Aspiring to buy in Miami’s financial hub? Brickell’s condo buyers are in for a surprise
Thinking about buying a place in Brickell? You might want to wait.
Brickell has just over 500 condo listings in high-rises built since 2012, according to the latest South Florida Intel Report published by the brokerage firm RelatedISG and data from the Multiple Listing Service, or MLS. Developers constructed 17 buildings in the last nine years.
That translates into about 9% of the total post-2012 inventory available. RelatedISG uses 10% as the dividing line, meaning Brickell is still a sellers’ market — just barely.
Still determined to live in Brickell? Get ready to pay 22% more than the county’s $325,000 median sales price for a condo unit. The area has a median sales price of $415,000, according to May 2021 sales data from the MLS.
Office workers and residents are drawn to the neighborhood for the same reason: the walkability factor. The urban jungle provides proximity to an array of entertainment venues, restaurants and plenty of shopping, including the Shops at Mary Brickell Village and Brickell City Centre. The walkability factor might be one reason why the area recently ranked as the best place to live in Miami.
In addition to being Miami’s financial center, the area is known for its luxury condominiums. Brickell got its start as a luxury condo market with the rise of developer Ugo Colombo’s projects the Bristol Tower and the Santa Maria in the mid-1990s. The waterfront neighborhood stretches from downtown Miami, with views of cargo containers on Dodge Island from the Miami Circle Historic Landmark, to the Rickenbacker Causeway. The neighborhood also has its own island packed with high-rises and the Mandarin Oriental.
Buyers from Los Angeles, New York City and local empty nesters comprise 80% of condo buyers in Brickell, said Craig Studnicky, co-founder and CEO of RelatedISG.
“Condo sales were dominated by Latin Americans [in the past]. We’re not seeing that,” he said. “Americans are buying everything. They are buying existing condos and pre-construction. This is a paradigm shift that only happens every 20 to 30 years and it was brought by COVID.”
Sales activity is anticipated to remain steady, Studnicky said, despite the slim pickings. He said, “Buyers are taking advantage of these low mortgage rates.”
More inventory is on the way. Related Group is developing the 75-story Baccarat Residences Brickell and JDS Development is building a 62-story condo.
This article was updated to correct the number of units available for sale in Brickell.
This story was originally published June 14, 2021 at 1:15 PM.
