Author Archive

UPDATE – Now Pending Sale – Bank Owned 3 Bedroom at Imperial at Brickell – $479,900

June 25th, 2013 Written By

Brickell Condo Blog | The Riley Smith Group

Actually, it was under contract after only three days of being on the market. And it’s not because the Listing Broker has any special knowledge of the building or the improvement work going on or anything that a regular market sale requires. It went under contract in 3 days because it was priced under market value. When a foreclosure happens and the bank finally ends up owning a property, it becomes a bad asset and needs to get off the books...Continue Reading!

Bank Owned 3 Bedroom at Imperial at Brickell – $479,900

June 21st, 2013 Written By

Brickell Condo Blog | The Riley Smith Group

A terrific opportunity just hit the market in one of my favorite buildings in South Brickell. A three bedroom on the 10th floor at 1627 Brickell Avenue, which is now bank owned and available. It’s going to sell very fast. How do we know this? Because a unit on the 24th floor with the exact same square footage, layout and almost the same position in the building just sold for $680,000, and it needed renovations! I don’t need to do the...Continue Reading!

Six Bedroom Duplex PH in Brickell at $292 per square foot?

June 19th, 2013 Written By

Brickell Condo Blog | The Riley Smith Group

Let’s do the math on this 4,438 sq. foot Penthouse at Brickell East, located at 151 SE 15th Road, just next to the Four Seasons Miami. It is currently the only condo for sale in Brickell with 6+ bedrooms. Average Sale Price per square foot in Brickell in May 2013 = $397. That differential of $105/sq.ft yields $466,000 for renovations, just to get to “average”. Brickell East was built in 1983 as a small boutique condo building just at the intersection of the...Continue Reading!

How Do I Make An Offer Without The Support of Recent Sales?

June 17th, 2013 Written By

Brickell Condo Blog | The Riley Smith Group

The Brickell Market is not experiencing the Summer slowdown that it used to. In fact, the lack of inventory and the tremendous amount of cash looking for a home, has allowed Sellers to increase their asking prices at a rate that is higher than comparable recent sales can support. This is true especially on Brickell Key. On Saturday, just as I was about to sit down to write up an offer for clients that I had shown only three properties, I...Continue Reading!

OPPORTUNITY ALERT! Foreclosure at the Jade Brickell at Brickell Bay

June 14th, 2013 Written By

Brickell Condo Blog | The Riley Smith Group

Just when it seemed like all of the short sales and foreclosures in the Brickell area had been cleared out and snapped up, we are starting to see a few show up on the market. The backlog of cases in the court system would suggest that we may continue to see this for quite some time, though not en masse. A one bedroom condo with one bathroom is on the market now for $369,000 or $412 per square foot (83m2). This...Continue Reading!

Bayliner Unit at Icon Brickell Sells for $683,000

June 12th, 2013 Written By

Brickell Condo Blog | The Riley Smith Group

If you like the style, amenities and lifestyle that Icon Brickell has to offer, but could do without the chaos of Club Fifty, the Viceroy Miami Hotel and the newly opened Cipriani outpost in Miami then you should take a look at and consider the Bayliner units. The Bayliner units are located below the pool and amenity level, which is on the 15th floor, in the part of the building that connects Tower One and Tower Two. These units face Brickell...Continue Reading!

Worth A Look – Unit 1501 at The Emerald at Brickell

June 11th, 2013 Written By

Brickell Condo Blog | The Riley Smith Group

Worth A Look - Unit 1501 at The Emerald at Brickell The Emerald at Brickell is one of those hidden gems that it’s easy to forget about from time to time.  I believe this is part of it’s charm.  It’s one of the smallest buildings in Brickell, with only 142 units.  Some of the units have great water views, but it’s not a waterfront building.  And it does not have the name “Brickell” anywhere in it’s address.  What I particularly like about it...Continue Reading!

The Condo Association Interview – Why?

June 10th, 2013 Written By

Brickell Condo Blog | The Riley Smith Group

The Condo Association Interview - Why? If you were ever told as a child that you needed to do something “Just Because”, or “Because I am the Parent and I Say So”, then you may get the same feeling about a Condo Association interview being “Required". Nobody can actually and definitely explain why.  Ask 20 people and you’ll get 20 answers, all of them different. This week, one of our clients who is a busy doctor and lives out of the country was scheduled to...Continue Reading!

10 Sales This Week in South Brickell

June 7th, 2013 Written By

Brickell Condo Blog | The Riley Smith Group

Ten Sales this Week in South Brickell: For years, the Southern end of Brickell Avenue between 15th Road and the Key Biscayne Causeway, was the only image that came to mind when anyone talked about Brickell Condos.  Most all of the buildings are waterfront and were built between 1963 and 2001, the majority in the 80’s and 90’s. Now considered the more quiet and residential part of Brickell, these buildings, though older have a lot to offer in comparison to the newer construction...Continue Reading!

Brickell Key Condo May 2013 Market Update

June 5th, 2013 Written By

Less inventory means fewer sales. But the values continue to climb on Brickell Key. Here are the numbers for May 2013: Criteria                                              May '12         May'13            % Change Number of Closed Sales                       20                     15                        - 25 Average List Price                           $605,625           $732,333                  +21 Average Sale Price                          $561,550           $686,867                 +22 Average Sale Price/Square foot       $361                    $444                      +23 Average Days on the Market             207                       113                     - 45 Total Value of all Sales                $11,231,000        $10,303,000               - 8 Inventory is is slightly up in May from 108 to 111 condos actively for sale on Brickell Key. One...Continue Reading!

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