RelatedISG Realty, a general real estate firm based in Aventura with offices throughout Miami-Dade and Broward Counties head by CEO Craig Studnicky, has just released their 2021 South Florida Brickell report. According to the report, the Brickell submarket is officially now a seller’s market, where the demand has exceeded supply which currently sits at just 1% of the total units that’s been built since 2012; in other words, an astounding 99% of the units have been sold.
As of June 2021, 5,604 out of 5,657 available units available since 2012 have been sold, which means 99 percent of the inventory has been sold. That leaves only 53 unsold units left in this submarket, the equivalent to approximately 1%. Those 53 units include 48 from the upcoming Una Residences at 175 SE 25th Rd, and the 5 remaining at Brickell Flatiron at 1000 Brickell Ave. Considering projects like Una Residences and Related’s Baccarat Residences won’t complete until at least 2025, there won’t be any additional new inventories over the next few years from the remainder of 2021 up until the end of 2024, thus entering Brickell into a seller’s market.
For reference purposes, a seller’s market is solidified when available inventory drops below 10%, increasing the favorability in pricing for those looking to sell. Most of the units available in this submarket are resales, with 515 units available for purchase which equates to 9.33% of the 5,522 new condo supply built since 2012. Therefore, Brickell will remain in a seller’s market while resales continue, at least until new units hit inventory in 2025.
The chart below implies that the total recorded resale transactions this year, a span of about 5 months, has already surpassed the total resales from the previous year; pushing the year-over-year variance to 104.20%, and the percentage can only rise further moving forward.
The resent sell out of Swire Properties’ Reach and Rise Residences at Brickell City Centre, which in fact was brokered by RelatedISG Realty, played a big roll in achieving the near 100% sell out of Brickell Inventory. The remaining 81 units were sold to KAR Properties and Fortune International Group, allowing Swire to now focus on developing the remaining parcels at the development.