Investing in Brickell

Downtown Miami’s full-time population has increased to nearly 90,000, that’s up to 32% since 2010 and 150% since 2000. What does this mean? What a new report by Miami Downtown Development Authority has confirmed: Young professionals are moving and investing on new businesses in Downtown Miami. Restaurant openings, cranes, and traffic snarls are not just a coincidence.

Out of this 90,000 people increase, about half of them are young professionals between the ages of 20 and 44. They have filled more than 20 new residential towers, built since the last real estate boom.

Whitney McLees, a 30-year-old woman who recently moved to the new Melody Tower, in downtown Miami, said: “There are restaurants and stores popping up all over, and I feel like millennials are really driving that energy.”

It’s not a supposition, but a fact, that Downtown Miami is growing as days pass by. This is why it has become a great city to invest in, since it grows more economically stable every day. Brickell is one of those places that should come to mind when thinking about investing. It’s a very good deal to buy a property and then lease it to generate annual profits. And since it’s growing daily, you’ll be almost always guaranteeing a rental income from that property.

1100 Millecento

Completed just a few months ago, 1100 Millecento real estate listings are constantly popping up on the Miami-Dade MLS – four in the last two weeks to be exact.  This gives us a reason to remind potential buyers about this spectacular Related Group property that began construction back in 2012.  As one of the most recognized Miami condominiums and the third “post-recession” Brickell condominium to be completed, 1100 Millecento climbs 42 stories into the Miami skyline with 382 residences overlooking the Miami skyline as well as Biscayne Bay.

The Parties Responsible for This Masterpiece

It is Brickell so the most obvious party is The Related Group which developed 1100 Millecento.  From there, Carlos Ott was tapped to bring the idea to reality as the architect responsible for designing this new tower as well as other condominiums like ECHO Brickell. 

The Pininfarina Group, chaired by Paolo Pininfarina, stepped up to design the interior in a well-appointed style that only his firm can create.  The Pininfarina Group, known for its unique design of such well known high-end vehicles like Maserati, Ferrari and Rolls Royce, moved into the interior design arena and has already made a name for themselves with this building and Beachwalk in Hallandale.

Location of 1100 Millecento

1100 Millecento is perfectly situated at 1100 South Miami Avenue in the heart of Brickell.  Just a couple of blocks from Mary Brickell Village, 1100 Millecento is close to restaurants, shopping, grocery and the spectacular embassies and consulates. 

Brickell is the financial district of Miami and currently in a huge growing mode with condominiums, commercial space and mixed-use properties under development and construction.  In the middle of it all, 1100 Millecento stands out above the rest. 

1100 Millecento Amenities

1100 Millecento is an amazing building that features fantastic amenities for residents and their guests.  The most obvious place to start is the 9^th floor pool deck with Club Citta Clubhouse and a resort-style pool and lounging area.  Additionally, the state-of-the-art fitness center overlooks the pool and offers city views making working out much easier.  On the 43^rd floor is the Cielo Club pool with private cabanas and even more unbelievable panoramic Miami skyline views. 1100 Millecento also features a private screening room (theatre), 24-hour security, valet and concierge, a multi-media room, a catering kitchen and assigned parking just for starters.

The ground and mezzanine floors of 1100 Millecento are reserved for commercial space.  A recent article in The Real Deal notes that over 17,000 square feet of space just sold for $10.5 million.  Retail and restaurants are slated to occupy the space once the buildout if finished. 

Each residence is well-appointed with high end finishes of rich wood and contemporary style expected from Pininfarina.  Some of the features include nine and 10-foot ceilings, smart building technology, hurricane resistant glass, doors and railings, gourmet kitchens with an Italian flair – stone counter tops, stainless steel appliances and imported tile floors.  On top of this, the patios are large and perfect for enjoying the South Florida sunshine and breezes.

1100 Millecento Real Estate

With the building complete and residents inhabiting their homes, there are still properties available for sale.  1100 Millecento offers studios, one and two-bedroom units with square footage ranging from 578 square feet (large for a studio) to almost 1,300 square feet. List prices start under $300K for a studio and climb to about $800K for a two-bedroom property.  

As for 1100 Millecento rentals, monthly rates for studios typically start at around $1,800 while one-bedroom and two-bedroom units start at about $2,000 and $2,300, respectively. 

Worth Consideration

1100 Millecento is worth consideration when looking at property in Brickell. The neighborhood has so much to offer and the condominium brings more opportunities to live in a new building with list prices that attract different buyers.

Affordable Brickell Condominiums

Brickell real estate is on fire with closings taking place almost every day. Whether property in a new construction condominium or one that is established and may have buyers chomping at the bit to buy property, Brickell combines the best of a top metro area with a tropical atmosphere and landscape.  And, yes, other major metro areas feature waterfront property but no other offers panoramic views of crystal blue waters paired with the feeling of the Florida sunshine and balmy breezes.

An article in yesterday’s South Florida Business Journal stated that “Miami's Brickell financial district is among the 10 most expensive markets in the Americas to lease an office.” The article went on to state that even though it is one the most expensive, it is still substantially less than the equivalent in New York’s Midtown (about $50 per square foot compared to $130).  Because of this, companies from New York to Sao Paulo are coming to Brickell to open offices.

Real estate listings in Brickell range from about $100K to about $1.5 million making it possible for most any buyer to afford property. To provide insight as what you get for you money, here are a few affordable Brickell condominiums:

500 Brickell, 500 Brickell Avenue

Situated in the heart of Brickell, 500 Brickell Condo features two 43-story buildings with over (600) one, two and three-bedroom residences.  Its eclectically modern façade makes it very evident that it is a Related Group/Arquitectonica development that was completed in 2008.  Residents enjoy many amenities including the interactive touch panel located in each residence giving them a smart-home advantage. It exudes a metropolitan feel due to its location within walking distance to Mary Brickell Village, excellent restaurants, the Miami River Walk and more. One of the biggest attributes is that 500 Brickell appeals to all home buyers including first-time buyers.  Real estate list prices start in the low-$300s and top $2 million. Over the last six months, nine units have sold with the average number of days on the market at 218 days.  Three one-bedrooms sold from the upper-$200s to mid-$300s while six two-bedrooms sold with sale prices in the mid-$400s.  Sale prices sold at about 95 percent of list price for both levels. 

For Sale at 500 Brickell

1060 Brickell, 1060 Brickell Avenue

1060 Brickell condo features two towers with a total of 570 residences in two towers located on 1050 and 1060 Brickell Avenue. Built in 2008, this grand condo features unbelievable views, a 12-story parking garage and 24,000 square feet of retail space.  The two towers, 34 stories and 45 stories, offer a variety of floor plans ranging from studios to lofts and penthouses with oversized floor-to-ceiling windows and large terraces to enjoy the Bay breezes and beautiful views, roomy kitchens with stainless steel appliances and more.  For those who work in the center of Brickell, 1060 Brickell is the ideal location as it is close to everything in the area including consulates, Mary Brickell Village, grocery, and more. List prices fall between the high-$200s and the upper-$600s with larger residences topping $1 million making it affordable for many potential buyers.  In the last six months, there have been a total of 10 closings at 1060 Brickell.  Three studios sold in the mid to upper-$200s and averaged about 105 days on the market to sell; six one-bedrooms had sale prices from the low to upper-$300s and averaged about 155 days on the market; and, finally, only one two-bedroom unit sold at $420K but took over 430 days to sell, however, four other two-bedroom properties sold in 2014 with an average number of days on the market at only 74 days.

1060 Brickell Listings

My Brickell, 30 SE 6^th Street

Designed by Karim Rashid and developed by The Related Group, My Brickell is one of the most distinctive condominiums in Brickell.  With 192 units on 28 floors, there are a range of floor plans for studios, one and two-bedroom units with square footages ranging from 550 to almost 1,300 square feet and modern fixtures and finishes throughout each unit.  The building offers magnificent water and city views as well as unique open and lofty design, modern kitchens with stainless steel appliances and a slew of amenities that make residents feel like they are on vacation – think resort-style pool, large state-of-the-art fitness center and more.  As a new condominium completed just last year, there have already been six sales since November 2014 with sale prices between the mid-$200 and mid-$400s and the average number of days on the market at about 132 days.    List prices start in the mid-$200s and climb to about $600K.   My Brickell is a top pick for buyers who want a very metropolitan lifestyle combined with the eclectic feel that only Miami can convey.  It is centrally located within walking distance to everything in Brickell and only a short trip to the beaches.

Available Properties at My Brickell

Lots of Options in Brickell

Brickell is in a major growth mode. There are lots of options in Brickell for all buyers from buildings that have been around for years to those that have just been completed to even more in the works.  The best way to find what you want is to explore the area, select a location in this widely, sought after neighborhood, then begin the process of buying in Brickell. 

SLS LUX: Another Brickell Masterpiece

Because of the successful sell out of SLS Brickell, another SLS hotel and residence property is about to begin construction in Brickell --  SLS LUX.  Situated just a few blocks from its sister property and within the Brickell Heights property, this new Related project plans a 57-story tower with 450 condominium residences and 12 penthouses that will ooze luxury.  With Jorge Perez's passion for fine art and unique design, SLS LUX is about to bring the best of both worlds to what will become a highly sought after address in all of Brickell. 

The Masterminds of SLS LUX

SLS LUX  is a combination of some of the elite minds of the real estate development and architectural world.   At the helm is none other than Mr. Brickell himself, Jorge Perez, CEO of the Related Group which can be credited for being part of re-energizing real estate development in Miami over the past two to three years with the likes of Icon Bay, Icon Brickell, SLS Brickell, Paraiso Bay and others.  The Related Group has partnered with other icons in the industry including The Allen Morris Company, Arquitectonica (no surprise there),

world renowned Yabu Pushelberg for the interior design, and sbe Founder and hospitality guru, Sam Nazarian, with other SLS hotels and residences (SLS South Beach and SLS Brickell) along with some of the best restaurants and night clubs under his belt. But what makes SLS LUX stand out above the rest is the museum-quality works of art by artists Fernando Botero and  Fabian Bergos throughout the property.  On top of this, prominent lighting artist, Ana Isabel Martinez is designing the first LED facade.

Location of SLS LUX

In terms of location, SLS LUX is literally right in the center of everything.  Situated at 801 South Miami Avenue, SLS LUX is planned to sit adjacent to Mary Brickell Village and the Brickell City Centre, currently under construction.  Within walking distance are restaurants, shopping, businesses and everything else needed to make living here easy and convenient. 

SLS LUX Features and Amenities

There is so much planned for SLS LUX that it seems we need to break it up into smaller categories.  This complex looks like it will be different from the other Related projects simply because of the art planned. 

Features.  Botero sculptures will be placed in several places including the front sidewalk and other prominent areas of the building.  sbe restaurant by chef Katsuya Uechi and a lounge by SBar are expected on the ground floor.  And, amazingly, there looks like a huge ninth floor indoor/outdoor sports and entertainment  area that offers:

• A huge lap pool
• Beach front entry pool
• Multi-use sports center that includes a tennis court (yes tennis court), soccer area, bocce ball court and more
• A state-of-the-art fitness center, rock climbing wall
• Outdoor bar and kitchen with grill area
• VIP access to other SLS properties' and Brickell Heights (under construction)
• Too many features to mention

Building Services.  In addition to the stand-out features of SLS LUX, residents have access to the services offered at SLS LUX Hotel.  These building services include:

·         24-hour valet parking

·         24-hour security service

·         Butler and "While You're Away" services

·         Concierge services

·         Dry cleaning and laundry

·         Housekeeping

·         In-room dining

·         Nanny/babysitting

·         Overnight shoeshine

·         Personal IT support assistance

·         Pet services

·         Plant maintenance

·         Pre-arrival provisioning and grocery shopping

·         Translation services

Residence Amenities.  If the building services and features are not enough, each residence offers the following amenities:

·         Fully finished residences with several choices of imported porcelain tile flooring

·         Elegant semi-private and private elevators with biometrics technology

·         9' and 12'- smooth finish ceilings for residences and penthouses, respectively

·         Some penthouses with private rooftop pools and outdoor spas

·         Amazing gourmet-kitchens with imported cabinetry and stone countertops (choices pre-selected by Yabu Pushelberg) as well as high-end stainless steel appliances

·         Home Automation system

·         Floor-to-ceiling sliding glass doors

·         Pre-wired for high-speed communications multiple telephone lines and cable

·         Private vestibules in all residences

·         Rain Showers and spa tubs in all master bathrooms

·         Barbecue grilling areas on terraces of some residences

·         "Smart Building" technology features custom SLS LUX app, that links residents to SLS Brickell professional concierge services and building amenities

·         Spacious, fully finished walk-in closets in all master bedrooms

·         Spacious terraces with glass and aluminum railings

·         Stunning views of Biscayne Bay and the Miami skyline

·         Two self-parking spaces available for most residences

SLS LUX Real Estate Information

SLS LUX plans to offer one, two, three and four-bedroom prices for residential properties.  There are 10 floor plans from which to choose some of which offer dens and plenty of room to move.  Following are the selected floor plans:

Prices average about $600 per square foot with list prices falling between the mid to upper-$600s and well over $1 million.  Penthouse properties will be offered with list prices higher possibly topping $3 million.

RESIDENCE	BEDS/BATHS	INTERIOR	TERRACE	TOTAL SQ.FT
01	3BR/3BA PLUS DEN	1,779	505	2,284
02	2BR/2.5BA PLUS DEN	1,250	234	1,484
03	1BR/1.5BA	945	159	1,104
04	3BR/3BA	1,502	414	1,916
05	2BR/2BA	1,353	350	1,703
06	1BR/2BA PLUS DEN	1,075	153	1,228
07	1BR/1.5 BA PLUS DEN	955	153	1,108
08	1BR/2BA  PLUS DEN	1,010	153	1,163
09	3BR/3BA	1,660	490	2,150
10	2BR/2BA PLUS DEN	1,394	226	1,620

The planned schedule for deposits is:

• 10% at Reservation
• 10% at Contract (or balance of 20%)
• 10% at Groundbreaking
• 10% at 9th floor
• 10% at Top-off
• 50% at closing

Luxury at Its Finest

SLS LUX represents luxury at its finest.  This property is, without a doubt, a continuation of its SLS sister properties in Miami and maybe even one step further.  Because SLS Brickell sold out within a month of launching reservations, SLS LUX seems to show that it may do the same. 

Brickell Flatiron: Another Brickell Masterpiece

Just when you thought you had a handle on Brickellreal estate, another Brickell development is announced.  Brickell Flatiron is the latest Brickell masterpiece in the works for one of the most fashionable neighborhoods in Miami.   

The building specs showcase a beautiful piece of architecture with what the architecture world calls “curvilinear” lines that resonate with swells of water on Biscayne Bay.  With the ground-breaking planned for the end of this year, the plans show that this spectacular tower is very tall at 750 feet high with 65 floors and over 500 units – one, two and three bedrooms along with penthouses.  

In addition to residential accommodations, Brickell Flatiron also plans for about 40,000 square feet of retail development on the lower level.  Completion should be some time in the spring 2016. 

Location of Brickell Flatiron

Located at 1000 SE 1^st Avenue, the Brickell Flatiron site is situated in the best spot that is within walking distance to everything in Brickell including Mary Brickell Village and the shops and cafes that dot Brickell.  Most importantly, it is only one block from the new Brickell City Centre.  Just one block off Biscayne Bay, the site is just a block from the bridge to Brickell Key.

Brickell Flatiron Team

Bringing Brickell Flatiron to life is a group of people who have designed and built some of Miami’s well-known properties.  Ugo Colombo, the developer of Brickell Flatiron, is one of Miami’s most recognized developers known for other Miami properties including the Bristol Tower and Santa Maria both located on Brickell Avenue as well as South Beach hotels, Waldorf and Casa Grande.

As for the architecture, Luis Revuelta is the brains behind the unique flowing design.  His firm, Revuelta Architecture International, has designed well known Miami properties including EPIC Residences & Hotel, Bristol Tower, the Santa Maria, Jade and more. 

Acclaimed artist, Julian Schnabel has been tapped as the Designer of Interior Spaces.  This means he will create the plans for the lobby and common areas with his bold attitude and design. 

Amenities at Brickell Flatiron

Where do we start?  There will be so much for residents to enjoy and make life a vacation all year long.  Most importantly, the plans call for amazing community amenities that include two pools – one on a lower level amenity deck and the other on the rooftop – as well as a state-of-the-art business center with conference rooms, a children’s play area and game room, exclusive residents-only movie theater, electronic access controlled building entry points for residents with 24-hour video surveillance and recording, WI-FI throughout the building, 24 hour valet, additional individual residence storage,  six super-high speed elevators with destination control, and more.

Inside each residence, there will be high end features including a gourmet kitchen with Italian custom-designed and fully accessorized Snaidero kitchen cabinetry, stainless steel back splash and stone counter tops, and top of the line stainless steel appliances.  Other features include expansive floor plans with 9’6” ceilings in tower residences and 10’6” ceilings in penthouses, floor to ceiling sliding glass balcony doors and energy-efficient, casement windows, deep private balconies with Brickell and Bay views, and more. 

It is also worth mentioning the technology planned for the building.  Each residence will have private wireless networks, a keyless entry through a smart lock system, and a state of the art “Brickell Flatiron Link” which is a digital concierge service available to all residences via tablet, PC or smartphone. 

Real Estate at Brickell Flatiron

The plans show about 550 units are projected for the building.  Sizes range between about 735 square feet for a tower residence to almost 2,600 square feet for a penthouse residence.  Potential buyers may choose from one, two and three bedroom units. 

In terms of list prices, one-bedroom units start at about $470 per square foot with two-bedrooms slightly higher at about $480 per square foot and three-bedrooms at just under $600 per square foot.  The top floors will house two and three-bedroom penthouse residences that feature list prices starting at about $750 per square foot. 

Just like every other Brickell development, Brickell Flatiron is taking reservations.  The payment schedule for potential buyers is as follows:

• 10% at Reservation
• 20% at Contract
• 10% at Groundbreaking
• 10% as Construction reaches the 18th floor pool level
• 10% at Project top-off
• 50% at Closing 

Brickell Real Estate Expanding

With Brickell Flatiron in the works, one thing is very evident -- Brickell real estate is ever expanding.  This property is well worth consideration and a must see.  Keep checking back with us as Brickell Flatiron plans continue to unfold and new developments are announced.

MyBrickell

Completed only a few months ago, property owners who bought at MyBrickell are already in the selling mode.  The increase in list prices this time around is astonishing.  To give you an idea of what we are talking about, preconstruction prices for studios first started at about $169K.  The lowest priced studio listed on the MLS is at $290K (reduced from $329K in February) – a 71 percent increase in list price.  On top of that, there are currently 20 listings at MyBrickell – all resales.  We know that the real estate market is heating up but holy smokes!

About MyBrickell

MyBrickell is unlike any other condominium in the Brickell neighborhood. It definitely stands out from the other condominiums in that it is brightly colored and a blend of contemporary, art deco and even eclectic in its interior and exterior design.   The condominium building 184 units on 25 floors with an expansive retail push on the ground floor as well as a fitness center, a huge and really cool lobby, and a lavish pool bar area.  The whole idea behind MyBrickell is that it is designed to be a pedestrian friendly condominium that is close to everything – within walking distance.

MyBrickell’s Location

Located at 30 SE 6^th Street, MyBrickell sits on the Miami River in Brickell.  MyBrickell is located within a block or two of Mary Brickell Village making it easy to walk over to Balans Restaurant, Fado Irish Pub, the Blue Martini and others for drinks and dinner or shopping on a Saturday afternoon. There is a breezeway that connects MyBrickell to the Brickell Financial Center next door as well.  On top of that, the new Brickell CitiCentre is under construction right next door.  In terms of location, MyBrickell’s cannot get any better!  Get the picture?

On its own merit, Brickell is Miami’s answer to “business is booming!”  There is so much construction happening that the area is morphing into what some call the “Manhattan of the South.”  But don’t let that scare you – it is a really great place to be especially if you work in Downtown, Brickell or even Midtown. 

The Brains Behind MyBrickell

First of all, it started with an idea and began development with the backing and power of The Related Group.  Then, Arquitectonica entered the picture to create this one-of-a-kind masterpiece that is something you have to see to believe.  From there, Karim Rashid added his individuality to it and created a design that stands apart from the pack.  It is kind of like a bit of South Beach crossed the bridge and landed in Brickell.  This design is perfect for this area but one could never imagine it anywhere else.  It is a fascinating building that makes many Miami residents want to say that they “live at MyBrickell.” 

MyBrickell Amenities

Where do we start?  In terms of community amenities, the condominium offers tons of them from the state of the art fitness center to a delightful outdoor pool deck with a great pool bar to a game room and expansive art deco-style lobby.  The whole theme around MyBrickell is its pedestrian-friendly atmosphere.  With that in mind, there is parking next door but only one and two bedroom residences come with one assigned parking spot while studios must use valet parking. 

As for residences, the residences are spacious with studios having 600 square feet and the largest two-bedroom/two-bath having over 1,300 square feet.  The loft-style kitchens feature stainless steel appliances and tiled backsplashes.  Views from the residences showcase the city and water.  The living area is open and airy, and the master bedrooms have very nice walk-in closets.

MyBrickell Real Estate

The interesting thing about MyBrickell is the number of units available for resale.  Currently there are over 20 studios, one, and two-bedroom properties listed on the MLS.  In fact, with a building that has just been completed, 14 percent of the building is for sale.  The average cost per square foot of those listed is about $525 compared to the original cost per square foot during pre-construction sales of around $360.  It is important to note that most of the MyBrickell listings for re-sale listed have already received price reductions since none have closed to date.

As for MyBrickell rentals, there are 27 available as of today with monthly rental rates ranging from $1,500 for a studio to $3,500 for a two-bedroom/two-bath unit.  Most are listed as unfurnished annual rentals and for those who rent them, they get brand new everything.  In the renting world, that accounts for a lot.

Watch What is To Come at MyBrickell

With new construction booming in Brickell and even more in the works in the surrounding neighborhoods, it will be interesting to watch what is to come with the sales and rentals of MyBrickell condominium units.  In terms of locations, you can’t ask for anything better than where it is located and the character and uniqueness stand out above the rest.  It is simply an architectural masterpiece and one that is going to get even hotter as construction around it completes.