As a broker and resident at the Icon Brickell, I have seen tremendous change in the building’s value and turnover in the past two years. Between the three towers, the average price per square foot dropped in almost 20% from November, 2014 and the number of apartments sold in towers I and II fell from 101 between October 2014 and September 2015 to roughly 66 from October 2015 to September 2016, reducing the turnover in more than 30%.
That’s huge considering that the Icon Brickell is one of the premium condominiums in the Greater Downtown Area. It has the most incredible amenities and is one of the few modern residential buildings in Brickell that is right on the bay and has unobstructed water views. None of the other luxury waterfront condos in Downtown and Brickell have suffered the devaluation that the Icon Brickell did in the past two years. Comparing to the new constructions coming up in the area, the Icon Brickell is still a unique property with singular features and its prices should be aligned with those at Reach and Rise at Brickell City Centre and SLS LUX, which are newer but don’t have the amenities neither the views that the Icon Brickell have and where nonetheless units are selling for more than $650/SqFt and rising while at the Icon prices are going down and almost below $500/SqFt.
What explains then the price drops of the past two years? Mainly the way that building is being managed by the current board of directors and First Service Residential. The pool deck renovation and the ways the Homeowners Association chose to communicate and deliberate about it hurt the building immensely. It was almost two years of hush-hushed, unclear and confusing information which led to a high-level of uncertainty about the building’s future and pushed away a great number of home-buyers, tenants and investors. When the pool is reopened it will be at least 4 years that the building will have hurt because of bad management.
“The Icon Brickell is an incredible property and deserves great, transparent and residents oriented management. It also deserves the best and most elegant kind of service to match its impressive amenities and beautiful views and attract the most distinguished residents and investors”
Nonetheless, the hostility and entitlement that marks the way that the management office and front of the house at the Icon Brickell treat its owners, tenants, brokers and property managers who work in the building is far from the kind of customer service that you expect to encounter in luxury condominiums. Elegant, catered and distinguished service have a direct impact in increasing a building’s prestige and value, as much as hostility, entitlement and a lack of understating of what it means to be of service to a community have in decreasing it.
For the first time since the building was turned over by the developer to the Homeowners Association, there is a movement from a number of Icon Brickell owners to achieve the minimum 20% quorum and hold democratic elections for the board on the next November 1st. When trying to obtain more transparent information about how the building is being run and work with the current board to improve the quality of life and service in the community, those owners faced such resistance and rejection by the own board and the First Service Residential Team that decided to create the Icon Owners Group and run for seats on the Towers’ Boards.
“Unfortunately, the current management has failed the building and its residents and the numbers mentioned before are merely the reflection of it. It’s time for a change and that’s why I support the Icon Owners Group on the next November 1st election for the board of directors of towers 1 and 2”
The Icon Brickell is an incredible property and deserves great, transparent and residents oriented management. It also deserves the best and most elegant kind of service to match its impressive amenities and beautiful views and attract the most distinguished residents and investors. Unfortunately, the current management has failed the building and its residents and the numbers mentioned before are merely the reflection of it. It’s time for a change and that’s why I support the Icon Owners Group on the next November 1st election for the board of directors of towers 1 and 2. Get involved, your vote counts to reach the minimum quorum and to change the history of this beautiful community.
Disclosure: I am not running for a seat the board of directors of the Icon Brickell Towers and neither intend to.
For more information about how to cast a vote in the next election, please do no hesitate to contact me.