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View market trends Learn about local trends including price changes, number of listings available, and average selling time.
Our latest Q3 market report will equip you with the insights to excel when it comes to your real estate investment. In this report, we will be focusing in on the Brickell condo sector of Miami.
Top 5 Takeaways from Brickell Market Report
This is THE TIME to purchase premium properties upwards of $1M as the current decrease in inventory of premium propertiesin Brickell will make penthouse and high level condos increase in value over the next decade yielding lucrative investment potential.
Remember to look for UNIQUE characteristics (Ex: corner spaces, wrap-around balconies, stunning views) when investing in properties that you intend to turn over because that will maintain and enhance the value of those properties regardless of market conditions.
If you are a first time condo buyer this is also a great time as the modestly priced options you have in the current Brickell market are numerous and you are certain to find a property that will fit your budget with many reasonable options sprouting up all over.
Expect the volume of premium properties upward of $1,000,000 to make a jump from the current inventory levels in the next couple of years.
The increase in ultra-luxury properties in the near future will enable the Brickell real estate market to draw a massive amount of demand for not only pricey spaces but modestly- priced condos as well, transforming it into one of the most popular places to live in South Florida.
Condos Between $0 – $500k
The common market of condominiums that are priced between $0 to $500,000 has grown in the Brickell region. The surplus of inventory and diminishing demand has caused prices to come down to cater to a consumer population that was unwilling to spend that high amount.
Inventory Change
There has been a 1.5% increase in condo listings within the range of $0 – $500k from 2018 Q3. This can be attributed to many modestly priced condominiums expanding around Brickell (Ex: Axis Brickell & My Brickell). Many of these residents cater to the average spending customer showing how there has been a shift towards focusing on low-cost high-quality properties in the Brickell region.
Median Price Per Square Foot Change
This graph above depicts the slow and steady increase in Price Per Square Foot for condos in the Brickell Area. In the near future expect the average PPSQF for Brickell condos to rise across all tiers.
Median Price Change
Median Price within the different price tiers of condos is a fantastic tool to see the perception and mindset of buyers and the subsequent action sellers are taking to entice them. In Brickell the Median Price of condo properties have slightly declined over the past couple of years. The market-wide shift towards more affordable options that are popular to a younger demographic and more cost-aware generation has been the aim of developers recently.
Condos Between $500k – $1M
There had been a steady rise in inventory along the middle of the spectrum regarding condos in the range of $500,000 to $1,000,000 before plateauing this year. This spike in inventory can be directly attributed to the development of new buildings in the area like Rise & Reach of the Brickell City Centre, SLS Lux, and Brickell Heights which offered a host of modestly priced condominium options. The surplus of inventory and diminishing demand has caused prices to come down to cater to a consumer population that was unwilling to spend that high amount.
Inventory Change
Listings in the $500k – $1,000,000 have reduced to the tune of – 6.7% over the past year. This can be attributed to the trend that condominium residences are making towards increasing more cost-friendly options on the market to cater to a larger portion of the consumer population.
Median Price Per Square Foot Change
This graph above depict the slow and steady increase in Price Per Square Foot for condos in the Brickell Area. While the average PPSQF for the different price tiers of condos in Brickell has been relatively steady, the $500k – $1M tier has been growing more than the other tiers in the past 5 years. In the near future expect the average PPSQF for Brickell condos to rise across all tiers with the introduction of brand new premium condo development like Una Residences, Aston Martin Residences, and Brickell Flatiron.
Median Price Change
Median Price within the different price tiers of condos is a fantastic tool to see the perception and mindset of buyers and the subsequent action sellers are taking to entice them. In Brickell the Median Price of condo properties have slightly declined over the past couple of years. As far as the modestly priced options, we may continue to experience a slight decrease in average price which is great if your a young professional looking for a reasonably priced space, keep in mind if you want to turn that property over in the future, property value will fluctuate and eventually go back up.
Condos Between $1M – $3M
When it comes to ultra expensive and larger properties, the inventory has fallen off this year as well after an incline in previous years. Currently, the luxury buyers do not visualize the Brickell luxury scene as what it was before because of the lack of premium condo options. But what they fail to recognize is that while the quantity has lessened slightly, the quality of the best properties is constantly improving. In other words, the best of the best in Brickell are only getting better. Market conditions in Brickell will only continue to improve in the next couple of years.
Clients who choose to invest their capital in these properties will be able to leverage the limited supply of these premium properties in the future as well as also being primary owners of these spaces. The current shortage of volume in terms of luxury condominiums in Brickell will make penthouse and high level condos only increase in value over the next decade. Premium penthouse properties in buildings such as Four Seasons Residences, Santa Maria, Asia, and Carbonell will always be in demand and steadily rise in value over time due to the consistently magnificent water views of Biscayne Bay.
As luxurious new properties sprout up in the Brickell community like Una Residence and Aston Martin Residences, volume of premium properties upward of $1,000,000 will make a jump from the current inventory levels. Record breaking prices may be coming on the way as these new residences along with many other brand new projects will aim to satisfy the tastes of the high-end clientele. Currently, residences in other neighborhoods are getting some of these high net worth buyers due to the lack of volume of premium properties in Brickell. The rise of these ultra expensive properties in the near future will assist the Brickell real estate market’s growth and not only draw a massive amount of demand for pricey spaces, but also modestly- priced condos as well.
Inventory Change
When it comes to condo properties in the $1M – $3M range and up the properties are decreasing at a – 14.6 % clip compared to the 3rd quarter of 2018. Many of these premium spaces have stagnated on the market not drawing interest and dwindling in the eyes of the common home buyer. The trend towards more cost-friendly options has resulted in a lack of interest towards this product.
Median Price Per Square Foot Change
These graphs above depict the slow and steadyincrease in Price Per Square Foot for condos in the Brickell Area, The PPSQF metric may seem non-important considering the lack of major changes recently, but be assured this is far from what to expect. In the near future expect the average PPSQF for Brickell condos to rise across all tiers with the introduction of brand new premium condo development like Una Residences, Aston Martin Residences, and Brickell Flatiron.
Median Price Change
Median Price within the different price tiers of condos is a fantastic tool to see the perception and mindset of buyers and the subsequent action sellers are taking to entice them. In Brickell the Median Price of condo properties have slightly declined over the past couple of years. As mentioned prior, the market-wide shift towards more affordable options that are popular to a younger demographic and more cost-aware generation has been the aim of developers recently. Fear not though as premium properties will always maintain their value due to their unique characteristics and an uptick in price will come for the properties that lie in the high tier upwards of $1M in the near future.
If You’re a Buyer
This is an ideal time to get a great deal for a premium Brickell condo. The market is ripe for growth as premium properties being in limited supply will only help increase their value. On top of that, Brickell is home to some of the most luxurious condo buildings in South Florida. Also, if you are thinking about potentially turning over your investment in the future, you want to aim to find unique properties that have special features like tremendous views, corner units, functional floor plans, perks, or even unique designs as this will only help increase value in the coming years. Buildings that attract end users will Contact us and let us help you get a head start on the search and make the best possible decisions for you!
If You’re a Seller
It’s all about the right price if you’re selling a property currently in the Brickell market. The allure of the Brickell area extends far beyond the properties themselves as the community is experiencing a boom when it comes to entertainment, shopping, and events. With the surplus of inventory, it is imperative to be competitively priced in order to move product, especially new product. Additionally, you want to aim to market your property to a larger audience other than just South Florida. This will increase exposure which is key when it comes to finding the best buyer. Contact us today so that we can show you our marketing strategies that are proven to maximize.
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