20th South Florida condo tower completed during this cycle

Miami /
Nov.November 04, 2014 12:00 PM

A 20th new condo tower has been completed east of I-95 in the tri-county South Florida region since this real estate cycle began in 2011.

Late last month, developer Harvey Hernandez began recording closings in his newly constructed 46-story, 374-unit BrickellHouse condo tower located in the 1300 block of Brickell Bay Drive in the Brickell submarket of Greater Downtown Miami, according to Miami-Dade County records.

The condo sales come about a year after BrickellHouse was hit with a $15.8 foreclosure lawsuit filed against the project by the private lender that sold Hernandez’s group the land for the new tower. The case was ultimately resolved.

Hernandez’s group later initiated its own lawsuit against the former lender for filing a foreclosure action that it claimed was “malicious prosecution.”

As of Monday, 10 BrickellHouse transactions totaling nearly $3.1 million have been recorded at an average price of $410 per square foot, according to government records.

Individual condos have transacted between prices of less than $150,000 and nearly $550,000 per unit.

At least three of the first 10 condos are already on the resale market at an average asking price of nearly $650 per square foot as of Monday, according to data from the Southeast Florida MLXchange.

Overall, about 16 condos in BrickellHouse are on the resale market at an average asking price of $615 per square foot with individual units priced between $300,000 and $2.5 million.

Additionally, one condo unit in BrickellHouse is listed on the rental market with an asking price of $6,000 per month for an average of $4.14 per square foot.

BrickellHouse – which began construction in July 2012 – is one of 69 new condo towers totaling nearly 18,400 units announced to date for the Greater Downtown Miami market since this cycle began some three years ago, according to the preconstruction condo market website CraneSpotters.com.

(For disclosure purposes, my firm operates the website.)

Overall, developers have proposed at least 288 new condo towers totaling nearly 40,000 units east of I-95 in Miami-Dade, Broward and Palm Beach counties during this cycle.

In Greater Downtown Miami to date, four new condo towers totaling nearly 700 units have been constructed, 16 towers with nearly 4,850 units are under construction, 28 towers with nearly 5,750 units are proposed and 21 towers totaling nearly 7,100 units are planned.

The unanswered question going forward is whether Greater Downtown Miami – which already has nearly 14 months of resale inventory available for purchase – has a deep enough pool of buyers to absorb any additional condos that could be coming onto the market from BrickellHouse speculators who are looking to resell units just days after closing on their new condos.

Peter Zalewski is real estate columnist for The Real Deal who founded Condo Vultures LLC, a consultancy and publishing company, as well as Condo Vultures Realty LLC and CVR Realty brokerages and the Condo Ratings Agency, an analytics firm. The Condo Ratings Agency operates CraneSpotters.com, a preconstruction condo projects website, in conjunction with the Miami Association of Realtors.


Related Articles

arrow_forward_ios
From left: Pedro Villar, owner of Aloft Miami Brickell, along with his attorney Joe Pack (Newstar Media)
Aloft Miami-Brickell exits bankruptcy, staves off foreclosure
Aloft Miami-Brickell exits bankruptcy, staves off foreclosure
Eastdil Secured’s D. Michael Van Konynenburg and Roy March with The Brickell Bay tower at 1001 Brickell Bay Drive (Eastdil, 1001 Brickell Bay)
Eastdil Secured to open first Florida office in Miami’s Brickell
Eastdil Secured to open first Florida office in Miami’s Brickell
From left: Darko Dejanovic (seller), CEO of Solera Holdings; and Boris Brault (buyer), CEO of Lexon, BOW Group and MyKronz (Getty Images, Solera Holdings, Redfin, iStock)
Digital device mogul plugs into Brickell Key with $8M condo purchase
Digital device mogul plugs into Brickell Key with $8M condo purchase
Mast Capital pays $103M for Brickell site, plans 1,250-unit condo-rental complex
Mast Capital pays $103M for Brickell site, plans 1,250-unit condo-rental complex
Mast Capital pays $103M for Brickell site, plans 1,250-unit condo-rental complex
Rendering of the project with Robert A. M. Stern, Jorge Perez, Nick Perez and Nelson Stabile (1809 Brickell Venture, LLC, Binyan Studios, Getty, Integra)
Related, Integra plan two-tower St. Regis condo development in Miami’s Brickell
Related, Integra plan two-tower St. Regis condo development in Miami’s Brickell
Condo sales, occupancy on the rise in Greater Downtown Miami, report shows
Condo sales, occupancy on the rise in Greater Downtown Miami, report shows
Condo sales, occupancy on the rise in Greater Downtown Miami, report shows
Major Food Group partners with Michael Stern on its first branded condo tower in Miami
Major Food Group partners with Michael Stern on its first branded condo tower in Miami
Major Food Group partners with Michael Stern on its first branded condo tower in Miami
Camilo Miguel of Mast Capital with East, Miami and Kieran Bowers of Swire Properties with The Conrad (Getty, Facebook via EAST, Miami)
Swire sells Brickell City Centre hotel for $174M, and nearby Conrad Miami trades for over $100M
Swire sells Brickell City Centre hotel for $174M, and nearby Conrad Miami trades for over $100M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...