Market Stat Monday: Icon Brickell

October 23, 2017

Unless you’ve been living under a rock over the last two years(or outside of Miami), you have to know that Icon Brickell is undergoing an epic pool repair. How’s that coming along?

According to their management office, very well. Everything is still on schedule to see the pool fully repaired and reopened by the December 15 date they had initially anticipated. Of course, the last year has left a lot of frustration and questions for unit owners and residents, but there is finally a light at the end of the tunnel. Because of the frustration of not having a pool, coupled with the inconvenience of living in a construction zone and our over-saturated market, have people been able been able to land some amazing bargains? Not so fast…

While there are currently 167 active listings on the market for sale and 113 available for rent, the development is still seeing solid traffic. The third quarter of 2017 brought 30 new closed sales and 104 new tenants, all paying more than 90% of the asking price.

Sales

The most expensive listing to trade over the last quarter was Bay Loft 806. It was a 2 bedroom with a den and direct bay views from each room, and traded for $745,000 after having been listed for $780,000.

The least expensive transaction was a studio in the Viceroy (W Hotel) tower. It had been listed for $270,000, but traded for $250,000. One of the unique features of Tower 3 at IconBrickell is that daily rentals are allowed.

On average, buyers have given 92% of the asking price of the condos they purchased, or $442/ square foot. It also takes 233 days to sell a listing on average, but as many as 644 days. Given that there were 30 new closed sales during the quarter, that leaves us with 16 months of inventory. This really isn’t a bad number compared with the market as a whole.

Rentals

On the rental side, things move much more quickly. With 104 closed rentals and 113 available options, there is just over 3 months’ of inventory.

The least expensive rental was a studio on he 8th floor with a river view that rented for $1,675/month. The most expensive was a 3 bedroom unit with 2 baths and a big bay view that leased for $6,000/month.

On average though, the listings are trading for $2.90/square foot and take 68 days to find a new tenant. The tenants are also paying 95% of the asking price, so there are no special bargains to be had despite the pool situation.

Not bad!