Icon Brickell
The once-vacant “condo canyon” in downtown Miami has been almost entirely filled up, according to a report from the Downtown Development Authority, the Miami Herald reported. Approximately 93 percent of the 23,000 condominiums built in Miami since 2002 like Icon Brickell are now occupied. “I always encourage my clients to bring their checkbooks for the first month’s rent,” said Lauren Popham, a rental specialist with Jeanne Baker Realty. [more]
Jennifer Lopez, Marc Anthony and Icon Brickell
In a bizarre series of events, Jennifer Lopez and Marc Anthony’s Icon Brickell condominium was sold out of foreclosure, although the former couple doesn’t appear to be suffering from financial distress.
According to Kevin Dickenson, an agent in Prudential Florida Realty’s Palm Beach Garden office, Anthony and Lopez never actually owned the condo they were widely reported to have bought in late 2009. [more]
Since a gloomy forecast at the nadir of the condominium bust, Miami’s real estate fortunes have turned around dramatically, so much so that the city is seeing a rash of new ground-up condo projects. At the forefront is Related CEO Jorge Perez, who in one day — yesterday — launched two new projects — Apogee Beach in Hollywood and the My Brickell development in the heart of downtown Miami. For the latter, Perez is aiming at undercutting the surrounding projects in Brickell with a sub-$300-per-square-foot price tag, hoping that a high-tech Arquitectonica (and Karim Rashid) project, along with European and South American demand, will prove the right move. The Real Deal talked to Perez about My Brickell, how Latin America saved Miami and the potential impact of casino gambling on Miami. [more]
Miami condominiums are selling at a record pace, according to recent market reports, and the New York Post singled out some of the area’s highest profile projects to see whether they were experiencing a corresponding uptick. The answer was a resounding yes.
Even in buildings that were previously thought to be destined for failure.
Dezer Development said that it sold more than $100 million in Trump units during the summer months, for an average of about $525 per square-foot, at the 384-unit Trump Royale and the three-building, 813-unit Trump Towers. [more]
A combination of retail and parking spaces at Icon Brickell has sold for a total of $6.25 million, according to Fortune International Realty. The name of the Hong Kong-based buyer was not disclosed. According to Fortune broker Fabio Faerman, the purchaser intends to open an Asian-themed eatery in the retail space. Icon, which is located at 475 Brickell Avenue, has seen a strong wave of sales in 2011. [SFBJ]
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Developer and founder of Fortune International Realty Edgardo DeFortuna has sold his Key Biscayne home for $10.2 million. DeFortuna and his wife paid $8.4 million in 2006 for the home, which has 9,183 square feet and is located at 760 Harbor Drive. The buyer was MER Key Biscayne Holdings, a limited liability company based in Miami. Attorney Robert Adams signed on behalf of the buyer, which received a $5 million mortgage from BAC Florida Bank. DeFortuna’s Fortune has been managing sales at Icon Brickell. [SFBJ]
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Brazilians like Frederico Azevedo are heading to Miami to purchase one home and ending up with three, given the extreme disparity between property prices in Miami and Brazil. “I bought one to use as a vacate home and the other two as investments,” said Azevedo, president of Construtora Altana, a housing-development company. “It’s actually very cheap in Miami compared to here.” The Brazilian Real has appreciated 45 percent against the U.S. dollar since 2008. Last year, they bought 9 percent of homes sold to international buyers in Miami. According to Craig Studnicky, president of International Sales Group, half of downtown Miami condos sold to foreigners for more than $500,000 this year were bought by Brazilians. [Bloomberg]
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Pebblebrook Hotel Trust has purchased the Viceroy Miami Hotel for $36.5 million. The hotel, which is located in Related’s Icon Brickell, has 148 units and Viceroy Hotel Group will continue to manage the property. The hotel, which was built in 2009, has a 28,000-square-foot spa. “We are delighted to be working with Pebblebrook Hotel Trust at the Viceroy Miami,” said Brad Korzen, an officer at Viceroy Hotel Group in a statement. “The hotel continues to show excellent growth potential.” [SFBJ]
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Sales at Icon Brickell have surged in the year since Fortune International took the reins at the three-tower, Phillippe Starck-designed complex from Related Cervera Realty. The project has been averaging 40 to 50 sales per month, and, in a nod to the growing Brazilian market in Miami, is offering units with design by Brazilian interior design retailer Artefacto.
The history of Brazilian investment in South Florida dates back to the 1990s, when Brazilians invested overseas in order to avoid high interest rates and taxes back home. Now, these investors are a significant contributor to Miami’s improving real estate market, due largely to a thriving Brazilian economy. Brazilian buyers have been particularly active in downtown Miami at condo towers like Icon. [Forbes]
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