Real Estate Research Project Brickell House

Question: Describe about the Miami Condo Building Research Project, which includes the research on Brickell House? Answer: Introduction This project is associated with Miami Condo Building Research project which includes the research on Brickell House. Brickell House is a condominium tower which is situated in the Brickell which is located in neighborhood of Miami, Florida. The condominium which is proposed in 2011 is constructed by Newgard Development Group. The length of the tower is about 500 feet and it has 46 floors. The construction of the tower was started in spring time of 2012 and it is opened in 2014. The $ 170 million project has a total of 374 units. In the tower there are 400 sq ft studios as well as 1438 sq ft 3-bedroom units to impress the buyer. There are also penthouses of 1775 sq ft which has got very luxury accommodation (Ballard and Howell). The ground floor of the tower has restaurants and retail outlets. The architect of this condominium is Sieger Suarez who has also designed the 50 Biscayne tower. Research work As Brickell House is the first condominium project since 2007 housing bust it has to analyze several points to complete the project. According to a financing model buyers will need to pay 70 percent of the asking price before completion of the project. The prices of the apartment start around $200,000. To impress the buyer the condominium has several amenities. Some of special features have been summarized in the project like 24- hour help desk, premium concierge, and specialized triple height lobby, totally secure and advanced parking system assisting with high technique, elevators, library lounge, stunning design and architecture, wireless internet system, fully furnished fitness center, family pool and sauna, childrens playroom, excellent security system etc (Jaradat, Whyte and Luck). As the tower is situated at the epicenter of Brickell, it has featured some outstanding hotels and residential complexes around it. Added to these, the rooms are furnished with expansive balconies wi th prominent city view and the view of Biscayne Bay, very luxury walk-in wardrobes with lot of space, advanced HD television, telephone connections as well as high speed internet connection, self controlled heating systems and air conditioning systems. With all the high class accommodations one has to take a look at the prices of units too. According to government data, for an individual condos in Brickell House a purchaser has to pay between $ 200,000 to as much as $ 4.9 million. According to records, 98 percent of the 374 residential units have been sold in less than three months after opening of the Brickell Condo Project. According to Miami Dade County records, the developer Harvey Hernandez has bagged more than $ 157 million and on and average price of $ 489 per square foot. Additionally, about 20 units of Brickell House condo are enlisted for rental market which has an asking price of $ 2,850 per month or $ 3.60 per square foot. Besides, more than 60 condo units are up for res ale at a price of $ 615 per square foot (Rose and Manley). The purchasers are more attracted in the project as it will turn into a symbol of their life style. In the said project Newgard Development Group has secured a $ 27.7 million mortgage from Canyon Capital Realty Advisors, a Los Angeles based company in end of 2013. Through the analysis it can be said that the prices of the units will go up in a staggered pattern. The prices are very high compare to the surrounding projects but yet one must not forget about the quality and the accommodation provided in the Brickell House condominium project. Purchasing a property is far more profitable and better option in this project if someone wanted to stay here for a long time. For investment purpose it will be a good deal too as the prices will increase day by day. Conclusion The Brickell House condominium project is one of the most attractive projects seen in Miami, Florida in recent time. The developer of the project significantly and purpose invested in the project and registered a great amount profit by the project. Purchasers are showed lot of interests though it is very costly to afford a particular unit in the condominium. The demands are very high as people are agreed to pay for the best possible accommodation (Scheublin). That will see a high amount of interest in future too for such projects as well as the housing market. The developer will certainly encouraged by this type of response. In another prospective it can be said that people are more interested to buy this type of residential units to show the class they belong to as well as for investment strategies too. To be honest this research has evolved the future prospective of building such new projects in Miami, Florida as well as the rest of the posh area of the country. References Ballard, Glenn, and Gregory Howell. 'Lean Project Management'.Building Research Information31.2 (2003): 119-133. Web. Ebisike, Obioma Anthony.Real Estate Accounting Made Easy. Hoboken, N.J.: Wiley, 2010. Print. Jaradat, Suha, Jennifer Whyte, and Rachael Luck. 'Professionalism In Digitally Mediated Project Work'.Building Research Information41.1 (2013): 51-59. Web. Kaatz, Ewelina, David Root, and Paul Bowen. 'Broadening Project Participation Through A Modified Building Sustainability Assessment'.Building Research Information33.5 (2005): 441-454. Web. Rose, Timothy, and Karen Manley. 'Motivational Misalignment On An Iconic Infrastructure Project'.Building Research Information38.2 (2010): 144-156. Web. Scheublin, F.J.M. 'Project Alliance Contract In The Netherlands'.Building Research Information29.6 (2001): 451-455. 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