I am looking for an expert in the Miami Brickell area to connect with. I am about to place a offer in a condo there and would highly appreciate a local's opinion. Thank you!
Hi John - what building? Brickell is a great long-term price appreciation play. Short-term, both for appreciation and cash-flow, you're a little late to the game. Rents appeared to have topped out and we're seeing slight dips now as inventory is starting to flood the market (approx. 7k units under construction / 14k additional proposed).
Hi! @Alex Riera numbers are correct. There are a lot of properties entering into the market in the next few months and I see a decline in rental prices. Saying that, the money is made when you buy not when you sell so if this is a great deal go for it! If you need help you can reach me by direct. Good luck!
Hi John, I'm a local in Miami Beach and have done work in the Brickell area for the last few years. I'd be happy to connect and chat more about your deal.
Brickell is certainly a Buyer's Market meaning that you have greater bargaining power than in years past (over 24 months of inventory). Be sure to use this to your advantage and negotiate best price possible. I would not only look at recent sales in the building, but I recommend presenting a market overview to the Listing agent/ Seller so they understand that prices may trend down with all this new inventory entering the market. I did this for a customer buying a condo in Key Biscayne and we were able to get best price per SF for Waterfront views in the entire complex in past 3 years. Knowing your numbers helps a lot! Feel free to contact me to chat. -Alex
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