Miami Real Estate Market Update - Brickell Area - June 2012

In the following table you can see all closings in the brickell area for the month of June 2012. There were a total of 57 closings. The main statistics are:

• Average price per square foot: $333
• Lowest price per square foot: $134 (Four Ambassadors 1067)
• Highest price per square foot: $620 (Epic unit 4203)

There were two units that went pending in just one day. Both units in Brickell Key, one in Carbonell and another one in Isola. 

Building	Unit	Bed/Bath	Living Area	Days on Market	List Price	Sale Price	Price per sq ft
Four Embassador	1126	0/1	580	2	82,500	105,000	$181
THE CLUB AT BRICKELL BAY	3610	0/1	425	8	115,000	116,000	$273
The Four Ambassadors	1067	1/1	990	11	120,500	132,500	$134
Brickell Bay Tower	316	0/1	480	62	138,500	135,000	$281
FOUR AMBASSADORS	811	2/2	990	84	140,000	140,000	$141
CONDO	403	1/1	787	1	149,000	142,000	$180
THE CLUB AT BRICKELL	3621	1/1	825	168	159,000	184,108	$223
One Miami	1417	1/1	868	389	195,000	190,000	$219
The Club At Brickell Bay	2812	1/1	818	22	225,000	215,000	$263
THE CLUB AT BRICKELL BAY	3312	1/1	818	131	229,000	220,000	$269
one miami	902	1/1	846	56	229,000	207,000	$245
Brickell Key II	1201	1/1	700	20	229,000	205,000	$293
BRICKELL ON THE RIVER	803	1/1	775	77	235,000	218,000	$281
BRICKELL KEY ONE	A901	1/1	940	5	239,000	220,000	$234
FORTUNE HOUSE	1106	2/2	930	126	259,000	252,000	$271
The Plaza 901 Brickell	3708	1/1	639	52	285,000	290,000	$454
BRICKELL ON THE RIVER	3201	2/2	1117	49	285,000	270,000	$242
FOUR SEASONS	3502	1/1	624	487	289,000	270,000	$433
ONE TEQUESTA POINT	902	1/1	780	93	289,900	250,000	$321
THE MARK ON BRICKELL	2809	2/2	1140	11	294,900	308,000	$270
ONE MIAMI EAST CONDO	3503	1/1	868	51	299,000	322,910	$372
ISOLA CONDOMINIUM	1103	2/2	968	1	299,000	290,000	$300
500 BRICKELL EAST	3103	1/1	754	66	300,000	275,000	$365
One Miami	3414	2/2	1105	12	308,880	310,000	$281
The Club at Brickell Bay	2523	2/2	1105	123	310,000	303,000	$274
BRICKELL ON THE RIVER	508	2/2	1402	298	325,000	295,000	$210
THE IVY	2314	2/2	1172	33	329,999	285,000	$243
Skyline on Brickell Condo	2903	1/1	791	21	330,000	310,000	$392
500 BRICKELL	1503	2/2	1239	260	349,500	349,500	$282
Icon Brickell Condo	4204	1/1	726	528	365,000	362,000	$499
The Mark	2601	2/2	1200	180	365,000	360,000	$300
500 BRICKELL WEST	1810	2/2	1200	440	369,900	334,000	$278
COSTA BELLA	1801	2/2	1249	70	375,000	360,000	$288
COURVIOSIER COURTS	304	3/3	1656	15	375,400	370,000	$223
MET 1	T-2906	2/2	1005	150	399,000	385,000	$383
One Miami	323	3/2	1792	49	412,000	416,555	$232
THE PLAZA ON BRICKELL	1411	2/2	1395	31	414,900	414,900	$297
Brickel Key II	320	2/2	1500	78	425,000	395,000	$263
Carbonell	3101	1/1	1031	174	429,000	399,000	$387
Icon Brickell Viceroy	4801	1/1	898	58	439,000	425,000	$473
The Plaza	2604	2/2	1101	47	440,000	400,000	$363
THE MARK ON BRICKELL	2204	3/2	1510	23	449,000	425,000	$281
One Miami	4212	3/2	1416	11	450,000	430,000	$304
THE PLAZA ON BRICKELL	2104	2/2	1120	6	450,000	420,000	$375
EMERALD AT BRICKELL	1905	2/2	1264	93	459,000	420,000	$332
BRICKELL KEY ONE	A704	3/3	2001	129	575,000	570,000	$285
ONE MIAMI EAST	4109	3/2	1792	45	629,000	610,000	$340
ONE TEQUESTA POINT	1208	3/2	1640	29	720,000	710,000	$433
ICON BRICKELL TWO	3605	2/2	1450	20	725,000	690,000	$476
CARBONELL CONDO	3305	2/2	1505	1	870,000	860,000	$571
EPIC	4203	2/2	1372	78	875,000	850,000	$620
THE JADE	901	2/2	1878	145	889,000	832,500	$443
FOUR SEASONS RESIDENCES	49A	2/2	1808	129	1,150,000	1,000,000	$553
THREE TEQUESTA	2506	3/3	2293	94	1,189,000	1,100,000	$480
Three Tequesta Point	1801	3/2	2353	259	1,249,000	1,000,000	$425
JADE RESIDENCES	3007	3/3	2130	20	1,364,900	1,300,000	$610
JADE RESIDENCES AT BRICKE	4211	4/4	3415	78	1,997,900	1,899,000	$556

.

Another bubble in the history of Miami Real Estate?

As you might have noticed, all the condo units that were empty a couple of years ago in Miami, especially in Brickell and Downtown, are not empty anymore. We are actually starting to see cranes again in the Miami skyline. Furthermore, developers are selling these new units extremely fast.


One example is Millecento, a 382 unit building that will be developed by Related and designed by Pininfarina. They started sales in March and have sold so far 90% of the units. This is incredible, but what is really interesting here is the price increases from the moment they started selling the building. 


For instance, unit 3211 sold in March for $480,900. The 11 line is the B model which has 2beds/2baths+DEN with 1,270 sq. ft. This is $378 per square foot, which is the current average in brickell for condos without any water views. One month later, in April, I received the updated price list of available units with unit 3011 (two floors below unit 3211) with a price of $570,900, which is $450 per square foot. This is almost a 20% increase in one month. 

We can only hope these price increases are driven by real demand and not by speculators. The advantage this time around is that developers are asking for a bigger down payment from buyers, in this case 50% of the purchase price. Another interesting milestone in the history of Miami real estate.

Buying Real Estate online

The internet has revolutionized practically every aspect of our world, and now it is changing the way that the real estate game is played. There are hundreds of websites that are now offering the opportunity to purchase real estate online. This makes it easier for real estate tycoons to snatch up properties, and it also helps anyone that is moving to a new location. The great thing about buying the real estate online is that it saves you countless hours of your life.
Traditional home buying would require you to make time for the realtor and the seller to show you the house. The online avenue allows a potential homebuyer to see practically every aspect of the home from anywhere in the world and at any time. When you are looking to buy Miami real estate online, you must know that you can find practically any type of living space that you prefer. There are condos, apartments, houses, and other buildings that can be purchased. The sales are typical sales, but there are also the more no traditional means of getting a piece of real estate. Depending upon the site that you are at, you should be able to find short sales, foreclosures, and rental properties.
This is a buyer's market, and this way of buying real estate has really improved the real estate sales. Buying real estate online is a little bit risky to some people, but the great thing about it is that most of the sites that deal with these transactions have licensed realtors helping you out. You can still claim your property quickly and have time to check it out in person in the future. You can instantly find out the square footage, price, and age of the home.
The best sites have all of the details that you will need to know. For example, the site should have information about the age of the roof, the water heating system, and all of the amenities that are included with the purchase of your new space. Some condos and apartments also have dues that will have to be paid on top of your mortgage and taxes, so contact the realtor to determine those costs if they are not readily available online. The internet shopping revolution is upon us. Stores are selling everything online, and the marketplace has changed dramatically. The same is now true with real estate. Find the home, apartment, or condo that you want and snag it before someone else does. Internet real estate transactions have been a blessing to real estate agents and future homebuyers.
Everyone in the world now has access to properties for sale, so the competition will create better prices for buyers and sellers too. It does not matter if you are buying or selling because buying real estate online is here to stay. Study some websites and see how you can sell or buy your home online. The process is much less time consuming than the traditional means of obtaining real estate.

Icon Brickell Tower 2 Unit 3904 - Best price per square foot in building!

Unit 3904 in Icon Brickell Tower 2 is available for sale for $695,900. This is the lowest price per square foot in Tower 2. It faces the pool with views of Brickell Key condos and South Beach.

A great advantage of this unit is that this is one of the very few 04 units in Tower 2 with a DEN. It has a total living area of 1,633 square feet which makes it the biggest 2/2+DEN unit type in the building. You can actually separate the living and dining areas in this unit as the living/dining room provide a lot of space. This is in contrast with other 2/2+DEN units in the building such as the 03 and 05 lines where it is really hard to fit a dining table and separate furniture in the living/dining areas.

It has italian marble floors in the living room, den and balcony, and solid wood in both bedrooms.

This unit can be rented for approximately $3,500-$3,700 a month. Icon Brickell rentals usually rent out within 2-3 weeks. Please contact us if you need further information regarding this unit or any other information regarding Miami real estate.

Why Everyone Should Consider Buying Real Estate in Miami

If you’ve never been in Miami or in a surrounding Miami area, it may never cross your mind that you might love living in Miami. There are many benefits only the Miami locals know about and it’s very important those outside of Miami understand the benefits of this beautiful city.

The breathtaking scenery, whether you’re near the ever glades or looking out over the beautiful Atlantic ocean, Miami is gorgeous. Miami has some beautiful areas and yes, you get to see them every day if you live here.  South Florida is  green and sunny. Unlike California, the frequent rain storms clean the air, clearing the pollution, making it healthier and brighter. In 2008, Forbes named Miami “America’s cleanest city”, for its year round great air quality, vast green spaces, clean drinking water, and city wide recycling programs. Florida is named the sunshine state for a reason, the sun  is brighter, the skies bluer, and the grass is greener.

The sports atmosphere in Miami is one of the greatest in the country. Miami provides the entertainment of some of the best sports teams in the country, it has some of the best local talent at the youth and high school level.  Miami has produced big name athletes like Alex Rodriguez, Ivan Rodriguez, Michael Irvin, Jose Conseco, Chad Ochocinco and many more professional athletes.  At the professional level, the Miami Heat are one the best teams in the NBA. The Miami Marlins are now in their brand new stadium which is a great place to visit with your family. The Miami Dolphins along with the University of Miami are great places to see a football game. If you’re a golf lover, you will love the golf courses around Miami, some of the best in the country. Miami literally is one of the sports heavens of the world and you need to experience it for yourself.

Economically, Miami is considered one of the top 5 richest cities in the world according to the Union Bank of Switzerland. Miami has the largest concentration of International banks. It has many large companies and attracts the wealthiest people in the world. It’s also the home to many research institutes, medical centers, and biotechnology industries.

The family life in Miami is probably the best part about Miami. With Miami making its way into rap songs, you might believe Miami is a party city. Known for its night life, Miami has a peaceful family life that doesn’t get much attention. Don’t be fooled the city is filled with churches, schools, family recreational based businesses, clean parks and a great school system.

Overall, Miami is a wonderful city. If you haven’t been here before you should give it a try. It can make a fun little summer vacation. Be sure to look at the real estate, it might be worth moving too if you are seeking something better. Miami real estate is now entering a phase where it’s the best time to buy.

Miami Real Estate Market Update - Brickell Area - May 2012

In the following table you will be see closings in the Brickell area for the month of May of 1012. There were a total of 67 closings. The main statistics are:

• Average price per square foot: $355
• Lowest price per square foot: $110 (Four Ambassadors unit 1424)
• Highest price per square foot: $890 (Millenium tower unit 51F)

Building	Unit	Bed/Bath	Living area	Days on Market	List Price	Sale Price	Price per sq ft
BRICKELL KEY II	307	0/1	400	3	105,000	105,000	262.5
Four Ambassadors	1424	1/1	990	18	108,801	109,000	110.101
FOUR AMBASSADORS	1464	1/2	990	14	120,000	110,000	111.111
THE CLUB AT BRICKELL BAY	505	1/1	825	15	174,900	186,313	225.834
THE MARK ON BRICKELL	3018	1/1	760	39	174,900	185,000	243.421
FORTUNE HOUSE	2211	1/1	640	55	185,000	175,000	273.438
Fortune House	1713	1/1	640	72	188,880	179,000	279.688
Brickell Key Drive	925	1/1.5	640	43	205,000	195,000	304.688
THE CLUB AT BRICKELL BAY	3614	1/1	818	24	209,000	210,000	256.724
The Club at Brickell Bay	2414	1/1	818	98	210,000	175,000	213.936
THE CLUB AT BRICKELL	1904	1/1	825	56	210,000	200,000	242.424
LATITUDE ON THE RIVER	3004	1/1	848	106	210,000	208,000	245.283
The Sail	2005	2/2	942	17	215,000	215,000	228.238
BRICKELL ON THE RIVER	3005	1/1	757	117	238,000	241,000	318.362
COURVOISIER COURTS	1708	1/1.5	806	52	239,500	232,000	287.841
BRICKELL KEY II	419	1/1.5	640	131	240,000	239,000	373.438
Brickell on the River S	704	1/1.5	987	643	249,000	220,000	222.898
1060 BRICKELL	402	1/1	968	77	260,000	250,000	258.264
COURTS AT BRICKELL	705	1/1.5	878	195	270,000	250,000	284.738
BRICKELL ON THE RIVER	202	1/1	0	206	275,000	275,000
1060 BRICKELL	1010	1/2	1028	376	280,000	275,000	267.51
Courts Brickell Key	1705	1/1	878	230	285,000	270,000	307.517
500 Brickell	3208	1/1	738	28	289,000	260,000	352.304
The Club	2815	2/2	1030	94	294,900	285,000	276.699
JADE	606	1/1	895	45	294,900	284,500	317.877
ONE MIAMI	1510	1/1	846	32	295,000	270,000	319.149
THE PLAZA	3308	1/1	674	14	295,052	290,000	430.267
The Ivy	3506	2/2	1087	363	297,000	280,000	257.59
BRICKELL ON THE RIVER	2017	2/2	1267	357	299,000	265,000	209.155
1060 BRICKELL	2102	1/1	843	94	320,000	307,500	364.769
500 BRICKELL EAST	3800	1/1	806	57	349,000	320,000	397.022
BRICKELL ON THE RIVER	2410	2/2	1110	44	349,900	323,000	290.991
1060 BRICKELL	1411	2/2	1407	139	359,500	345,000	245.203
500 BRICKELL	2603	2/2	1111	13	369,900	360,000	324.032
THE MARK	1904	3/2	1510	5	374,900	374,900	248.278
METROPOLITAN MIAMI	2902	2/2	1160	34	399,000	390,000	336.207
1060 BRICKELL	3707	2/2	1218	8	420,000	400,000	328.407
1060 BRICKELL	2307	2/2	1088	89	420,000	400,000	367.647
BRICKELL KEY ONE	A1815	2/2.5	1377	36	425,000	390,000	283.224
Plaza on Brickell	3206	2/2	1054	28	429,600	416,000	394.687
THE PLAZA ON BRICKELL	4706	2/2	1054	163	436,452	435,000	412.713
ONE TEQUESTA POINT	709	2/2	1310	544	439,000	400,000	305.344
1060 Brickell	3014	2/2.5	1278	227	449,000	416,000	325.509
EMERALD	3910	2/2	1298	49	450,000	400,000	308.166
Epic Residence	1803	1/1.5	867	189	450,000	420,000	484.429
COURVOISIER COURTS	2102	2/2.5	1305	36	460,000	450,000	344.828
THREE TEQUESTA POINT	3003	1/1.5	1087	1000	465,000	430,000	395.584
THE PLAZA ON BRICKELL	3711	2/2.5	1395	210	489,900	480,000	344.086
Epic West Condo	3605	1/1.5	950	0	530,000	520,000	547.368
THREE TEQUESTA POINT	1102	1/2	1440	154	550,000	520,000	361.111
ICON BRICKELL	1105	2/2	1450	334	607,000	597,000	411.724
JADE RESIDENCES	1707	1/1.5	1135	281	620,000	565,000	497.797
FOUR SEASONS	41D	1/1.5	1114	51	630,000	605,000	543.088
COURTS BRICKELL KEY	1004	3/3	1493	506	639,000	597,000	399.866
900 Biscayne Bay	TH503	3/3	1694	157	669,000	645,000	380.756
Icon  at Brickell	2705	2/2	1313	50	675,000	670,000	510.282
Three Tequesta Point	1805	2/2.5	1694	669	685,000	670,000	395.514
Plaza on Brickell	4210	2/2.5	1395	163	699,000	620,000	444.444
COURTS BRICKELL KEY	509	3/3.5	1878	24	699,500	660,000	351.438
Icon Brickell Tower 1	2305	2/2	1503	37	730,000	715,000	475.715
ICON  VICEROY  BRICKELL	4908	2/2	1459	150	750,000	675,000	462.646
Two Tequesta Point	1201	3/2.5	2224	31	915,000	915,000	411.421
JADE	2111	2/2.5	1878	31	1,250,000	1,120,000	596.379
JADE	2605	3/3	2130	10	1,374,900	1,335,000	626.761
CARBONELL	2608	4/4	2860	15	1,850,000	1,700,000	594.406
ONE TEQUESTA POINT	412	4/4.5	3160	97	2,250,000	1,875,000	593.354
MILLENIUM TOWER	51F	3/4.5	3763	198	3,750,000	3,350,000	890.247

6 Possible Reasons Why the Miami Real Estate Market May Rise

You may not be aware, you may not have been paying close attention but there's some great news in the air. Great news is always a good thing, actually it's a great thing when you're talking real estate in Florida and here are 6 top great reasons on why the Miami Real estate market may go up and stay up.

1) Unemployment Rate Down, Jobs up
Let's start out with the Florida unemployment news. As of March 2012 the unemployment rate is at 9%, obviously it's not at an amazing 4%, but it has gone down 4 quarters in a row. Last April the Florida unemployment rate was at 10.6% and only 9,229,100 people were working in the state of Florida according to the U.S. Bureau of Labor Statistics. This April with the unemployment rate being at 9%, 9,290,000 people are reported to be working in the State of Florida, which is an increase of right around 60,000 jobs in the state of Florida.
This isn't great, but it's a good start especially for real estate. If people can't find a job chances are they're not going to look for real estate. Job growth will always have a great impact on the health of the real estate economy and this is a good start.

2) Florida Real estate brokers are showing real sales
The Miami Association of Realtors reported a 13% sales increase for single family homes and Miami condos for sale in Miami-Dade and Broward Counties for the month of March 2012 from February. With a surge that high that quick for an area it's a great sign that the real estate market is getting healthier and stronger.

3) Florida Foreclosures are down
California and Florida have been the leaders with the most foreclosures in the country and Miami unfortunately has more foreclosures than any other city in Florida. That being said you can consider Miami to have more foreclosures than any other city in the United States besides Las Vegas. Foreclosures are a sign of an unhealthy real estate market. Many factors can lead to a foreclosure but the good news is that foreclosures are on the down, in the state of Florida in October 2011, just a few months ago, there were 33,073 foreclosed homes on the market for sale. As of March 2012 there are now 26,758 foreclosed homes on the market. This is a great sign that the market is getting healthier.

4) Interest Rates are still low
For the month of April 2012 the interest rate for a 30 year fixed rate is around 3.88%, this has been helping real estate sells all across the country and is a great reason for a consumer to buy real estate now, and is a another reason on why the real estate market is getting healthier.

5) The Stock Market is showing great signs
There isn't much data out there to really prove that the stock market has a big impact on the real estate market, however it has a great impact on the economic optimistic health of the country, which has its effect on the buyer. For Florida it actually has an impact on the 401k's of the retirees and that has an impact on home sells.
The Nasdaq and the Dow Jones both reported their strongest quarter (March 2012) in 14 years. If it was just an average quarter it wouldn't be worth acknowledging, but a strong quarter shows that the economic health of the country is improving. Expect this to increase the optimism in the eyes of the buyers.

6) The Weather is getting better
Weather.com released their 2012 Hurricane predictions and it looks really great for Florida. They predict 4 minor small hurricanes and two possibly larger sized hurricanes for 2012. Hurricanes may increase jobs and some even speculate that it increases real estate sells. There are bad signs though that come from hurricanes and the biggest is home insurance prices tend to hike up in hurricane areas. The second bad sign is vacationers tend to go to other parts of the world instead of hurricane areas when August rolls around. This shows the weather actually does have its toll on the Florida real estate market but a smooth season may actually increase real estate sells.

MILLECENTO New Building in Brickell

The Related Group announced this week their new building in the Brickell area, Millecento.
Millecento will be located at 1100 South Miami Avenue, Miami, FL. 33131, one block away from Mary Brickell Village and two blocks away from upcoming Brickell CitiCenter. Millecento will have 382 units by Carlos Ott and interiors by Pininfarina. The online BROCHURE contains all floorplans and renderings.

Studios from $199,000
1 Bedrooms from $281,900
1 Bedrooms + Den from $331,900
2 Bedrooms corner unit from $368,900
2 Bedrooms + Den from $383,900

The payment schedule is as follows:
10% to reserve
10% at contract
15% when construction starts
15% when construction ends
50% at closing

Please contact Miami Riches at 305-724-4920 or info@miamiriches.com for more information