BrickellHouse and Boomerang Systems Remain Locked in Legal Battle As Rental Prices Remain Stable

Rental prices have remained relatively stable in BrickellHouse despite a legal battle between the developer and parking garage operater. Boomerang Systems and Newgard Development Group's Harvey Hernandez, the developer of BrickellHouse remain locked in a lawsuit after a bankruptcy judge cut Boomerang System's operating contract with BrickellHouse. Boomerang Systems was to operate an automated, robotic, "hassle-free" parking system but residents were met with delays waiting for their cars, some of which reached over an hour during peak times. 

Photo via The Real Deal

BrickellHouse is a 46-story luxury condo building at 1300 Brickell Bay Drive. The building was designed by Sieger Suarez as the architect and Yabu Pushelberg for interior design. Amenities include a private owner's lounge, screening room, rooftop resort deck with 50-foot lap pool and poolside cabanas, fitness center and spa as well as 24-hour staff. It features 374 units that start around $400 SF, fairly consistent with pre-construction pricing and range from $239K to $7.5 million. Units range from studio to 3 bedroom with larger penthouse units. Rental prices have held steady around $3 SF and 75 units have been rented this year. Despite this residents have continuously complained about the parking issues which have been a drag on the building's reputation. Mixed with a buyer's market investors may find some deals from owners who don't want to deal with the current legal issues.  

Buyers & Investors in Downtown's New Centro Can Now Qualify For a Fannie Mae Loan

Buyers in Newgard Development Group's Downtown's newly delivered 352 loft style unit Centro Condominium will now be able to close with a Fannie Mae mortgage with rates around 3.45%. With the approval, which is through February 2018, buyers may be able to finance up to 95% of the purchase price on a 30 year mortgage. There are less than 30 units left to be sold and new residents have begun to move-in. Centro is located at 151 SE 1st St. in downtown

Those who qualify for the loan can take out up to 95% as a primary residence, 90% for a second home, and 85% for an investment property purchase, though the maximum loan amount cannot exceed $417,000. Rates can be as low as 3.45%. Units at Centro range in from $300,000 to in the $500,000's and from 654 to 1,131 SF. The innovative building has no parking and is a true "New York" style downtown condo building. It is part of the push into cleaning up Downtown Miami and making it a desirable place to live. 

“Securing Final Fannie Mae approval means that a buyer’s principal and interest on a unit at Centro can be extremely affordable and beyond-comparable to renting, with the affordability challenges in Miami, specifically within the downtown/ Brickell urban core, Centro becomes one of the area’s greatest values.” said Harvey Hernandez, the chairman and managing partner of Newgard Development Group. “Centro provides a rare value proposition, luxury, high-tech design, within very attainable pricing and financing, something which is virtually unprecedented in today’s downtown/Brickell condominium market.”