Brickell City Centre to Add Valentino and Chopard

By Sunny Isles Real Estate Expert on September 16th, 2015

Brickell City Centre Condo for sale

Since its inception, Brickell City Center has had a reputation for getting high quality, upscale retailers onto the property. The 500,000-square foot shopping center is set to add two more powerhouses to its lineup – Valentino and Chopard. Valentino is an Italian fashion house, while Chopard is a Swiss jewelry and watch designer. Both of these stores will be on the first floor of the building which is accessible from the street.

According to reports, Valentino will have 1,800-square feet of space, and Chopard will have 1,500-square feet of space. While they haven’t announced all of the stores that will be in the building, you can be sure that there will be plenty of other luxury shops and boutiques.

The Importance of Luxury at Brickell City Centre

The stores at the shopping center are luxury stores without a doubt, and they are not the types of stores that you will find in most local malls. Why does the area feel the need to have luxury stores? It’s a simple matter of economics. Brickell, and many parts of Miami for that matter, have some very wealthy residents and visitors that expect nothing less than the best. Brickell City Centre is striving to meet the needs and demands of their customer base, and that’s why they are adding these types of stores.

Many of the area shoppers have second homes in Miami – high value homes at that. So they expect to find luxury brands when they are shopping. Brickell also happens to be part of the financial district in Miami, so it simply makes sense to have these types of stores in the area.

Miami is starting to become known as a destination for luxury shopping. Other popular shopping spots, such as Bal Harbour Shops, have done well enough in recent years that they are considering expanding. People in the area are already excited about the benefits that this center can bring, including more jobs, which can help the overall economy in the area.

What Else Will Brickell City Centre Offer?

It’s already been established that Saks Fifth Avenue will be the anchor of the shopping center. However, there will be quite a few other shops and amenities in the building as well. They will have a dine-in movie theater, which will be on the fourth floor of the building. In addition, there will be a hotel, two office buildings, and two condo towers that are a part of Brickell City Centre. These should all be open by the end of 2015 if everything goes according to plan.

The shopping center doesn’t open until late 2016, but this will give the developers enough time to make sure they have all of the spaces leased to the best quality businesses that makes the most sense for their clientele.

It’s still too early to know all of the shops that will make their home in Brickell City Centre (SEE SITE HERE). It will be interesting to keep watch and see what other stores they will add over the course of the coming months.

Deposit Requirements Dropping for Some Developers

By Sunny Isles Real Estate Expert on June 6th, 2015

Brickell City Centre

Swire Properties and Property Markets Group are making changes to some of their deposit requirements in South Florida. While some believe this is an indication that the luxury condo boom may be hitting its peak after a four-year cycle, others insist this just isn’t true.

Swire Properties

Swire Properties, the developer of the Reach and Rise residential towers in Brickell City Centre has announced that their down payment requirement for the condos is dropping from the average 50% down to 35%. While some insist that this change to presale terms is a sign that the condo boom is finally slowing, the president of ONE Sotheby’s International Realty, which is the exclusive broker for the Swire Properties, explained that Swire’s decision was based on the fact that closings for remaining units in the towers are coming up quickly at year end.

Property Markets Group

Another developer that is making changes is Property Markets Group (PMG). They are not lowering their down payments on units in Sage Beach in Hollywood, Echo Aventura, Echo Brickell, and Muse in Sunny Isles, but they are making deals with some foreign buyers that allow for payments on the required 50% deposits.

A spokesperson of International Sales Group, which markets the PMG properties, explained that the move is mainly for Argentinian and Venezuelan buyers, who are having more difficulty with moving money out their accounts. For these buyers, the deposit is broken down into 40% being required down, with the additional 10% being sent as installment payments that have to be paid before closing.

Are Condo Sales Waning?

While the number of condos was down by 15% in January, they did increase by 1.4% in February over last year’s sales in the same month. The cycle of condo sales started in 2011, and since that time, 20,000 units have been announced. The reason PMG and Swire’s lowering their down payment requirements is making waves is because only four months prior to these decisions, the Crimson condominium developer began allowing 15 to 35% for some local buyers, using a Fannie Mae program.

The important thing to understand about both Swire’s and PMG is that neither developer relies on the deposits in order to carry out construction on their projects. Instead, they rely on equity that is already available. For these companies, that means there is essentially no risk for them in lowering the deposit requirements.

These down payment requirement changes do raise some questions about the future. The first is whether these lower requirements will carry over to other of the developers’ future properties, and second, whether other companies will follow suit.

The International Sales Group spokesperson, Craig Studnicky, believes that other developers may choose to lower their requirements as well, but that it will only be others like Property Markets Group and Swire’s that can depend on their current equity that will do so.

It will remain to be seen whether these decisions actually mark a downturn in the condo boom, or whether it is just two companies making a move that won’t risk their bottom lines.

98 Percent of BrickellHouse Sells in 90 Days

By Sunny Isles Real Estate Expert on March 18th, 2015

Brickell condos for sale

Developers always want to make sure that their units are selling, and they often set up certain benchmarks to help give them an idea of how well they are doing, and to determine what else they might need to do as a means to market their properties better. Reaching 50% sold is considered good and impressive for most. However, there are occasionally condo projects that are able to sell even faster. Look at the newly completed BrickellHouse in Downtown Miami as an example of a property that is selling remarkably well. They’ve actually sold 98% of the 374 units in the 46-story tower.

The developer, Harvey Hernandez, has successful transactions for 366 units, and has been able to bring in more than $157 million. This makes the current average purchase price around $489 per square foot, which is quite impressive. The units in the building varied greatly in price. Some were selling for as little as $150,000, while others were selling for as high as $4.9 million. Currently, there are only eight properties left in the building.

Resale and Renting

Despite the fact that the units are nearly all sold by the developer, there are actually a number of owners in the building who are already looking to sell. Most know that they got their condos at a good price and are seeing the values rise. They are asking for an average of approximately $615 per square foot for the units.

Currently, there are about 60 units on the resale market. This is good news for buyers who are looking for a property in the area, although they may also want to check the prices with the developer to ensure they are getting the best possible deal. In addition to the properties that are up for resale, there are about 20 units available for rent at BrickellHouse. The median rental price for these units is $2,850 per month.

The Success Was Not Certain

While it is easy to say that the building is a success now, that was not always what people thought might happen with BrickellHouse. In the early stages of development, they had some financial issues, including a foreclosure lawsuit for $15.8 million, which they eventually resolved. After the financial troubles were in the past, the developers were able to concentrate on what they do best – building great units.

Will Other Towers Have the Same Success?

One of the big questions on the minds of many in Miami, and those who are considering buying in the area, is whether other towers will have the same success. There are a number of new towers being developed across Miami right now, and this will add thousands of new units to the market. One such example is Brickell City Center – Some fear that they will not be able to sell all of these units. However, the market still looks to be quite strong, and there seems to be no lack of interest when it comes to new properties in the area. It’s not certain how long this will last, but there doesn’t seem to be any stopping the love for properties in the Miami area right now.

It’s Coming – Miami Worldcenter

By Sunny Isles Real Estate Expert on November 19th, 2014

Miami World Center Tower

Miami is no stranger to large-scale development. There are plenty of examples already built and under construction, including the Birkell City Centre. However, there’s something even larger looming on the horizon – the Miami Worldcenter. The project recently cleared its second to last challenge before it officially becomes a reality and construction can begin.

The Hurdles

There have been several challenges facing the project since it first entered the consideration phase. Some of those challenges have stemmed from outspoken objection by residents of Miami. However, the city’s commissioners voted unanimously to approve changes to zoning laws in the city, as well as an agreement that lets the Worldcenter project move forward. Critics of the project cite problems like closing streets and allowing LED billboards on media towers. Others cited the economic devastation that would come to businesses located in areas that were open only to foot traffic.

The Project

For those not sure what the Worldcenter actually entails, it’s an exciting prospect – a transformative project, according to the developers. It would encompass 17 acres of Miami real estate, and it would house almost 1,200 condos, as well as a 600,000 square foot convention center, and a hotel with 1,800 guestrooms. There would also be a shopping mall measuring almost 800,000 square feet. Anchors for the mall have already been selected, and include the likes of Macy’s and Bloomingdale’s. In terms of location, the project would run from North Miami Avenue and Northeast Second Avenue to Northeast Sixth Street and 11th Street.

Points in Favor

While there has been vocal dissent concerning the Worldcenter project, there are many points in its favor. One of those would be the enormous revenues such a project would generate for the city. Another benefit would be the revitalization of an area that has long been in decay and decline, as well as the creation of an additional 18,000 jobs for the city’s residents. In addition, the project would also create more than 25 bars and nightclubs in an area where such facilities are largely absent, rundown or going out of business due to lack of patrons.

A Sign of the Times

As mentioned, the Worldcenter project is far from the only large-scale development in Miami. The Brickell City Centre project is another massive undertaking that’s sparked both praise and criticism. There are numerous others as well. All are signs of the changing times – Miami is reinventing itself as an international destination for travelers of all economic classes, from the rich and powerful to family vacationers to those looking for an exciting city to call home.

It’s also in line with the city’s exploding real estate scene. The area recovered quickly from the real estate meltdown and has seen year after year of growth since 2011. It’s quite the boom, as can be seen from the number of condo developments (Sunny Isles Beach alone has seen 15 luxury condo developments (CLICK HERE TO VIEW) kick off in the last decade).

Florida: Home to America’s CEOs

By Sunny Isles Real Estate Expert on November 14th, 2014

Miami home for sale

Different areas of the country are famous for being home to certain types of people. Actors and producers live in Hollywood and throughout Los Angeles. Authors and book moguls live in New York. Florida has its own claim to fame – more CEOs live in the southernmost state than any other area of the country. Of course, not all Florida cities have a high concentration of corporate commanders in chief.

Why Come to Florida?

What’s behind the exodus of CEOs to the sunny shores of Florida? It’s more than the beach and the state’s burgeoning economy. It’s also one of the friendliest states in the country to those with CEO-type incomes, thanks to its lack of individual income tax. There are numerous other attractions to Florida, as well. That’s particularly true of South Florida.

SoFla and particularly Miami has one of the fastest growing economies in the country, and both business and residential real estate are booming. A significant influx of foreign investors, foreign condo buyers and new residents from other US states have made South Florida a fast growing market. Some examples of this growth include the recently approved Miami Worldcenter and the SkyRise tower, as well as Brickell City Centre, which is already under construction. New luxury condos in South Beach, Miami, Miami Beach, Sunny Isles and other areas also cater to CEOs’ tastes for fine living. CLICK HERE TO VIEW AVAILABLE PROPERTIES FOR SALE

A Look at the Cities

Several of Florida’s cities made the list of top areas for CEOs, including:
• North Port – Bradenton – Sarasota – The tri-city area boasts a 1.20% concentration of CEOs within its combined borders.
• Sebastian – Vero Beach – Sebastian might not be your first thought when imagining places in Florida where CEOs would call home, but between it and its southern neighbor, Vero Beach, there’s a 1.37% concentration of business movers and shakers.
• Naples – Marco Island – Naples might be more along the lines of what most would expect for a CEO-heavy area. Between Naples and Marco Island, there’s a 1.28% concentration of CEOs.
• Cape Coral – Fort Myers – You’ll find that the Cape Coral and Fort Meyers area boasts a 1.27% concentration of America’s business moguls.
• Fort Lauderdale – Pompano Beach – Deerfield Beach – You’ll find a concentration of 1.20% of CEOs in this area of Florida.
Of course, while Florida might boast the highest concentration of chief executive officers in the country, there are quite a few other areas giving it a run for its money. Other popular areas for CEOs to settle include:
• Bridgeport, Norwalk and Stamford, Connecticut
• Oxnard, Thousand Oaks and Ventura, California
• Barnstable town, Massachusetts
• San Jose, Sunnyvale and Santa Clara, California
• Boulder, Colorado

Still, it’s clear from the list above that Florida remains the leader here, and its business-friendly environment and rapidly growing economy promise to keep it in first place for a long time to come. Not only do these factors encourage CEOs to relocate to the state, but the lack of personal income tax makes it more likely for homegrown CEOs to found and operate thriving businesses.

Brickell City Center to Get Cinemex

By Sunny Isles Real Estate Expert on October 20th, 2014

Brickell City Center Condos

Cinemex is a celebrated company founded in Mexico. It’s long eyed potential locations in the US, but until now, it has not opened any cinemas north of the border. Today, all that changes as Cinemex and Brickell City Centre jointly announced that the firm would open its first US location in the mixed-use project located right in Miami.

About the Development

The new development will consist of almost 36,000 square feet of dine-in cinema. The property is expected to open in 2016, and Cinemex will partner with Chef Mikel Alonso (the name behind Biko), and Mica Rousseau of Mexico City mixology fame. Within the 36,000 square feet will be 11 viewing rooms and a total of 622 seats. The design and construction work for the project will be handled by Miami’s own Loguer Design.

About Cinemex

Cinemex is the world’s sixth largest cinema chain. The company’s focus here is to “bring the success of Cinemex to downtown Miami,” according to one of the firm’s VPs. Brickell City Centre makes the ideal setting for this type of establishment, and its interesting combination of film and food. Cinemex joins a growing number of businesses that have agreed to anchor the $1.1 billion Brickell City Centre project, including Saks Fifth Avenue.

Far from the Only Project

The Brickell City Centre project might be one of the most visible in the city of Miami, but it’s far from the only one. There are numerous others, including the proposed Worldcenter, which would occupy 17 acres of downtown Miami real estate and create an estimated 18,000 jobs. The development would contain a massive shopping mall, a huge convention center, a hotel with almost 2,000 rooms, and a new luxury condo development in addition to numerous bars, nightclubs, restaurants and more.

What It Means for Investors

Miami’s real estate is red hot at the moment, and most of south Florida is actually in the midst of a real estate boom, unlike many other areas of the country. The addition of Cinemex to the Brickell City Centre is just another feather in Miami’s cap, and another reason that real estate values continue to rise. As the city reinvents itself into one of the world’s top destinations for vacationers and hopeful residents of all types, those values will continue to increase. This benefits areas beyond just Miami downtown area, including South Beach, Bal Harbour, Sunny Isles and many others as well.

Demand Grows for Resale of Brickell Condos

By Sunny Isles Real Estate Expert on August 17th, 2014

SLS Brickell Miami

It can be difficult to understand the real estate market and the various fluctuations it goes through, even for those who are in the business. One of the interesting trends that realtors have seen in the area of Brickell lately is a sudden growth in demand for properties. While this is certainly welcome news, the desire for properties in the area grew quickly, and with the demand came higher prices for properties. The increased prices and demand are certainly huge changes from the recession that rocked the area a few years ago.

Price Fluctuations

Just a few years ago, no one was looking to buy in the area, simply because no one could afford to buy, thanks to the recession. The entire real estate industry was in a shambles, and it hit Miami and the Brickell area quite hard. Today, investors from the United States and from many other parts of the world are scooping up properties in Brickell almost as fast as they can find them. Naturally, the increase in demand pushes those prices higher and higher. (view all Brickell condos here)

Even though the prices are already as high, or higher, than their pre-recession counterparts were in some instances, many feel that the high prices will not last forever. They will likely hit their peak soon and will not go up from there, simply because the market, even the luxury market, will not bear it. The market is strong right now, and there are a number of foreign cash buyers, which help to keep it strong.

Though the newer units are selling quickly, experts also feel that there is quite a bit to explore and enjoy in the realm of resale units. Condominium owners who already have their unit and who are looking to sell – perhaps to buy a new property – can do quite well right now. Since the demand for units is on the upswing again, and the prices are going up, it means that those sellers who have exceptional units in buildings already up could see a nice advantage.

Buying Now With Resale Properties

One of the problems that some buyers have with buying presale units is the fact that it could take a year or more before they are actually able to move into or rent out their unit in those new construction towers. While the properties are certainly nice, many buyers are impatient. They want to move to the Brickell area right now. They also know that the area is popular, which makes renting fast and easy most of the time. The best way to do that is to start looking into the current properties for sale.

Buyers certainly have a larger number of options when it comes to what they choose to buy in the Brickell area, but they need to realize that right now the buys come at a premium. The prices are high, but they will likely be peaking soon. Now is a good time to look into what Brickell offers in terms of new and resale units. For more information please click here to view all Miami downtown condos for sale.

Watson Investigations Buys $7 Million Property

By Sunny Isles Real Estate Expert on August 13th, 2014

Brickell new condos

Recently, a company called Watson Investigations purchased a small restaurant building located at 842 Southeast First Ave for the price of $7 million. Interestingly, the property is near the site of a 34,000 square-foot building that the company also recently bought, although they purchased that building through bankruptcy court in July of last year. The current business occupant of the restaurant they recently bought is Chicken Kitchen, a popular local eatery.

Ambassa Holdings sold the 8,000 square-foot property to Watson for the $7 million price tag, which was far higher than what they paid for it just ten years ago. When Ambassa originally bought the property, they paid $1.9 million for it. This most recent transaction closed on the 30th of April and the county recorded it on May 2. Watson has ties to CMC Group, run by Ugo Colombo. While much of this is speculation right now, many feel that Vladimir Doronin and Ugo will be using the land that they bought to eventually develop and start building another condominium tower.

Can the Area Sustain a New Tower?

One of the questions that some people will ultimately have if they do reveal plans for a new tower is whether the South Florida area can really sustain another one right now. Already, the area is rife with these towers, and more go up each year. One would be forgiven to think that it might be reaching the saturation point. However, it’s important to look beyond that and to look at the actual numbers.

People go gaga over Brickell condos (click here to view all Brickell condos for sale), as well as the other nearby areas that offer close proximity to the beach and everything else that Miami has to offer (click here to view all Miami Beach condos for sale). People are always looking for properties here, and more than just U.S. buyers have an interest. Many foreign buyers, including those from Canada, China, and Russia all love the idea of having a property in the area. Consider also that just because people own a unit at one of the towers, it does not mean they live there year round. Some use the properties as a vacation spot. Others choose to use the property for investment, and they rent it out to vacationers during the peak months.

Given the popularity of the area, it is quite likely that the area will certainly be able to handle more towers. There does not appear to be a slowdown in interest at all. The crash of 2007 still leaves a bad taste in the mouths of many, but times are different today, and people are actively watching for similar situations to arise so they can sound an alert. The chance of the same thing happening again is slim.

If they do go ahead and start planning another tower, you can also be sure that it will not be approved or go under construct for a number of years. There is no reason to start worrying that there are too many towers in South Florida. Instead, embrace it and start looking for your own condo.

SLS Residences Brickell Miami Pre-Construction Project

By Sunny Isles Real Estate Expert on May 27th, 2014

SLS Brickell Condo

Introducing the newest and the hottest pre-construction project SLS Brickell Condo Hotel located in the most desirable Brickell Ave, right next to the new 5 million square foot Brickell CityCentre in Downtown Miami. The new SLS Condo will rise 57 stories and will feature 133 hotel rooms and 450 residences. It will host 5 top restaurants creating fine dining, and chic entertainment in Miami’s most exciting and sophisticated downtown area.

The new SLS Brickell (view site) will offer most extravagant shopping and lifestyle destination, offering its residents ultimate access in an oasis of exclusive privileges. Sophisticated designer interiors, original works of art by contemporary masters, private rooftop pool terraces, celebrity chef restaurants, and limousine service to a chic private beach club are among the many features, amenities, and services designed to indulge the most discriminating clientele.

SLS Brickell

The building will also offer interiors designed by Yabu Pushelberg and Phillipe Stark. Museum-quality art in all common areas will include works by renowned artists such as Fernando Botero and Matias Duville, among others, and exterior art mural installation by Fabian Burgos.

The 450 luxury condominiums will all feature private elevators, 9 and 10 foot ceilings, 12 foot in the penthouses, custom gourmet kitchens and panoramic skyline overlooking Biscayne Bay and Atlantic Ocean. There will be two assigned self-parking spaces available for most units in secured parking garage and of course complimentary 24-hour valet
parking services.

Among many services offered, you will enjoy the butler Services and “While Your Away” Services. The “smart” app will provide convenient access to concierge services from your tablet or smartphone, while enjoying property-wide Wi-Fi. The round-the-clock multilingual staff will help you in your every day business choires even including translation services. 24-hour valet parking, 24-hour security service, 24-hour in-room dining services are all standard features for you to enjoy private catering for meetings, luncheons, and dinner parties.

Upon arrival you will be offered pre-arrival provisioning / grocery shopping and delivery, dry cleaning and laundry services, nanny/babysitting services, plant maintenance, overnight shoeshine, pet services, courier services, personal IT support assistance.

The state-of-the-art health and wellness fitness center is professionally staffed and includes Technogym®, Cardio & Weight Training equipment, as well as cardio machines with personal plasma television/music options. Exclusive “Kinesis® Personal” fitness stations create personalized workouts. Free weights, stretching mats, Pilates balls, yoga mats, and headphones are all available for complimentary use.

The outdoor lounge space with 2 beautifully designed fire pits overlooking breathtaking views of the Bay and the
City skyline will be built for exclusive use of the condominium residents. The two story indoor lounge and recreation area with private wine cellars, Billiards room, and poker table and library will allow you to get maximum enjoyment out of daily routine and the 57th floor roof top will offer private sun decks and spa. An additional rooftop pool and sundeck for building residents, overlooking city skyline with breathtaking views of Biscayne Bay.

Deposit Schedule:

* 10% of Purchase Price at Reservation
* 10% of Purchase Price at Contract, or Balance of 20% after applying Reservation Deposit
* 10% of Purchase Price at Groundbreaking – Estimated March 2015
* 10% of Purchase Price at 9th floor – Estimated at July 2015
* 10% of Purchase Price at Top-off – Estimated March 2016
* 50% of Purchase Price at Closing – Estimated at October 2017

Prices start at just $500K

Call our office today to reserve your unit – (305) 336-0457

Ugo Colombo And Russian Billionaire Will Developer Brickell Flatiron Condo

By Sunny Isles Real Estate Expert on May 1st, 2014

Flatiron Miami

One of the most recognized Miami developers Ugo Colombo together with the Russian billionaire Vladislav Doronin of Capital Group are developing the new, ultra-modern Flatiron on Brickell. The new project will be 65 floors high located at the heart of Downtown Miami on South Miami Avenue and Brickell Plaza.

Ugo Colombo has been developing in Miami for over 20 years. His impressive portfolio includes buildings such as Epic, Santa Maria, Grovenor House.

Flatiron Brickell Miami

The new Brickell Flatiron, named after the latest New York’s 5th Ave Flatiron building, is going to be one of tallest residential towers in Miami – 750 feet high, with 65 floors and 552 units offering floor-to-ceiling glass exteriors throughout the units, which will feature 11-foot-deep elliptical balconies. In addition, the building will have a rooftop swimming pool, a gym and spa, plus an outdoor lap pool on the 18th floor.

Units will have an average size of 1,250 square feet. Plans for penthouse units are yet to be announced.

Please contact our office to reserve your unit at the friends-and-family entry-level prices. Reserve your unit now with just 10% down. Deposits are fully refundable prior to contracts being signed (in a few months).

Call today – (305) 336-0457.