Monthly Maintenance Fees For Brickell Condos

January 18th, 2013 Written By


Categorized under Brickell Real Estate

I got an email yesterday from a potential client who lives out of state and is looking for the right Brickell condo as a second home and investment.  She wanted to know how much the monthly maintenance fee was on the new listing at the Imperial at Brickell.  It was a great question because while the asking price on the unit was great, the monthly maintenance costs in that building are higher per square foot than in some other buildings.  Though they are not the highest on Brickell by any means.  The monthly fee for the condo at The Imperial is approx. $950 or about $.72 sq. ft.

We always tell our clients that each building is its own economy and the financials of the building are an important factor to investigate fully before buying.  In the case of The Imperial, the owners probably decided to increase the monthly maintenance fee in order to fund some reserves for the building.  This is a smart decision and a good investment as an owner.  There are other buildings that have always funded their reserves and so may have a lower monthly maintenance cost.  Newer buildings generally have lower monthly fees not only because they are newer but also because the units are generally not as spacious.

Once misconception is that the more luxurious the building, the higher the monthly maintenance cost is going to be. Not true at all. In, fact the Santa Maria on Brickell has one of the lowest maintenance costs per square foot of any building. It is really run like a tight ship. Pun intended.

We love to answer questions, so please ask away.

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

Pied-à-terre In Brickell For Under $300K

January 17th, 2013 Written By


Categorized under Brickell Real Estate, The Plaza On Brickell Condo Market

At least half of our clients are either buying or selling second homes.   Over the past few years we have seen more of our buyers look past Miami Beach and South Beach to Brickell.  One reason for this is that the buildings on Brickell represent a wider variety of size, price and style.   There really is something for everyone.  Just this morning I had a client ask me about a one bedroom condo they had seen online at 951 Brickell Avenue.  This building is known as The Plaza and it was built in 2008.  The amenities here are terrific with two pools surrounded by palm trees, a well equipped gym, valet parking and a WalkScore of 83.  There are plenty of shops and restaurants all within walking distance.

The finishes are of good quality and include marble in the bathroom, in-unit washer and dryer, granite and stainless steel in the kitchen and a nice balcony. What it does not have is a water view, but that is reflected in the price.  One of the reasons that these clients like this condo is that it has a tenant in place for a few more months, which will give them income to offset the cost of ownership while they are not using it.

This one bedroom condo just sold for $285,000. Only 1% lower than the asking price of $289,900.  The monthly maintenance is approx. $305.

Curious about buying or selling a second home property? Contact us directly. We have buyers and are actively seeking listings to sell them.

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

UPDATE $2.8M Price Chop on Pharrell’s Brickell Penthouse

January 16th, 2013 Written By


Categorized under Brickell Luxury Condos, Brickell Penthouses, Brickell Real Estate, Bristol Tower Condo Market

I guess the answer to my question is no.  If you remember, in November we wrote about whether or not a price premium would be paid by a buyer just because a property was owned by a celebrity.  You can read that post here.  That was the day that PH4000 at The Bristol Tower on Brickell went on the market for $16,800,000.  Less than two months later the price has been chopped to $13,999,000.  That means that he will be selling at a loss after paying the Broker’s commission.  He paid $13,950,000 in March of 2007.  If it sells now for asking price, that would be $1,541/sq.ft which is definitely in line with recent Penthouse Sales in Miami.  Celebrity ownership notwithstanding, this PH is now a deal. Call me. I’ll get you in.

PH4000 is listed by Coldwell Banker.

To view all units on the market in the Bristol Tower 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.

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Written by Thomas Grimshaw | Discussion: Leave A Comment

New Well Priced Listing At Imperial On Brickell

January 15th, 2013 Written By


Categorized under Brickell Real Estate, Imperial At Brickell Condo Market

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Saturday night while at dinner I received an alert about a new listing at the Imperial on Brickell. When I saw the price I knew I had to see it first thing the next morning. The challenge is that the Imperial does not allow showings on weekends for the comfort of its residents. Not a problem for me as I have friends in the building who invited me over for a cup of coffee and then off to the condo I went.Image unavailable
The unit for sale is on the 21st floor in the ‘06 line, which means it is one unit in from the Bay. It also means that the setback of the Santa Maria to the South enables an extremely wide open bay view out over Key Biscayne from the entire condo and the huge terrace that runs the entire length of the unit. Your view from bed in the master is direct and unobstructed bay and ocean. Remarkable.

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Overall the condo is in great shape. The kitchen has been renovated, there are bamboo floors throughout and the two and one half bathrooms are in good condition. I think the buyer will probably make some more updates, but at this price that won’t be a problem.

What I love about the Imperial is that it is a relatively small building built so that all of the units have large South facing balconies. The layout of the ‘06 line is two bedrooms, two and one half baths with a total of 1,316 sq. feet of living space under air and approx 180 sq. ft. covered terrace.

The asking price is $375,000. The last ‘06 line that sold was unit 2606 for $380,000 in November of 2012.  The unit is listed by Keller Williams.

This won’t last which is why I had to see it immediately on a Sunday morning. For more information on this condo or any others in Brickell, please contact us directly. If you are looking for a specific line in a particular building please let us know as since many times we find out about condos that are going to be sold before they are listed.

The Imperial at Brickell has a Walk Score of 78 – Very Walkable. Most errands can be accomplished on foot.

To see all units available at the Imperial 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

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Written by Thomas Grimshaw | Discussion: Leave A Comment

Brickell Scores With Walk Score

January 14th, 2013 Written By


Categorized under Brickell Life, Brickell Real Estate

Since its debut a few years ago I have loved the idea of Walk Score .  It’s a website and app that scores locations based upon the residents’ ability to walk to things that they need.  Grocery stores, restaurants, dry cleaners, coffee shops, etc.  It took off and became very useful in big cities like San Francisco and New York.  Of course, when you think about it, most any part of a big city should have a high walk score, so the difference between neighborhoods is probably negligible.

In a car obsessed city like Miami, I never thought a Walk Score would become important. In Miami we drive because we have to (heat and lack of good public transport) and because we want to (heat and a love of cars).  The past few years however have turned my thinking around and a proof point was an email from some potential clients from Harvard Square in Cambridge.  They wanted a condo for a second home in Miami.  They had narrowed it down to Coconut Grove and Brickell.  Why?  Because of their high walk scores.

  • Miami has an overall Walk Score of 73.
  • Brickell has a Walk Score of 83.
  • Downtown Miami has a Walk Score of 86.

Do you know your Walk Score?  We will be featuring the Walk Scores of every condo and building that we write about from now on.  The more of us who are focused on it, the more accurate it will become and in a neighborhood like Brickell our ability to walk everywhere is getting better and better every day.

You may also be interested in:

Brickell Just Keeps Getting Better

Brickell Lifestyle Report | Staying Fit And Healthy Is Easy On Brickell

Walk To School In 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

2012 Brickell Condo End Of The Year Analysis

January 11th, 2013 Written By


Categorized under Brickell Real Estate

The final numbers are in and although we look at the data every day, even we are impressed!

Here are the 2012 numbers for Brickell Condos:

1,028 = Number of condos sold

$459,553,627 = Total value of condo transactions

$447,037 Average Sale Price:

1,223 square feet = Average condo size

$338 = Average Sale Price per square foot

129 = Average number of days on the market

82 = Number of sales over $1 million

The most expensive sale didn’t break any records actually. It was Unit 3301 at The Santa Maria with a sale price of $4,250,000. A 5,733 sq. ft. six bedroom/five bath waterfront duplex condo. As one of the premier buidings in Miami, the Santa Maria consistently represents some of the most expensive sales in Miami.

Here is a look at the how condo values in Brickell have fared over the last 5 years:

* Data extracted from SEF MLS and represents only resales. Preconstruction not included.

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 “Fiscal Cliff” And Brickell Real Estate

January 2nd, 2013 Written By


Categorized under Brickell Real Estate

Below is today’s “Special Report” from Florida Realtors  discussing the impact of the latest “Fiscal Cliff” bill on real estate.

Yesterday, the House and Senate passed H.R. 8, legislation to avert the so-called “fiscal cliff.” Following are real estate-related provisions of the bill, which President Obama plans to sign into law today:

  • Mortgage Forgiveness Debt Relief Act extended to January 1, 2014. In place since 2007, the act provided a tax break for homeowners who struggled through financial hardship such as a foreclosure, and were granted mortgage debt forgiveness. In the past several months, National Association of Realtors (NAR) issued numerous calls to action urging its million-plus Realtor members to ask lawmakers to extend the tax break for another year. More than a quarter of all transactions involve distressed properties, the NAR said in its plea. “Homeowners shouldn’t be forced to pay a tax on money they’ve already lost with cash they never received.”
  • Deduction for mortgage insurance premiums for filers making below $110,000 is extended through 2013 and made retroactive to cover 2012.
  • The 15-year straight-line cost recovery for qualified leasehold improvements on commercial properties is extended through 2013 and made retroactive to cover 2012.
  • The 10 percent tax credit (up to $500) for homeowners for energy efficiency improvements to existing homes is extended through 2013 and made retroactive to cover 2012.
  • “Pease limitations” that reduce the value of itemized deductions are permanently repealed for most taxpayers but will be reinstituted for high-income filers. “Pease” limitations will only apply to individuals earning more than $250,000 and joint filers earning more than $300,000. The thresholds are indexed for inflation so will rise over time. Under the formula, filers gradually lose the value of their total itemized deductions up to a total of a 20% reduction.  First enacted in 1990 and named for Ohio Congressman Don Pease, who proposed the idea, the limitations continued throughout the Clinton years. The limitations were gradually phased out starting in 2003 and eliminated in 2010. Reinstitution of these limits has far less impact on the mortgage interest deduction than a hard dollar deduction cap, percentage deduction cap or reduction of the amount of mortgage interest deduction that can be claimed.
  • The capital gains rate remains at 15 percent for individuals earning less than $400,000 per year and couples earning less than $450,000. Any gains above these amounts will be taxed at 20 percent. The $250,000/$500,000 exclusion for the sale of principle residence remains.

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

7 Sales at Asia on Brickell Key in 2012

December 28th, 2012 Written By


Categorized under Asia On Brickell Key Condo Market, Brickell Real Estate, Brickell Waterfront Condos

Sales activity at Asia, the newest building on Brickell Key developed by Swire is finally picking up in 2012.  Built in 2008 and known for is Asian design and larger than normal condos, this luxury building has recorded some strong sales in 2012.  The most recent sale, Unit 2504 closed this week as a cash transaction for $1,950,000 or $659/sq. ft.  This is slightly higher than the average sale price per square foot in 2012 of $649.  This particular unit offers sweeping water and city view, four bedrooms, four and one half baths and almost 3,000 square feet of living space.  I am particularly fond of the double Miele ovens and built-in espresso maker.

There are currently 23 condos for sale in Asia on Brickell Key ranging in price from $950,000 for a two bedroom on the 19th floor up to $8,830,000 for a decorator ready PH on the 34th floor. We’d be happy to give you a private tour of this unique luxury building on prestigious Brickell Key.

View all condos for sale in Asia on Brickell Key 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:

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Written by Thomas Grimshaw | Discussion: Leave A Comment

Four Seasons Miami Residence Unit 47F SOLD!

December 28th, 2012 Written By


Categorized under Brickell Luxury Condos, Brickell Real Estate, Brickell Waterfront Condos, Four Seasons Condo Market

As the end of the year approaches, we are all working hard to get transactions closed for our clients.  Last week Unit 47F at The Four Seasons Residences closed for $3,000,000. It was an all cash transaction, after having been on the market for 133 days. The sale price of this 4,164 square foot, three bedroom, four and one half bath home in the sky represents $720/sq. ft, well above the average for the year of $655/sq. ft. that we reported a few days ago.  Listed by Ocean Max Realty.

Have a look at the build-out, the view and the finishes and you will see why:

To view all condos for sale at the Four Seasons, click here.

To read more about the Four Seasons Condo Market, 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:

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Written by Thomas Grimshaw | Discussion: Leave A Comment

Are You Spending The Holidays In Paradise?

December 28th, 2012 Written By


Categorized under Brickell Real Estate

With Puerto Rico just a short direct flight away from all major U.S. East Coast cities, you could easily be here for the Holidays. Our newest listing is perfect for families, golf aficionados, spa addicts and sun worshipers alike. Contact us for more information and a private tour.   Our clients and our markets are global.

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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

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