In Brickell, An Over Priced Two Bedroom vs. An Under Priced Three Bedroom

April 18th, 2013 Written By

Successful financial plans

I spent the last three days showing potential condos in Brickell to clients from out of town. Here are my notes from the trenches:

  • A nice two bedroom condo in a better building in Brickell is going to cost at least $575,000 and more likely up to $700,000.
  • There are very few options at the moment in this price range. Depending upon the building we had between 1 – 3 condos for sale to consider. In some buildings, there were none.
  • The ability to rent your condo short term is very limited. Only buildings with a hotel component are real options. In Brickell this means, The Viceroy at Icon Brickell, The Mayfield Condo (part of the Conrad) and the Four Seasons Miami Residences.
  • Walk Score and the ability to live a city lifestyle have become incredibly important to buyers who want to be in Brickell specifically to be able to enjoy all of the restaurants and retail that has emerged.
  • There are more families and children living in Brickell than ever before.
  • The new developments, My Brickell, Millicento, Brickell House, SLS Brickell Residences and Echo Brickell are all being sold without financing contingencies and it’s working. SLS Brickell and Echo are the two most recent and the only new developments with availability. And none of them are waterfront.
  • Some buildings are still undervalued compared to the rest of Brickell and make for great investment opportunities. Imperial at Brickell and Villa Regina are some of the best examples.
  • Don’t fall in love with a condo without crunching the numbers. These clients fell in love with a stylishly renovated two bedroom condo in one building. Really in love. I loved it also, but felt the price a little out of whack. By researching the recent comparable sales and everything else that is available for sale, they came to the conclusion that making an offer on a three bedroom that was underpriced was going to be a much better investment for them than the two bedroom that was already renovated.and priced very high because of the upgrades.
  • Finally – when you need a break from a hectic day of looking at property, head over to Cafe Sambal at the Mandarin Oriental Miami and sit outside. Terrific food, service and the view of Brickell can’t be beat.

Pricing is a combination of science and art and it takes an experienced Realtor to get to the right number, whether for a buyer or a seller. We’ve got the experience and a successful business model.

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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