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

June 17th, 2013 Written By


Categorized under Brickell Key Condo Market, Brickell Real Estate, Couvoisier Courts On Brickell Key Condo Market

young businessman scratching his head, confused

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 received a call from a colleague asking for advice. She was also sitting down to write up an offer with a customer for a property on Brickell Key. Thank goodness, it was not the same condo the one I was trying to get for my customers.

This is the dilemma that she had… Her customer fell in love with a condo at Courvoisier Courts, 801 Brickell Key Boulevard. He wanted to make an offer and so they sat down to look at the recent comparable sales to decide what the offer should be. He is a well established medical professional, with at least a 20% down payment, but will need to get a mortgage and has already been pre-approved. The closest recent sale of a comparable condo in that building is $50,000 less than the asking price of this one. The one he likes has slightly nicer finishes and is 5 floors higher, but that is not enough to support the difference in price. Yet, there is nothing else for sale that is comparable at the same or lower price. The Seller is holding better cards. A dilemma for sure.

He now has to decide if he really wants it. He will have a problem with the appraisal meeting his lender’s requirements for an 80% loan, and will almost definitely need to come up with more cash. Being a highly qualified buyer with a decent down payment is not an advantage in the Brickell area of Miami right now.

As always, CASH is KING!

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. 

The Brickell Condo Blog is the most comprehensive online source for Brickell real estate information. Whether you are looking for the latest sales, trends or homes for sale in Miami’s Brickell neighborhood, Brickell Condo Blog has it all at your fingertips. Browse information regarding the upcoming new construction projects, luxury condos, waterfront condos, foreclosures plus much more.

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Written by Thomas Grimshaw | Discussion: Leave A Comment

OPPORTUNITY ALERT! Foreclosure at the Jade Brickell at Brickell Bay

June 14th, 2013 Written By


Categorized under Brickell Real Estate, Jade at Brickell Bay Condo Market

Jade Exterior

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 is well below the average sale price in the building over the last six months of $553/sq. ft. In the last 90 days the average sale price in the Jade at Brickell has reached $597/sq. ft. That is why this is a great opportunity.

Here are the details on this unit:

  • 895 square feet of air-conditioned living area
  • One bedroom
  • One bathroom
  • One assigned parking space on the same level as the unit – no need to use main elevators in building
  • Floor to ceiling impact glass
  • Porcelain floors throughout the entire unit
  • Stainless steel kitchen
  • In unit laundry
  • Custom fitted closets
  • Large balcony with access from living room and bedroom
  • All amenities of the full service Jade at Brickell Bay
  • More photos and information here.

This condo last sold in June of 2007 for $650,000.

Contact us immediately if you have any interest in this unit.

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. 

The Brickell Condo Blog is the most comprehensive online source for Brickell real estate information. Whether you are looking for the latest sales, trends or homes for sale in Miami’s Brickell neighborhood, Brickell Condo Blog has it all at your fingertips. Browse information regarding the upcoming new construction projects, luxury condos, waterfront condos, foreclosures plus much more.

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Don’t Miss Today’s News From Our Other Real Estate Blogs:

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Written by Thomas Grimshaw | Discussion: Leave A Comment

Bayliner Unit at Icon Brickell Sells for $683,000

June 12th, 2013 Written By


Categorized under Brickell Real Estate, Icon Brickell Tower One Condo Market, Icon Brickell Tower Three Condo Market, Icon Brickell Tower Two Condo Market

icon 1

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 Key and the Bay and provide a unique feeling of floating on the water. You can actually hear the water lapping and the palm fronds blowing in the wind.

What makes the Bayliner units some of my favorite at Icon Brickell is the fact that their location on the same level as the parking structure means that residents can park and have easy and direct access to their units, without having to use elevators or interact with the rest of the building. This also makes getting in and out of the Icon Brickell complex very efficient.

Unit B805 just sold for $683,000 or $491/square foot. This is a great price for this two bedroom, two bathroom condo. It features a split bedroom layout, 12” X 36” rectangular Italian marble flooring and of course wonderful views. This layout includes 1,390 square feet of air conditioned living space and a long waterfront balcony with access from both bedrooms and the living room.

There are other Bayliner Units available for sale at Icon Brickell. They range in price from $525,000 for a one bedroom condo up to $789,000 for a two bedroom.

Click here to see all units available at Icon Brickell.

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. 

The Brickell Condo Blog is the most comprehensive online source for Brickell real estate information. Whether you are looking for the latest sales, trends or homes for sale in Miami’s Brickell neighborhood, Brickell Condo Blog has it all at your fingertips. Browse information regarding the upcoming new construction projects, luxury condos, waterfront condos, foreclosures plus much more.

To Receive Our Posts Directly To Your Inbox, Submit Your Email Address Here!

Don’t Miss Today’s News From Our Other Real Estate Blogs:

http://TheRealEstateCoconut.com

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Written by Thomas Grimshaw | Discussion: Leave A Comment

Worth A Look – Unit 1501 at The Emerald at Brickell

June 11th, 2013 Written By


Categorized under Brickell Luxury Condos, Brickell Real Estate, Emerald At Brickell Condo Market, North Brickell Condo Market, Uncategorized

Worth A Look – Unit 1501 at The Emerald at Brickell

EmeraldAtBrickell1501

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 is that it’s not flashy, it’s elegant.

Unit 1501 at The Emerald at Brickell has come on the market and it’s really worth taking a look at if you are in the market for a very nice two bedroom condo in the heart of Brickell and steps from the Bay.

Here are the stats:

  • two bedrooms & two full bathrooms & a guest powder room

  • 1,594 square feet (148 m2) of air conditioned living space

  • 500 square foot ( 47 m2) covered terrace with bay views

  • completely fitted California Closets

  • marble flooring in all rooms

  • open plan kitchen with cooking island, top of the line appliances and double ovens

  • monthly maintenance includes internet, cable and even hot water(this is unusual)

  • walking distance to all of the shopping, dining and entertainment that Brickell is becoming known for

  • steps from one of the only waterfront walking/jogging areas in all of Miami

In addition, The Emerald at Brickell offers one of the most luxurious amounts of common space of any similar buildings.  The entire mezzanine level is full of elegant spaces available for residents use.  The Sky Club which includes a state of the art gym and infinity pool is actually on the roof.  The views from the treadmill would inspire even the most resolute couch potato.

The asking price is $665,000 or $417 per square foot.

Contact us for a private showing of this or any other property in Miami or Miami Beach.

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. 

The Brickell Condo Blog is the most comprehensive online source for Brickell real estate information. Whether you are looking for the latest sales, trends or homes for sale in Miami’s Brickell neighborhood, Brickell Condo Blog has it all at your fingertips. Browse information regarding the upcoming new construction projects, luxury condos, waterfront condos, foreclosures plus much more.

To Receive Our Posts Directly To Your Inbox, Submit Your Email Address Here!

Don’t Miss Today’s News From Our Other Real Estate Blogs:

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Written by Thomas Grimshaw | Discussion: Leave A Comment

The Condo Association Interview – Why?

June 10th, 2013 Written By


Categorized under Brickell Real Estate, North Brickell Condo Market, South Brickell Condo Market, Uncategorized

The Condo Association Interview – Why?

Condointerviewpic

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 fly into Miami, just for the interview, because an in person interview is required for the approval of his purchase of a condo in Brickell.  But nobody can say exactly why.  Just a day before he was scheduled to come, and everyone knew that he was flying in just for that, someone in the management company said that it would be OK, if he came for the interview the morning of the closing.  What?  Then what exactly is the purpose of the interview?

Don’t get me wrong.  I actually believe an in-person interview is a good thing.  Especially if the property is being bought in the name of a Company.  As an owner in the same building, I’d like to know that the Condo Association knows who is behind the company name.  Frankly, I think the party that has the most to gain from the interview is the buyer.  But most don’t care to ask too many questions.

My issue is that presenting an in-person interview as part of the required approval process (credit check, background check, character references etc.) and then not actually needing to conduct the interview until the morning of the closing, doesn’t jibe.  This should be presented as an option in the beginning of the process or perhaps if something comes up in the background or credit checks.

Video conferencing nowadays should also be an option.

Just my opinion,  We’d love to know about your experience and hear your opinion.  Please leave a comment or send us a message.

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. 

The Brickell Condo Blog is the most comprehensive online source for Brickell real estate information. Whether you are looking for the latest sales, trends or homes for sale in Miami’s Brickell neighborhood, Brickell Condo Blog has it all at your fingertips. Browse information regarding the upcoming new construction projects, luxury condos, waterfront condos, foreclosures plus much more.

To Receive Our Posts Directly To Your Inbox, Submit Your Email Address Here!

Don’t Miss Today’s News From Our Other Real Estate Blogs:

http://TheRealEstateCoconut.com

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Written by Thomas Grimshaw | Discussion: Leave A Comment

10 Sales This Week in South Brickell

June 7th, 2013 Written By


Categorized under Atlantis On Brickell Condo Market, Brickell Bay Club Condo Market, Brickell Place Condo Market, Brickell Real Estate, Brickell Waterfront Condos, Bristol Tower Condo Market, Imperial At Brickell Condo Market, Santa Maria Condo Market, Skyline on Brickell Condo Market, South Brickell Condo Market, The Palace Condo Market, Uncategorized, Villa Regina Condo Market

Ten Sales this Week in South Brickell:

South Brickell Condo Sales

South Brickell Condo Sales

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 in the North Brickell neighborhood.  Features like, extra storage, powder rooms, large balconies and spacious layouts are a real draw.

Here are 10 sales that occurred in the last seven days in South Brickell:

Building                                Address                      Unit#         Square feet        Beds/Baths       Price  

Brickell Townhouse          2451 Brickell                5-K                886                        1/1              $210,000

Brickell Townhouse          2451 Brickell                18-A              1,305                     2/2             $345,000

The Metropolitan              2475 Brickell               2104               1,140                     2/2              $415,000

The Imperial                    1627 Brickell                2906               1,316                     2/2.5.         $475,000

The Palace                       1541 Brickell                B1803              1,640                    2/2             $500,000

The Palace                       1541 Brickell                A3102              1,640                    2/2              $570,000

Brickell Townhouse        1451 Brickell                19-E                 2,414                    3/3              $670,000

The Imperial                      1627 Brickell               2507                 1,792                    3/2.5            $700,000

Bristol Tower                     2127 Brickell                802                  2,320                   2/4               $1,000,000

Santa Maria                        1643 Brickell               2106                 2,100                    2/2.5           $1,100,000

*Data provided by the SEF MLS

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. 

The Brickell Condo Blog is the most comprehensive online source for Brickell real estate information. Whether you are looking for the latest sales, trends or homes for sale in Miami’s Brickell neighborhood, Brickell Condo Blog has it all at your fingertips. Browse information regarding the upcoming new construction projects, luxury condos, waterfront condos, foreclosures plus much more.

To Receive Our Posts Directly To Your Inbox, Submit Your Email Address Here!

Don’t Miss Today’s News From Our Other Real Estate Blogs:

http://TheRealEstateCoconut.com

http://CoralGablesRealEstateVault.com

Written by Thomas Grimshaw | Discussion: Leave A Comment

Brickell Key Condo May 2013 Market Update

June 5th, 2013 Written By


Categorized under Brickell Key Condo Market, Brickell Real Estate, On Brickell Key Condo Market, Uncategorized

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 of the stats that we find very interesting is the ratio of List Price/Sale Price.  It remains steady at an average of about 95%.  This means that Sellers and their Brokers are generally pricing things correctly.

This is very helpful if you are a buyer because if the property was priced correctly then you can plan to pay about 95% of the asking price after negotiations.

For Seller’s this type of information should be even more helpful.  Price it your property correctly according to current market conditions.  Work with a Broker who will market your property globally, aggressively and efficiently (hint – I’m not referring to Sunday newspaper ads). You should then expect to be able to achieve a sale in 4-6 months.

We have the analysis for all individual buildings and would be happy to share them with you at your request.  Please let us know what you need.

*Data provided by the SEF MLS

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. 

The Brickell Condo Blog is the most comprehensive online source for Brickell real estate information. Whether you are looking for the latest sales, trends or homes for sale in Miami’s Brickell neighborhood, Brickell Condo Blog has it all at your fingertips. Browse information regarding the upcoming new construction projects, luxury condos, waterfront condos, foreclosures plus much more.

To Receive Our Posts Directly To Your Inbox, Submit Your Email Address Here!

Don’t Miss Today’s News From Our Other Real Estate Blogs:

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Written by Thomas Grimshaw | Discussion: Leave A Comment

Brickell Condo Market Update for May 2013

June 3rd, 2013 Written By


Categorized under Brickell Real Estate

The May 2013 numbers are in!  Where possible we’ve compared them with May 2012 to show trends. May was a huge month for sales of Brickell condos in 2012. This year’s total sales volume came close and I’m sure that if we had more inventory to sell we would have beat last year.

Have a look:

Brickell May Update

For the second month in a row, inventory is up slightly, just 14 more condos for sale this month than in April. There are now 626 condos actively for sale in Brickell. They range from a simple studio at the Four Ambassadors complex for $140,000 up to $27,000,000 for a 9,000 square foot residence in the sky at the Millenium Towers, also known at the Four Seasons. The condo at the Four Seasons is actually a custom floorplan created by combining three adjacent units. This is the epitome of Brickell living. 54th floor, separate restaurant-grade chef’s kitchen, soundproof home theater, spa, three balconies, wine storage, and access to all Four Seasons Hotel amenities. Meticulous craftsmanship and sophisticated design elements including hand-laid mosaic marble tile and leather floors. Yes, leather floors..

The trends that we are watching after seeing May’s analysis are that Average List Price, Average Sale Price and Average Sale Price per Square foot all went up again significantly while Average Days on the Market went down almost a whole month. The squeeze continues as the flow of cash into the market continues.

If you are thinking of selling now is the time to get your property on the market. If you are a buyer in the market and you see something you like, do not wait.

*Data provided by the SEF MLS

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. 

The Brickell Condo Blog is the most comprehensive online source for Brickell real estate information. Whether you are looking for the latest sales, trends or homes for sale in Miami’s Brickell neighborhood, Brickell Condo Blog has it all at your fingertips. Browse information regarding the upcoming new construction projects, luxury condos, waterfront condos, foreclosures plus much more.

To Receive Our Posts Directly To Your Inbox, Submit Your Email Address Here!

Don’t Miss Today’s News From Our Other Real Estate Blogs:

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Written by Thomas Grimshaw | Discussion: Leave A Comment

Customers Say the Darnedest Things…

May 31st, 2013 Written By


Categorized under Brickell Life, Brickell Luxury Condos, Brickell Real Estate

Successful financial plans

The CEO of a company that I worked for once was known for saying, “the largest room in the house is the room for improvement”.  We always ask for feedback, even when everything seems to go perfectly. This was in my inbox this morning. It’s a great Friday here in Brickell!

“For the past decade Tom has been my trusted real estate adviser in Miami. I have sold and bought homes with Tom and his knowledge of the Miami area is top notch. He also has an exceptional ability to understand my needs and find me the unique properties that fit my style and desires at that time; from a waterfront townhouse condo on Brickell or a cool house in Coconut Grove with a colorful history. And whatever the conditions of the market he has always found the right buyer when I want to sell. Tom keeps me as informed or removed from the buying/selling process as I need to be. I have and continue to highly recommend him to my own friends and clients.”

M.J., CEO of Top Latin American Media Agency

Written by Thomas Grimshaw | Discussion: Leave A Comment

UPDATE – Imperial at Brickell unit 2507 SOLD for $700,000

May 30th, 2013 Written By


Categorized under Brickell Real Estate, Brickell Waterfront Condos, Imperial At Brickell Condo Market

Imperial Cropped For Blog 2

On March 15th we announced that our corner, bay-front listing at 1627 Brickell Avenue had gone under contract. It closed yesterday for $700,000 which represents $391/sq.ft. While this is average for Brickell in general, it is a record price for the building and the Seller and a great value for the Buyer.

This was a cash deal, meaning that although the buyer did take advantage of low interest rates and get a mortgage, the purchase was not contingent upon that happening. In this case the condo Association had just passed a special assessment for the building equal to $13,600 for this condo and the buyer agreed to pay it.

Both the Seller and the Buyer in this case are part of our own network and we are very excited to be able to bring them together. All parties are thrilled.

Imperial Cropped For Blog

For more information about this unit please click here.

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. 

The Brickell Condo Blog is the most comprehensive online source for Brickell real estate information. Whether you are looking for the latest sales, trends or homes for sale in Miami’s Brickell neighborhood, Brickell Condo Blog has it all at your fingertips. Browse information regarding the upcoming new construction projects, luxury condos, waterfront condos, foreclosures plus much more.

To Receive Our Posts Directly To Your Inbox, Submit Your Email Address Here!

Don’t Miss Today’s News From Our Other Real Estate Blogs:

http://TheRealEstateCoconut.com

http://CoralGablesRealEstateVault.com

Written by Thomas Grimshaw | Discussion: Leave A Comment

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