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The Extreme Demand for 3+ Bedroom Brickell Condos has Depleted its Inventory
Three Bedroom Brickell Condos For Sale Are Getting Scarcer by the Minute
One year ago in January of 2021, our Brickell expert Adriana Montbrun wrote an article on the high demand for 3-bedroom condos in Brickell. In this article she highlighted a hot Brickell trend and advised to invest in three-bedroom Brickell condos, particularly with a budget of $500K to $1 Million. We were prompted to write this article after an onslaught of requests from mostly relocating buyers looking for 3 bedroom Brickell condos for sale as the work-from-home trend was starting to kick in and Brickell started to heat up. Inventory was still high by historic parameters, but the signs were clear and the market was moving rapidly. A year later, inventory has dwindled by 78%. Yes, you read that correctly. While in Q1 2021 we had 125 3-bedroom condos for sale, in Q1 2022 the market only offers 27 Brickell condos for sale!!!
3 Bedroom Brickell Condos, the hottest segment in 2021
Brickell inventory as a whole declined 55% when comparing 2021 to 2020. Of course sales were through the roof having almost tripled in 2021 when compared to 2020 and previous years. As shocking as the 55% number is, it pales with the 78% decrease in inventory registered by the 3-bedroom Brickell condo segment under $1 Million dollars. In fact it beat by one percentage point an obvious decliner segment: Brickell Condos for sale under $500k, which declined 77% year-on-year. These are all statistics I will be sharing in my upcoming Brickell 2021/2022 report and this is a sneak peak!!!
3 Bedroom Brickell Condos availability & Pricing in 2022
As of mid January 2022 there are only 17 three bedroom-condos available for sale in Brickell that are priced below $1M, four of them are Brickell Key condos. The remaining units include two in SLS Lux, four in SLS Brickell, one in Brickell Heights and another one in Axis.
Three-Bedroom Brickell Condos Are Now Exceeding the $1M Mark
A year ago you could entertain buying 3 bedroom condos in Reach or Rise at Brickell City Center, 1010 Brickell, Flatiron Brickell, Icon Brickell and several other new construction buildings. These days you will have to increase your budget to get your hands on similar condos. On the positive side, three bedroom condos for sale in Brickell decreased less in inventory (48%) than the entire Brickell condo market (-55%), from 2021 to 2022. So this does provide some hope in terms of unit availability if you have budget flexibility; particularly if you are looking for Miami Luxury condos for sale.
Having said that, in spite of higher prices per SF in Brickell, theses condo prices are still below the prices of Miami’s new construction condos in the urban core at buildings such as Baccarat Residences Miami, Aston Martin Residences or Waldorf Astoria Residences Miami. In some cases they are also comparable to smaller Airbnb friendly new projects in downtown Miami and Brickell that may be less exclusive and provide limited views and location convenience.
If you can find a good quality (good floor plan, good views, well established condo) 3 bedroom condo for less than $1M then consider this condo to have great potential. Call us for more information on good Brickell Condo Investments!
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!
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