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    Everything You Need to Know About Moving to Brickell

    May 11, 2017

    All the information you need before making the move to Brickell

    Brickell is the second largest financial district of the United States and therefore also called the ‘Manhattan of the South’. Brickell’s high concentration of international banks are mostly focused on wealth and investment banking. Many Latin American financial institutions are opening a branch in Miami, bringing young foreign professionals with them or providing jobs for locals. At the same time many multinationals are opening offices in Miami to function as their hub of the Americas. All of this has made Miami a more attractive job market for young professionals who mostly choose Brickell as their preferred residence.

    Why would you relocate to Brickell?

    Brickell is a real estate market characterized by high-rise condos. The area experienced massive growth during the last few years. With an enormous influx of investors, the supply side of the market could not keep up with the buyer’s demand, which resulted in the development of about a dozen brand new luxury condos as well as rising prices. Brickell’s expansion didn’t stop with the condos. Miami’s fastest growing community welcomed many new restaurants and businesses while becoming more self-providing on a daily basis. The latest of these developments is Brickell City Center, a $1.05 billion mixed-use development offering a luxury shopping mall with high-end retail, restaurants, a hotel, a cinema and much more. This 24/7 ongoing cycle of business and pleasure attracts many young professionals who are looking for the best of urban living. Brickell’s demographic is therefore best characterized by young professionals or young families with or without children.

    So when you ask people why they moved to Brickell their answer mostly involves: “Because I can work, live and have fun without having to take a car”. It is the combination of being close to your job, but also to restaurants, shops and other forms of entertainment while living in a luxury condo with superb views.

    Being located in the center of Miami, Brickell is a quick ride from Coral Gables and Coconut Grove as well as Key Biscayne and the beaches.

    Everything You Need to Know About Moving to Brickell

    What to know before relocating to Brickell

    Before you move to Brickell you might want to know the costs of real estate in order to decide whether you want to rent or to buy a Brickell property. By providing you with the average prices of real estate in Brickell, your choice between renting and buying will be much easier.

    As mentioned before, the Brickell condo market experienced some booming years, but the market is currently experiencing a correcting market. The market got thousands of new condo units and prices increased rapidly. In 2015/2016, many of Miami’s foreign investors saw their currency decrease in value compared to the Dollar, which resulted in a stagnation of the investment flow. With many units still under construction, the Miami market experienced a steep rise in inventory. At the same time many brand new units were already delivered and listed for resale (as the Brickell market is an investment market, many owners tried to flip their units). This increased the inventory even more while the demand was limited and buyers were more price conscious.

    At the moment many Brickell condos are listed above market price (both for rent and for sale). Sellers and owners who want to rent will need to adapt their prices in order to compete in this strong buyer’s market. For buyers, this means they have a strong position when buying a Brickell condo. As some investors will need to sell their property, there are good deals to be made. Have a look at our Brickell market report for Quarter 1 2017 to see how the market performed so far this year.

    One bedroom condos in Brickell rent between $1,500 and $5,000 per month, depending on how dated the condo is, what views it has and the amenities. The average rental price is $2,050 per month while the median is $2,000.

    Two bedroom condos are renting between $1,800 and $8,000 per month. The average and median rental prices are respectively $2,900 and $2,775.

    Three bedroom condos range between $2,600 and $12,000 per month with an average of $4,666 and a median rental price of $4,225.

    The very scare 4 bedroom rentals in Brickell range between $3,200 and $12,000 with an average monthly price of $7,400 and a median monthly price of $7,625.

    Start looking for Brickell Condos for Rent. This link provides you with a list of all Brickell and Brickell Key condos that are listed for rent. This list can be customized by using the different search filters.

    Sales Prices in Brickell for One Bedroom condos vary between $200,000 and $700,000. Units in the lower range will be the more dated units in older condos. The higher end of the price range will get you a unit in luxury condos like Jade, The Four Seasons Residences or Reach at Brickell City Center. The average sales price is $290,000 while the median sales price is $279,000

    Two bedroom condos in Brickell range from $250,000 to $2M. $250K will be for the dated units that don’t provide ocean views, while the more expensive 2 bedroom units can be found in luxury condos like Jade, The Four Seasons, Asia, Carbonell and Santa Maria. The average sales price is $522K while the median sales price is $433K.

    Three bedroom Brickell condo units range from $400K to $3M. The average sales price is $1,1M while the median sales price is $900,000.

    4 Bedroom Units, which are very scarce in Brickell range between $1M and $3M. The average and median sales prices are respectively $1,575,000 and $1,512,500.

    Start looking for Brickell Condos for Sale. This link provides you with a list of all Brickell and Brickell Key condos for sale. The list can be customized by applying the different search filters.

    Please be cautious with the Brickell condo market. There are some really good deals to get, but one should know the market prices. Please contact me directly to avoid investing in a generic product that is priced too high.

    David Siddons is a top producing Miami Real Estate Agent belonging to the top half of the nations best 1%. One of his offices is located in Brickell where he has broken records several years in a row. David is known for his analytics and honesty.

    David Siddons | David@SiddonsGroup.com | +1.305.508.0899

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    THE 2018 MIAMI REAL ESTATE REPORT

    EX-STOCKBROCKER’S ANALYSIS OF THE MIAMI MARKET

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