Report: Brickell Now A Sellers Market, With 99% Of New Condos Built Since 2012 Sold

Nearly 100% of condos built in Brickell since 2012 have been sold, and the resale market now favors sellers, according to a new report.

The report by RelatedISG Realty shows that 5,604 condo units have been built in Brickell since 2012. Just 53 of those units have yet to be sold.

The 53 units left include 48 at Una, which is under construction with completion expected in 2025. Another 5 are left at Brickell Flatiron, the report says (developer CMC wrote on social media this week that Flatiron is sold out).

No new units are being built between now and 2024, the report says. In 2025, Una and Baccarat Residences are expected to be completed.

The existing condo market has now reached a level that favors seller, with less than 10% of inventory of the new units since 2012 available for resale.

The market has been so strong in 2021 that by May it had already surpassed sales volume seen through the entire 2020.

 

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Anonymous
5 months ago

So many naysayers that have been commenting on this site have proven to be wrong. I recall that there were several commentators that believed Brickell Flatiron would never get built. Now, it nears a sell out, as does the whole neighborhood. #miami winning

Anonymous
5 months ago

Same people moved to make negative comments on Miami Worldcenter and once that’s finished they’ll move to something else. Haters gonna hate😂

Anonymous
5 months ago

They’re not haters.. they’re expert naysayers…

Anonymous
5 months ago

….and mostly jealous naysayers.

Anonymous
5 months ago

1,500 new jobs and these mouth-breathers say, “I’ll believe it when I see it”.
Wake up dopey…..you are seeing it.

I’ve seen more Miami success stories than I’ve seen Wardy Joubert III in the last year.

Jesus
5 months ago

A bubble may be in the making but if folks continue to leave high tax states, unstable countries, we can continue to see economic growth in the area and see more skyscrapers getting built. Things look quite good for us right now.

Anonymous
5 months ago

until a hurricane and flood

Anonymous
5 months ago

In case you just fell off the turnip truck yesterday and you wanna speak about something you really don’t know, Miami is a city that has been putting up with hurricanes long before you were born and that didn’t stop developers..

Anonymous
5 months ago

In the last 10 years, New York City has experienced more hurricane damage than Miami has experienced.

Anonymous
5 months ago

And you think WE live in a stable country? Lol

Anonymous
5 months ago

Time to increase supply

Anonymous
5 months ago

Along the Miami River, Biscayne Boulevard, and Edgewater with high-class towers not designed by Arqueeftechtonica, unless like their Sunny Isles Beach ones.

Anonymous
5 months ago

I think they will keep going up. Especially, now that the dollar is low and the world starts to open up as the pandemic comes to an end. I think there will be a ton of foreign money coming in at the same time NY and north east money is coming from people moving down. Moreover, construction costs are very high to offer new inventory.

Anonymous
5 months ago

I just hope for at least a couple of really good looking buildings, adding more than just few lights to the skyline at night. i have lived west of brickell for the last 15 years. I have seen the sprawling of the skyline. for a long time it was a lot of fun, but lately, it is just one rectangular box after the other. taken one at a time, they are good infills, sometimes exciting, but now is just boring.

Anonymous
5 months ago

i dont think i would ever want to buy a condo in Miami. The developers / GCs cut corners when building and there are always problems down the road that the unit owners get stuck with. I rent a place in Axis and they are saying the elevators originally installed when built were the right ones and that to replace them will be $10 million. All paid for by the owners

Anonymous
5 months ago

The problem with the Axis vertical transportation is inefficient design. Only 2 elevators located at opposite ends of the building serving hundreds of units spread over 40 floors. If all 4 elevators were together it would take half the time. When Axis is busy you can wait for up to 10 minutes for an elevator to arrive! A faster elevator might help a tiny bit but not by much because the demand is so high, elevators are stopping at almost every floor to pick some one up or drop them off. It never gets a chance to accelerate to top speed. The building design is the source of the problem not the GC that built to the design.

Brickellite
5 months ago

Every HOA is going through or has gone through the elevator nightmare, developers are for profit. Putting in 700′ per minute versus 1000′ per minute, no dedicated service elevators, if you are going through this process its very disheartening and adding new elevators or upgrading to “destination ” elevators is daunting.
The only building that has no major issues is the Reach BCC, I am currently President of a 407 unit Related building aggressively pursuing 558 to get a solution…its not fun

Anonymous
5 months ago

yeah it is all crap its the walmart of construction so sad

Anonymous
5 months ago

Excellent decision.
Axis is about 15 years old.
When you buy a house in Hoboken, nothing ever needs replacing in 15 years.

Anonymous
5 months ago

New Cycle begins

Anonymous
5 months ago

Miami Winning!

Andrea
5 months ago

I remember 2008 when “Miami will never recover from the foreclosure”….
Buying a penthouse at that time has been one of the best decision of my life.

Anonymous
5 months ago

nice! nothing like fleecing a bunch of wannabe yuppies and trust fund babies!

Anonymous
5 months ago

Thank you Trump, and Republican Congress in office between 2011 and 2021. Watch the bubble pop now like it did in 2007 when the Democraps took control of Congress.

Anonymous
5 months ago

So, you weren’t working because you couldn’t find a job from 2008 to 2016?

Anonymous
5 months ago

Just wait until they all have construction defect lawsuits and pool decks closed in 5-10 years. All these owners will be taking 30-50% losses on what they paid pre-construction. We’re already seeing it with most of the buildings from the 06-09 boom, and even already with some from after that. Sell now, get out while you’re ahead

Anonymous
5 months ago

Haha

Anonymous
5 months ago

Anything built in 2009 to 2016 is now 12 to 15 years old. I bought my house in 2015 and even things I bought back then and put in it are now breaking along with things that can be expected to start diminishing on a house as time goes by. So anybody who buys a condo shouldn’t be surprised later on when things need to be replaced or fixed.

Anonymous
5 months ago

“We’re already seeing it with most of the buildings from the 06-09 boom, and even already with some from after that.”
I was wondering when Peter Zalewski would resurface.

His “Vulture Fund” started raising funds and ramping up around 2013. Looks like his bet on the oversupply of Brickell Condos is about 100% wrong.

Anonymous
5 months ago

This is a lie at best.

Anonymous
5 months ago

I can smell the bubble just from seeing this report..

Anonymous
5 months ago

smell me

Anonymous
5 months ago

Then clearly, you do not know the difference between real estate cycles and bubbles.