More news on the trendy SoBe. At the end of the Winter tourism season, developers and owners in SoBe have apparently decided to cut prices to take advantage on tourism affluence. This price cuts have reached an average of 39%, although this average takes into account a bulk deal closed at the South of Fifth condo. Without this deal, prices have been cut 26% in comparison to the same season a year ago.

This puts in the table the question if SoBe’s condos are “price insulated” or not. Well, our best guess is that sellers decided to cut price to stimulate sales, which has worked because the neighborhood’s new condos have sold increasingly this first three months 2011 in comparison with 2010; there are some suppositions that sellers just got tired of waiting for buyers to feel attracted by above $1,300 per square foot prices. But projects like the Setai (at the picture) and the W South Beach Residences bet on high profile buyers, and are high-end residences that have a best interest in keeping the price of a sumptuous good, than in lowering prices to attract anyone who can afford it.

In any case, these are just suppositions, we guess. Due to the fact that per square foot prices have been growing since 2007 in the area, we would stick to the theory that this year’s price cuts during Winter season is a strategy, but also competence from other areas like Brickell could also put some extra pressure to sellers. In any case, THESE PRICE CUTS ARE A GREAT OPPORTUNITY FOR BUYERS! We will wait and see if prices grow again or stay steady in current levels during Summer.

If Brickell has consolidated as the most attractive submarket for foreign buyers, it is because of its central location, its dazzling waterfront condos and its distinctive skyline. Nevertheless, Brickell being the most highlighted neighbourhood in town hasn’t cut the lights that the traditional trendy neighbourhood of South Beach has had, has, and will probably continue to have for centuries.

South Beach is the spot that gathers luxurious condos with an agitated nightlife, and it is home to well known personalities, like high profile ahtletes and celebs. Its most lavish condos are constant spots for them to party, dinner or just hang out. Among this exclussive projects are the Apogee and the W South Beach.

These condos have stand out for maintaining average per square foot prices above $1,300, quite above any other average around. Well, the W SOUTH BEACH condo just features in the news after having a sales jump of 17% in the first quarter 2011, selling 5.7 units average at $1,536 per square foot.

Of course, contrasting with what’s been said above, the W South Beach also had a slip in its square foot prices, falling from $1,753 to $1,536 in a year-over-year comparison. In general, prices seem to be going down in the area, which obviously attracts more buyers and investors, while in Brickell the dynamic is the opposite: Prices are being pushed up while sales are slowing down compared to previous periods.

Still, inventory in Brickell is only enough to cover demand in the next 20 months, while in the W SoBe -408 units-, at the current demand, inventory could cover over 50 months. It will be interesting to check on this subject, as SoBe will never vanish as the prefered spot for party lovers!

It’s really rewarding to write this post, because of the long time we here at Miamicondobuyers.com have been constantly trusting and  announcing that the Greater Downtown Miami condo market is expected to have a new expansion.

Indeed, the Melo Group, a South Florida-based construction firm decided to put an end to lethargy, and begin the 23 Biscayne Bay Condominium, a 18-story high rise mainly for residential purpose, but with over 3,000 square feet of office space. This mixed projects will be the spot to some 96 new units in Downtown Miami, despite the fact that there are still 3,200 unsold units.

What’s the secret of this developer? Well, attending market trends, Melo Group has decides to focus on abroad sales, having already closed 48% of the project in pre-sale for South American buyers. Anyways, this group has also started a strategy to aggresively market its new product among US buyers. The pre-sale price is of $230 per square foot, away from the current average prices in the area, of $348.

We gladly welcome the 23 Biscayne Bay condo to the area, and look forward to bringing you more news on this exciting new stage of which is the most attractive market in the area, and one of the most wanted worldwide!

As a result of the prices increase, sales dropped consequently in the area that comprehends Downtown Miami, Park West, Brickell, Brickell Key and even Key Biscayne thru the Biscayne Corridor. Sales drops are registered in this appealing area, as a comsequence of a strategy started by developers who still own 3,200 units from the over 22,000 units built since 2003.

These developers decided to bet on increasing prices, by perhaps risking the healthy sales speed that we saw during the last quarter 2010. For the first quarter 2011, in contrast, the prices rise of 14% had as a result a decrease of 54% in sales. 111 units were closed during this period, in comparison with the 239 units sold a year ago.

Perhaps this will have another comsequence. Bulk buyers and even single investors might be heading away from the attractive area of Brickell, despite its great projects. They might already be looking for alternative areas like Sunny Isles Beach or Miami Beach, areas that still post convenient prices and even opportunities for bulk buying. Even areas away from the shores are becoming attractive for mass investors.

Of course, Brickell remains as the most wanted real estate submarket, due to its particular profile of residential waterfront high rises, with uncomparable luxury features. For smart (and picky) investors, buying in Brickell remains as the best chance to get middle and even short term revenues, if they get good advice in doing so!

According to the latest news on the matter, some might be late already to get the call of making a smart investment in Miami… or almost!

OK, maybe not late, but recent sales activity has ended by pushing prices up in the first three months 2011, according to a recent report published by Condo Vultures. Compared to the same period 2010, prices grew from $306 per square foot to $348 per square foot for the average sales closed so far this year.

This increase represents a 14% growth, and a hint of the success that developers have achieved by implementing their strategy to reach an average market price of $350, according to industry watchers who monitor the marketing activities of the few Greater Downtown Miami condos that are still in developers’ hands.

If we cross this information with previous figures revealed by other market research, that showed that the total inventory left in Downtown Miami and Brickell is enough to cover demand for only about 29 months, we might come to the conclussion that developers are betting to make the most out of the left units still in the market, perhaps jeopardizing the quick rotation (sales) that condos had in the last winter season.

We will have to wait until summer to see if developers decided to effectively stick to their goal square foot price, or if they cut prices to attract even more buyers and quickly fuel new projects and construction activity.

Brickell Key is the most exclussive spot in the Greater Downtown Miami area. Despite the fact that many luxury condos have been finished both in Brickell and downtown areas like Park West and Midtown, Brickell Key is the main place to look for when the pickiest clients are searching for privacy, incomparable waterfront locations, and the most special amenities and features.

Practically every Brickell Key condo has an unobstructed waterviews. Almost every one of them is waterfront, and for certain every one of them has luxurious finishes and incredible amenities to enjoy. The island is artificial finished in the 30′s, and it had been forgotten until the 80′s, where massive development in the island took place, mostly by hands of the Hong Kong-based Swire Properties, a firm that specializes in urban development.

This firm is involved with every Brickell Key project, Courvoisier Courts, Courts Brickell Key, Carbonell, and the Tequesta Point Condos (all three of them). But the most prominent of them is the Asia, the one that was saved to be developed in the last available land in the island, and in the most privileged location, facing both the Brickell River and the Ocean. This last project was the tip of the top, perhaps left until the end for it to represent the Asian values that define Swire Properties (click on the pic to see more on this beautiful project).

There aren’t enough words to describe this exclussive spot,  so quiet and peaceful you could forget you are right in the middle of the biggest financial

cluster of the whole South Florida region. This is the perfect place to be for practical people who want to be close to everything but enjoy security, luxury and peace.

Get closer to Brickell Key, and have a first hand experience visiting its amazing condos. Brickell Key is, plus, the home to the Mandarin Oriental Hotel, a true piece of architecture that’s worth mentioning, and a great place to stop for a Class A dinner (see a glimpse on the pic)! Contact us to guide you thru this amazing submarket, and schedule your visit to Brickell Key!

Brickell and Downtown Miami have already made it to the top of the Miami area real estate market. A place where every real estate agent wants to be, because it is the main attractive for foreign single buyers and investors who come to shop for discounted luxury condos in what has became one of the most acknowledged skylines in the World.

Brickell’s condos ICON Brickell, Axis, Infinity at Brickell and Jade at Brickell Bay, among others, are among the most representative condos, not to mention the luxurious waterfront high-rises from Brickell Key Island, like the Asia condo, the Carbonell or the Courts Brickell Key. These condos represent what Miami lifestyle means for outsiders: Oceanviews, dazzling amenities, top materials and finishes, and every possible way to pamper residents, from staffed spas and massive fitness centers, to pool decks and party rooms.

Brickell is known as “the Wall Street of the South”, a cluster of financial institutions, banks, and every branch of every major signature you can imagine. In Brickell you’ll find it all: The fine amenities from a luxury neighborhood, and the proximity to public transportation and the typical things you can find when being so close to the downtown.

Get closer to Brickell. Contact us for free consultation, and we will quickly answer any question you have about any doubt regarding this amazing market, and more!

Although buying a Brickell condo today is an excellent opportunity to make a smart investment, many are interested in renting Brickell condos, with all of the features that the Miami lifestyle has set as living standards. There are still Brickell units for rent, though they are expected to scarce soon as the total occupancy climbs almost to reach 100%.

We offer advice and assistance to rent units in this and other submarkets of the Miami area. In Brickell in particular, you may find rentals as low as $1,500 in our database. These luxury rentals that you’ll find include all of the amenities that state-of-the-art waterfront condos have brought to Brickell. For instance, ICONBrickell unit 4410 is available for rent for $1,600, and we already know that living at the ICON means access to beautiful city and water views (this studio unit in particular has them both!), three over-sized pools, stainless steel appliances in the unit, staffed spa, several great taste lounges (one in the rooftop! See pic below), fitness center, movie theater,

party room, and more!

Brickell features many characteristics that would attract the most demanding tenant. It’s a very central spot, close to the most notorious amenities that the entire city offers, including proximity to prominent sports scenarios, and to the trendy South Beach neighbourhood. Also, Brickell is the Financial District, the most important financial cluster of the South Florida area, know as “the Wall Street of the South”. In many of its locations, taxation is low, and it has access to many green areas and mass public transportation too.

Get more information by contacting us. Have fun surfing our Brickell Rentals page, and find specific information about every luxury unit that’s out in the market.

We specialize in Brickell and Downtown Miami condos. Our expertise has lead us to the market of waterfront luxurious properties in one of the most appealing areas in the whole South Florida region, the financial district of Brickell.

The area is crowded with luxurious residential skycrapers, finished from 2003, and featuring state of the art amenities. But if this all sounds unaccesible, wait until you meet the Brickell Hot Deals. Today’s real estate market is a buyer’s market, this means that conditions are given to benefit the buyer over the seller’s expectations, because prices are set by market trends with aboundant inventories for sale. (See, for instance, the link of the pic above).

These inventories, though already seem to be scarcing, are fed by foreclosures and short sales, both of them properties with highly discounted prices. You can check our Miami Beach Hot Deals page as well as our other offers of Hot Deals in other areas, to get familiar to the deeply discounted properties that need to sell fast, that are property of financial institutions or banks that need to get rid of them, making them real bargains available for people just like you, who want to take advantage of the best opportunities to own a Miami condo.

Make a great investment, and contact us for personal advice. Don’t forget that you can surf our page to find properties in any range of prices and with the characteristics you preffer.

Keeping the line of our previous post, news regarding Brickell and Downtwon Miami occupancy also relate to taxes and the US Census, which shows that Miami has less than 400,000 residents. This urges the Miami authorities to demonstrate that Miami actually has over 500,000 residents, which would translate into more public funds transfered to the city.

To demonstrate this, authorities are trying to use recent data on immigration. For example, after the Haiti earthquake Haitian immigration has increased tremendously, as Little Haiti’s authorities indicate. In the same fashion, the Census has trouble to count people that come as illegal immigrants, which do not enter official numbers, but do demand funds from the city in different ways (and they REPRESENT FUNDS for the city, too).

Bearing in mind also the results of the latest Downtown Miami Residence and Occupancy Study, which is commissioned by the Downtown Miami Development Authority, the City leaders have taken the task to correct what they consider to be false numbers, because Brickell’s high occupancy clearly shows that the growth estimated by previous studies must have been already reached. Previous studied conducted by private firms showed that Miami’s population would grow over 420,000 by 2010, but the Census counted much less residents than that.

Of course, the 82% permanent occupancy in Brickell new condos only, is already a hint that something might be wrong with the Census. One thing that could be wrong is that Census workers have always found trouble acceeding Brickell’s luxury condos, because of the security standards that they manage.

Miami Commissionar Marc Sarnoff says it as well. “Getting Census takers into Brickell condo towers has always been a problem (…) they’ve always underreported Brickell.”

It is clear enough, then. It would be very possitive for the city to correct this misleading numbers, and be able to acceed to more funds, to over $20 million that the city would receive if it’s proved to be the permanent home to more than 400,000. Let’s wait and see!