Everything You Need to Know About Moving to Brickell [Updated for 2020]
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.
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.
What to know before relocating to Brickell?
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 (Q4 of 2020) we are experiencing a very high inventory in the Brickell market together with downward prices. This combination does not mean one should not buy. There is actually a lot of opportunity out there and the time to make great deals is now. Have a look at our 2020 Q2 and Q3 Miami Real Estate Report.
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
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.
We have only superlatives to describe how wonderful Cris Buzolin was throughout the process of selling our townhouse in Coral Gables. We were away in the UK while the transaction was taking place and Cris handled everything-from clearing out our house, selling contents when she could, arranging the moving and storage and dealing with some very difficult problems which arose. Always patient and very willing to help in every way, Cris is a consummate professional who really cares about her clients and worked extremely hard to get the price we had asked for and make things for us as easy as she could. Nothing was too much for her to handle.Cris and Marianela (who provided additional very helpful assistance to us during the transaction) are part of the team that David Siddons has assembled.When we decided to sell our property, we contacted David and he established the framework for the transaction and ensured that everything proceeded smoothly and in accordance with our wishes. In sum, David Siddons and his team are extremely competent and professional and we are totally satisfied with the service they provided. To repeat, Cris Buzolin in particular, went way beyond what one would expect from a real estate agent. The David Siddons Group has our highest recommendation!
Fantastic group of people to work with!! David and Adriana were responsive and professional throughout the entire process. We weren't familiar with South Florida so David took us under his wing and did a fabulous job giving us a tour of select neighborhoods in South Florida and shared a great deal of information about each. We fell in love with the Botaniko community in Weston and closed the deal with Adriana. If you are buying/selling this is the team you want to work with!! Thank you guys for helping us find our dream home.