Brickell

I had the opportunity to tour Axis last Tuesday morning with a client.  I brought my digital camera with me and had the chance to snap off a bunch of pictures of the common areas at Axis as well as a few model units. Axis has a large amenity level which includes a resort-style pool, [...]

The following data was collected on June 27, 2008.  It’s been quite some time since my last Brickell Key Condo Index.  In fact, the last was published in January 2008, or 5 months ago.  What’s interesting is that it has been one year since I started the Brickell Key Condo Index, so in this update [...]

Duo Restaurant & Bar (786) 497-4386 1421 S Miami Ave Miami, FL 33130 It has good reviews: Bookmarkz The place for miami downtowners to find whats going on in their area and at the same time support the downtown area grow

Segafredo Brickell 1421 South Miami Ave. Brickell, FL 33131 Come watch some fútbol at Segafredo Brickell Theyre showing the Euro Cup 2008 from June 7th until June 29th between noon and 5 p.m.... The place for miami downtowners to find whats going on in their area and at the same time support the downtown area grow

FREE WINE TASTING & CHEESE at Morton's Tonight!!!! Someone was very kind to email me and suggest this event happening every thursday at Morton's in Brickell. Thanks again! where: Morton's... The place for miami downtowners to find whats going on in their area and at the same time support the downtown area grow

Segafredo Brickell 1421 South Miami Ave. Brickell, FL 33131 305-577-9809 Tonight they're premiering Julietta Venegas MTV unplugged at Segafredo... The place for miami downtowners to find whats going on in their area and at the same time support the downtown area grow

Last Thursday night, I attended the brokers preview party for 500 Brickell. It was great to be in the company of the one or two Realtors left in Miami. Okay, I’m exaggerating a bit. The place was actually pretty packed. The wine was flowing and the hors d’oeuvres were everywhere. [...]

Some of you may have noticed the bus stop ad above for Brickell on the River South Tower throughout various locations in Brickell. I must have driven past it a dozen times without noticing it. However, a friend of mine mentioned the ad to me over lunch this past weekend, so I had to [...]

People from all over the world, even those who may have never visited Miami, may recognize the building pictured above. It caught the eyes of many in the opening credits of a wildly popular 1980s TV show called “Miami Vice”. It amazes me by how many times nonlocal clients say something like, “Hey, there’s the [...]

I had the opportunity last week to also show a few condo units at Plaza on Brickell offering their best views. The pictures that I took were shot from the 10 and 11 lines in the 851 Tower located at 950 Brickell Bay Drive from the 45th floor. As you can see, the views at [...]

The Brickell Condo Index is back! I was shocked to see that it’s been six months since I last provided an update to what used to be a monthly report. Those who’ve been around long enough to remember those updates would probably agree, however, that very little change in the market was seen [...]

I’m quite surprised that the 1 bedroom/1 bath short-sale for $200,000 at Brickell on the River isn’t under contract yet. It was offered for sale on April 1, 2008. The next best priced condo in the building, located directly 8 floors below the short-sale condo, is priced at $260,000. Depending on someone’s credit score, [...]

Many of you local to Miami may have read in Sunday’s edition of the Miami Herald an article entitled, “Brickell’s Draw: A Feel of City Life“. It describes the great transformation that Brickell has seen within the past 2-3 years. The article is a must-read for nonlocals who may not be very familiar [...]

In September of last year, I revealed a very compelling piece about the apparent mortgage fraud at The Sail on Brickell. At the time, a 2 bedroom/2 bath at The Sail on Brickell had recently sold for $670,000!!! Now, there’s a bank-owned 2 bedroom/2 bath Penthouse condo at The Sail on Brickell that [...]

Two multi-million dollar condos in Brickell recently went pending within the past 30 days. The first was a 5 bedroom/6.5 bath Penthouse condo at Santa Maria with 6,300 square feet that went pending on March 3, 2008. The list price was $5.29M, or $840 per square foot. The views from this Penthouse [...]

This 2 bedroom/2 bath tower suite short-sale at Emerald at Brickell slipped through my radar since the middle of February because the listing agent failed to include the correct zip code with the listing. This short-sale condo is listed at $499,000, or about $395 per square foot. It has direct views of [...]

On May 24, 2007, I wrote a blog post entitled “Vue at Brickell - Overpriced or Insanely Overpriced?“. At the time, the average list price of condos available at Vue at Brickell was over $550 per square foot. As many of you now know, and as the blog post explains, the inflated list [...]

Last week I noticed the above sign, “Coming Soon: Sushi Siam,” as I drove by Plaza on Brickell. This is great news not only for Plaza on Brickell but also the entire neighborhood of Brickell. Sushi Siam is a very well known sushi restaurant located on Lincoln Road in South Beach. I find it [...]

  Before anyone takes me seriously, let me first just say that the headline above was meant to be a joke. Once you see the “hot” short-sale and foreclosure deals in the Brickell condo buildings below, you’ll know what I mean. Goes to show that just because a condo is listed as a short-sale or foreclosure doesn’t mean that it is priced well. The Club at Brickell Bay Unit 1409 - 2 bedroom/2 bath - $800,000 Unit 2709 - 2 bedroom/2 bath - $759,000 Unit 3318 - 1 bedroom/1.5 bath - $665,000 Unit 2305 - 1 bedroom/1 bath - $630,000 Unit 4017 - 1 bedroom/1 bath - $595,000 Unit 3919 - 1 bedroom/1 bath - $559,000 Unit 2823 - 2 bedroom/2 bath - $549,000 Unit 2309 - 2 bedroom/2 bath - $545,900 Unit 2304 - 1 bedroom/1 bath - $500,000 Vue at Brickell Unit 1903 - 2 bedroom/2 bath - $790,000 Unit 1004 - 2 bedroom/2 bath - $570,000 Unit 1209 - 1 bedroom/1 bath - $490,475 I’m not sure why listings like the ones above even make it into the MLS. It’s a comple

I am pleased to officially announce that I have decided to join the EWM office in Brickell. The office is centrally located in the recently developed Mary Brickell Village which has great shops and restaurants and has become the focal point of Brickell. It was a logical choice for me since I conduct most of my business in Brickell. EWM has been in existence since 1964 and has become one of the top real estate brokerages in South Florida. EWM is owned by HomeServices which is wholey owned by world-renowned Warren Buffett’s Berkshire Hathaway and is also affiliated with Christie’s Great Estates. EWM is a pro-blogging real estate brokerage. It even has their own widely read real estate blog which has great information pertaining to neighborhoods stretching from the southern tip of Florida to West Palm Beach. You might be saying to yourself “Congrats Lucas, but how is this move going to benefit me as a reader?”. There’s just one word that comes to mind

As closing dates for some of South Florida’s newest condo developments quickly approaches, the motivation from contract holders to sell is becoming increasingly apparent. I’ve been receiving a lot of phone calls and emails from contract holders, within the past couple of weeks, who are looking for me to help them find a replacement buyer. In some cases the contract holders are willing to accept a loss on their contract price in order to retain a portion of the deposit that was made 3-4 years ago. Below you will find some of the better deals that I’ve come across: Arts District The 1800 Club Unit 3×03 - 2 bedroom/2 bath with direct bay view - 1,142 SF - $418,000 Unit 4×03 - 2 bedroom/2 bath with direct bay view - 1,142 SF - $428,000 Quantum on the Bay Unit 40+ floor B (south tower) - 1 bedroom/1 bath - 651 SF - $252,350 Unit 40+ floor J (south tower) - 2 bedroom/2 bath - 1,239 SF - $399,000 Unit 40+ floor J (south tower) - 2 bedroom/2 bath - 1,239

The average price per square foot of condos listed in Brickell Key has gone down once again, as it has every month since I began this index. The average price per square foot of the ten condos, which represent the Brickell Key Condo Index, fell to $494.61 this month from last month’s figure of $501.55. The weight-adjusted average also fell to $490.87 per square foot versus last month’s weight-adjusted average of $497.82. Average price per square foot of Brickell Key condos currently listed on the MLS: Brickell Key One - 520 Brickell Key Drive | 33131 | $391.36 Brickell Key Two - 540 Brickell Key Drive | 33131 | $456.92 Carbonell - 901 Brickell Key Drive | 33131 | $573.97 Courts Brickell Key - 801 Brickell Key Drive | 33131 | $462.49 Courvoisier Courts - 701 Brickell Key Drive | 33131 | $459.84 Isola - 770 Claughton Island Drive | 33131 | $510.26 One Tequesta Point - 888 Brickell Key Drive | 33131 | $456.65 St. Louis - 800 Claughton Island Drive | 33131 | $482.35 Three Tequesta Po

The following data was collected on November 18, 2007. It took me a while to get everything up due to the holiday and work. I made a correction to October’s data. The average price per square foot of closed sales over the previous six months at Vue at Brickell was previously stated at $364.32. The correct figure should have been $469.93. The correction has been made and the overall average for closed sales in Brickell was adjusted to $481.69 instead of $475.16. The average price per square foot of condos listed has once again dropped this month to $512.14 from last month’s figure of $518.91. The weight-adjusted average also dropped to $509.24 per square foot from last month’s figure of $521.29. Average price per square foot of units currently listed on the MLS: Atlantis - 2025 Brickell Ave | 33129 | $314.80 Brickell on the River - 31 SE 5 St | 33131 | $430.01 Bristol Tower - 2127 Brickell Ave | 33129 | $490.91 Emerald at Brickell - 218 SE 14 St | 33131 | $519.

Primecast is a cable TV and Internet service company that provides these services to all residents of The Club at Brickell Bay as a part of their association fees. The following letter was delivered last week to all residents living at The Club at Brickell Bay: IMPORTANT - PLEASE READ October 31, 2007 Dear Unit Owner, We appreciate your patronage and want to extend our thanks for being a customer. As you may know, Primecast and The Club at Brickell Bay Master Association have an agreement in which Primecast is to deliver video and Internet service at a discounted price to all members of the Association. Unfortunately, the Association has not performed according to the terms of that agreement, including payment for these services, despite repeated notices from Primecast. As a result, the basic video and Internet services currently being provided to all units under the agreement with the Association will be suspended, effective Tuesday, November 6, 2007. We apologize for any inco

The above picture of the progress at Plaza on Brickell was taken this afternoon. The weather was just perfect today, as it has been for the past four days. 80 degrees, no humidity and clear skies! What more can you ask for in November? Plaza on Brickell is scheduled to begin closings in January of 2008. I’m a fan of this development for two reasons: price and location. Well, actually three. I also like the commercial aspect of the development on the ground floor along Brickell Avenue. I’ve been told that these spaces have already been accounted for and that a few fantastic restaurants and cafes will open there. It will nicely compliment the shops and restaurants at Mary Brickell Village which are only a few short blocks away. City living is finally beginning to transform Miami. Someone contacted me a few weeks ago who has a 1 bedroom/1 bath condo under contract at Plaza on Brickell. He went to contract on the unit the first day that sales began. The condo has 8

The following statistics were collected on October 27, 2007 but I wasn’t able to compile and publish the numbers until today. Each month since I began this index, the average price per square foot of condos listed in Brickell Key have gone down slightly when compared to the prior month. This month is no different. The average price per square foot of the ten condos, which represent the Brickell Key Condo Index, fell to $501.55 this month from last month’s figure of $505.30. The weight-adjusted average also fell to $497.82 per square foot versus last month’s weight-adjusted average of $501.64. Brickell Key One - 520 Brickell Key Drive | 33131 | $399.82 Brickell Key Two - 540 Brickell Key Drive | 33131 | $468.35 Carbonell - 901 Brickell Key Drive | 33131 | $573.53 Courts Brickell Key - 801 Brickell Key Drive | 33131 | $467.70 Courvoisier Courts - 701 Brickell Key Drive | 33131 | $468.91 Isola - 770 Claughton Island Drive | 33131 | $524.93 One Tequesta Point - 888 B

As I mentioned in a previous post, The Sail on Brickell will no longer be included in the Brickell Condo Index. I also made a change to the way that the statistics in the third section of the index are presented. It should now be much easier to make sense of the monthly figures. This came as a suggestion from a reader (Thank you!). My comments on this month’s numbers are also found towards the bottom of this post. The average price per square foot of condos listed has dropped this month to $518.91 from last month’s figure of $525.88. Last month, The Sail on Brickell had an average list price of $507.11 per square foot, so the drop would have been greater had it been included this month and its average remained around the same. The weight-adjusted average also dropped to $521.29 per square foot from last month’s figure of $530.15. Average price per square foot of units currently listed on the MLS: Atlantis - 2025 Brickell Ave | 33129 | $319.50 Brickell on th

Last week, I purchased a new road bike. My hope was to not only get a good cardio workout while cycling but also to get some great pictures of Miami and South Beach while doing so. My goal today was to get some shots of the condo developments in Brickell and Downtown that were either recently completed or will be completed within the next year.  Unfortunately, it was a very cloudy day as you will see below. Closings at Plaza on Brickell will likely begin in January. This development will add 1,000 new units to the Brickell condo market. Closings at 1060 Brickell Avenue should occur around the same time. Avenue will add 582 condo units. Closings at Axis will likely begin around the middle of 2008. Axis will add 718 units. Closings for 500 Brickell are scheduled for the beginning of 2008. This development will add 633 units. Infinity at Brickell will likely be completed towards the middle of 2008. Infinity will bring 459 condo units to the market. I forgot to get a shot of

I’ve been keeping a close eye on a 4 bedroom/4 bath split-level bank-owned condo at Atlantis for quite some time. It has 2,628 square feet of interior living space and is located on the third floor. The price has continually been reduced throughout the months that I’ve kept an eye on it, but it now looks appealing. The list price on this unit is $559,900, or $213 per square foot, at the present time. Below you will see the price changes since it was listed on May 16, 2007: 05/16/2007 - $799,900 06/13/2007 - $759,900 07/16/2007 - $719,900 08/03/2007 - $679,900 08/28/2007 - $644,900 09/25/2007 - $559,900 Unfortunately, the pictures that accompanied the listing are no longer available. I haven’t personally viewed this property yet, but the pictures that were previously available made it apparent that the unit definitely needed some TLC. A few people in my office did visit the unit about six weeks ago and did confirm that the unit does need much work. On the hig

The Brickell Key Condo Index continues to represent the true condition of the condo market in Miami. Its counterpart, the Brickell Condo Index, has become the red-headed stepchild and has failed to provide any true insight into the state of the market. Until the fraud in Brickell has been squashed, I would keep a closer eye on the Brickell Key Condo Index to better ascertain how progression towards the equilibrium of supply and demand is being achieved. List prices have continued to fall in Brickell Key. This month, the average price per square foot of condos listed in Brickell Key fell to $505.30 from last month’s figure of $507.22. The weight-adjusted average dropped to $501.64 versus last month’s weight-adjusted average of $502.76. The continued decline in list prices in Brickell Key is a good indication that sellers are finally “getting it”. If a condo owner is truly motivated to sell their condo then they should aggressively price their unit according

I received an email last week from a potential investor asking me if Miami is now safer than the “Miami Vice days” that he saw on TV. Indeed, the streets of Miami are much safer than they were 20 years ago, but the corruption that infested the city back then is still prevalent now. Another month, another fraudulent transaction. I guess nobody cares. As I mentioned last month, the rumors are out there that a government agency is on the lookout for such activity but I’ve begun to lose hope that these rumors hold much water. If these rumors are true, then shame on them for allowing such activity to continue, and allowing the reputation of this city to be equated to that of which was prevalent in the 1980s. This past month, I’ve heard that an FBI agent is living at Vue at Brickell and Jade. I wouldn’t be surprised if one lives at The Club at Brickell Bay as well. The continuance of fraudulent activity in Brickell has sickened me. The sooner that the Mi

I just read an article about builder Renzo Renzi who is trying to add 150 units to the Beacon at Brickell Village. They mentioned our beloved Plaza: “Plans to enhance come as Brickell’s condo e supply is to soar from 5,348 units to 12,299 by the end of 2008. Two projects —The Related Group’s 633-unit 500 Brickell and 1,000-unit The Plaza on Brickell — will add about half the new units” Are these guys seeing something we don’t…could be encouraging…if you are a blind optimist.

I was just looking for the phone number for the sales office, and like everything, I look online. I noticed that http://www.theplazaonbrickell.com is parked! I don’t know what to say…discouraging…to say the least. If The Related Group can’t even keep the website up…how are buyers going to find them? Did they just give up? Hard to believe.

Welcome to the third installment of the Brickell Key Condo Index. I have included a few additional statistics to provide a more comprehensive view of the market. This change will be implemented in the Brickell and South Beach Condo Indices in September. I will now report the number of available listings, pending sales and closed sales in each building, as well as express the number of available listings as a percentage of the overall units in each. I have done away with the sold-to-listed ratio since that statistic has not revealed much insight into the market. It can also be easily calculated with the figures that I provide if someone wishes to track that statistic. The average price per square foot of condos currently listed in the ten buildings below in Brickell Key has dropped this month to $507.22 versus $515.71 in July. The weight-adjusted average has dropped to $502.76 versus $510.83. Brickell Key I - 520 Brickell Key Drive | 33131 | $395.01 Brickell Key II - 540 Bricke

For months I’ve been writing about the rampant mortgage fraud that has occurred in certain buildings located in Brickell such as Vue at Brickell and The Club at Brickell Bay. The August Brickell Condo Index revealed that over the last six months Vue at Brickell had closed sales with an average price per square foot of $522.37 while The Club at Brickell Bay sold at an average price per square foot of $723.35. Both averages have been inflated as a result of the mortgage fraud that has occurred in these two buildings. Both figures seem outrageous to me since both are non-waterfront buildings and, by most, would not be considered top buildings in Brickell. It is inevitable that in upcoming months both figures will come down drastically. Both have a lot of short-sale and foreclosure units that are currently listed. For example, Vue at Brickell currently has 8 condos that are marked as either short-sale or foreclosures. The Club at Brickell Bay currently has only three but I

I just finished compiling the data for this month’s Miami Condo Index for Brickell. Last month I revealed that the 18 buildings below had a total of nine closed sales from June 19, 2007 to July 18, 2007. That number surprised myself and many others who follow the real estate market in Brickell. Be prepared to be surprised some more because this figure has dropped. There were a total of eight closed sales from July 19, 2007 to August 18, 2007 in the 18 condo buildings below throughout Brickell. Eight! Of the eight closed sales, one appears to be yet another fraudulent transaction. A one bedroom/one bath condo with 825 square feet sold for $625,000, or $758 per square foot, on August 3, 2007 at The Club at Brickell Bay. It doesn’t even have a direct water view! The same broker represented the seller and buyer in the transaction. What is really crazy is that a different brokerage had the condo listed for $425,000 in May. It was later canceled and relisted with the b

Two Brickell condos will hit the auction block later this month. The first is a 2 bedroom + den/2 bath loft residing on the 29th and 30th floors at Neo Vertika. The loft has 1,255 square feet of interior space on tw0-levels with 20-foot ceilings. Neo Vertika is located along the Miami River, west of Brickell Avenue at 690 SW 1 Ct. Neo Vertika is a recent addition to Miami. Closings began in August of 2006. The loft will go up for auction at 11:30am on August 20, 2007 with an opening bid of $125,000. The July Brickell Condo Index revealed that the average price per square foot of units sold at Neo Vertika over the past six months was $375.53. The second condo up for auction is a two bedroom/3 bath at Villa Regina. The condo has 1,895 square feet of interior space, three separate balconies and offers partial bay views from a low floor. Villa Regina had a recent special assessment to update the lobby, hallways, marina and landscaping. Villa Regina is located at the southern en

This is the second installment of the Brickell Key Condo Index. The data was collected on July 27, 2007. Overall, list prices declined about .82% in the past month for condos listed in Brickell Key. The average price per square foot in June for condos listed was $519.97 versus an average price per square foot of $515.71 for the month of July. The weighted-average price square foot in June was $513.19 versus $510.83 this month. Each building in the index, except Brickell Key One and Two Tequesta, had a decrease in their average price per square foot over the past month. Brickell Key I - 520 Brickell Key Drive | 33131 | $404.10 Brickell Key II - 540 Brickell Key Drive | 33131 | $483.82 Carbonell - 901 Brickell Key Drive | 33131 | $589.21 Courts Brickell Key - 801 Brickell Key Drive | 33131 | $484.84 Courvoisier Courts - 701 Brickell Key Drive | 33131 | $482.45 Isola - 770 Claughton Island Drive | 33131 | $530.74 One Tequesta Point - 888 Brickell Key Drive | 33131 | $484.38 St. Lo

You may have noticed that some of the June numbers have changed. This is because I originally took out the closed sales that were obviously due to mortgage fraud. I recently went back and included those sales because I wanted to present things just as they were. However, this made listings appear to be priced more accurately, which they aren’t. To condo owners, and to some Realtors not in the know, these fraudulent transactions have made their listings appear justified. They need to realize that these transactions are just that, fraudulent, and very inaccurate. The average price per square foot of condo units listed in the 18 Brickell buildings covered in my index dropped $7.44 since last month. A drop in the price of condos listed in Brickell over the last month was highly expected. I actually thought that prices would have come down even more. These 18 buildings in Brickell had an average price per square foot of $528.84 this month versus $536.28 in June. The weighted

Most people would agree that as of right now Brickell and Brickell Key are the luxury neighborhoods of Miami for condominiums. This may change in the future as new luxury neighborhoods have begun to emerge, but as of right now Brickell and Brickell Key hold this title. It is no secret that Brickell has a large number of condo units coming to market over the next 24 months. Some of these waterfront and nonwaterfront preconstruction buildings in Brickell sold for prices well over $400, $500, and even $600 per square foot when sales were launched during the peak of the real estate market in 2005. Were these condo units sold too high? Where should prices be trading given that the supply far exceeds the demand over the next 24 months in Brickell? Where will prices end up for the new condo units that are coming to market over the next couple of years? Let me try to dissect these questions. Most people would now answer yes to the first question. At the time, however, interest rates were

There’s a 2 bedroom/2.5 bath foreclosure that just became available over the weekend at Carbonell in Brickell Key. Built in 2005, Carbonell is Brickell Key’s most recent addition. The foreclosure unit is the best priced 2 bedroom unit in the entire building by quite a lot. It is listed at $649,900. The next best priced 2 bedroom at Carbonell is listed at $799,000. It is a bank owned property. Tax records show that there was an original mortgage on the property in the amount of $700,000. At the time of repossession, the mortgage amount owed was $699,627. The foreclosure unit has 1,558 square feet of interior space, which equates to about $417 per square foot. The next best priced 2 bedroom condo at Carbonell is listed at $544 per square foot, located on the sixth floor, or one floor above the foreclosure unit. Taking a look at the Miami Condo Index for Brickell Key in June 2007 will reveal that Carbonell had an average list price of $592.56 per square foot, while

A few days ago I received an email from a gentleman who holds a preconstruction contract for a 1 bedroom in Tower 2 of Icon Brickell. He prefers not to close on the unit and wanted me to find out if there’s any interest in his unit from someone looking to acquire a condo at Icon Brickell. Even though the market has slowed, I still think there will be interest due to the reputation that the “Icon” brand has created. The “Icon” brand has become synonymous with ultra-luxury living and the Icon Brickell development will be one of the finest in all of Brickell. The gentleman was originally supposed to receive a contract for a 1 bedroom in Tower 1 of Icon Brickell but due to high demand that tower quickly sold out. The developer, The Related Group, did however give him a 1 bedroom in Tower 2 at the same price that he was promised a 1 bedroom unit in Tower 1. It is a G floor plan with 984 square feet of interior space and a 137 square foot terrace. The un

Yesterday I came across a fantastic condo deal in Brickell Key in the building known as Brickell Key One. At $318 per square foot it offers the best price per square foot of all currently listed condo units on the entire island of Brickell Key. The next best price per square foot in all of Brickell Key is listed at $355 per square foot. There are a total of four other units that have a list price that is under $400 per square foot in all of Brickell Key. According to my June Miami Condo Index for Brickell Key it was shown that condo units on the island are listed at an average price per square foot of $519.97, or $513.19 when using a weighted-average. Condo units sold at an average price per square foot of $433.66, or $430.09 when weight-adjusted. Units listed at Brickell Key One were listed at an average price per square foot of $393.04 and sold at an average price per square foot of $372.15. Built in 1982, Brickell Key One is the oldest building on Brickell Key and also offers

This week I decided to compile a condo index for Brickell Key. The data wasn’t quite as shocking as the condo index for Brickell but it did provide a few surprises. Overall, condo units in Brickell Key are listed at an average price per square foot of $519.97, or $16.31 per square foot less than condos in Brickell. The average price per square foot is $513.19 for listed units when using a weighted average. The latter is a bit lower due to a higher percentage of the units in Brickell Key residing in older buildings that have a lower price per square foot. The average price per square foot for condos sold in the past six months in Brickell Key is $433.66, or $430.09 when weight adjusted. This is $33.07 per square foot less than condo units sold in Brickell over the last six months, or $59.73 per square foot less when comparing their weight-adjusted averages. These figures in themselves are a bit shocking because most would think that units sold in Brickell Key would bring hi

Last week I mentioned that I was planning to create a Miami Condo Index to provide pricing insight to homebuyers in various neighborhoods in Miami and Miami Beach. This week I decided to kick things off with Brickell. It was difficult to come up with a final list of buildings that should be included in the Brickell index. For example, is Neo Vertika in Brickell or should it be in a different category like West Brickell? Is One Miami part of downtown or should it be grouped with Brickell buildings? After much thought, I decided to include both. There simply aren’t enough buildings of interest in West Brickell or downtown to necessitate a separate neighborhood index for West Brickell and downtown. Eventually, One Miami will be grouped with downtown buildings as more developments are completed north of the Miami River. Another question remained as to whether buildings in Brickell Key should be grouped with buildings in Brickell to create a Brickell/Brickell Key index or sho

So I called The Plaza on Brickell this morning. I had a few important questions and I had to tell them about the price reduction. So as it turns out, my asking price is the lowest in the upper part of the building. I have mine listed at $379,000 and it’s on the 45th floor. The closest unit is on the 43rd and they are asking $399,000…come on people…time to buy! I also learned that building 901 will be ready in December but my building will only be ready 1st quarter of 2008 (January or February). It was nice to hear that the entire building had sold out three years ago, which means I am not competing with the builder…all the units they are selling belong to suckers like me. The maintenance fee on the building will be $400/month. This means that if I have to rent it out, my mortgage will be maybe about $1700/month + $400 maintenance fee, $2100/month. I would have to rent it at $2100 to break even. The other thing I asked is about is how many units are available

On May 24, 2007 I posted an entry entitled, “Vue at Brickell - Overpriced or Insanely Overpriced?“, in which I questioned the average price per square foot of the condo units at a building called Vue at Brickell. I surmised that mortgage fraud may have been partly at fault for prices at Vue at Brickell reaching such irrational levels. At that time there were three listed foreclosure units in the building. Now, there are a total of six. In three weeks the number of the listed units that are currently in the foreclosure process have doubled. Those are just the ones that are listed. I’m sure there are others. Below you will see those six listings, as well as relevant property information. (FL#=floor number, #BEDS=number of bedrooms, #FB=number of full baths, #HB=number of half baths, LA=living area square footage, LP$=list price, LP$/SqFt=average price per square foot, #GAR=number of parking spaces, WTRFR=waterfront?) I find it humorous that two of the listings c

Word came to me today that an early contract holder at Icon Brickell has passed away and his contract is up for grabs. The contract has passed from his estate to the developer and The Related Group has it back on the market at the initial price offered when it was purchased in mid-2005. Icon Brickell sold out relatively fast in 2005 and availability is now limited to the condo-hotel units in the Viceroy tower. The Related Group is the most successful developer in Florida and has the reputation of selling out their buildings within the first week. They are known to price their units very well and to leave profit on the table for purchasers rather than squeeze every last penny out of a project. They price their units slightly below market, sell out and then move onto the next project. Great business plan, and it has worked quite well for them. The condo unit that just came back on the market is unit 2703, located in tower one of the Icon Brickell development. It is floor plan B,

Edie Brickell was born in 1966 in the Oak Cliff section of Dallas. She attended Southern Methodist University for a year and a half before mustering the courage in a bar one night in 1985 to get up on-stage with a local band, the New Bohemians. She joined the band and wrote songs over the next year as the band changed and evolved. They finally settled on the personnel of Brad Houser (bass), Kenny Withrow (guitar), and Matt Chamberlain (drums) before taking off for Rockfield Studios in Wales to record their debut album. That album, Shooting Rubberbands at the Stars, released by Geffen Records, revealed Brickell to be a songwriter with a unique perspective and a singer with an intimate, conversational style. The album was hailed by critics and became a massive hit, selling over a million copies and producing the Top Ten hit "What I Am".After the disappointing performance of their follow-up album, Ghost of a Dog, the New Bohemians disbanded. Brickell married Paul Simon and the couple had

There’s a 2 bedroom/2 bathroom short-sale opportunity at Courvoiser Courts located in the exclusive neighborhood of Brickell Key. The condo has 1,236 square feet of living space and a 95 square foot balcony. The condo, located on the 24th floor, faces northeast and has partial bay views from the balcony. It is the best priced 2 bedroom in the building at a list price of $450,000, or $364 per square foot. There’s a 2/2 currently available at Courvoisier Courts in the same line as the short-sale unit that is listed at $499,000. It is located 7 floors lower. There’s another available condo located 14 floors lower that is listed at $529,000. Courvoisier Courts was converted from apartments to condominiums at the beginning of 2006. The building was originally built in 1997. Courvoisier Courts offers fantastic amenities which includes: full-service concierge, 24-hour security, fully equipped business center, bi-level fitness center, racquetball/squash courts, bay

Guess what? They are back together! Yes, after almost 16 years they have decided to record a new album and are on the road as we speak and I saw them last night in concert. They are FABULOUS!They are now with a small label in LA and are really working to get things going again. I don't think they are leading the glamorous life one would expect thus why I'm talking about them here. A group of guys and gal doing what they love regardless of the sacrifices to family, lifestyle, etc.Check out the new album, give it a listen and buy it! http://www.amazon.com/gp/product/B000FO0AO2/sr=8-2/qid=1150907426/ref=pd_bbs_2/103-9931909-6243010?%5Fencoding=UTF8