1915 Brickell Ave CPH-10
3 Bed | 3 Ba | 2,100 SF | 2-story
Selling Price: $660,000 or $314 p/SF
Brickell Place Condominium is one of the older buildings on Brickell Ave; built in 1980. Even though this complex is older and competing with the "shinier" buildings along the Brickell Ave corridor, it does have a following of buyers who see it as a value play.
Older buildings tend to offer larger units and less density with open common areas as is the case with Brickell Place. This complex has also undergone some recent renovations to its common areas and residents enjoy the diversity it offers; two pools, tennis courts, park-like BBQ settings, on-site management, convenience store with deli, plenty of parking with expansive garage (no tight spaces here), boat dock and more.
In this situation, location truly outweighed newness. The buyers who already owned a unit in the building didn't even bother looking elsewhere. They were convinced this is where they want to buy another unit for the family and waited for the right opportunity to come along. And it did!
This unit originally came on the market on September of 2014 with an asking price of $980,000. After cycling through two terms with different agents and several price reductions, it came back on the market on September of 2015 with an asking of $855,000. After reducing the price even further to $695,000, my buyer thought it was time to see the unit. Patience does go a long way!
Offering favorable terms to the seller (cash and quick closing), we were able to negotiate the deal to $660,000 or $314 p/SF. Know that the average Brickell corridor price per square feet is $411.
What this means is that the buyer, with our expert advice and help with understanding value, was able to buy a PH unit in one of the most vibrant areas of Miami for 24% under market value. And it holds true that Gold doesn't always have to shine!