The Condo Boom in Brickell Caused by Area’s Attractions
by Sep Niakan | September 08, 2014
The properties on Brickell Avenue are becoming scarce, and condo developers are moving west. What is causing the boom in Brickell, and how far will developers go before they stop attracting condo buyers?
Peter Zalewski is a consultant with the real estate market, a licensed real estate broker, and a columnist for a real estate journal. Zalewski provided his in-depth answer to this question.
The Brickell Avenue area is the biggest and most active market in South Florida for new condo developments.
The number of new condos that are coming to Brickell is almost 30% of over 35,000 units in all of Miami-Dade, Broward, and Palm Beach counties.
Already, there have been 32 new condo towers, totaling over 10,000 units, announced for the Brickell area. This number is out of 61 towers with over 18,000 units in Greater Downtown Miami.
A few factors feed into the boom of Brickell, including new retail space, restaurants, and nightlife at places like Mary Brickell Village. The billion dollar project, Brickell City Centre, is also contributing to the area, which has many condo buyers excited for the Brickell area.
In 2009, condo re-sales in Brickell sold at an average of $225 per square-foot. During the same time this year, the average jumped 87% to $421 per square-foot.
Photo credit: Brickell City Centre - brickellcitycentre.com
by Sep Niakan | November 29, 2016
This is a story of how one Miami condo dweller (that's me, Sep Niakan) gave up his car at the end of his lease and gained freedom (and $$) in its place. If you have been thinking of getting rid of your car or know someone who is, read...
by Sep Niakan | November 24, 2016
Lending, specifically FHA lending, is inching forward in favor of Miami Condos. Before President Trump pulls out any game-changers, I thought it would be the right time to reflect on a Bill passed into law by President Obama this August. The...
by Sep Niakan | November 22, 2016
It’s been almost a year since BrickellHouse’s robotic parking garage blunder, and I’ve been thinking about what this means for the automated parking business in Miami condos. In brief, Boomerang Systems (the robotic garage...
by Sep Niakan | October 31, 2016
From a humble 9-to-5 district to after-dark playground for the it-crowd, Downtown Miami has had quite a turnaround in the past decade or so. According to the latest Miami Downtown Development Authority report, there are now 88,540 residents in...