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Brickell Condo Investing | Which Brickell Condos Provide for the Best Yield?
Brickell Condo Investing | What to Look Out For?
As the US is opening its borders for vaccinated travelers we expect the next wave of buyers to come into Miami in Q4 of 2021. With such a high demand for Miami condos, buyers tend to be in an euphoric state. This bullish mindset often results in thinking all condos are a pot of gold, which they are not. Our motto has always been “Help our clients make better decisions” and in this blog we want to help you make a better informed decision when buying Miami real estate.
The Miami condo market is currently experiencing low levels of inventory and so does the Brickell rental market. We see rental units rent for 50% more than they did several months ago. This blog is written for investors who want to put the condo up for rent. We will show you how important it is to do proper research before you buy a Brickell investment condo. We often hear buyers ask “What units rent for the highest dollar?” While this is important, it is also essential to look at your original investment and the monthly condo fees.
We took 10 of Brickell’s most desired condo towers and looked at different units or “lines” (The term “line” refers to the location of the unit within the building. For example, unit 1001 is part of the 01-line and unit 1002 is part of the 02-line.) that rent the most. For purpose of comparison we only included 2 bedroom units in this study. The goal of this study is to show investors it is essential to look at the sales values as well as the rental values of a unit.
The 90-Day Brickell Real Estate Report for Q3 2021
Brickell Condo Investing | The Condos and Lines Included in this research with their main data.
Brickell Condo Investing | What offers you the best return on investment?
The below table is a simplified calculation as we cannot assume your monthly mortgage costs and other aspects such as potential changes or furniture you will add to the unit. We left these costs out and compared the average sales price of a unit to the average rental income while also taking the condo’s HOA fees into consideration.
Please notice the differences in the different units. For the price of an 02 line at Asia you could afford two units at SLS and receive more than $10K in rental income compared to the $7,250 that Asia unit is likely to give you. Or the difference in spending $600K at SLS which will provide you with a $5K monthly income and a lower HOA fee or that same $600K at Brickell Heights for about $700 less in monthly income.
Of course these are the 2 bedrooms and maybe another line in that very building or a 1 or 3 bedroom will outperform all the other rentals, but what we want to show is that there are several factors at play not everyone looks at. We often look at “The best condo” while that condo might not be the best for your rental income.
Other Important Aspects when Buying a Brickell Condo
As market analysts we have written countless articles on what to be aware of wen buying a Brickell condo. There are condos or lines that are better for resale value and more likely to appreciate over time. Other important aspects are the arrival of new condos that might block your future views and of course the management of a certain condo. Although not always top of mind when buying a Brickell condo, the management and financial stability of a condo is extremely important. So when you come into town contact the David Siddons Group at 305.508.0899. We can tell you which condos are most likely to appreciate over time, which ones are well-managed, and which ones offer the best rental yield.
CONDO GEEKS, The most advanced analytics tool ever created for the Miami Condo Market
What is Condo Geeks?
Condo Geeks is a brand new and sophisticated tool, which is essentially a Bloomberg terminal for real estate. The tool empowers you to analyze entire neighborhoods, individual condos or a selection of condos. It provides users with the ability to look at the performance of a neighborhood / condo over time (amount of sales, prices per SF, discounts given and days on market) or to compare neighborhoods / condos to one another. It is essentially the best tool for consumers to see what a market is doing.
FAQ
These are the most commonly asked Google Real Estate Related questions
1. What are the Current Best New Condos in Miami?
If you want to hear in more details our opinions on the best new Miami new construction condos. Please read this article:Best New Construction Condos 2022-2023.
2. What is the best New Construction Condo in Fort Lauderdale?
In our opinion, the Residences at Pier Sixty-six are certainly the most interesting and unique. Already well underway this 32 Acre project will be home to the first of its kind Marina where owners will be able to anchor up vessels up to a staggering 400 ft! For specifics of this project see our independent review of this project.
3. How can I compare the new luxury construction Condos to the best existing Luxury Condos in Miami?
Our Best Luxury Condos in Miami article will prove to be very useful to those looking to compare the existing to the new. You may also want to watch this video which shows the performance of the best Condos in Miami over the last 15 years!
WHY WORK WITH DAVID? THINGS YOU SHOULD KNOW...
For all our analytics we are agents driving some very unique and advanced tech. We Provide a granular and custom experience that empower our clients with the insight and tools to understand the most complex behaviors of any local markets.
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