Pharrell Sells His Brickell Home

By Sunny Isles Real Estate Expert on October 13th, 2016

Bristol Tower Miami

Pharrell is a highly talented songwriter, producer, and performer with a litany of hits under his belt. One of his most popular songs is entitled “Happy”, and without a doubt, he is quite pleased right now regarding the sale of his penthouse in the Brickell area for $9.25 million.

The Journey to the Sale

It doesn’t seem to be overly difficult to sell property in the Miami Beach area, as the units tend to sell quickly when they go up for sale. That’s not always the case though, as Pharrell found out. His penthouse has been on the market, and off the market, and back on again since 2012. Pricing could have been a factor as to why it took so long to sell.

When he first put the home on the market, he priced it at $16.8 million. When he bought the unit in 2007, he had paid $12.52 million for it and he naturally wanted to make a profit on the sale. That’s often part of the reason that people invest in real estate in the first place. However, it was not moving at this price, so the following year, he decided to drop the price substantially – all the way down to $10.9 million. When it didn’t sell, it was taken off the market for a time. It sold recently, but for several million less than what Pharrell had initially paid for it.

What Does the Penthouse Offer?

The penthouse certainly has a lot going for it. It is more than 9,000 square feet of luxury living at the top of one of the most impressive buildings in the city – Bristol Tower. It is a home meant for a star, that’s to be sure. It offers a beautiful venetian plaster spiral staircase. When you take the stairs up to the top of the property, you arrive at a transparent dome. Much of the home features floor to ceiling windows, and the owners will certainly enjoy spending time on the oversized balcony, which has a pool as well as a summer kitchen.

The home has five bedrooms, six and a half bathrooms, and seven parking spaces. It also features a designer kitchen, teak hardwood floors as well as Italian travertine floors, and more.

Why Did Pharrell Sell the Property?

The producer spends the majority of his time in Los Angeles, as that it is where he does most of his work in the music business. Since his primary residence is on the West Coast, it didn’t make sense to have such a large and lavish property in Miami Beach when he didn’t spend much time there. Even though he may not have gotten as much as he had paid for the property when he sold it, he’s likely very happy that the property did eventually sell. Some might feel that he should have held onto the place a bit longer and waited for the demand to rise, but most believe that it was a better decision to get out of the property when he could sense he would have been wasting money on the upkeep and property taxes if he didn’t live there.

Miami Herald Land Recently Sold for $236 Million

By Sunny Isles Real Estate Expert on September 27th, 2011

Miami Downtown New Real Estate

The 3rd largest casino company (Genting Malaysia Berhad) in Asia just purchased 13.9 acres of waterfront land owned by the Miami Herald, for $236 million. The property stretches from Biscayne Boulevard to Biscayne Bay. This landmark deal will reshape the surrounding downtown area, bringing more life and vitality to an already booming portion of the city.

Downtown Miami Real Estate

In a public statement, the Herald publisher noted that while their operations have thrived in this area for a number of years, the space was no longer conducive to ongoing operations. The $236 million land/property deal was also in part prompted by The Herald’s need to bolster funds, specifically to address funding needs of the organization’s pension plan, to repay some company debts and to address taxes. The newspaper’s executives have provided additional assurances that this sale will in no way interrupt their normal course of business.

The Genting group estimates the total construction project cost to be between $2-5 billion, which will not only boost the local economy, but will result in the creation of numerous jobs. The current plans for the property include a hotel, retail shopping, high rise Miami residences and a convention center.

Downtown Miami Real Estate

“This deal has generated a great deal of excitement within the Miami real estate community, as it is at or near to the highest price paid per acre in Dade history,” said Lana Bell of Sunny Realty. “A deal of this magnitude will create tremendous opportunity for not only local residents and businesses, but for the surrounding property market.”

Many local Miami real estate experts

feel that this deal serves as an endorsement for Miami. Asian developers chose the area not only due to the opportunity and price point, but the potential to draw international and domestic tourists, a strong revenue source for any project of this type.
“Successful real estate transactions such as this merely validate the strength of the South Florida real estate market. While this deal is certainly the largest to come our way in some time, it is surely a sign of what is to follow. South Florida is hungry for Miami luxury residential developments, both for current area renters as well as international visitors,” said Lana Bell, of Sunny Realty.

While the deal has been closed, construction isn’t expected to commence for 2 years, which corresponds to the allotted time frame provided to The Herald for relocation. The newspaper is currently searching for property within the area, although they may divide the printing and publication portions of their organization should the right space not be found to accommodate both.

From every angle, this landmark deal serves as a positive sign for Miami’s real estate market.

Bristol Tower: A Fun Brickell Ave. Investment in Miami

By Sunny Isles Real Estate Expert on July 17th, 2010

Bristol Tower Brickell

Bristol Tower Condo Miami

Many investors right now are worried about where to put their money. Some people are so frustrated by the economy’s ups and downs that they have pulled their money out of stocks and real estate and put it into gold and high interest savings accounts just so they don’t lose any more. This means they’re safe, but it might mean they miss out on the best investment deals of the year! This year, one fun investment idea is to buy a condo on Brickell Ave. in Miami.

This Miami area is one of the most popular in town. It puts residents right on the beach, of course, and close to attractions like Coconut Grove and Key Biscayne. One great new option in this area is Bristol Tower, a, well, towering condominium building that has a unique rounded design. In this tower, there are several condos up for sale right now, any of which could make a great investment.

The great part about investing in Miami real estate

is that it’s fun. You get to actually use your investment if you want to. You can rent out your condo when you’re traveling the world, and you can live in it whenever you’re in town. If you’ve got a paid-for place to stay on the beach, you’ll spend a lot more time there!

Of course, these condos can also be a great investment from a logical standpoint. Florida real estate was hit hard by the housing crisis of the past few months. This means that the prices for these condos are at rock bottom lows. You can shell out a few thousand dollars less, at least, for a condo now than you would have a couple of years ago. As the economy turns around, your Miami condo will become worth more and could stand to make you lots of money in the future.