Miami Real Estate Market Update - Brickell - July 2012

In the following table you can see all closings in the brickell area for the month of July 2012. There were a total of 67 closings. The main statistics are:

• Average price per square foot: $352
• Lowest price per square foot: $114 (Four Ambassadors unit 742)
• Highest price per square foot: $760 (Asia Brickell Key unit 2803)

There were units that went pending in just one day at The Club, 1060 Brickell, Ivy and Icon Brickell.

Building	Unit#	Bed/Bath	Living Area	Days on Market	List Price	Sale Price	Price per sq ft
THE FOUR AMBASSADORS	206	0/1	500	8	$71,300	$80,300	$161
The Four Ambassadors	742	2/2.5	990	7	$115,000	$112,500	$114
FOUR ANBASSADORS	864	2/2	990	34	$117,300	$152,800	$154
THE SAIL	2007	1/1	630	30	$148,300	$156,000	$248
THE CLUB AT BRICKELL	2216	0/1	425	26	$159,000	$152,000	$358
The Club at Brickell	3920	1/1	825	5	$179,000	$210,000	$255
1060 BRICKELL	3003	1/1.5	963	1	$199,999	$210,000	$218
THE CLUB AT BRICKELL	4005	1/1	740	1	$200,000	$201,700	$273
One Miami West Condo	2418	1/1	846	10	$204,000	$205,900	$243
COURVOISIER COURTS	1607	1/1.5	992	933	$215,000	$189,000	$191
THE WIND BY NEO	2011	1/1	704	271	$219,000	$210,000	$298
FOUR AMBASSADORS	1424	2/2	990	7	$219,900	$219,900	$222
THE CLUB AT BRICKELL	2608	1/1	825	29	$220,000	$220,000	$267
Four Ambassadors	1525	1/2	990	63	$225,000	$175,000	$177
THE SAIL CONDO	2405	2/2	942	2	$239,900	$250,000	$265
THE IVY CONDO	TH300B	1/1.5	1111	1	$245,000	$232,000	$209
Plaza on Brickell	901	1/1	704	88	$250,000	$243,000	$345
INFINITY AT BRICKELL	2609	1/1	739	17	$250,000	$245,000	$332
ISOLA CONDO	PH-3	2/2	968	7	$251,100	$290,000	$300
ISOLA	413	2/2	985	32	$254,900	$279,000	$283
BRICKELL KEY II	1503	1/1.5	600	982	$255,000	$225,000	$375
ONE MIAMI	621	2/2	1227	273	$257,500	$325,000	$265
The Plaza on Brickell	402	1/1	692	136	$260,000	$220,000	$318
Brickell on the River	1705	1/1	757	23	$265,000	$240,000	$317
The Mark at Brickell	1106	1/1	750	147	$269,000	$259,000	$345
500 Brickell East	3308	1/1	738	33	$274,900	$261,000	$354
ISOLA CONDOMINIUM	2106	1/1	674	12	$285,000	$275,000	$408
Costa Bella	1405	2/2	1030	11	$285,000	$255,000	$248
The Plaza on Brickell	2902	1/1	688	26	$289,000	$280,000	$407
THE PLAZA ON BRICKELL	3402	1/1	688	450	$290,000	$280,000	$407
BRCKELL KEY II	711	2/2	950	1867	$299,000	$280,000	$295
ICON BRICKELL	5208	0/1	675	31	$299,000	$280,000	$415
Courvoisier Courts	1904	2/2.5	1230	21	$307,543	$355,000	$289
Brickell on the River	408	2/2	1402	334	$315,000	$299,000	$213
ONE MIAMI CONDO	1114	2/2	1105	112	$325,000	$300,000	$271
THE CLUB AT BRICKELL	3409	2/2	1183	89	$325,000	$300,000	$254
Brickell Key II	906	2/2	1060	18	$325,000	$300,000	$283
One Tequesta Point	1902	1/1.5	780	173	$340,000	$330,000	$423
THE CLUB AT BRICKELL	1901	2/2	1105	261	$349,900	$340,000	$308
COURTS BRICKELL KEY	3207	1/1.5	878	43	$360,000	$325,000	$370
Icon Brickell Tower 1	804	1/1	726	161	$375,000	$370,000	$510
The Mark	2503	2/2	1140	38	$379,000	$360,000	$316
THE PLAZA ON BRICKELL	3407	2/2	1180	296	$411,452	$413,000	$350
Icon Brickell Tower 2	1207	1/1	984	0	$420,000	$390,000	$396
METROPOLITAN MIAMI	1404	2/2	1119	107	$425,000	$385,000	$344
PLAZA AT BRICKELL	3004	2/2	1101	10	$430,000	$425,000	$386
EPIC	3810	1/1.5	799	53	$439,000	$430,000	$1
Courvoisier Courts	2112	3/2.5	1655	85	$470,000	$440,000	$266
CARBONELL CONDO	3002	1/1.5	1076	42	$470,000	$440,000	$409
ONE TEQUESTA POINT	2300	2/2.5	1410	16	$499,000	$490,000	$348
JADE RESIDENCES	601	1/2	1293	83	$540,000	$525,000	$406
ICON BRICKELL	2710	2/2	1327	221	$650,000	$625,000	$471
ICON VICEROY	4808	2/2	1459	72	$659,000	$625,000	$428
CARBONELL CONDO	1208	2/2	1301	37	$680,000	$680,000	$523
ONE MIAMI CONDO	1623	3/2	1790	131	$689,000	$642,000	$359
ICON Brickell	4710	2/2	1347	101	$695,000	$655,000	$486
CARBONELL CONDO	408	2/2	1301	70	$750,000	$580,000	$446
BRICKELL KEY ONE	ABH42	3/2.5	2292	16	$800,000	$725,000	$316
EPIC WEST	4608	2/2.5	1500	298	$990,000	$920,000	$613
JADE	2107	3/3	2130	7	$1,025,000	$1,020,000	$479
ASIA	3202	2/2.5	1572	121	$1,125,000	$1,100,000	$700
THREE TEQUESTA	901	3/2.5	2353	59	$1,150,000	$1,055,000	$448
THREE TEQUESTA	801	3/2.5	2353	274	$1,195,000	$1,075,000	$457
CARBONELL	2106	3/2.5	1944	176	$1,200,000	$1,100,000	$566
Icon	5201	3/2	1870	117	$1,390,000	$1,230,000	$658
ASIA	2404	4/4.5	2631	179	$1,750,000	$1,700,000	$646
Asia	2803	4/4	3398	48	$2,990,000	$2,581,000	$760

Most Luxurious Condo Buildings in Downtown Miami

If you’re in the market for a luxury condo, consider downtown Miami. Not only is there a high concentration of some of the most sought-after buildings in Miami real estate, but easy access to museums, the library and the arena. Life downtown is amazing – steps away from a variety of restaurants, high-end shops and the best of Miami’s cultural attractions.

If urban living is your aim, we’d like to help you get acquainted with some of the most luxurious condo buildings that downtown Miami has to offer.

Paramount Bay

Confirmed urbanites will love living at Paramount Bay, situated in the heart of the Biscayne Corridor, just east of the Wynwood Arts District.

The building’s 47 stories hold 346 residences, all with floor-to-ceiling windows that provide amazing Biscayne Bay views. Kitchens feature stainless steel Wolf/Sub-Zero appliances, Sub-Zero wine coolers and a built-in Miele coffee system. You’ll also find Italian wood cabinets and stone countertops in the kitchen and rain head showers, surrounded by glass, in the master bathroom.

Life at Paramount Bay means never being more than a few steps from entertainment and recreational opportunities. Building amenities include:

·      A pool deck that features a 91-foot-long pool and an additional waterfront pool

·      Cabanas

·      Theater lawn

·      Splash fountain for the kids

·      Fire pit

·      A 6,000-square-foot spa and fitness center

·      Pilates Studio

·      Business center

·      Billiards 

·      An area set aside specifically for teens and children

·      Outdoor café

·      Valet

·      24-hour security

·      Concierge/butler

Current offerings at Paramount Bay range in price from $585,000 to $4,999,000. Prices are subject to change, depending on the current market, so contact us for up-to-date availability and pricing.

Mint

Located on 3^rd Street in downtown Miami, Mint was completed in 2009. The sleek 56-story tower holds 602 units affording incredible views of Biscayne Bay.

Mint downtown Miami is a guard-gated community, offering 24-hour security. Other building amenities include:

·      An infinity pool

·      Outdoor whirlpool

·      24-hour valet parking

·      Game room for children

·      Sports area

·      Spa

·      Breakfast café

·      Business lounge

·      Volleyball court

·      Billiards

·      Boat docks

·      900 feet of river frontage

Mint residences feature:

• Nine-foot high ceilings
• Floor-to-ceiling windows
• European kitchens
• Separate storage area

Current prices at Mint downtown range from $299,900 to $1.5 million.

900 Biscayne

Completed in 2008, the residences at 900 Biscayne are housed in a 650-foot tower with 63 floors, making it the fourth tallest building in Florida. The massive structure holds over 500 units -- including towhnomes and penthouses -- that range in size from 971 square feet to 3,795 square feet. 

Each residence features one, two or three bedrooms, energy-efficient windows, private terraces, European kitchens and whirlpool tubs in the bathrooms.

Like all luxury properties, 900 Biscayne offers plenty of amenities to keep even the fussiest of residents happy. These include:

·      24-hour concierge and valet service

·      Private-key-coded elevators

·      Library

·      Yoga studio

·      Spa center

·      Fitness center

·      Two swimming pools

·      Pool deck lounge

·      Cabanas

For added convenience, 900 Biscayne sits atop a retail center that features shops, a restaurant and an outdoor eatery.

Current 900 Biscayne offerings are priced from $375,000 to $4,400,000.

These three luxury complexes only represent a small handful of those offered in downtown Miami. Next week, we’ll introduce you to several others.

Most Luxurious Condo Buildings in Brickell

I think it’s safe to say that many people that move to Miami envision lots of time spent on the beach or viewing it from their oceanfront condo. Long-time locals, however, understand that urban living can be just as scenic and one of the most desirable spots is Brickell. Home to the country’s largest concentration of international banks, Brickell naturally attracts those that desire to live close to work and to Miami’s finest eateries, shops and entertainment venues.

Brickell real estate offers no shortage of luxurious residential buildings. Let’s look at some of the most popular.

Asia Brickell Key

Asia boasts 36 floors, in a tower that stands 483 feet in height. Completed in 2008, it quickly became one of the most desirable luxury residences in the Brickell district of downtown Miami.

Asia Brickell Key boasts 123 luxury condo units, in two, three and four bedroom floor plans that start at 1,600 square feet. With only three to five units per floor, Asia offers maximum privacy to its residents.

Since amenities typically define a luxury building, Asia epitomizes the concept. Here are just a handful of amenities you’ll find at Asia:

·      Multiple swimming pools

·      Fitness center

·      Private storage facilities

·      Tennis courts

·      Private elevators that open into units’ foyers

·      Touch-screen lifestyle management technology

·      Built-in cappuccino maker in some units

·      Valet

·      Concierge

Additionally, Asia is located within walking distance to restaurants and shops. Current offerings at Asia are priced from $950,000 to $8,830,000.

Santa Maria

Located on the waterfront on Biscayne Bay, Santa Maria condos top out at a lofty 51 stories. No corners were cut in the development of this stunning complex, built in 1997. Units range in size from two to five bedrooms with from 2,100 square feet to 6,300 square feet of living space. All units boast floor-to-ceiling windows from which to take in the amazing views.

Amenities at Santa Maria include:

·      Jacuzzi

·      Fitness Center

·      Tennis Courts

·      Racquetball

·      Spa

·      Lap pool

·      Marina

·      Library

·      Business center

·      Conference room

·      24-hour security personnel

Current luxury Santa Maria condo offerings are priced from $1,200,000 to $6,750,000.

Four Seasons Residences and Hotel

The Four Seasons is a name known worldwide for luxurious hospitality and the property in Brickell is no exception. For those leery of purchasing a residence in a mixed residential/hospitality complex:

·      The residents have a separate entrance from hotel guests

·      There are private elevators to the units

·      Swim in the pool set aside for the exclusive use of residents

The Four Seasons Miami was completed in 2003 and boasts 73 floors. There are 186 luxury condominium units, occupying the 40^th to the 70^th floor. These residences range in size from 1,114 to 6,499 square feet.

Aside from the condos and hotel facilities, the Four Seasons tower holds 10,600 square feet of retail space, Sports Club/LA Miami, Bahia Bar, Acqua Restaurant (seafood) and the Four Seasons Pool Terrace.

The Four Seasons offers one, two, three and four-bedroom units, up to 7,458 square feet, and priced from $399,000 to $15 million. 

ICON BAY - New downtown construction by The Related Group

The Related Group is getting ready to start selling a new waterfront condominium building in Downtown Miami called Icon Bay. It will be a bayfront building located east of Biscayne Blvd and NE 28 Street. 

You can see the renderings and location in the following Icon Bay video.

All units in Icon Bay will have bay views and they will also feature private elevators. The building will have approximately 300 units in total. 80% of the units are going to be 2bed/2bath and 2bed/2bath+DEN and 20% will be 1bed/1bath+DEN. You can get an idea of the views on the image shown below.

The price per square foot will start at $405 when they start sales. The 1bed/1bath+DEN units will start at $360,000. The 2bed/2bath units will start at $440,000. And the 2bed/2bath+DEN units will start at $500,000.

The payment schedule is in the process of being defined but most probably it will be similar to the payment structure of Millecento, another pre-construction project sold recently by The Related Group. In Millecento the payment structure was:

1) 10% of the price at reservation

2) 10% of the price at contract

3) 15% of the price when construction starts

4) 15% of the price when construction ends

5) 50% due at closing

There are three other bayfront buildings close to Icon Bay that were built 5 years ago. These buildings are Star Lofts, Onyx and Platinum. In addition, there is also Paramount Bay, where units are currently selling north of $500/foot.

In Star Lofts there are currently 7 units for sale from $269,000 to $1,650,000. The price per square foot ranges from $332 to $659. 

In Onyx on The Bay there are currently 6 units for sale from $242,000 to $480,000. The price per square foot ranges from $243 to $388.

In Platinum Condominium there are currently 10 units for sale from $180,000 to $496,650. The price per square foot ranges from $217 to $360.

Most Popular Luxury Oceanfront Condo Buildings in Miami

Although it may seem that Miami Beach was invented as a vacation playground for the wealthy, over 87,000 residents call it home. The beach is the main draw, of course, for those that choose from among the amazing array of Miami’s luxury oceanfront condo offerings, but the convenience of being in close proximity to world-class dining and shopping is close behind. If you’re interested in purchasing a luxury waterfront condo in Miami, we are happy to help you become better acquainted with some of the more popular properties.

Mei

Pronounced May-e, Mei is a Mandarin word for beauty. Located on Collins Avenue in the North Miami Beach area, the Asian-accented Mei stands 22 stories tall. The 136 units range in size from 900 to 1,900 square feet with an average list price of $1.3 million. You’ll also find 36 two-story townhomes on site, with 2,000 to 4,000 square feet of living space. Amenities include condo cabanas on the beach, an oversized private spa, a fully-equipped fitness center, valet, concierge and a doorman and front desk, staffed 24 hours a day. Current offerings at Mei are priced between $499,900 and $1,950,000.

Setai

Built in 2004 in South Beach, Setai is a 40 story tower with unparalleled ocean, bay and city views. The residences range in size from one to four bedrooms, and Setai offers penthouses and two-story townhomes, as well. The penthouses feature infinity-edge swimming pools and all units boast top-of-the-line kitchen appliances and with whirpool tubs and separate, glass-doored showers in the bathrooms. High-end touches such as teak cabinetry is evidenced throughout the units.

Setai’s developers realized that the lure of the beach would be strong among its residents and met that by providing beach amenities to rival the finest resort:

·      Beach daybeds

·      Towel service

·      Food and beverage service

Additionally, Setai offers residents three swimming pools, a boutique, an on-site 5-star restaurant, a seafood bar, 24-hour concierge, valet, laundry, maid and room service. Setai has no rental or pet restrictions. Current offerings at Setai are priced from $599,000 to $9,950,000.

Il Villaggio

Il Villaggio is another South Beach luxury condominium complex, built in 1999.

The complex stands 17 stories high, situated atop a charming high-end retail complex. Il Villaggio offers 127 one, two and three bedroom units.

Residents typically choose Il Villaggio for the amenities offered. These include:

·      Health club

·      Jacuzzi

·      Pool-deck bar

·      Beach cabanas

·      Towel service

·      Complimentary bottle water and magazines on the beach

·      Food and beverage service

·      Concierge service

·      Beach concierge

·      Valet service

·      Round-the-clock, fully-staffed security service

Current prices for Il Villaggio condos range from $1 million to $6,950,000.

Next week, we’ll take a look at another handful of the best-of-the-best in Miami oceanfront luxury condo buildings.

July Miami Hurricane Weather Update

With hurricane Emilia losing steam right now in the Pacific Ocean, it is bringing light now to the fact that the real hurricane season is about to begin. Historically the largest hurricanes in Florida history generally come between the third week in August, to the last week in September.

At the end of last year in December 2011, a public consortium consisting of experts on insurance, risk management and seasonal climate forecasting at the University College London projected that this summer we would have an above average hurricane season in the Atlantic Ocean. Their predictions believe that there will be 14 tropical storms, 6 hurricanes and 3 major hurricanes. If this is true this means that we will go through the entire alphabet. The last time we went through the entire alphabet was in the summer of 2005, which was the year Katrina hit gulf coast cities.

In May of this year the NOAA (National Oceanic and Atmospheric Administration) released their forecast saying that this will be an average hurricane season (9-15 storms). They based their forecast off of the current ocean temperatures in the Atlantic and the wind shear. The Florida State University for Ocean-Atmospheric Prediction Studies issued its annual forecast predicting that 13 storms would come from the Atlantic this season. They believe 7 of those storms will turn into hurricanes.

Now that we’re coming into the middle of July, we now have had 4 tropical storms. Realistically this pace is looking at a 13-15 named storm season. The temperatures have been a little bit of the average temperatures, but one thing to note is this will not have a huge effect on Florida Miami real estate.

Hurricanes actually increase the price of real estate. They really help bring jobs back to life. The negative effects that big hurricanes have on real estate are higher home insurance prices.  Miami does get hit yearly by hurricanes but it’s important to note that the damage is very minimal because the hurricanes are usually at a category one. When the hurricanes hit the Gulf and go towards the panhandle that’s when they do far more damage. Overall it looks like a great season and no need to worry!

Foreigners buying all real estate deals available in Miami. Can locals buy? (Part 2)

In a previous post I discussed the current reality of the Miami real estate market in which most of the best deals are being acquired by foreigners. Now we dig deeper to understand the causes of this buying frenzy. Nowadays, one of the most active buyers of Miami real estate are Brazilians. The question is, why are Brazilians so active now when they were not that active in previous occasions?

Brazil is part of the BRIC group of countries, which also includes Russia, India and China. These countries are also called the Big Four since they are countries that are expected to have more economic power than the G7 in the near future. Brazil's economy has grown very fast in the past decade and has attracted a lot of investors from all around the world. As a result, the cost of living and inflation have increased considerably. In addition, their currency, the real, has appreciated against the dollar in the last decade.

The best example I can give you is a Brazilian client who tells us that it is less expensive for him to bring his family to the US when they go on vacations than to go anywhere inside Brazil. Basically, they prefer to spend in dollars because it is cheaper here in the US. Furthermore, I have another Brazilian client who started buying properties in Miami a couple of years ago. He tells me the price per square foot in Brickell for a brand new condo is lower than the price per square foot in a good area of Sao Paulo for an older unit. 

It is important to note that inflation is high in Brazil because the economy is improving and there is a lot of capital inflows. It is not like other countries in Latin America where inflation is high because of scarcity since they do not make anything and everything has to be imported, such as Venezuela.

Miami’s Real Estate Economy is Turning the Corner

This past month Miami government leaders released the Miami real estate statistics. The overall real estate values of Miami-Dade County increased by 2 percent, coming to 190.7 billion. This is really fantastic news because it’s showing real healthy growth for a market that has been sluggish for 4 years. Since 2008 the market has seen drops of 55 billion in the overall real estate value. The 30% drop in real estate values played a major role in job creation. Recently there has been a rise in new construction, creating more construction jobs.

These numbers prove a couple things. First, the Miami real estate market is done bottoming out. This can also mean that there are more buyers than sellers. This created a little demand pull on the need for homes. When the market had a substantial amount of foreclosures and layoffs, there were clearly more homes for sale in Miami than buyers. With the high unemployment or underemployment in the Miami area the amount of buyers really decreased. This proves the second point, that the overall health of the Miami economy has increased which is helping refuel the real estate.

What this means for each resident is very important for everyone in Miami to understand. It means that this is really sincerely a perfect time to buy or sell. Probably even the healthiest time to buy. If this trend keeps up Miami real estate has a tendency to become very expensive. Realistically it will. If you want to move to Miami or out of Miami, this is the time.

In the real estate market the new banking rules will stop a bubble from creating. Therefore the market will not rage like it did in the early 2000’s. If we see an increase in the next 4 months in a row, we will officially be out of the mess. We’re not fully out yet but June 2012 was a great month for Miami real estate.

Foreigners buying all real estate deals available in Miami. Can locals buy?

We at Miami Riches work with local and international buyers and sellers. The best deals out there are usually short sales, foreclosures or REOs which typically take only cash offers. In the past couple of years, the majority of these deals have been sold to foreigners and locals are starting to complain because they are left out and have not been able to take advantage of the real estate rebound we are experiencing in Miami.


One of the biggest problems for locals is that nowadays lenders require bigger down payments. Since the savings rate is in USA is very low compared to other countries, it is very difficult for local buyers to meet this requirement of bigger down payments. Even if you meet the down payment requirement, after you have a contract to buy a property and the contract is contingent upon the buyer obtaining financing, there are factors that can preclude the buyer from getting the final loan approval. For example, nowadays most buyers meet the income criteria set by lenders but have a short sale or a foreclosure in their credit history because they strategically defaulted on their loan after they bought a property in the height of the boom.


If you are a seller who has a really good deal in your hands, are you going to be willing to sell to a buyer with financing while there are still a lot of cash buyers out there that can close right away?


Even though properties in Miami are not as cheap today as they were a couple of years ago, there is still a lot of foreigners waiting to pay cash for the best deals. There are so many foreigners buying real estate in Miami that the association of Realtors added a new field this month to the MLS to track the country of origin of buyers.


We have seen a clear trend in the past 12 months. Foreigners are buying most of the lowest priced deals, usually short sales, foreclosures and REOs; while the few locals that can get a mortgage are buying mostly resales which are usually priced higher than their distressed sales counterparts. If you are going to pay cash for a property, start looking for these best deals. We have an option in our search properties page in the Miami riches website, where you can only search for short sales and foreclosures.


It is very encouraging to hear that this year the savings rate in the US ticked higher and that lenders are starting to lend more and more. This will definitely help the local market but we need to see more of this to get to a more balanced market where locals can also take advantage of the deals available.