In the latest sign that Miami’s appeal among international buyers is reaching fever pitch, BrickellHouse, a luxury condominium project under development in the city’s Brickell Financial District, had sold 50 percent of its 374 units by mid-February, less than four months after launching.
The fast-pace sales activity is being driven by international, cash-heavy buyers hailing from South America, Europe, Canada, and beyond.
The sales success at BrickellHouse is the result of an appetite for high-end, new-to-market product. It also points to renewed demand for condo living in South Florida, which is now in the early stages of a new development wave, with 22 newly announced projects accounting for more than 4,000 units now underway or in the planning phases.
“The fact that BrickellHouse has reached the 50 percent sales mark in just four months is further proof that Miami’s condo market is back,” said Alicia Cervera Lamadrid, managing director of Cervera Real Estate. “BrickellHouse’s central location, cutting edge design, and luxury amenities make the project particularly attractive to sophisticated international and domestic buyers looking to buy at pre-construction prices that are 30 to 50 percent below the height of the market.”
Today, fewer than 1,500 condos in the Brickell Financial District are on the market, according to a June 2011 market study by the Miami Downtown Development Authority (DDA). With the continuation of this sales velocity, the remaining unsold inventory could be sold-out in the next year leaving an inventory gap never seen before in Miami. The need to meet the demand for new condominiums is what drove Newgard Development Group’s decision to launch BrickellHouse in October 2011.
“Miami’s existing condo inventory has been absorbed at a faster rate then anyone could have predicted, fueling demand for modern, welllocated product like what we are bringing to market with BrickellHouse” said Harvey Hernandez, president of Newgard Development Group, the project developer.
“We are seeing strong interest from international buyers who appreciate Miami’s status as a global business and entertainment hub and see value in the city’s Brickell Financial District. We see our sales momentum continuing through our groundbreaking this summer and we expect to be sold out by the end of 2012.”
The $170 million, 374-unit BrickellHouse offers condos ranging in size from studios and one-, two-, three-bedroom units, to 7,000-square-foot penthouses. The project is designed to reflect the rising demand for urban living in South Florida, with amenities including the Brickell area’s first members- only rooftop sky deck and pool located on the 46th floor of the building, a high-definition screening room, spa and fitness center, and wireless Internet in all common areas.
Residences will feature private balconies offering expansive views of Biscayne Bay and Downtown Miami, gourmet kitchens, bathrooms with imported European cabinetry, and premium appliances and finishes.
The building will include street-level office, restaurant and retail space that enhances the neighborhood’s pedestrian experience. Among the earliest retail tenants is Meat Market Steakhouse, the popular South Beach eatery that will open its first mainland Miami location.
With construction of the tower scheduled to get underway in the third quarter of 2012, BrickellHouse also will be home to one of the nation’s first fully automated robotic parking garages, which will yield significant convenience and security, as well as environmental benefits.
For information and preconstruction sales opportunities, visit www.brickellhouse.com or contact the BrickellHouse sales office at 305-938-5711.