What Will $500,000 Buy In Brickell?

December 14th, 2012 Written By

Somebody looking for a place to live approaches the market with their wants and needs as the driving force and trying to maximize what their budget will allow. An investor approaches it slightly differently. The budget is the priority and then maximizing their potential ROI from the purchase.

An investor customer asked me this week, “What will $500,000 get me in Brickell?” My answer was the same as it always is. “The answer is dependent upon the building” A perfect example is a condo that closed yesterday in the Jade Residenes at Brickell. Unit 905 is a one bedroom, one and one half bath direct bayfront condo in the Jade. It offers approx. 1,135 sq. feet of air conditioned living area, balcony, assigned parking, and unobstructed views of the pool and the bay. It comes with a tenant already in place. Monthly maintenance is approx. $900 and 2011 property taxes were reported to be $4,681. It sold in just 26 days. (MLS # A1698376)

Of course the Jade is a newer (2004) luxury building directly on the bay in Miami’s North Brickell neighborhood. That same $500,000 would buy a two bedroom condo in buildings such as The Imperial at BrickellBrickell Place, The Courts on Brickell Key, and other older buildings. But $500,000 doesn’t even open the door to the lobby at other buildings like The Santa Maria, The Bristol Tower, Carbonell or Asia.

Which one is the best investment? Any of them could be, depending upon your goals. Be sure to work with a Realtor who understands the market and can help you make confident and well educated decisions that will help you meet your goals.

We know the numbers and track the Brickell real estate market.  If you would like to schedule a buyer or seller consultation, please feel free to contact us at 305-960-5317 or send us a note here. 

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