CONDO SALES IN BRICKELL 2019 VS 2018
This month we bring you the performance stats of 2019 compared to 2018 of the top-11 condos in Brickell Miami.
In a general overview, Brickell had a -12.5% decrease in the volume of sales in 2019 compared to 2018. Out of the 11 condos studied, only 4 showed a positive evolution last year. There was also a decrease in the price/sqft of -4.5% where only 3 condos showed a rise.
The biggest volume of sales fall was attributed to the Bristol Tower with a -55.5% drop. It might have been caused by an increase of 7.5% on the price/sqft this condo faced. The Carbonell condo was followed Bristol Tower's drop with a -47.8% decrease and the Plaza Condo with a -38% decrease.
On the contrary, the condos that pushed the balance up were the Santa Maria Condo, Icon Brickell Condo and Jade Brickell condo with +100%, 54.5%, and 2.4% increase respectively. The Santa Maria increase in sales is due to a huge decrease in the price/sqft of -20%. The Icon and the Jade Condo had a -1.8% and -2.6% fall of the price respectively which is more reasonable.
NEW CONDO IN DOWNTOWN: LEGACY CONDO
The condo-hotel, Legacy Residences is arriving in Miami Wold-center at 942 Northeast First Avenue. With an expected completion 32 months after the groundbreaking date in June 2020, this residential complex is looking to target international buyers by giving renting flexibility.
The Legacy Condo will feature 220 hotel rooms and 240 fully furnished condo residences. The average price for a unit in the Legacy Condo will go for $300,000 to $500,000, and they will range from 373 sqft for a studio to 949 sqft of living area for a 2-bedroom.
The greatest variable at the Legacy Condo compared to other condominiums nearby is that it will be Airbnb Approved and owners will be able to rent their units through various short-term rental platforms. They even have a rental management office that will take care of managing the leases deducting a small commission.
This condo will also host events such as weddings and conferences and will satisfy medical operators' needs with a 50 thousand sqft medical space and a wellness component.
An interesting and innovative project that is already open for sale. If you would like to reserve a unit at the Legacy Hotel & Residences, contact me and I'll guide you through the process.
Click here for more info!
CONDO SALES, THE REAL WINNER OF THE SUPER BOWL!
The Super Bowl left an upstanding positive outcome for different industries in Miami tourism, commerce, and even real estate! Condo sales jumped by 64% on the Super Bowl LIV week. There were 135 condos sold in Miami that week with a total sold price of $56 million, compared to 82 sales the previous week that sold for $34 million.
Thousands and thousands of visitors came to Miami for the Super Bowl LIV and some of them used this opportunity to check out some real estate. The market with the best performance was the luxury condos that almost double visits that week compared to the one before. Some big events were hosted with on-side sales galleries in high-end condos to attire more travelers.
There was an average sold price of $415,000 or $300/sqft that week. The highest-priced unit sold on the Super Bowl week was unit #417 at the Four Season Residences at Surf Club which closed at $6.2 million or $1,811/sqft, that after a long wait of 722 days on the market (DOM), finally found a buyer.
There was an income for short-term rentals during that week of $26.4 million and 84% of the local available Airbnb listings were booked for that week. There was $175.2 revenue per available room during the Super Bowl LIV weekend.
TOP-3 EVENTS TO TRY OUT THIS MONTH
MIAMI SAILING WEEK: March 4th-10th
Over 200 sailors are coming to Miami to check out the international team sailing competition on Biscayne Bay. You could get a first row seat by going boating that week where you'll catch all the action. If you prefer to stay on land, head to Regatta Park in Coconut Grove where you'll enjoy excellent food and drinks right in front of the event.
ULTRA MUSIC FESTIVAL; March 20th 24th
This year the Ultra Music Festival is back at Bayfront Park in Downtown Miami. For all my electronic fan readers, this outdoor event is a must-go. World-renowned DJs such as Afrojack, David Guetta, and Carl Cox. 3 will perform in this 3-day event.
MIAMI OPEN: March 23rd-April 5th
Last but not least, the Miami Open will be hosted at the Hard Rock Stadium featuring world-class tennis players and a dining and drinking experience, with local partnerships with restaurants such as Bourbon Steak, Kiki on the River, Novecento, Moet & Chandon, and Kim Crawford. This event is really promising. Tickets start as low as $18 and go up to $85 for reserved seats in the last four matches.
MILA ROOFTOP RESTAURANT
Without a doubt, after trying Mila Rooftop it became one of my favorite restaurants in Miami. Great ambiance, remarkably "good-looking" decor and delicious food. A minimalist style warmed up with wood and water features.
Food does not lag behind, featuring Mediterranean and Japanese cuisine, the menu has a variety of dishes, desserts, and drinks that will make you want to try them all! I had as a starter the wagyu dumplings which were outstanding and as a main course one of the best robata meat ever, the A5 Wagyu. They bring you to the table this hot stone with the cooked meat which melts in your mouth.
Mila restaurant has just opened a couple of months ago and has been an incredible success. This 3-story building in Lincoln Road is a rooftop spot where to enjoy innovative "MedterraAsian" dishes in a loosen up but still luxurious environment.
DEAL OF THE MONTH: FLORIDIAN CONDO - 650 WEST AVE #1807 Price: $999,000
Breathtaking views of the Biscayne Bay
3 beds / 2 baths
Maintenance fee: $1,058/month
2 Covered parking space