Reports have been buzzing with the apparent revival in 2012 of the downtown Miami condo market and its implications for the Miami real estate market. It seems that Miami condos are back in high demand, with prices of downtown Miami condos for sale rising by 31% from 2010 to 2011. In fact, it has recently been reported that the first new project since 2008 is slated to begin in 2012 - a luxury high-rise condo in Brickell worth a cool $170 million in development. This new project, called BrickellHouse is scheduled to begin later in 2012, with a completion date set for sometime in 2014. The location for the new project is set to be at 1300 Brickell Bay Drive. This 46 story luxury condo in Brickell is being developed by Newgard Development Group, and will include 374 units with floor plans including studios, one bedroom, two bedroom, and three bedroom residential units, as well as a huge 5,000 square foot penthouse. Units in BrickellHouse are to include oversized balconies, state of the art appliances, imported cabinets, and gourmet appointed kitchens. BrickellHouse will also include the first rooftop sundeck and pool in the entire neighborhood of Brickell, as well as a health and fitness center, entertainment room, and residents-only private lounge. In keeping with the current drive for eco-friendliness, BrickellHouse is being developed to gain a LEED certification from the U.S. Green Building Council. Developers are seeking to create the perfect condo for sale in Miami.
Residents of nearby areas, including the Homestead Fl real estate market and the Doral real estate market are hoping that this new groundbreaking will signal spark a revival in their respective markets as well.