BrickellHouse Leads Miami’s Next Wave of Condo Development

By Georgiana Mihaila, Associate Editor Less than four months since launching, BrickellHouse has managed to sell 50 percent of its future 374 units of condo space near downtown Miami. The fast-paced sales activity is being driven by international, cash-heavy buyers from [...]

Less than four months since launching, BrickellHouse has managed to sell 50 percent of its future 374 units of condo space near downtown Miami. The fast-paced sales activity is being driven by international, cash-heavy buyers from Europe, Canada and a range of Latin American countries such as Argentina, Venezuela, Mexico and Brazil.

The $170 million luxury condominium project under development in the city’s Brickell Financial District comes as a result of growing demand for high-end, new-to-market products. When the project was first announced, developer Newgard Development Group, led by Harvey Hernandez, had made public its intent of marketing the condos on the Latin American market. Yet Brazilian investors, which have garnered a great deal of media attention lately, did not land the top spot in the BrickellHouse list of buyers — Venezuela did.

“The fact that BrickellHouse has reached the 50 percent sales mark in just four months is further proof that Miami’s condo market is back,” said Alicia Cervera Lamadrid, managing director of Cervera Real Estate. “BrickellHouse’s central location, cutting-edge design and luxury amenities make the project particularly attractive to sophisticated international and domestic buyers looking to buy at pre-construction prices that are 30 to 50 percent below the height of the market.”

The accelerated sales rate points to renewed demand for condo living in South Florida, which will likely be satisfied by a fresh wave of new development. 22 newly announced projects are currently underway or in the planning phases and will add, upon completion, more than 4,000 units to the local market. According to a June 2011 market study conducted by the Miami Downtown Authority, there are currently less than 1,500 condos available on the market in the Brickell Financial District. Thus, if sales activity maintains its current rate, developers and managers may see an unprecedented state in the Miami condo market – one in which there is a near-total absorption of existing condo inventory.

For more local news from Miami, click here.