2024 Brickell Real Estate Market Trends & Forecast Q1-Q3

Highlights for 2024.

The average condo price in Brickell increased modestly. By mid-2024, the average price per square foot for condos had risen slightly, reflecting the sustained demand in the area. Luxury condos, especially those with premium amenities and locations, saw stronger price retention and even growth, particularly in new developments where demand remained robust. The $1-$2m market saw a decrease in sales by around 8% this year.

Advice for Buyers, Sellers, and Investors

• Buyers have more leverage than last year with a considerable increase in inventory. Control is most certainly in the hands of the buyer within this market. Buyers should steer clear of older condos as they pose a serious risk.
• For sellers my advice is to price accurately, there is much negotiation power in the hands of the buyer and a slightly softer rental market means more power also for investors.
• For luxury investors Ultra-high-end condos like Mandarin Oriental become highly sought-after in the next five years as wealthy hedge funds migrate to Brickell. Many will settle for nothing less than ultra-luxury living.

Commentary on specific transactions and 2025 Predictions

Under-performing condos include: SLS LUX, SLS, ASIA, RISE JADE, and Flatiron which saw a decline in sales and prices. Buildings that performed well: Carbonell and Santa Maria. 2025 may be much of the same as 2024 but I consider Brickell’s long-term upside to be considerable. The five most expensive sales were found in Santa Maria, Bristol Towers, and Four Seasons selling between $4.4m and $6.7m. The top price per sqft came in at $1,750 per sqft.

Current Condo Inventory
Show me the Brickell Analytics Page where I can see actual sales and specific price point data.