom myself without a playroom in my building, I paid special attention to that part.
Prices of the apartments start at $319,000 for a studio, $469,900 for a one bedroom, $685,000 for a two bedroom, $1,200,000 for a three bedroom and $2,593,000 for the four bedroom plans. There are 19 available with 8 listings being resales and 11 are the last of the developer inventory.
For the rental options, there are 11 one bedroom plans available as of today. They range in price between $2,500-$3,300, depending upon whether the apartment has a den and view of the bay.
IconBrickell Condo Association Releases Scope and Dates of Pool Renovation
The condo association at IconBrickell sent out a newsletter today to all of the residents, detailing the scope and dates of the pool renovation that nobody is looking forward to. Apparently, the defects were discovered almost 5 years ago and they have been working all this time to find an efficient way to make the repairs.
According to the 2 page newsletter, the spa and fitness center will remain open but they confirmed the pool will remain closed until the fall of 2017. Surprisingly, the newsletter did not make mention of the special assessment that was was passed in June or a lawsuit for the defects. They did introduce the construction team and give a preview of the tiles that were chosen for the new pool. Why anyone would build a pool and not use non-slip tiles is beyond me, but here we are.
While all of the whispers have been circling about the massive repair, values in the building have already started to be affected. Rental prices are down about 10%. The problem is that the iconic pool is a big reason people choose to live at IconBrickell. People don’t really like living in a construction site, so the apartments there aren’t able to command the premium they once did.
Take as an example our listing of apartment 4104 in Tower 1. It has the double-height ceilings that people ask for in the building and a great view. Last year, we rented it for $2,600 and this year it has been sitting on the market since July… even with a reduction in price to $2,300.
In Tower 2, we have another rental listing, Unit 4103. It is the big 2 bed plus den plan that is one of the most popular in the building. The furnishings are gorgeous, and it also has the double height ceilings? It is also priced lower than the lease value of last year, but is sitting lonely since June.
Hopefully, the construction team that took almost 5 years to put together will work fast and do things the right way this time. Nobody is looking forward to the next year at IconBrickell except investors looking for a deal.
Aurora in Sunny Isles Offers Private Jet Service With Condo Purchase
In the race to offer the most over-the-top amenities and perks, the developers of Aurora in Sunny Isles have upped the ante by including a 1 year membership to JetSmarter with each condo purchase.
JetSmarter is a new service that offers seats in the empty leg of a chartered flight through a smartphone app and website. The level of service and amenities offered are the same as though the members chartered the flight themselves, thus users are flying private for a fraction of the cost. Flights are offered for free to members, with additional seats available for purchase at a discounted rate in case you may want to bring your friends. Membership dues are $10,000/year with a $5,000 initiation fee.
In the app, you can search by date, destination or aircraft type. Flights are offered around the world and custom charters are available. Aurora is a boutique community of 61 residences in Sunny Isles. Prices range between $900,000-$1,600,000. It is scheduled to begin construction by the end of the year and open in late 2018.
Check Out the LED Displays in the Motorcourt of SLS Brickell
When we went on our hard hat tour of SLS Brickell last month, our contact from the hotel mentioned an artistic LED display was going to be installed on the ceiling of the motorcourt. It seemed intriguing enough at the time, but I was anxious to go inside the building and didn’t pay much mind to the concept. Yesterday I noticed that the display is now live and it stopped me in my tracks!
On the ceiling there are circular LED displays scattered throughout and they each run a loop of a different scene. Sometimes the scenes are orchestrated together, sometimes they are completely different and sometimes they are all the same. I’m not sure whether this is a test run or if it will always vary, but the entire display is certainly attention-grabbing.
Some of the scenes are pretty and calming, some are inspirational and thought-provoking and some are downright creepy. How very Phillipe Starck. Here is a sample of one of the scenes. It features dancers dressed up like white goats and spelling out different phrases with their bodies. I found these costumes really creepy, but it still held my attention. What do you think?
A video posted by Miami Condo Investments (@miamicondoinvestments) on
Brightline’s First Locomotive Completes Track Testing
The First Brightline Locomotive from GoBrightline.com
The first of the Brightline locomotives has completed its track testing in Sacramento, according to an update on their website. It is an important milestone, running the diesel engine for the first time along with a host of other checks.
They tested the air braking system, software for all systems, the doors, fire detection system, audible warning devices, communication systems, interior and exterior lighting and the weight verifications. The entire test took three weeks to complete.
The trains will have ergonomic cab designs for the engineers as well as an integrated trainset system that will improve ride quality and make for a far quieter ride than a traditional train. Commuting between Miami and West Palm Beach is expected to take only one hour and complimentary wifi is available for the ride.
The locomotive is expected to be delivered to Florida later this year, with rail service commencing in the summer of 2017. The station in Downtown Miami is currently under construction and will include 200,000 square feet of retail, 290,000 square feet of office space, 800 residential apartments and a 95-story high rise.
The Brightline Locomotive Cab from GoBrightline.com
While everyone else in Miami is busy talking about the market slowdown, Ugo Colombo is busy selling condos. We were invited into their sales center this week for a lunch and pulse check of the project, now that they are under construction.
We last checked in with the project back in May, when they were around 50% sold. Today, they are 52% sold. That may not seem like an enormous gain, but let’s also remember how many condos they have to sell. According to my math, that’s around 11 condos so far this summer. Not bad! (And anyone who says anything negative about an 11 condo summer needs to back their challenge up with some really impressive sales figures. Thank you.)
Here’s the thing. The market is really difficult right now for projects that have no unique selling proposition. This isn’t the case for Brickell Flatiron. Ugo Colombo is one of the best developers in Miami. If you need proof, take a look at our skyline. The buildings he built in the 1990’s still look newer than the buildings that competing developers built within the last 5 years. Have you heard any bad press about a construction defect in an Ugo Colombo building? No. He builds luxurious buildings and he does it well. We expect Flatiron to age just as gracefully as her sister buildings, Bristol Tower, Santa Maria, and the Epic Hotel & Residences. This wasn’t part of the sales presentation, just my professional opinion after working in the neighborhood for the last 8 years.
Since the groundbreaking in March, the construction crew has been hard at it with the site work and foundation form set. The pilings are all being set now and we expect to see a foundation pour in January of 2017. Sales are still happening with 1 bedrooms starting in the $400’s. For the smallest 1 bedroom, that works out to roughly $550/sf… an amazing price for Brickell in mid-late 2016! It is also the same price we would expect from the 2008-built Icon Brickell, who is getting ready to have a year without a pool… so there you go. I wouldn’t be surprised if we see a price increase soon, but whatever. It’s still worth it.
See below for the renderings bonanza…
Flying Over Richard Meier’s Surf Club Four Seasons in a Drone
The combo historic and contemporary The Surf Club Four Seasons is nearing completion in the heart of Surfside since its topping-off over a year ago. As you can see in our latest drone video, the new condominium and hotel towers, which were designed by Kobi Karp Architecture & Interior Design in collaboration with starchitect Richard Meier, have been entirely glazed, while significant exterior and landscaping work remains on the lower floors as well as the exterior of the historic, Russell Pancoast-designed private club structure at the heart of the project. Meanwhile, across A1A, the inland side of the project (the low-rise contemporary block) appears virtually complete. The whole thing should be done this winter.
The project will include an 80 room Four Seasons Hotel as well as two 12-story residential towers, which Real Deal reported in June were 80% sold out. Unit prices range from $3.4 million to $18 million, and top out at more than 7,000 square feet in size. Meanwhile, Fort Partners, the developer, is obviously happy with its starchitect. They’ve kept Meier on to design the two residential towers they have proposed to build over the Miami Beach Marina in South Beach.
Delicate Modern House by the Designers of Stuart Miller’s Gigantic Star Island Supervillain Lair Mansions Asks $12.49M
Whatever other buildings they’ve done, whether good or bad, Domo Architecture is a little notorious on Miami’s architecture scene for designing some absolutely ridiculous homes on Star Island for Lennar development mogul Stuart Miller. This includes the latest and biggest, a 70,000 square foot (yes 70,000) pile of sinuous concrete forms wrapping around a private jungle. Another Domo design, however, at 6411 Allison Road on Allison Island, coming in at a ‘mere’ 8,500 square feet, is a much more subtle and even an intellectual building.
From the front all that’s visible is a louvered box with levels of indoor-outdoor living, both permeable by and protected from the outside world. Facing he water, the light airy box has been mirrored by its opposite, a glass box set in a deep, heavy concrete frame in blistering white. It’s the old ying yang, an architectural trope used extensively since time immemorial. Funny thing though, after 191 days on the market the Allison Island home hasn’t sold yet, and is currently asking $12,490,000.
Introducing the Miami Real Estate Social Wall
I am pleased to introduce a new addition to our #1 ranking website. Earlier this week, we added a Miami Real Estate social wall page, which we had been working on for the past couple of months. You may be asking yourself, “What is a social wall and what purpose does it serve?”. A social wall is a method of aggregating content across all social media accounts and displaying it on one single page. It is a much easier way to follow the social activity of a company. We plan to use our social wall to share relevant news, photos, and videos related to the Miami real estate market as well as alert people to hot property deals. It will be a one-stop shop for all content related to Miami real estate. Rather than jump from website to website in attempt at finding the latest news, one can simply visit our Miami Real Estate Social Wall page and find it all in one location. It’s a quick and easy way of staying informed.
