Rentals Now Available at Icon Brickell II
January 14, 2010 by Lucas Lechuga
I was notified yesterday that rentals are now available in tower 2 of Icon Brickell. Tower 2 is the southeast tower of the Icon Brickell development. The units are renting fast! 56 rentals were made available on Saturday and as of yesterday 15 had already been rented.
Below, you will find the floor plans that are available along with the starting prices. The rent price includes 800 channels of cable, high-speed Internet, one parking space, water and a health club membership. Pets are NOT allowed.
Call me at 305-428-3860 or email me at [email protected] if you would like to schedule a showing.
- H floor plan - 1 bedroom/1 bath - 732 square feet - starting at $1690
- G floor plan - 1 bedroom/1 bath - 984 square feet - starting at $2000
- G-Rev floor plan - 1 bedroom/1 bath - 1035 square feet - starting at $2100
- E floor plan - 2 bedroom/2 bath - 1327 square feet - starting at $2750
- C floor plan - 2 bedroom/2 bath - 1500 square feet - starting at $2850
- B floor plan - 2 bedroom/2 bath - 1503 square feet - starting at $2950
- D floor plan - 2 bedroom/2 bath - 1600 square feet - starting at $2500
There currently aren't any studio or 3 bedroom rentals available.
Let me know when it becomes Section 8.
Do they negotiate or is the price firm?
Two rental posts in a row. I guess this site is shifting away from its “investment” theme.
RENTER TOM….what do you think about those rental prices? I think there still at least 30% too high……anybody else??
Joe, Lucas needs the site name to stay to keep his search engine prominence, even though the site name is quite dated and irrelevant in 2010. In order to keep the search engine hits, may I suggest a new name of this blog:
“www.Miami Condos: Bad Investments.com”
Rentals are quick money. In this case all you would have to do is take your client to Icon sign a sheet and collect a commission check. You essentially lose your soul being a real estate agent. You start grifting everybody. Which is how we got into this mess. Until the government stops subsidizing real estate this will never end.
Anyone wanna bet against me? I say those rental prices will be 20% lower in 6 months.
Those rental prices seem high to me.
I say 30% lower.
Hey WILD BILL thats exactly what I think.I’d like RENTER TOM’S perspective on this….He’s the Man in the KNOW.I’m surprised the Government dosen’t rent those EMPTY buildings for WELFARE HOUSING.At least you get them off the street and it helps the Developer stay above water
My first impression was the rental prices seemed pretty high…..I personally pay a tad more than any of these but I am in a pretty fantastic condo on the beach with outstanding direct ocean views. I want to live in a great place so I am willing to pay the price which is still half the price of owning (HOA, taxes, mortgage/cost of money). I wouldn’t pay those prices to live downtown…..maybe on the beach if great views, but downtown???
Remember, rents are driven by incomes since there aren’t any financing games that can be played such as pick a payment mortgages etc. These rental prices will need to come down quite a bit….20%? 30%? don’t know. I wonder what finishes they will use to complete the units???
P.S. I am waiting to hear from AJ saying that all his friends from Bombay would jump at these low prices!!! ROFL
Even Manhattan rents are down down down….again, rents are driven by incomes.
Manhattan Apartment Rents Drop 9.4% Amid Job Cuts
Prices are obviously way too high…..kinda like the sales prices. I’m guessing they’ll get a few suckers to sign leases at these rates, then they’ll drop them significantly…..kinda like the sales prices.
Anyway though, Jersey Shore is on now, WTF am I doing posting here…I’ve got way more important things to be doing right now!
Hey Tom you say that rents are driven by income, how are those figures calculated? Are you using some indicators or indexes?
I am wondering if that is really only part of how rents are determined. Wouldn’t real estate agents have a large factor setting the rate since their income is based commission on the rental price? (Isn’t it like a month or something?) All they simply have to do is just say that the rent price will not move and that is what we are stuck with, or am I missing something?
LookingForDeal – Yes, you are missing something LOL…..if people aren’t earning the big money they can’t pay the big rents….As such, the units will either stay empty or they lower the rent prices……
Why do people think that Tommy boy the renter is some sort of messiah about the market? Anyways I toured the Icon the other day and it is quite impressive. I would never ever buy or rent in there as I that is def. not my style but I can see how the Ed Hardy crowd would fall in love with this. I don’t think they will have much trouble renting at these prices. I have been sitting on the fence for the last 4 years and renting. Couple of months ago I decided to get off the fence and wanting to buy. Is it the bottom yet? who knows, I know all the statistics about shadow inventory etc. but for the right neighborhoods ie south pointe or sfh in shores area I think we are pretty close or there already. Supporting that assesment is that I have bid on 3 places so far and lost out on every one of them. I’m not getting desperate however and still waiting for the right deal. Not an investment deal but a place to live in for a couple of years at least. Best of luck to you all and keep on renting Tom. beach condos are never going to be the place to invest in – long or short term
As always, bunch of losers – Joes, Renter Toms, Aces, etc. – with no money to buy but ultimately oh so badly wanting to own (otherwise why so much passion about real estate from a bunch of renters, trying to talk the market down?), will completely miss the bottom due to excessive belief in each other’s BS…
Miami had already leveled off. Quantum’s developer inventory is gone, for example, and sales office has moved out. Rentals will soak up the remaining inventory across this city pretty quickly. Intake is pretty strong without any new supply.
People with real money are decending on Miami in droves, scooping huge bargains and leaving bearish crowd in the dust, to sit and wait for another opportunity in 10 years. Which they’ll miss again, of course. Such is the destiny of a loser.
I have a feeling the majority of people in Miami are still spending 60% of their income on housing. I don’t think people realize this is not the way they are supposed to live. It leaves no room for escorts and strip clubs.
BottomFeederNumeroUno said: “trying to talk the market down?”
– Oh please, give me a break. 2010 will have record high foreclosures in our area and with Prime Jumbo delinquencies hitting nearly 10% around here talk isn’t what is bringing the market down. Strategic defaults will be increasing too. Reality has sunk in and the pain train runs through all of 2010. Toward the end of 2008 I wrote you might as well skip over 2009…I think I was right. The funny thing is, I might buy a condo soon…..just to have one for fun AND I will be doing it with the money I saved by renting! It’s true, I calculated how much I’ve saved (renting at half the price of owning plus price declines round out to about $300K) and may just buy one if the right one comes along….I have two contracts on my desk now but it really is optional whether I want to pick up a condo for fun or pull the trigger on a larger one for a primary residence. Again, NO RUSH……
Care to say, Renter Tom, what that “right condo for fun” looks like? A lot of people on this forum are following your every word with bated breath. Inform us, please, which condo deal would make you to sign at the dotted line?
did the marshalls leave the the previous victims furniture ??
Its funny that some people are labeled losers because they have yet not bought in this market or choose to be (rightfully) skeptical. I’d rather be renting w/ little worries rather than to have bought in the past and be $100k+ underwater or to have purchased recently and be constantly worried that valuse will decline even more. Comments like #17 are made by idiotic realtors, unscrupulous mortgage brokers, desperate developers or simply fools that bought a unit at the wrong time and are now very bitter about it.
#17 says: “Miami has already leveled off.” Sure buddy. I believe that. Moron.
Drew:
Brilliant!
Anyone who asserts that Miami’s real estate values have “leveled off” is clearly “punch drunk,” deluded and otherwise using up valuable oxygen and natural resources. PUT THE CUP DOWN AND BACK AWAY FROM THE COOL-AID!!!!
“Rentals will soak up the remaining inventory across this city pretty quickly.” – – BottomFeederNumeroUno
PLEASE!?!?! Rentals do not “soak up” anything. Rather, they merely transfer possession from tenant to tenant. Rentals do not “soak up” deeds nor do they transfer title or decrease existing inventory. Tenants do not pay real estate taxes nor do they pay HOA fees.
At best, rentals generate momentary “bubbles” of hype – – and if Miami has learned anything from the “pump and dump” that occurred over the past seven (7) years, it should be: Momentary hype builds little to no sustainable value. As I saw at the NeoVertika development after it opened: you can pack a development full of south beach wanna-be party flunkies and hold all the loud parties you want – – but the hype won’t build sustainable values if the development has no substantive value to begin with given the availability of suitable alternatives for tenants to chose from. Once again: PUT THE CUP DOWN AND BACK AWAY FROM THE COOL-AID!!!!
A word of caution to anyone thinking about renting in ICON or any other financially distressed condo building: READ YOUR LEASE VERY, VERY, CAREFULLY. Real estate agents are not competent (no offense folks, but they just don’t have the skills – – ask the Florida Bar) to advise prospective tenants in this regard, but I imagine that new lease agreements will and do contain a whole host of clauses designed to benefit the distressed condo development at the expense of, or detrimental to, the tenant.
scriv
Certainly some opinion floating around out there… BottomFeeder you sure are making some accusations. But I will agree to an extent, there are a large mass of people out there that currently do not have the funds to buy, after all FL has one of the highest unemployment rate. But I don’t think your statement can be said for every person. As I can only speak for myself, I can say that I have looked how much it will cost to rent vs. buy. After calculating the associated unstable risks of owning a condo (i.e. HOA, taxes), my personal opinion is that at this point it’s not worth buying. We may be at the bottom of the market, we may not be? But I am taking a more conservative approach with my money and investments and would rather pay a bit more, when there is confidence of stabilization than gambling on trying to hit the absolute bottom of the market. I simply do not see the over-all benefit.
As far as the comment “People with real money are decending on Miami in droves, scooping huge bargains” I would say this… is there anybody out there now, with OR without “real money” that has bought and does not feel like they got a “huge bargain”?
Plus that seems to be the major marketing slogan right now, every realtor is saying how it is a great time to buy… come to think of it, I do not recall a realtor ever saying it wasn’t a good time to buy (nothing against realtors, my in-laws are realtors in Naple).
BOTTOM FEEDER …….I would bet the FARM that you are KEVIN TOMLINSON…..in cognito…….. KEVIN TOMLINSON is a TRUE BOTTOM FEEDER and is only trying to get in LUCAS’S face. GOOD TRY KEVIN!!!!!!!!!
BOTTOM FEEDER NUMERO UNO……..AKA…… NUMBER 1 MORON
Who cares who BottomFeederNumeroUno really is: wrong is wrong; stupid is as stupid does. Anyone who perpetuates ignorance is not worth their salt.
scriv
I agree with you Scriv……….it just goes to show you that some people have nothing better to do with there time.
$1690 – $2100 for a one bedroom? Good luck with that.
I have nothing against the Icon, but from the get-go the prices were always at a big premium over other properties with no real justification as to why.
The average Miami club promoter / VIP host / waitress / bouncer type etc doesn’t have the income to support the rents listed.
and just think of the raw numbers. They made 56 units available. So there are 1600+ units left to go! 1600! While I support their business decision to try to snag a few suckers with the high rents to start with, these rents have nowhere to go but down.
I am glad to see the units going into the hands of end users.
While we are on the topic of rent does anyone know when rentals will become available at Marquis downtown? I have toured the buildng and like what i have seen. That might be my next home as soon as my lease is up at 900.
I think don’t mean to challenge anybody here but I think it is important to have people like making his comments and telling us his/hers point of views.
In order to understand the market you need to have a complete holistic view, not just what you feel is right or wrong, what moves should or shouldn’t be made. I think you just try and learn from what is said and be asking why he/she feels that way and try to understand it. In gaining that knowledge it only provides you greater insight to what people are doing and feeling about how to approach the market place. Remember not every person is going to take the same approach and have the same views, if what BottomFeeder is saying is that there are people out there that feel this is the bottom of the market and not buying is now the time. So if I was selling a condo I would be looking for a person like BottomFeeder to be selling to and using that as a motivator.
Just my thoughts…
Hi Lucas,
Any idea when the recent sales and rental tabs will be updated? thx
LookingForDeal
The problem here is that most people talk in generalities and hyperbole. Take scriv for example. Even when typing scriv is always yelling and he doesn’t even know how to spell “Kool-aid”. It’s like watching Democrats and Republicans argue. Since their main point is to push their agenda and not look at facts, it turns into a group of people arguing about half-truths. Look at the banter here mostly childish name calling.
Drew – I agree that Miami’s has not leveled off but Brickell doesn’t seem to be doing to bad.
Month to Month Median Sales Price in Brickell
August $207,800 (Down 5%)
September $237,800 (up 14%)
October $226,000 (down 5%)
November $228,000 (up .8%)
Average over 4 months 1.2%
In comparison Miami as a whole seems to continually drop at about 5% per month. Since were on MiamiCondoInvestments.com I’m going to assume people are primarily concerned with condos in Brickell.
In August ’09 Brickell median sales prices dropped below the Miami median before quickly correcting. If you think Brickell is going to drop below Miami as a whole then I strongly disagree.
It appears as thought the biggest losses to come will be in the high end jumbo market. The bottom can’t go much lower.
The biggest problem as everyone here can clearly see is the HOA and taxes. Brickell is a desirable area and as a result will always command a price above the Miami median. Sales prices are where they should in relation to the market but HOA and taxes still make the total cost too high. For prices to correct there are only three logical outcomes:
1. Sales prices fall, HOA and Taxes hold
2. Sales prices hold, HOA and Taxes fall
3. Sales prices fall, HOA and Taxes fall
We are definitely at the bottom NOT
foreclsoures highest since april
Since it is Friday, here is something for all to enjoy:
Happy Friday to all.
scriv
Gixxer 1000:
My spelling of Kool-Aid as “Cool-Aid” was intentional.
scriv
scriv:
Why would intentionally spell it wrong, it would only detract from what you were trying to say.
“kool” v. “cool”?
Really?
scriv
Ok, Gixxer 1000:
If I was being to subtle and too dry, so be it, it happens. If the difference between “kool” (which is not a word but a part of a brand name) and “cool” (meaning “socially adept”, “great; fine; excellent”) then fine: my bad.
scriv
“PUT THE CUP DOWN AND BACK AWAY FROM THE COOL-AID”
This to me sounds like a reference to the phrase “drink the Kool-Aid” meaning to believe something blindy. A reference to the Jonestown massacre where they all blindly believed in Jim Jones and drank Kool-Aid with cyanide in it.
How would changing it to “Cool” help to prove your point?? I could see if we were talking about somthing that was cool and it was some type of word play.
You thought it was spelled “Cool-Aid”, no biggie.
Gixxer 1000:
“You thought it was spelled “Cool-Aid”, no biggie.”
No, not really.
But….I am calling it here and now….10 points for the Gixxer! You correctly picked up on the reference!
Use of the word “Cool” in lieu of “kool” was intended to covey the idea that not only the blind belief in the person they followed (the developer), but also the mistaken belief that the drink itself somehow made what they were selling and saying “cool.” (Remeber the crack about the “south beach wanna-be party flunkies”?)
The hyphen between “cool” and “aid” means that “cool” modifies “aid”: meaning that the contents of the cup somehow aids the drinker in being “cool” (“socially adept”, “great; fine; excellent”). The other, obviously too dry and subtle, was to “stop drinking the cool-aid” because: it ain’t workin’.
Happy Friday.
scriv
bottomfeeder…
who cares about catching the bottom ? you could miss it all you want and still not be harmed in any meaningful way. so maybe you pay five/ten pct more than the best deal possible. so what. better than paying twenty/thirty pct more than what you should have bought at.
understand, the miami re market, even after a recovery, will be stagnant for years to come. let me repeat…YEARS TO COME (and this isn’t my layman, albeit, industry exposed, opinion. rather, i’ve sat in enough negotiations over the past year with commercial RE appraisers that all have the same prognosis…except for m.cannon).
computer consultant
“foreclsoures highest since april”
What is the significance of this? From the article YOU posted about forclosures:
“Banks repossessed more than 92,000 homes, up 19 percent from November. That increase was likely due to lenders working to clear their books at the end of the year, RealtyTrac said.”
Its a little misleading to say “foreclosures highest since April” when the overall trend is that they have been falling since March, the YoY trend from last December is down and the spike in December appears to be Banks working to clear their books.
I’m not arguing that the market isn’t falling. I’m just pointing out that many people are drawing arbitrary conclusions.
Gixxer, you are a chump and come across as an extremely annoying individual on this blog. You speak as if you are some sort of all-knowing financial wizard and for some reason enjoy citing previous comments from others and applying your asinine analysis.
Since you seem so concerned over homonyms and other grammatical matters, how about some of your previous comments from the past few weeks in which you consistently referred to condos as “Condos”? Why the capitalization, Gixxer? “Condos” is not a proper noun nor does it have any other characteristics that would necessitate capitalization.
So please refrain from your trivial criticisms, as you are taking away from any meaningful discussion and, as I said, it comes across as very annoying and patronizing.
“i’ve sat in enough negotiations over the past year with commercial RE appraisers that all have the same prognosis…except for m.cannon”
Interestingly enough these are the same RE appraisers that were valuing property 40% higher two years ago than what it is selling for today.
They overshoot on the way up…..and on the way down.
We can all make educated guess, but last time I checked no one can predict the future.
Could the market be stagnant for years to come..possibly. Is it a fact…of course not.
Regardless, that is besides the point. Not every market within Miami is going to mirror the market. You don’t buy a property in Brickell, South Beach, etc. based on what Miami is doing, you buy it based on what that specific market is doing.
Drew
First off scriv seems to be fine with our discourse. I simply took a quick jab at scriv because I thought some of his comments were mainly hyperbole. While scriv’s humor is a bit dry (admittedly) there has been no indication that my comments were offensive, especially as other people (yourself included) are referring to people as “stupid” and “morons”. When have I called anyone anything remotely close???
“So please refrain from your trivial criticisms, as you are taking away from any meaningful discussion and, as I said, it comes across as very annoying and patronizing.”
Are you serious???
You started this thread by saying “Let me know when it becomes Section 8.”
Then you followed it up by saying that name of the site should be changed to “www.Miami Condos: Bad Investments.com”
Where is there any meaningful discussion in anything you have recently wrote???
You come to a guys blog called Miami Condo Investments and trash the entire market without any empirical data and say I come off like a chump?
I’m sorry if you feel annoyed or patronized buddy but its the internet… get over it. I’d probably be annoyed too if I never took a college finance class and I thought the mention of the risk-free rate made someone come off as an “all-knowing financial wizard’.
I personally would like to come here and get some good solid opinions from insightful individuals but the reality is a lot of people here are probably living at their mothers house praying that Brickell condos will one day sell for $20 sqft so they can finally afford to move out and any mention to the contrary and they immediately call you a moron.
gixxer
(1) they’re not the same folks (except for cannon)
(2) perhaps one could suggest they’re pessimism is a tad overboard, but, i’d lean more on that view than the opposite view of expect growth (at a historical level?) within the next three years. sorry, just not happening. a significant amount of the condo market has not been absorbed. instead, it’s just been moved over temporarily into rental stock. the end question still remains – who the hell buys this stuff and at what price? no one knows. that type of unpredictability breeds caution in making a buy decision.
BOYS, Boys, boys…don’t make me come back there and separate you two.
It’s Friday, after all.
scriv
“their” for the spelling nazis that are obsessed with cool-aid v. kool-aid. chill folks…it’s just a blog
Since this has gone completely off-topic, I’ll contribute one small correction on the above: It’s a common misconception that Kool-Aid was what was used at Jonestown…..it was actually Flavor-Aid.
Carry on.