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Developer Offers Brickell Harbour Owners $500 Per Square Foot

Condo owners at the 17-story Brickell Harbour have received an offer to buy out their units, according to the SFBJ.

Star Acquisitions LLC of Coral Gables is trying to buy out all of the owners in the 182 unit building.

One broker said his Brickell Harbour client was offered over $500 per square foot for his unit. That compares to an average selling price in the mid $300s last year.

The offer only stands if at least 90 percent of owners accept, which would allow the buyer to terminate the condo association under Florida law. Any remaining owners who haven’t accepted an offer could be forced to sell at a lower price following termination.

In Florida, the threshold to terminate condo associations is 80 percent under a 2015 law. Some older associations are still able to maintain a 90 percent threshold, depending on the language of their condo documents.

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12 Comments on "Developer Offers Brickell Harbour Owners $500 Per Square Foot"

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Anonymous
Anonymous

Sounds like they just won the lottery if you asked me.

¯\\_(ツ)_/¯
¯\\_(ツ)_/¯

a cool million if you have 2k sqft…Id take it.

Rigo
Rigo

At $500 psf these unit owners can trade up to any of the modern, preconstruction or recently completed condos in the same area and get a larger unit in a more amenitized building…sounds like a no-brainer to me.

City Commissioner
City Commissioner

There are no such larger units. Square footage and condo layouts are only getting tighter. These older Buildings are the only ones with ample open plans.

Good waterfront development
Good waterfront development

Brickell Harbor has small size apartments. Some 1 BR’s are less than 799 sq ft. Brickell townhouse has one of the largest Apts. some 1 BR’s over 1,000 sq. ft. Smaller 1 BR’s in the in the high 800 Sq. Ft. The old Condo’s with extreme large parcels are already most likely talking with several developers. God just is not making more water front properties. Don’t underestimate the Chinese developers in the Miami market.

Rigo
Rigo

I don’t think that is right. Maybe not at the highest end of the new construction buildings, but many of them can be had for $500psf.

Edg(y)water
Edg(y)water

the prices will be between $300,000 to $600,000 based on how big the condos are in that building

http://www.dienerproperties.com/brickell-harbour.htm

Anonymous
Anonymous

That’s actually a really great deal if you think about it. Miami has some of the best views and cultural institutions that even NYC or Chicago can’t provide.

AndrewN
AndrewN

I hope you aren’t comparing the Perez to the Art Institute of Chicago or the Met. Yes Miami has made huge strides in cultural institutions, but it is far from offering what New York or Chicago can offer. Miami does have something they will never have–warmth and sunshine during the winter months. Don’t get me wrong, I love Miami. I just think these comparisons are ill-informed.

Anonymous
Anonymous

I live in this building, and this is not in any way a “great deal.” The waterfront location and views are what make this property special. Any owner who sells for that price has lost their mind – trading up for a similar view is impossible at that rate.

305
305

I wonder how tall the future building will be here?

Anonymous
Anonymous

Damn please buy out my old crapy building.

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