Last Thursday, I had the pleasure of attending a panel hosted by the Realtor Commercial Alliance at Miami’s Chop House. The panel was comprised of Ronald A. Shuffield (President of Esslinger Wooten Maxwell), Jack Lowell (Vice President of Flagler Development), Tony Puente (Senior Vice President at Fairchild Partners), Sergio Rok (Head of Rok Enterprises) with Alice Robertson (Executive Director of the DDA Miami) as Special Presenter and Leo Zabezhinsky (Manager, Business Development & Real Estate DDA Miami) as moderator.

It was a very informative session with each panel member bringing his expertise to bear and helping all of us in attendance paint a more complete picture of Brickell / Downtown Miami. Below are a couple of notes and stats that I was able to capture of this wide ranging discussion.

Quick Office Stats:

Class A –     Existing 7,923,724 SF          Occupancy: 87.2%
Class B –     Existing 8,173,994 SF           Occupancy: 81.3%
Class A –    Under Construction 1,200,000 SF
Average Rental Rate (Class A): $38.32
Daytime Population: 194,000

The class A office buildings under construction are Met 2 Miami (part of the Metropolitan Miami family) with 753,200-square-feet of office space and 1450 Brickell which will consist of 576,379-square-feet, both of which are scheduled for completion by first quarter of next year.

Both buildings have significant new tenants signed to long term deals with the law firm Bilzin Sumberg Baena Price & Axelrod LLP signing the last lease at 1450 Brickell just a few weeks ago.

At first glance, and given current market conditions, one may wonder why are these companies making long term investments in Brickell / Downtown Miami?

Besides the amazing view corridors of Biscayne Bay, the proximity to the airport and mass transportation, companies are preparing themselves for the 21st century. They are using technology and advances in construction techniques to make more efficient use of their space and they are fixing their costs by taking advantage of a generational rent situation.

The question is: why isn’t your company doing the same thing?
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Quick Residential Stats:

Residential Units (Total): 34,475
Population (Current): 45,000
Median Age: 40
Average Household Income: $72,100
Per Capita Income: $33,875
College Educated: 50%
Source:  ESRI

Current facts and trends indicate that about 500 new occupants a month are moving into the downtown area. About 15% of these new occupants are buyers. The other 85% are tenants that are taking opportunity of the the great deals being offered by developers and owners.  Please note that these are numbers based on the Multiple Listing Service and doesn’t include occupants that dealt directly with the developer or For Sale By Owners. If we were to account for those, the 500 number would be higher. At this current rate, we are filling up a building or two a month.

This means that if you are interested in buying for yourself or for investment, the time to do so will be now because median prices haven’t been this low in years and as the facts and trends above show, available inventory is decreasing by the day.

If you are looking to rent a condo in the Brickell / Downtown Miami, the time to take advantage of rental rates and incentives from the developer is now. Current inventory shows a 3-month supply, well below of what constitutes a healthy market. Pretty soon, the deals being offered by the developers will go the way of the dodo meaning you will be losing your chance to rent in a gorgeous condominium a stone’s throw away from your job as well as great attractions and venues.

Whether buying, selling or leasing, don’t let opportunity pass you by!!!

Oh, by the way…if you know of someone who is thinking of buying, selling or leasing space whether residential or commercial who would appreciate the kind of service I offer, I’d love to help them.  So, when you think of these people, drop me a line or just give me a call with their name and number.  I’ll be happy to follow up and tend to their real estate needs. Thank you for trusting me and Esslinger-Wooten-Maxwell Realtors with your real estate needs.

You can also take a nap (as long as you keep the snoring to a minimum), check email on your Iphone or even talk to a stranger if you are feeling adventurous. Essentially, you can do whatever it is that makes the ride to and from work more enjoyable to you. Trust me when I tell you that it is a lot better than hanging out your head out the window in a frustrated attempt to see what the hold up is ten blocks ahead of you and definitely a lot better than yelling and honking your horn at your fellow Miami drivers because they cut you off on US1 with no warning whatsoever.

Anyway, I digress for the purpose of this post and subsequent posts is to invite you as I get off at at different Metrorail and Metromover stations and tell you what your living and entertainment options are in Downtown Miami/Brickell.

Our first stop is the Bayfront Park station on our way to Metropolitan Miami. In case this is your first time hearing about Metropolitan Miami, Metropolitan Miami is truly downtown redefined. Metropolitan Miami is a $600 million mixed-use project located in the heart of downtown Miami being built under the auspices of the MDM Development Group and joined by The O’Neal Group (Shaquille O’Neal’s real estate development company).

Met 1 (already built) is the initial phase of the project and is made up of 447 diverse luxury condominiums that include lofts, tower suites and penthouses with amazing views of the city and Biscayne Bay. There is also Met 2 (currently under construction) which will feature the first urban-branded five-star MET Marquis, a JW Collection Hotel and 700,000 square feet of Class “A” office space. The next tower is Met 3 is a 74-story tower with 696 luxurious residences and features a 30,000 sq. ft., 24-Hour Fitness and Downtown’s only Whole Foods Market. Let’s not forget about Met Square which will feature a 13-screen theatre, restaurants, shops and services.

At Met 1, there are residential units available for purchase and for lease. If you are interested in buying, the current availability (as of 9/25/09) is as follows:

Lofts – floors 3 to LL (Lanai Level)
1 bed: $292,000 – $364,000               2 bed: $359,000 – $487,000

Tower Residences – floors 14 to 37
1 bed: $214,000 – $301,000                2 bed: $392,000 – $514,000

Penthouses – floors 38 to 40
3 bed: $1,100,000

If you are interested in leasing, the current availability (as of 9/25/09) is as follows:

1 bed / 1 bath – $1,3000-$1,450          1 bed / 1.5 bath – $1,400
2 bed / 2 bath – $2,000- $2,550

Lofts: 1 bed – $1,550-$1,850                2 bed – $2,000-$2,200

If you prefer a personal tour or getting more information about Met 1, please don’t hesitate to contact me. Also, if for any reason, Met 1 is not the right place for you, please let me know and I will help you find something somewhere else.

Oh, by the way…if you know someone thinking of buying, selling or leasing space whether residential or commercial who would appreciate the kind of service I offer, I’d love to help them.  So, when you think of these people, drop me a line or just give me a call with their name and number.  I’ll be happy to follow up and tend to their real estate needs.

Thank you for trusting me and Esslinger-Wooten-Maxwell Realtors with your real estate needs.

ONE TEQUESTA - Brickell Key, MIAMI, FL

Reduced by $100K – new price $625,000!!            888 Brickell Key Drive Unit 1708

Unit 1708 – with amazing, unobstructed views from every room in this spectacular apartment! Staying at home feels like vacation! Over 1,640 square feet, split bedroom plan, expanded living room was previously third bedroom, and grand terrace overlooking Biscayne Bay. Master suite offers huge walk in closet and lavish bath. This unit is ready for your upgrades and personal touches.

One Tequesta was built in 1995 and offers top of the line amenities. Unit 1708 offers 2 bedrooms, 2.5 baths, one parking space and storage room.  Maintenance is $985/mo. and pets are permitted.

History of Brickell Key:

Brickell Key is a tiny, gated island located in downtown Miami just east of the financial district, about a 10 minute drive to: famous South Beach, Coconut Grove, and Coral Gables. Miami International Airport, University of Miami, and internationally-acclaimed medical facilities are easily accessible, too. Brickell Key has a path all the way around it – perfect for jogging with beautiful views along the way! There are a few shops and restaurants on Brickell Key and the Mandarin Oriental Hotel calls Brickell Key home as well. Brickell Key offers fabulous living on an exclusive island in the very heart of Miami, a vibrant international city that is yours to enjoy or escape. In mere minutes, you cross the bridge to Brickell Key and you have escaped to an elegant island resort. The history of Brickell Key can be traced to 1896, when Henry Flagler had a 9-foot deep channel dug from the mouth of the Miami River. In the process, Mr. Flagler created an off-shore property comprised of two small islands. In 1943, an investor, Edward N. Claughton, Sr. acquired the islands and eventually purchased additional bay bottom land to combine them to a 44-acre triangle-shaped tract separated from the mansions of Miami’s fashionable Brickell Avenue by only a few hundred feet of water. In the late 1970’s, Swire Properties purchased most of the Brickell key property from the Claughtons, and began to put into place a master plan that would ultimately transform it into one of the most unique island communities in the world by the name Brickell Key.

view from living room!

Please feel free to call me 786.554.8063 or email me assal.g@ewm.com for showing instructions or to set up an appointment.

Plaza on Brickell

This is a winner!!!

One of my favorite buildings:  The Plaza on Brickell has been the most successful Related Group developments in DownTown Miami.

Trendy, luxurious, Well maintained, 24 hours doorman, greatest pool deck perfect for entertaining or to get away for some peace and quiet. Nice gym and other facilities, top location at walking distance from the best restaurants in Brickell including Mary Brickell Village. Spacious 1 bedroom (flexible) 1 Bath apartment.

Click here for Floor Plan

Fully upgraded with fully equiped kitchen, stainless steel appliances,granite counters, abundant closet space and a large bathroom.

Just perfect! and  for only $1,6000.00  a month.  Forget all about condo maintenance fees and property taxes.

Live the trendy life you deserve at the most affordable cost.

Come and see it or yourself: Call or text 954-263-9688 or email evelynsegall@cs.com

Brickell Key is a great place to rent in Miami. It offers a premium location, with easy access to the Beaches, Midtown, Coconut Grove and the Gables. Residents not only enjoy the first class condominiums, but also the manicured streets, beautiful landscaping and parks, and a jogging trail with magnificent views of the bay and city. Brickell Key is a true oasis just steps away from the Downtown and Brickell areas, which have experienced a great transformation in the last couple of years and now offer endless restaurant, shopping and entertainment options. And in terms of rental options and prices, there is something for everyone in Brickell Key!

Click here to view a chart of rent prices in the last three months and get an idea of what it takes to live in this beautiful community of Miami.

You may also be interested in my post South Florida Rental Update. If you would like help finding a rental or renting your property in Brickell Key, send me a note here.

Long-time favorite Tutto Pizza, loved for its thin crust brick oven pizzas, fresh salads and panini, is now offering delivery in the Brickell area seven days a week from 6-10PM. For a copy of the menu click here. Price Range: Appetizers $4-$12.95, entrees $6.95-$16.95. 1753 SW 3rd Ave – Miami – FL – 33129 Phone : (305) 858-0909

Newcomer Confucio Express Chinese Gourmet Cuisine on Coral Way offers takeout and delivery of its extensive menu of asian classics. Price Range: Appetizers $1.50-$9, entrees $8.50-$14. Hours: 11 a.m.-10 p.m. Monday-Thursday, 11 a.m.-11 p.m. Friday, noon-11 p.m. Saturday, noon-10 p.m. Sunday. 1810 SW 3rd Ave – Miami – FL – 33129 Phone: (305) 860-7747

La Provence French Bakery on Brickell Avenue also has delivery service for the area. For a copy of the menu, which includes artisan breads, pastries, and gourmet sandwiches and salads, click here. Price Range: Appetizers $3.00-$6.25, entrees $7.45-$10.25. Delivery Monday-Saturday 8 a.m. – 4 p.m. 1064 Brickell Ave – Miami – FL – 33131 Phone: (786) 425 9003

For more of my posts on Brickell Key real estate, news and events click here.

Want to receive my posts directly to your inbox? Click here to subscribe to The Key Insider.

The unit has 1 bedroom and one bath overlooking the river and boasts fabulous city views. The building features a rooftop pool, an impressive gym and a volcanic rock sauna.

Click here for a brochure. Contact Alexandra Restivo at 305.632.0164 to see this great unit or for any of your real estate needs.

Wondering what your Brickell Key condo is worth in today’s market? Take a look at all Brickell Key condo sales in the last six months. These numbers are meant to give you an idea of what is going on in Brickell Key real estate. But remember, prices are constantly changing.

Click on the chart below to see details of Brickell Key closed sales in the last six months. Data was taken from the Multiple Listing Service (MLS) and is deemed reliable but not guaranteed.

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For more of my posts on Brickell Key real estate, news and events click here.