Market Update! Condo-Hotel Program At The Four Seasons Miami

December 21st, 2012 Written By


Categorized under Brickell Real Estate, Four Seasons Condo Market

Today a hotel room at the Miami’s Four Seasons Hotel was sold for $290,000.  This 611 square foot unit is part of the condo-hotel portion of the Four Seasons at 1435 Brickell Avenue.  It is furnished with hotel furnishings so that the owner may place it in the hotel program and earn income while they are not using it.

There are currently 13 properties for sale that are part of the condo-hotel program.  They range in price from $299,000 for a studio on the 31st floor to $1,703,500 for a two bedroom Suite on the 35th floor.  Owners as well as guests have access to all of the world class amenities at the Four Seasons Miami, including multiple pools with cabanas and the 50,000 sq. ft. Sports Club/LA Miami Gym and Spa.

Annual activity and values showed a healthy increase in 2012.

The sale mentioned is MLS # A1695848 Listed by New Uptown Int’l Realty Corp and sold by Charles Rutenberg Realty LLC.

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.

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Written by Thomas Grimshaw | Discussion: Leave A Comment

Miami’s Four Seasons Tower Finishes The Year Strong

December 20th, 2012 Written By


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

Recently we wrote about Unit 53C at the Four Seasons in Miami because it went under contract in just 68 days.  Technically it should be called the Millenium Tower Residences at 1425 Brickell Avenue.  But who wants to live at the Millenium when you can live at the Four Seasons? I mean this is Miami after all.

The Millenium Tower Residences, which are in the Four Seasons Tower recorded 12 sales in 2012 with an average sale price per square foot of $655.  Unit 53C closed yesterday for $1,392,500 or $651 per square foot, just under the average.  There are still two units which are expected to close soon and 16 that are for sale.

This is a nice increase over last year:

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.

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Written by Thomas Grimshaw | Discussion: Leave A Comment

Brickell Just Keeps Getting Better!

December 19th, 2012 Written By


Categorized under Brickell Life, Brickell Nightlife, Brickell Real Estate, Uncategorized

This morning I decided to try Bikram Brickell. Of course I walked, thinking that maybe I’ll see something new. Boy was I pleasantly surprised! In the 10 minutes that it took me to walk from my building near the corner of Brickell Avenue and 15th Road, I came across these new additions to the neighborhood:

  • The new Brickell Flatiron Park – it’s not quite at the stage of the renderings that you see, but it is coming together nicely and there is a new sign promoting an upcoming Farmer’s Market.  This is good progress.
  • 1100 Millecento by pininfarina, the Related Group’s newest Brickell project construction is well underway. It is reportedly 100% sold out, but contact us for more details. The location at 1100 South Miami Avenue is superb, just across from the new Brickell Flatiron Park, and next to one of my fave neighborhood restaurants, Rosinella. I hope I’ll still be able to get a table.
  • Just around the corner at number 5 11th Street is MOMI Ramen the new Japanese place in Brickell that is getting rave reviews on Yelp for their authentic ramen noodles and pork buns. I’m going this week for sure!

The Bikram class was terrific. Large and clean hot room, men’s and women’s lockerrooms and showers and a great instructor, Cristina. This will be my new Bikram studio. While I was leaving I ran into an old friend who was also in the class. She was lacing up her roller blades to head home to Brickell Key. Wow, it’s great to live in Brickell.

If you are interested in learning more about life in Brickell and the real estate market here, please don’t hesitate to contact us at 305-960-5317 or send us a message 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

What Will $500,000 Buy In Brickell?

December 14th, 2012 Written By


Categorized under Brickell Real Estate, Bristol Tower Condo Market, Carbonell On Brickell Key Condo Market, Courts On Brickell Key Condo Market, Imperial At Brickell Condo Market, Jade at Brickell Bay Condo Market, Santa Maria Condo Market

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. 

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

Foreclosure Sells For Higher Than List Price At Brickell Place

December 13th, 2012 Written By


Categorized under Brickell Place Condo Market, Brickell Real Estate, Brickell Waterfront Condos

Foreclosure Unit 1607 at 1925 Brickell Avenue closed today for $570,000 or $286/Sq.ft.  This condo is a three bedroom, two and one half bath corner unit at Brickell Place, a four building development in the South Brickell neighborhood.  A large and well designed renovated condo with unobstructed bay views, it was move-in ready with assigned parking and amenities like tennis, two pools and dock space.

Maintenance fees are approximately $959 per month and 2011 taxes were recorded at $6,065 without the Homestead exemption.  The most interesting fact about this sale is that it was only officially on the market for 23 days and it sold for $20,100 over asking price.  The lesson here is that in today’s market, a move-in ready foreclosure will sell quickly and buyers need to be prepared and educated about market values so that they are not misguided by list prices.  This condo was a great value at $570,000, even if it was higher than the listing price.  Property was sold by Fortune International Realty.

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!

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Written by Thomas Grimshaw | Discussion: Leave A Comment

SOLD – The Plaza on Brickell Unit # 3109

December 12th, 2012 Written By


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

This one bedroom in the North Tower of The Plaza on Brickell just sold for $303,000 or $474/sq. ft.  Built in 2008, The Plaza is another Related Group project that clearly is appealing to investors.  Located in the North Brickell neighborhood at 951 Brickell Avenue and walking distance to most offices, restaurants and financial institutions, it will be easy for the new owner to lease.

This 639 sq. ft. condo has been finished very nicely and even though it does not have a water view, it went under contract in only 41 days. It was a cash deal and only $7,000 less than the asking price of $310,000.  The Plaza allows a maximum of 2 leases per year, is pet friendly and this unit comes with one assigned parking space.  Monthly maintenance is approx. $335 and 2011 property taxes are recorded at $3,773.  This unit could fetch approximately $2,000/mo in rental income.  So as a cash deal the numbers really work well for an investor.

This property was listed by Blue One Realty, LLC.

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

The Santa Maria On Brickell – 5 Year Trends

December 11th, 2012 Written By


Categorized under Brickell Luxury Condos, Brickell Real Estate, Brickell Waterfront Condos, Santa Maria Condo Market

Even the extreme high end of condo buildings was not completely immune to market fluctuations over the past five years. Here is a look at the past five years of sales at The Santa Maria on Brickell. Developed and built in 1997 by Ugo Columbo and still considered to be one of the finest addresses in Miami, The Santa Maria is located on the bayfront at 1643 Brickell Avenue.

Year # Closed Sales Average Sale Price/Square Foot Average Days on Market
2008 9 $640 123
2009 11 $587 216
2010 14 $660 217
2011 18 $649 293
2012* 12 $649 297

We always tell customers that every building is its own economy. If you have been following our analyses of condo buildings in the Brickell neighborhood you will understand what we mean. The Santa Maria occupies the top spot on any list of Miami’s luxury residential buildings. It has only 173 units and even these residents were not completely immune to the economic turmoil that affected market values over the last five years.  We are happy to report however, that values have recovered and are currently 1% higher than they were in 2008.

Current Status of condos in The Santa Maria on Brickell:

  • 13 condos for sale out of 173 – less than 10%. This is a very healthy ratio.
  • One condo is currently under contract and waiting to close.
  • None of the condos for sale is a short sale and there are no foreclosures
  • Seller’s should be prepared to wait 9-12 months to sell at fair market value

*2012 data is through 12/7/12. All data is from the SEF MLS.

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

Positive Signs For The Imperial At Brickell | 5 Year Trend Report

December 10th, 2012 Written By


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

Today we continue our analysis of Brickell Condo Buildings and how they are performing as investments.  Here is a look at the past five years of sales at 1627 Brickell Avenue also known as the Imperial at Brickell:

Year # Closed Sales Average Sale Price/Square Foot Average Days on Market
2008 3 $287 198
2009 7 $230 100
2010 9 $230 170
2011 13 $227 132
2012* 17 $287 159

There are many conclusions that can be drawn from the data. The Imperial at Brickell, like many buildings in Miami, went through a period of turmoil with units going into foreclosure, being sold short and taking a long time to sell because financing requirements have gotten much more strict.

As of today the Imperial at Brickell seems to have stabilized as a building and as an investment. Sale price per square foot has returned to the level that it was at 5 years ago after taking a 20% hit and bottoming out at the end of 2011.

Current Status of condos in the Imperial at Brickell:

  • 5 condos for sale out of 162 – less than 3%. It is definitely a seller’s market within the building
  • No condos are currently under contract and waiting to close
  • None of the condos for sale is a short sale and there are no foreclosures

*2012 data is through 12/6/12. All information is from the SEF MLS.

We are analyzing the data for all of the buildings in Brickell. For an advanced or more detailed look at any building, please contact us directly here.

Want more news about the condo market at The Imperial? Click 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 Jade Residences at Brickell Bay – 5 Year Trends

December 7th, 2012 Written By


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

Anyone buying property right now has to look at their purchase as an investment, even if it is the home of their dreams that they never plan to leave.  Here is a look at the past five years of sales at 1331 Brickell Bay Drive also known as the Jade Residences at Brickell Bay:

There are many conclusions that can be drawn from the data.  The Jade, like many buildings in Miami, went through a period of turmoil with units going into foreclosure, being sold short and even a reported mortgage fraud ring living in the building.

Year # Closed Sales Average Sale Price/Square Foot Average Days on Market
2008 44 $399 89
2009 45 $359 131
2010 30 $397 94
2011 31 $472 135
2012* 30 $503 131

As of today the Jade Residences at Brickell Bay as a building and as an investment is doing very well. The number of sales every year has stabilized, the building is in great financial shape, and the Average Sale Price/Square Foot has increased 26% over the last five years.

Current Status of condos in the Jade Residences at Brickell Bay:

  • 25 condos for sale out of 326 – less than 10%
  • 5 condos are currently under contract and waiting to close
  • 1 of the 25 condos for sale is a short sale and there are no foreclosures
*2012 data is through 12/3/12. All data is from the SEF MLS.

 Click here to view all condos in sale for The Jade at Brickell Bay.

We are analyzing the data for all of the buildings in Brickell.  For an advanced or more detailed look at any building, please contact us directly at 305-960-5318 or send us a message 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

November 2012 Brickell Condo Market Update

December 6th, 2012 Written By


Categorized under Brickell Real Estate

The November numbers for Brickell real estate are in!  Where possible we’ve compared them with November 2011 to show trends.  Have a look:

Criteria November ’11 November ’12 % Change
# Of Closed Sales 81 68 -16
Avg. List Price $399,835 $699,994 +66
Avg. Sale Price $376,070 $565,833 +50
Avg. Sale Price/Sq. Ft. $295 $376 +27
Avg. Days On The Market 123 150 +22
Total Value Of Sales $30,461,652 $38,476,627 +26

Clearly, the Brickell Condo Market has gained overall value, as prices have gone up and supply and sales have decreased.  Basic supply and demand at work.  As of today, there are only 628 condos for sale through in Brickell.  They range in price from $139,000 for a studio at the Four Ambassadors in North Brickell to $16,800,000 for a 5 Bedroom PH at the Bristol Tower in South Brickell.

Last night I flew back to Miami from San Francisco, another hot Real Estate Market.  The person in the seat next to me was coming into town for the week, to experience all of the Art Fairs that Miami has become famous for in December.  One of her remarks to me was, “Wow, Brickell has really come into it’s own. I can’t believe how it has changed over the past couple of years. It’s really incredible.”  We couldn’t agree more. How about you?

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:

http://TheRealEstateCoconut.com

http://CoralGablesRealEstateVault.com

 

Written by Thomas Grimshaw | Discussion: Leave A Comment

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