ICON Brickell 
Post Pool Closure Analysis 

In this newsletter I will discuss the quintessential development in Brickell, ICON Brickell, and the buying opportunities that arised from lawsuits and pool closures in 2017 and soon to be completed renovations.  

Icon Brickell has 1,718 total condo units plus 148 hotel rooms housed in a three tower condominium waterfront project in Brickell, Miami. The project was completed in 2008. In December 2016 ICON closed the pool due to design issues, electing to renovate the pool deck to address those issues. This decision presented a great buying opportunity which was highlighted in my previous newsletter

An excellent investment opportunity in this building STILL exists for the following reasons:
  • Olympic-size-lap-pool (largest in Miami) with a pristine and luxurious pool deck overlooking the water
  • Class A water-front building, centrally located in Brickell -  easy access to the highway, parks, and entertainment
  • Commands a higher rent when compared to other Brickell new developments
  • INVESTMENT OPPORTUNITY: Value play in Brickell Area and due to correction in Miami's condo market, you can still find some great opportunities
Recent Transaction History
What does this table say to you?
  • Listing prices have climbed by 10% or more in the last 2 months, since pool is re-opening and banks have approved the project for mortgage financing 
  • ICON Brickell is truly resilient and a great value buy in Brickell area. In fact, it is the only building in Brickell were prices have gone up in last year 
  • Every apartment is selling at a ~5% discount from the list price
Part of the Problem: Pool Closure
The total cost of repairs to the pool deck is around $14M. That amoiunt was already paid by current owners. With construction nearing completion and a tentative completion date of June 2018, new buyers can benefit from the money that has been re-invested in making Miami’s best pool even better. 

Read more here: http://www.miamiherald.com/news/business/real-estate-news/article116746238.html#storylink=cpy

Read more here: http://www.miamiherald.com/news/business/real-estate-news/article116746238.html#storylink=cpy
Recent Transaction History
Supply and Demand
  • 71 units sold in ICON Brickell since July 2017 (see my earlier newsletter highlighting ICON as a great buy), averaging around a little more than 7 units sold per month
  • Around 10% of the 1,718 units are currently listed for sale
  • At the current sales rate there is close to 23 months of supply, which has drastically reduced from 49 months of supply that was seen in July 2017
Best Deal at ICON 

Current Listed Price: $269,000
Studio | High Floor  
Taxes/month : $485
Assoc/month :$423
Estimated Rent/month : $2,000
ROR on Cash : ~4.9%
Able to increase the ROR to 5 to 5.5%,
One of the cheapest studios in a class A building in Brickell
Spread The Brickell Word

Varun Hemraj

Real Estate Advisor
Keller Williams Realty
Copyright © 2019 TheBrickell.com. All rights reserved.

Disclaimer: The information contained in this report was obtained from sources deemed to be reliable. Every effort was made to obtain accurate and complete information; however, no representation, warranty or guarantee, express or implied, may be made as to the accuracy or reliability of the information contained herein.

MLS Data as of 04.08.18

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