A few condo buildings on Brickell seem to intrigue buyers more than others. International buyers gravitate toward a handful that epitomize the ‘dream’ of living IN MIAMI, and South Florida’s sunny, easygoing lifestyle. One that appeals BIG TIME to foreign buyers is THE PLAZA ON BRICKELL . The Plaza is actually two towers: 951 Brickell Avenue and 950 Brickell Bay Drive. (The two towers are also somewhat confusingly referred to as #851 and #901, from recent pre-construction days, before the US Postal Service changed the “original” street addresses. You’ll occasionally find listings on Realtor.com, or through the MLS, or other websites – condos listed currently for sale or for lease – referencing those old street numbers. )
Brickell (literally overnight) became Miami’s “in” place to own a condo … in large part due to the addition of Mary Brickell Village , which added charm and infrastructure to the area, and made Brickell come alive! Read more about Mary Brickell Village here.
The PLAZA ON BRICKELL has breathtaking night views (waterfront mixed with city-lights), spacious balconies and sleek design. There are (as of this date) still a handful of one-bedroom units with striking views (water, city and pool) priced between $276,000.00 and $355,000.00 including a lovely 847 square foot unit on the 43rd floor. Realize that you are looking at an additional 6%-12% percent below the current prices I’ve quoted above. The developer is selling out the last of the units, and making for some interesting buyer opportunities at below the original preconstruction pricing. Give us a call if you’re interested in buying one of the units in The Plaza… Contact us by email at firstname.lastname@example.org … or respond via our blog here at MiamiRealEstateCafe.com.
The two “Plaza” towers are veritable “eye-candy” … especially for foreign buyers … a ‘sweet deal’. I’m intrigued though that less than 20% of the building was purchased (thus far) as income property (to be rented out) … Buyers seem to be purchasing condos in The Plaza on Brickell as their primary residence, or alternatively as a second home/vacation property.
Of the 560 units in Tower #851: 389 have closed so far, and 32 others are under contract. There are 139 units left to be sold, as of now.
Of the 440 condos in Tower #901, 392 have closed and 12 more are currently under contract, leaving 36 available for purchase.
Statistics for owner occupied units/vacation homes/ and investment property in The Plaza On Brickell are worth noting: 58% are owner occupied, and 23% are vacation or second homes, and 19% were acquired by investors for rental purposes. Fannie Mae approval is expected within the next two to three weeks. You are invited to contact us for updates.
Please add your thoughts or insights regarding Brickell, it’s infrastructure, condo purchases or opportunities. Your input to the MiamiRealEstateCafe Blog is MORE than welcome!