Plaza on Brickell – 1 Bedroom/1 Bath – $282,000
November 6, 2007 by Lucas Lechuga
The above picture of the progress at Plaza on Brickell was taken this afternoon. The weather was just perfect today, as it has been for the past four days. 80 degrees, no humidity and clear skies! What more can you ask for in November?
Plaza on Brickell is scheduled to begin closings in January of 2008. I'm a fan of this development for two reasons: price and location. Well, actually three. I also like the commercial aspect of the development on the ground floor along Brickell Avenue. I've been told that these spaces have already been accounted for and that a few fantastic restaurants and cafes will open there. It will nicely compliment the shops and restaurants at Mary Brickell Village which are only a few short blocks away. City living is finally beginning to transform Miami.
Someone contacted me a few weeks ago who has a 1 bedroom/1 bath condo under contract at Plaza on Brickell. He went to contract on the unit the first day that sales began. The condo has 838 square feet of interior space and a 130 square foot balcony. The unit is located on the northwest corner of the 851 tower, which is the taller of the two towers, and is situated above the 20th floor. The floor plan of the available condo is below:
The contract holder of this condo at Plaza on Brickell is looking to sell it for $282,000, or $337 per square foot. Units at Plaza on Brickell come move-in ready. Contact me with any questions or if you have an interest in acquiring this condo.
Yup – sure it’s strong enough. Just like Citigroup’s. I wouldn’t be so sure that any developer’s balance sheet is strong enough – the bigger they are, the more they have in project finance, and the more likely banks were to lend with little equity. The bigger they are, the harder they fall.
I have already seen units with an asking price of 280 per sq. ft. for this development all over craigslist. I don’t believe anything will move for more than 300 per sq. ft.
how are ammenities in this building? luxury or average? how is the lobby? any renderings?
Juan, $280-300 per sqf wouldnt get you higher than the 10th floor.
You wont see discounted prices in this building as the developer isnt giving concessions. I’m sure Related’s balance sheet is strong enough to protect its unsold stock
JS:
I agree with you. I do not understand why people think Related Group will have a different fate than the other developers.
ITOH, who except a single 20ish would buy a unit that small?
I do not have much experience in the field (I barely have been living here 6 years now) but I think that in the boom the houses increased in size and the conde decreased. But maybe is just an impression.
Cannabilization at its best: in a one mile radius; you have:
(1) The Plaza on Brickell
(2) 500 Brickell
(3) 50 Biscayne
(4) Icon Brickell
(5) Loft 1
(6) Loft 2
(7) Loft 3
Anyone who think they can whether this storm better have very deep pockets and a long term outlook. In the next year something like 16k units are coming on stream assuming they are completed which will not happen in all cases.
Prices have not even begun to tumble as yet. Thousands of properties are going to end up with lenders who will be fire sale pricing these things, why? Because they will have already written off much of the loss from their balance sheets and the sales proceed will essentially be an upside.
They worst is yet to come, in the second half of 2008 there will be deals galore, still not cheap but look for 30 percent plus discounts to the prices today. It is simple economics and factor in soft demand plus the motivations of the sellers and it is an obvious situation.
As always the people burned the most are those that bought at the top of the bubble. They will never recover their investment and some will ultimately lose the home altogether.