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Is this the right time to buy a condo?
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ICON Brickell 
Good or Bad Buy?

It's Varun here again . . . welcome back to learning more about the Miami condo market. In this newsletter I am going to talk about the quintessential address in Brickell, ICON Brickell, and the buying opportunities perpetrated by lawsuits and pool closures. 

Icon Brickell has 1,718 total condo units plus 148 hotel rooms housed in a three tower condominium waterfront project in Brickell, Miami that was completed in 2008.
 

The complex consists of three towers connected at the base by the garage & pool. Tower I has 713 units. Tower II has 561 units, and Tower III which is the W Hotel and Residences has 372 residence units and 148 hotel units.


I see an investment opportunity in this building for the following reasons:
  • Olympic  size lap  pool (largest in Miami) with a pristine and luxurious pool deck overlooking the water
  • Centrally located in Brickell -  easy access to the highway, parks, and entertainment
  • Commands a higher rent when compared to other Brickell new developments
  • INVESTMENT OPPORTUNITY: Currently in a temporary price correction due to litigation and the pool closure
Recent Transaction History
* Data as of May 15, 2017
** Source MLS
*** % Profit /Loss numbers does not include agent comission and other related costs
What does this table say to you?
  • Every apartment is selling at a 10% discount from the list price
  • Apartments are listed on the market for more than 6 months at an average
  • We are seeing  pockets of distress with comparative 2008 crisis prices
  • With inventory on the rise in 2017 and with pool closure we should see prices correcting further aka now is the time to BUY 
Part of the Problem: Pool Closure
 
Every owner has already been charged a special assessment to mend the pool deck. The total cost of repairs is around $14M with construction due to be comlete by the end of the year. The associations have filed lawsuits against various entities that are still ongoing. 

Read more here: http://www.miamiherald.com/news/business/real-estate-news/article116746238.html#storylink=cpy
 

Read more here: http://www.miamiherald.com/news/business/real-estate-news/article116746238.html#storylink=cpy
Recent Transaction History
Supply and Demand
  • 23 units sold in ICON Brickell in 2017 averaging around a little more than 4 units per month
  • Around 12% of the 1,718 units are currently listed for sale
  • At the current sales rate there is close to 49 months of supply
 
Distressed Deal of the Week

ICON Brickell
Current Listed Price: $670,000
Per Sqft price : $462.00
At a 5 - 10% discount to listed price we are looking at 2010 price levels
 
Description
2 BD + Den, 2 BR | Spectacular water view | Large balcony
For further details please contact us.
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Varun Hemraj

Real Estate Advisor
Keller Williams Realty
varunhemraj@kw.com
TheBrickell.com
Copyright © 2017 TheBrickell.com. All rights reserved.

Disclaimer: The information contained in this report was obtained from sources deemed to be reliable. Every effort was made to obtain accurate and complete information; however, no representation, warranty or guarantee, express or implied, may be made as to the accuracy or reliability of the information contained herein.


Sources: 
https://statfunding.com/sites/publications
http://www.sun-sentinel.com/
http://www.realdeal.com


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Real Estate · 55 SE 6th St. · Apt. 4202 · Miami, Florida 33131 · USA

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