A question we keep getting very often here at LUXE Properties is, “Where do you see the Brickell condo market heading?” Brickell, also known as the “Manhattan of the South”, is a luxurious Miami community south of the Miami River and north of Viscaya Park along Brickell Avenue. With a mixed array of high-rise condo buildings and financial skyscrapers, Brickell is not only a fabulous place to live, but it is also Miami’s financial district. Brickell residents are right in the middle of the bustling business areas and shopping plazas, meaning they don’t need to travel very far to find trendy shops and restaurants. Brickell has seen a rapid rise in development and prices in the past 5 years. Residences in Brickell typically range between $200,000 for studios and up to multi-million dollars for penthouses with water views. At the present moment, the Brickell market has 1,981 residences listed, giving buyers numerous options when home shopping.
With such a huge increase in inventory and foreign demand waning we have already noticed a decrease in prices in the Brickell marketplace. Although many buyers are wary because of the great recession, anything close to that magnitude is unlikely to happen. We are most likely seeing a slight connection which will give the savvy buyer a good opportunity to snatch up a Brickell condo at a bargain price. So far this year we have seen prices decrease. Thus far, 466 residences have closed with an average price per square footage of $396.37. In comparison, in 2015 there were 1,163 residences sold in Brickell. These homes closed for an average of $426.64 per square foot. The sales prices for these residences ranged from $160,000 to $6,700,000.
Overall, we expect the prices of homes to continue towards a slight decline in the Brickell market. Currently, the lowest priced residence on the marker is listed at $182,000 and the highest priced residence is listed at $25,000,000. Below we have highlighted a few of our favorite properties for sale in the Brickell area.
Residences for sale in Brickell:
- 55 SE 6 Street #3803 | 1,111 Sq. Ft. | 2 Beds 2 Baths | $482,000
- 465 Brickell Avenue #5506 | 816 Sq. Ft. | 1 Bed 1 Bath | $385,000
- 900 Brickell Key Boulevard #3205 | 1,326 Sq. Ft. | 2 Beds 2 Baths | $1,250,000
- 495 Brickell Avenue #2904 | 1,500 Sq. Ft. | 2 Beds 2 Baths | $869,000
- 1331 Brickell Bay Drive #4401 | 3,415 Sq. Ft. | 4 Beds, 4 Baths | $2,500,000
I have the experience and knowledge to help you with all of your real estate needs in Brickell. If you are interested in buying, selling, renting or investing, call me today at (305) 562-0941 or email me at Nicole@LuxeKnows.com.