Living In Brickell
Brickell is home to the Financial District in Miami, boasting the most international banks than any other city in the United States. Given Brickell’s relation to South America with the Port of Miami many Wallstreet Firms have moved their offices to Brickell to expand their markets into South America. Given the international investment Brickell has boomed in the last ten years. Brickell’s population increased 44% between 2000-2010 according to the US Census, with an average income 38% higher than citywide Miami. This has increased the property values as well as the cost in rent. In addition, most of the the professionals working in Brickell are 20-44. This has led to creating a high-end nightlife in Brickell. Brickell’s nightlife has become exclusive in Miami with hotspots like Segafredo and Blue Martini.
With a population of 71,600 in Downtown Miami and the 200,000 work-day population, Brickell has attracted many restaurants and retailers.
Restaurants in Brickell
Brickell Restaurant industry is up to par with Miami Beach, bringing in 8-10 million a year for high end restaurants. In 2012 we saw Brickell’s fine dining industry grow with the openings of Toscana Divino, PM Miami, Mint Leaf Indian Brasserie, and Doraku Sushi. If you are a fan of Japanese Sake then I suggest you try Doraku Sushi’s expansive Sake options along with house Sakes and quaffing flavored Sakes -the apple sake is my personal favorite.
Looking into the future, Brickell’s restaurant industry means business with China Grill, Meat Market, and Cipriani opening later this year. Meat Market has become a toothsome steakhouse in Lincoln Road attracting steak connoisseurs.
Buying in Brickell today would be a great investment, whether you are looking to live, vacation or rent out. In addition, Brickell has built an economic foundation gathered from many different markets.
In addition, Brickell restaurants have developed a relationship with locals with their weekly specials. My personal favorites are Happy Hour at Piolas and $10 Pasta Thursdays at Perricones. Brickell’s hospitality industry saw the demand by locals for a place to eat, drink, relax, and maybe even shop. Thus, in 2006 was the opening of Mary Brickell Village.
Demand for Brickell Real Estate Continues to Rise
Brickell’s Financial District is comprised by young professionals who have lived in New York or abroad; thus, many prefer the city life where you can easily walk anywhere. With a supermarket close by, Publix, and a gym, LA Fitness. These young professionals rather use public transportation, which Brickell offers with Downtown Miami’s metromover or the trolleys. Both of which are free services.
In addition Downtown Miami has seen an average increase of 2,600 residents per year according to the 2010 Census. This has resulted in all 62 Condos built since 2005 in Downtown Miami and Brickell to be 96% sold-out. Only 794 units remain as current inventory from the last eight years. That may seem like a lot of empty condos, but with the 2,600 residents moving in early in Downtown Miami the real estate prices will continue to climb. In addition, total inventory since 2005 is 17,502. That means that there is only 4.5% remaining inventory as of now. The average listing price right now (June 2013) has increased 27% since December 2012. In addition retail prices are also climbing in Brickell as available inventory of homes continues to shrink.
If you want to sell in Brickell now is the time, with Pre Construction not yet Move-In Ready, and the current price-per-square foot at $428. That is a 21% price increase per square foor in the last 12 months. In 2011 the average DOM for Brickell and Downtown Miami Real Estate was 180 days, today it is averaging 35 days.