The condo market in Brickell has returned from the bowels.

The condo market in Brickell has returned from the bowels of the condo crash to only return a veritable force in Miami’s diverse real estate landscape. I lived in Brickell myself for three years when we were in the midst of the real estate collapse and it has completely changed for the better. When I lived in Brickell there were empty units everywhere, developers were desperate for renters and would basically lease to a tenant if they had a pulse. In the association’s defense they were just trying to keep revenue flowing to keep the building operating. Regardless, this seemed to only make the situation worse because they were renting to very undesirable tenants to say the least. I resided in a high-end condo in the middle of Brickell (I won’t say their name) but there were many nights I came home to someone passed-out intoxicated in the hallway. It was not unusual to enter the elevator with smell of alcohol, vomit, dog urine and cigarettes. It was such a tragedy to witness something that was conceptualized for an upscale lifestyle, degraded to a frat house for a bunch of jackasses, which had no vested interest in the building.

It has been amazing to watch how much things have changed in the past year. I just sold a unit in the same building to a family excited to take ownership. The building does not even resemble the abused, neglected and unappreciated objectivity of Miami’s condo glut. A lot of factors have contributed to this change, first being the association they finally took a tough stance and must have suffered cognitive dissonance from turning away renters when both the association and owners were desperate for cash flow. Their actions were one piece of the puzzle, the affordable prices attracted buyers, whom were cash buyers and started paying association fees. The building was transitioning to actual owners that could afford the unit and had a vested interest in the building. This is happening throughout the Brickell condo market. After speaking with the principle of Florida Foreclosure Transaction LLC, he stated the two buildings he is excited about in investment terms is One Miami and The Club at Brickell Bay. He has put his money where his mouth is by purchasing multiple units in each building. He feels the value is there, with reasonable association and a high demand for renters. That is not saying he will buy anything, it seems the investor price per sq ft is fluctuating between $160-$200 depending on the unit.

The Brickell condo market is also being helped by more than just investors but end users. Brickell is the home to many professionals such as bankers, lawyers and physicians who are taking advantage of the market. Either way you look at it Brickell is on the rise again, snubbing its nose at the naysayers and roaring back even stronger than before.