Massive mixed-used project planned for Downtown Miami
Malaysian Group Plans 2 New Condo Towers For Greater Downtown Miami
Malaysia-based Genting Group, one of the world’s largest casino operators, plans to develop two new, highrise condo towers with 1,000 units in Greater Downtown Miami.
Look for the Citi Centre to transform Miami and the pedestrian experience
Every single day a large swath of Miamians drive, dine, party and do business in Brickell Yet there is one puzzle piece missing that will conclude Brickell’s transformation to becoming a complete destination in Miami – an enormous shopping center.
New Park Coming to Brickell!
Brickell is getting a new park on 1814 Brickell Avenue. The park is estimated to be completed by sometime this Fall. The total estimated cost of the project is more than $1M with funding provided by Homeland Defense Bond Series 3.
Cruising Brickell, Downtown Miami, and South Beach at night.
A very cool video that cruises throughout the streets of Miami at night. Along the way, you’ll see the Rickenbacker Causeway, Brickell Financial District, American Airlines Arena, Art Deco District, and the MacArthur Causeway.
Big Dog + Brickell = Big Problem
Miami’s financial district better known as Brickell has long been an international hub for investors and financial institutions. In the past few years, it has also became the epicenter for downtown’s ever evolving luxury high-rise condominiums. Over the course of the last 5 years, the Brickell skyline has been filled with numerous 5 star residences that more so resemble high end resorts. This has literally turned Brickell into an urban oasis where owners and renters flock too on a daily basis for housing.
Condo Sales on the Rise
Although the Miami market still remains deeply troubled, sales have recently picked up which shows that the market is on the rebound . From May through December last year, 1,000 new units sold in downtown Miami (Brickell Avenue to Julita Tuttle Caseway). You can see the report here. However, the majority of buyers were investors
Greater Downtown Miami has 700 condo sales in Q1
According to a Condo Vultures report, more than 700 new condo units have been sold in Greater Downtown Miami Condos in the first quarter of this year. A year ago only half of that amount had been sold in the first quarter (370 units) The strong buying activity in a market with very little financing is very optimistic for Miami’s real estate market. 35 out of 82 projects have sold out and an additional 24 projects have successfully sold at least half of their units.
Brickell Residents will soon get a new park
Residents of Brickell can expect some more green space coming by the end of 2010. There will be a new park at 1814 Brickell Avenue which consists of a one-acre parcel for $2.6 million.
Foreclosures still rampant in 2010
The First American Core Logic mortgage data firm has stated that the foreclosure market does not look good for a recovery in 2010. 3% of home owners who have a mortgage have filed for foreclosure or their homes have already been repossessed by their lender and are now considered REO’s (Real Estate Owned). The national average of foreclosures are up 2.2% from 2009 and are up to six times that amount in certain cities.