A year ago in January 2021 I published an article where I highlighted a hot Brickell trend and advised to hurry and buy three bedroom Brickell condos, particularly if your budget was under $1 Million. I was prompted to write this article after an onslaught of requests from mostly relocating buyers looking for 3 bedroom Brickell condos for sale in Miami, as the work-from-home trend was starting to kick in and Brickell started to heat up. Inventory was ok by historic parameters but the signs were clear and moving rapidly.
A year later, inventory has dwindled by 78% -you read correctly 4 out of 5 condos have not been replaced- to only 27 Brickell condos for sale at the beginning of 2022; compared to 125 Brickell 3 Bedroom condos for sale at the beginning of 2021.
Brickell inventory as a whole declined 55% when comparing 2021 to 2020. Of course sales were through the roof having almost tripled in 2021 when compared to 2020 -and similar percentages if we examine sales volumes since 2014. This means that in spite of new inventory coming to market in 2021, for every ten units available early 2021, almost 6 units couldn’t be supplied by the market. These are all statistics I will be sharing in my upcoming Brickell 2021/2022 report and this is a sneak peak.
As shocking as the 55% number is, it pales with the 78% decrease in inventory registered by the 3 bedroom Brickell Condos segment under $1 Million dollars. In fact it beat by one percentage point an obvious decliner segment: Brickell Condos for sale under $500k, which declined 77% year-on-year.
Having said that, in spite of higher prices per square feet in Brickell, theses condo prices are still below 2022-2026 Miami new construction condo prices in Miami’s urban core buildings such as Baccarat Residences Miami, Aston Martin Residences or Waldorf Astoria Residences Miami; in some cases they are also comparable to smaller Airbnb friendly new projects in downtown Miami and Brickell that may be less exclusive and provide limited views and location convenience.
On the positive side, three bedroom condos for sale in Brickell decreased less (48%) than the entire Brickell condo market inclusive of all sizes and bedroom numbers (-55%), from 2021 to 2022. So this does provide some hope in terms of unit availability if you have budget flexibility; particularly if you are looking for Miami Luxury condos for sale.
Call, text or send a Whatsapp to Adriana Montbrun by clicking the buttons below so we can get started and get you the best Brickell Real Estate resources to work for you and deliver the results and customer experience you deserve. As real estate leader and specialist for Miami Urban core condos, I am also happy to help you navigate and contrast emerging urban lifestyle neighborhoods in Miami like Edgewater, Downtown and Midtown with Brickell; combining both existing buildings and new construction condos coming 2022-2026.