Buying a condo in Brickell

The Brickell market

High-rise towers line Brickell Avenue, Brickell Bay Drive and the streets between them, from older mid-size buildings to recent luxury towers with full amenity decks. Brickell City Centre and Mary Brickell Village put shopping and restaurants within walking distance, and the free Metromover links the neighborhood to Downtown.

Brickell Key, a small island just off the neighborhood, is quieter and almost entirely residential while staying a short walk from the core.

What to look for in a Brickell building

Read the association documents before you commit: the monthly fee and what it covers, reserve funding, any special assessments planned or underway, the most recent milestone inspection, and the rules on pets, rentals and renovations.

Many buildings require their own application and approval after your offer is accepted, separate from your mortgage. Build a few extra weeks into your timeline for it.

Lenders review the building as well as the borrower. Owner-occupancy levels, reserves and pending litigation can all affect whether a particular building can be financed, so get pre-approved before you fall for a unit.

Costs beyond the price

Much of South Florida sits in FEMA flood zones. Ask for a flood zone determination and get insurance quotes before you set your price, because flood and wind coverage can change the true monthly cost of a home more than a few thousand dollars on the price.

Florida's Homestead Exemption lowers the taxable value of a primary residence by up to $50,000, and the Save Our Homes cap then limits yearly increases in its assessed value to 3% or the change in the Consumer Price Index, whichever is lower. File with the county property appraiser by March 1 of the year after you buy.