Tag Archives: brickell condos

Ultimate Guide to Buying A Condo In Brickell

First Step- Get Pre Approved

FYI Keep in mind that this step is not necessary if you’re buying with cash. It is key to locate a well-known mortgage banker with a good reputation to get pre-approved. We have a few preferred lenders that we can recommend. It is crucial to avoid making any unusual deposits or debits from any of your accounts during the mortgage approval process and avoid any large purchases on credit. These things can lead the lender to delay or decline your application and lead to a host of other issues that you would much rather avoid. To get pre-approved you will need at least 2 pay stubs, 2 bank statements & 2 years worth of tax returns and running a credit report.

Second Step – Initiate that Contract

Now it’s time to get the contract in motion. Remember that it is very important to include an inspection contingency as well as a financing contingency (if applicable) in your contract offer. It is in your best interest to advise your lender that you aim to close by the financing contingency deadline, this will save you a lot of time and energy. Inspections will take on average 10 days while financing contingency 45 days. The closing period is 45 – 60 days if financing or 20-30 days if cash.

Third Step – The Questionnaire

Perhaps the Holy Grail that is required by lenders to assess the financial and legal standing of any condominium project, the questionnaire is a must when entering a new contract whether you’re financing or not. There are two types of condo questionnaires that you can ask from your lender. The first is known as a full review condo questionnaire and the other is a limited review condo questionnaire. It is important to understand your lender needs to approve both the buyer and building in tandem. 25% down payment is the threshold which will determine what form of the questionnaire you should order. Full review questionnaires are for <25% down payments and limited review is reserved for >25% down payments.

Fourth Step – Appraisal

Updating your mortgage banker with the required paperwork is vital to avoid another review of your file, which can increase the chances of even more stipulations and requested documentation. After your appraisal arrives at or above the contract price you should begin applying to the condo association which will take 7 days. This time period can possibly collide with the timing for the appraisal. 

Fifth Step – Go Over Those Financials

Now it’s time to review your latest end of the year financial statements, budget of the building, and rules. If you find yourself conflicted over anything during the reviewal process you are entitled up to 3 days to look over and cancel, enabling you to avoid tricky rental restrictions that can come up out of the blue. But the most important thing to review is the budget which needs to have at least 10% in a reserve account for you to get adequate financing, local portfolio loans can be an alternative.

Sixth Step – Title Search

In this step it’s important to locate a well-known and local title firm or a reputable attorney to conduct a  title search and a municipal lien search while making sure the annual real estate taxes are recent. Keep in mind that the title company needs to order the estoppel letter from the association on time to avoid delay. If you aim to use the seller’s title company an attorney should definitely review the title commitment and the transfer documents to make sure everything is in order.

Seventh Step – Look the Property Over

This is an important step that some people do not perform but is essential to make sure the property is in order. From creepy critters to damages things can happen and it is crucial that everything is in check before you make your investment. Issues like these are not immune to any property and that is why the final check must be carried out.

Eighth Step – The Closing Disclosure or HUD-1

The Closing Disclosure or HUD-1 needs to be gone over as quickly as possible and you have a 3 day waiting period between receipt of the Closing Disclosure and the actual closing. The speed of your closing is contingent on you completing the reviewal of this document. 

Ninth Step – Closing Time

Congrats, it’s now time for closing. You will need to forms of ID and your association approval along with the ALTA Master Settlement Statement. This statement will stand as proof of purchase until the deed gets recorded and mailed to you with your title insurance policy.

Tenth Step – Tax Deductible and Homestead Exemption

The final step, this is it folks. It’s now time to go over your tax-deductible expenses with your accountant. If your property is going to be your primary residence make sure you apply for the Homestead Exemption. The Homestead Exemption savings are transferable from previously sold homes making the process more convenient for experienced home-owners.

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As we’re all dealing with the effects of COVID-19 in our lives, I want to share encouraging news: the government has approved the $2 trillion Coronavirus Aid, Relief and Economic Security (CARES) Act which will help millions of people in this critical time.

This sweeping legislation is unprecedented in the history of our nation and provides significant economic assistance to address the impact of the COVID-19. The CARES Act is over 800 pages long, but here are some of the economic provisions most relevant for you:

If you’re eligible for a cash payment

Most individuals earning less than $75,000 can expect a one-time cash payment of $1,200. Married couples would each receive a check and families would get $500 per child. That means a family of four earning less than $150,000 can expect $3,400.

If you or someone you know has a lost a job

States will still continue to pay unemployment to people who qualify. This bill adds $600 per week from the federal government on top of whatever base amount a worker receives from the state. That boosted payment will last for four months.

If you’re a small business owner

The bill provides $10 billion for grants of up to $10,000 to provide emergency funds for small businesses to cover immediate operating costs.

There is $350 billion allocated for the Small Business Administration to provide loans of up to $10 million per business. Any portion of that loan used to maintain payroll, keep workers on the books, or pay for rent, mortgage and existing debt could be forgiven, provided workers stay employed through the end of June.

If you’re a freelancer or independent contractor

Typically, self-employed people, freelancers and contractors can’t apply for unemployment. This bill creates a new, temporary Pandemic Unemployment Assistance program representing $600 per week through the end of the year helping people who lose work as a direct result of the public health emergency.

If you would like to learn more about all the contents in the CARES Act, please see this article:

Please do not hesitate to reach out should you have any questions, or if you would like to chat.

Stay safe and healthy.

Andres Larin

Best Return On Investment Brickell, Miami

Better ROI (Return on Investment): Miami Condos vs. Miami Homes

Who doesn’t aim to have the best possible return on investment? Real estate owners all over Miami are constantly looking for the best condos to purchase so that they can turn them over for a profit in whatever time frame they so please. In real- estate investing it is key to keep in mind a couple of predominant factors, the market, the subject property, and of course the biggest, LOCATION! Buyers these days are weighing these factors and a large portion are now looking at purchasing single family homes with the idea of flipping them in the future. This short guide will highlight the pros and cons of purchasing condos and homes in the Miami area with the intent of leveraging their investment benefits.

Why Choose A Miami Home Over A Condo?

Potential Appreciation

Homes in Miami tend to be more stable in terms of price fluctuations compared to their condo counterparts. Even though some condos tend to grow exponentially in value, the market is very volatile and unpredictable. On the other hand the housing market in Miami is the definition of stability and is growing steadily. Additionally, the amount of homes in Miami is not high even though there are many potential buyers with young families. This limited supply makes it a hot commodity for potential buyers.

Lower Overall Costs

Owners of potential condos have to spend maintenance fees for their own unit as well as condo fees in general. These fees are known to be very costly and higher than the maintenance and insurance fees of homes. This potential spending can be saved for home improvement or something else if you choose a home over a condo when it comes to your investment.

Renting Capabilities

Renting your home out in Miami is easy and comes with no time restrictions. On the other hand Miami condos have strict rental restrictions permitting rentals only once or twice every year. Additionally, there are higher costs when including condo maintenance, making the rent higher and the market for your property minuscule.

Price Per Square Foot

Price per square foot of a condo is generally much more expensive than a home. Due to this, owning a home over a condo will yield a better bang for your buck and more space for a fraction of the price.

Why Choose A Miami Condo Over A Home?

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Lower Miscellaneous Costs

Owning a home comes with the hassle of dealing with many things like the lawn, roof, backyard, patio, and potentially a pool as well. On the other hand condos do not have these features and that subsequently yields less costs when it comes to upkeep for potential buyers.

Tremendous Amenities & Location

One of the well-known benefits of purchasing a new condo residence are the wonderful and world-class amenities at your disposal. With Miami having some of the most luxurious condominium developments in the country, these perks add tremendous value to your condo and can be a game-changer when it comes to renting out your space.

Properties Going For Lower Than Assessment Value

The current Miami condo market features lots of fast-selling inventory. This quick turnover can actually prove to be a valuable point of leverage for potential house flippers. The rapid selling of inventory fosters tremendous investment opportunities if you can purchase properties below market value.

Brickell City Center Expansion

Plans for the new and improved Brickell City Centre

One of the hottest destinations in all of Miami, Brickell City Centre is set to grow even bigger and better.

Brickell City Centre is known to residents of Miami as a hub of fine dining, top of the line shopping, and endless entertainment options. As great of an attraction Brickell City Centre currently is, plans are being made for its expansion. The plan though is a longterm one and construction won’t begin for another couple of years.

Swire Properties, the project’s original developer, plans to add two brand new state of the art towers. These towers will stand 54 and 62 stories high respectively and will be connected by a unique and distinctive bridge where pedestrians can walk between properties. Both towers will consist of over 972 residential units and a three-level multifunctional retail base.

Swire will add an additional 90,000 square feet of new mall space at the former Tobacco Road property which will include over 840 parking spaces. Swire is also committed to dividing $1 million equally among the five commission districts designated for affordable housing or anti-poverty efforts.

Parking for the new towers will be in the garages that are above the ground. Most of the existing parking at Brickell City Centre is currently below ground, and One Brickell City Centre and the North Block are planned to have below-grade parking.

The projects schedule will depend on favorable market conditions, construction will not begin for another couple of years and completion would then take another three or so years.

Brickell.com Nominated For Best Agent Website by Miami Agent Magazine

Our very own Brickell.com is up for the Best Agent Website Award by Miami Agent Magazine! This has been a year of rejuvenation and growth here at Brickell.com led by our founder Andres Larin. Our commitment to providing visitors of our site with up to date real estate listings and multifaceted content about our wonderful Brickell district and the larger Miami area has enabled us to be in the position we are in today. We pride ourselves on our hyper-locally focused website that brings the best user experience by offering a seamless search engine for Brickell Real Estate, in-depth analytics to buyers and sellers, and an effective marketing strategy that has a proven track record of getting results. Our continued dedication to excellence has enabled us to garner over 100,000 visitors in the last year alone. But our commitment to grow our site is at the core of what we aim to accomplish, so that we can serve as a hub for all things Brickell and Miami. To vote for us for the Best Agent Website award and more please visit Miami Agent Magazine!

Ultimate Guide to Renting a Condo in Miami

1. Looking for the best possible condo for you! 

The search is the first step to renting your very own condo. Keep in mind that the Miami area is filled with a multitude of enticing condo options and we here at Brickell.com are confident that our listings are the best and most comprehensive available. Head over to our rent tab where you will see a dropdown of all the best rentals in Miami. You can search by specific neighborhoods like Brickell, Brickell Key, Downtown Miami, Edgewater Miami, and Midtown. 

2. Contact Us!

Ok, so you’ve settled on a property that you think is right for you. Great! Now its time to get in touch with us using the Request Details Form on the left side of each property page. It is very important that if you are interested in a property you contact us within 6 weeks of your planned move-in date. This is due to the fact that landlords prefer to avoid keeping the property vacant for extended periods of time. 

3. Let’s Meet!

After you complete the Request Details Form one of our specialized agents will reach out to you to arrange a date and time to take you for a walkthrough of the property. Our agent will work according to your preferences and will recommend other options based on what you desire if your first option doesn’t fit your needs. 

4. This step is if you are unable to visit the property.

If you are unable to come along with our agent to visit the property we will be happy to use Facetime, Whatsapp or take a video to give you a thorough walkthrough of the property. We will also take detailed pictures and provide all the information you need to make the right decision. If you have any questions or concerns throughout the process do not hesitate to ask our agent.

5. Sign the Contract and Make the Offer

After you have made your decision to rent the property you will submit an offer through a Contract to Lease that your Realtor will prepare and forward to you to e-sign. If your offer gets accepted, the following step would entail the landlord signing a formal lease which is usually prepared by the landlord’s agent or attorney.

FAQ – Commonly Asked Questions

1. In Miami is the Real Estate Commission covered by the landlord?

Yes, in Miami the Real Estate Commission is covered by the landlord so the tenant does not have to pay at all. In other major cities like New York this not the case however.

2. How does payment work when renting a condo in Miami?

In Miami first and last months’ rent is paid upfront along with a one-month security deposit when leasing a condo. Keep in mind that most apartment buildings have lower deposit requirements which we provide on Brickell.com.

3. What are the documents that I should have prepared when making an offer to lease a condo in Miami?

The documents that are absolutely necessary when making an offer are your Photo ID, Proof of Funds(employment offer letter or 3 most recent pay stubs), and your most recent credit report with the credit score. This is necessary because some Landlords decide to go through their own approval process which mirrors the Association approval process. This is carried out first to see if they will agree to the Lease with you. 

4. When you rent a Miami condo who pays monthly condo association fees?

In Miami, the monthly condo dues or maintenance fees are paid in full by the landlord. Among the utilities covered include water, sewage, and trash removal. In the newer buildings, the condo dues may also cover services like TV and/or internet.

5. Is it possible to sublease a rented condo in Miami?

Unfortunately subleasing through AirBnB and other services is not permitted in Miami. You can only use these services if you own a property. 

6. What should I keep my eyes open for during the walkthrough?

Your agent will assist you in this process but be on the lookout for:

  • Cleanliness of the unit
  • Any damages that have not been reported
  • Fully functional appliances

Remember that you and your agent will be taking photos and videos the day of you gaining possession of the unit to document the condition. 

7. When will I receive my security deposit back from the landlord?

According to Florida law, the landlord has a total of 15 days to return your deposit if there are no damages. If the landlord decides to claim for damages, a written notice must be provided to the tenant by certified mail along with the landlord’s reason for writing the claim. If the tenant does not dispute the claim within the 15 day period of receiving the notice, the landlord must return the balance of the security deposit within 30 days after the notice was received.

8. After the expiration date on the lease, what should I do to get my deposit back?

Make sure you reference your lease. The standard Florida lease allows for normal wear and tear when it comes to renting a condo in Florida. Although, if the lease was drafted by the landlord’s attorney different stipulations may be involved. It sometimes occurs that landlords demand the property to be in the same or as close to the same condition as it was when the lease began. 

9. How long does it take to get back a Common Area Deposit?

1-2 weeks is the normal time frame following moving out of the building and contacting the building’s management office to formally request the return of your deposit.

10. What about breaking a lease if you’re renting?

Breaking a lease is not recommended but if you need to the fine is typically a 2-month penalty. 

UNA Residences to Rise High Above Brickell Waterfront

UNA Residences is an ultra-luxury pre-construction Brickell condominium development located in South Brickell at 25th Street and Brickell Avenue. The residential tower will soar 47-stories high making a mark on Miami’s famously recognized skyline. The project will house 135 luxury units with 2, 3, 4, and 5 bedroom floor plans. UNA Residences Brickell brought to the area by developer OKO Group and Cain International, is said to be move-in ready by summer 2021. Award-winning architect firm Adrian Smith + Gordon Gill Architecture (AS+GG) are not only the lead architect for the project, but they are also designing the interiors and common spaces.

UNA Residences’ Features

Living at UNA Residences Brickell is literally like living in the lap of luxury. Every residence will have its own private elevator entries. Floors 15, 16,17,18, and 37 will have 13-foot ceilings, while all other floors will have 11-foot high ceilings. Every unit will feature stunning views of Biscayne Bay. Living areas and bedrooms are situated along the waterfront providing unobstructed views.

All residences feature expansive terraces, which are integrated into bedrooms and great rooms. Floor-to-ceiling sliding doors create an open space with a seamless transition between the outdoors and indoors.   Warm, natural surfaces and materials are present throughout the units. Residences showcase chef’s kitchens with custom-built teak and walnut cabinetry, which are inspired by the interior of yachts with a sense of comfort. Units also feature organic porcelain tile floors, ivory-color countertops, and Gaggenau appliances.

UNA Residences’ Amenities

UNA Residences offers residents some fantastic amenities such as 24/7 concierge and security services, a lobby-level lounge area, a wellness center, a state-of-the-art fitness center, and entertainment options such as a catering room and a movie theater.   Resident who enjoy a little R&R will enjoy being pampered in the luxury spa with steam and sauna rooms. Pet-owners will love the dog walking area in this pet-friendly Brickell community.

For residents who enjoy the outdoors, UNA Residences offers really great features such as an entire 3rd floor water-facing terrace with outdoor amenities such as a pool, a lap pool, a family pool, a Jacuzzi, cabanas, and a grilling area all surrounded by lush foliage. Additionally, residents will have access to their very own private marina where they can dock their boats.

UNA Residences Brickell is located in the prestigious South Brickell area, which is conveniently located near Miami International Airport, Downtown Miami, Coral Gables, and South Beach. If you’re interested in more information regarding UNA Residences contact me at Brickell.com.

Brickell skyline 1 - Brickell com

The Ongoing Demand for Brickell Real Estate

 

Being young is the most powerful element in creating long term wealth with real estate investments. But being young alone does nothing. You must couple it with knowledge and action. And you must be bold. Over time, your investments will grow with inflation, your debt will gradually amortize, and provided you do not sell your best assets, with a little luck you will become immensely wealthy.

And so, exactly how do you acquire knowledge?

Follow the following simple steps with persistence and tenacity:

  1. Pick the one industry that interests you most (e.g., multifamily, office, retail, industrial, hotels, etc.). Focus 100% of your attention on that industry. Later, when you are worth $100 Million+ you will be able to pick a second industry for fun. Focus is the key.
  2. Spend endless hours driving around your city learning everything about different geographical areas. Good areas, emerging areas, gentrifying areas, expensive areas, poor areas, areas where the city is growing into, etc. Notice every little detail about them. Real estate is a highly localized business. Look only in areas you truly understand, or are willing to learn and understand. Notice everything unique and relevant about them. Develop that special eye that separates you from the next guy.
  3. Once you focus your attention on a few areas (tend to stay away from high end areas as economic returns normally tend to be better in more challenging areas that are improving and where you can bring value added), spend endless hours driving around your city inspecting every detail about the specific properties that catch your attention (e.g., size, construction, type of tenants, rental rates, stability of tenants, types of construction, etc.).
  4. Go home and read everything online about your city, the industry you selected (remember, start with only one!), the economics of the type of property you selected, the appraisal methodologies for such properties, the capitalization rates (cap rate) as function of risk, and the best and most successful realtors in that specific market.
  5. Become friends with one or more of the more successful commercial realtors in that industry in your hometown. A good realtor is worth her/his weight in gold. They tend to be friendly and accessible. Simply look up which ones have the listings. Exchange valuable industry information with them from time to time so the relationships flourish. Learn from her/him everything about the business you can. Ask them to put you on their mailing list. Resist negotiating their commissions. Otherwise, you will never get the really good deals.
  6. Befriend the commercial loan officer at your local bank. Ask her/him what is their appetite for financing the type of property you are seeking. If they do not finance it themselves, ask her/him who does and go talk to them. Be sure to always keep up with what terms of financing are available (loan to value/purchase price, interest rates, term, length of fixed rate, personal guaranty requirements). This knowledge is fundamental in this business.
  7. Review closely the most recent sales and focus on the economics of each such sale (e.g., cap rate (which is always a function of location and risk), location, property condition, motivation of seller, special issues with the property, etc.). Be sure you understand where the market (i.e., cap rates, demand, supply, investor appetite) lies at that moment.
  8. Study and ascertain at all times where in the economic cycle you are in at the present moment in time. Values of properties oscillate depending on where you are in the economic cycle. Cycles typically last between 7 to 12 years. You always want to buy at the bottom and never at the peak. Learn to resist the herd mentality. It can destroy your financial security. Buying commercial real estate in 2006 was disastrous to many buyers. Buying in 2010–2011 proved mostly quite insightful and profitable (at least it did for us).
  9. Review online listings periodically (there are many services that offer this service, including some free ones (such as loopnet) and learn more about why certain listings linger longer than others. Normally it is because some sellers aspire unrealistically high prices. Search for “off market”opportunities from local realtors and property owners as these often result in better values.
  10. After following all these steps, write down specifically the attributes of the property you wish to purchase (create an “envelope of attributes”). Include the parameters for price, down payment, financing terms, cap rate, location, condition and how you are going to operate the property (are you going to operate it yourself or are going to outsource management?). Stay faithful to that envelope.
  11. Research every property for sale within your envelope until you land one that meets your established criteria.
  12. Then, arm yourself with as much courage as you can. Then go for it. Use a good local real estate attorney who comes highly recommended. Be extremely disciplined in not exceeding your price threshold. FYI, for me only about one in 10 typically gains traction. Do not despair. Be very patient.

An important element to remember is that if you buy and then sell your entire life, the day you retire you will have little or nothing to show for it. You will have spent your fortune. Instead, always retain your gem properties as these are the ones that over time will make you very rich. Resist at all cost selling these!

Be gentle and conservative. Do not over-extend. Do not over-leverage. Always have cash for a rainy day. When everyone is exuberantly buying, run for the hills. When everyone is frightened and not buying, wait for prices to drop, return from the hills, and carefully purchase the best quality assets you can find. Again, be a contrarian and avoid the herd mentality.

One final piece of advice: Make it a point that every deal you close is win-win-win for everyone involved. You, the counterparty buyer or seller, the realtor and the lender. Always leave some money on the table for others. Make sure you endeavor for everyone to leave the closing table reasonably happy. Always strive to do the right thing. Never be dishonest, nor even betray an appearance of dishonesty in your dealings. These are fundamental principles in this (and probably every) business. It will ensure you be first in line for the best deals, it will make your life (and others) much more enjoyable, and it will make this world a little better place.

The beautiful thing about real estate is that if you follow these simple steps, you will have lots of fun, over time will create great wealth, and you will be able to help others and leave a legacy to your children and your favorite philanthropic cause.

Good luck!

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SLS Lux – Brickell’s Latest Luxury Development

SLS Lux, one of the latest luxury developments in Brickell, is located at 801 South Miami Avenue. Arquitectonia, The Related Group, The Allen Morris Company, Yabu Pushelberg and Sam Nazarin joined forces to create this 57-story building. SLS Lux houses an 84 room, luxury hotel, and 450 residential units. This highly anticipated Brickell development is an art lovers dream with creations from world-renowned artists such as Ana Isabel Martinez, Fernando Botero, and Fabian Burgos on display in common areas.

SLS Lux Brickell1

Image Courtesy of SLS Lux – Facebook

SLS Lux Residence Features

SLS Lux condos come exquisitely finished with either 9- or 10-foot high ceilings in living spaces and floor-to-ceiling sliding glass doors, which lead to spacious terraces offering stunning views of Biscayne Bay. Units showcase chef’s kitchens with contemporary Italian cabinets by Italkraft, and top-of-the-line stainless steel appliances, which include an integrated paneled 36-inch Sub-Zero refrigerator/freezer, a Bosch silent dishwasher, a ceramic glass stove top, a Wolf built-in convection oven, and a Wolf drawer microwave. All master bedrooms feature spacious walk-in closets. All master baths highlight rain showers and tubs, and select residences offer spacious tubs and frameless glass-enclosed showers in master baths.

All residences incorporate Smart Home technology, which facilitates the life of residents. The entire building is conveniently pre-wired for high-speed communications, cable, and multiple telephone lines. Additionally, there is an exclusive collection of 14 penthouse residences featuring 12-foot high ceilings. A select number of these penthouse residences have private rooftop pools and outdoor spas.

SLS Lux Amenities

SLS Lux offers Brickell residents a plethora of luxury amenities, such as an expansive pool on the garden level with poolside cabanas and lounge areas, a poolside bar with al fresco dining, a juice bar, and a BBQ area with a summer kitchen. Residents will receive white glove concierge services from a multilingual staff. This luxurious Brickell condominium showcases a two-story lounge with a recreation area complete with billiards, a private wine cellar, and a poker table. Residents with children will appreciate the children’s indoor and outdoor play areas with on demand monitoring services.

For residents that enjoy sports and the outdoors, SLS Lux offers a multi-use sports center with a combined court for tennis, paddleball, and volleyball; a soccer academy court; a basketball court; and a bocce court. Additionally, residents can enjoy a rock climbing wall, a state-of-the-art health and wellness center, and an outdoor area for yoga. The outdoor lounge boasts a fire pit overlooking the Miami skyline and Biscayne Bay. Additionally, residents will be able to enjoy a private rooftop sundeck and spa on the 57th floor.

SLS Lux is located in the prestigious Financial District, which is conveniently situated near some of Miami’s hottest destinations such as the Miami Design District, Coral Gables, American Airlines Arena, South Beach, and Miami International Airport. If you’re interested in more information regarding SLS Lux or would like to view condominium units, contact me at Brickell.com.

Brickell skyline - Brickell com

The Ongoing Demand for Brickell Real Estate

Supply versus demand is the key component of the real estate market. Investor’s live by this concept as if it were a mandated law. Supply versus demand is a very simple concept to explain and understand. For instance, if there is a low inventory of condos, but high demand from a vast amount of buyers, then the market is “hot” and prices soar per square foot. However, if there is a large inventory of condos, but a low a demand from fewer buyers, then the market slows, as inventory peaks, and prices begin to come down in a scramble to sell more units.

Currently, Brickell is seeing a surplus in units, and not enough buyers to snatch up all the units. Brickell’s skyline is ever changing, and as the skyline changes and grows, so does the market.

In late 2014, Brickell saw a great deal of preconstruction and resale units being purchased by international buyers. That demand remained steady until 2015 when buyers from struggling economies, especially in Latin America, could no longer afford such extravagant purchases.

With the increase in inventory and slowing sales, Brickell’s condo market is seeing a shift in supply. Once where there weren’t enough condos to satisfy the purchasing needs of buyers, now there are too many condos on the market. New buildings, such as Brickell House, Brickell City Centre, Nine, SLS, and Brickell Heights have opened; and, more new developments such as Panorama, Brickell Flatiron and Solitar are slated to open in the near future.

As Miami has a keen fascination with all things brand new and shiny, some of the most recently move-in ready buildings are seeing a decline in sales, while the preconstruction developments are seeing an increase in sales. These new developments are leading to the over abundance of units for sale in the area.

However, don’t be fooled thinking that you can snatch up amazing units for low prices. Units in established high-end buildings like the Santa Maria, Bristol Tower, and Asia are in high demand because of their amenities and waterfront views. Also, in newer and preconstruction developments, penthouses with high ceilings, limited corner units, and units with large terraces are in high demand, and haven’t depreciated in cost or value.

Miami-Dade County has a surplus of $1 million plus units, which most residents cannot afford. With that being said, the demand for rental apartments in Brickell, and South Florida, for that matter, is steadily increasing. Brickell’s population growth and Florida’s current state of low homeownership is what is mostly pushing this demand for rentals.

If you are interested in purchasing a Brickell condo as your residence or as an investment, contact Andres Larin at Brickell.com or at (786) 306-4287. Brickell is currently seeing a development boom with improved public transportation, including an extension of the Metromover directly to the airport and the Brickell Trolley; as well as a boom in luxury dining, entertainment, and shopping. You definitely don’t want to miss out on your chance to own a slice of this cosmopolitan area.