The Vue at Brickell is undergoing a much-needed face lift after foreclosures and short sales nearly toppled the building during the last real estate cycle, Miami Condo Investments reported.
During the downturn, the 37-story Vue was “an unfortunate victim of widespread mortgage fraud,” according to the site, leading to mass foreclosures and short sales throughout the building.
At the height of Miami’s real estate collapse in 2008, some 200 of 323 total units were behind on condo association dues, reducing the building’s budget and upkeep. With one-bedroom units in the building selling for more than $400,000 in 2007, prices plunged in 12 months, and one-bedrooms could be had for less than $100,000, according to the site.
In a sign of Miami’s rebounding real estate market, the Vue at Brickell recently installed a new fitness center and will soon unveil its new pool deck, with a lobby renovation scheduled to begin later this month. One-bedroom units at the building, blocks from Mary Brickell Village and Swire Properties’ future Brickell CityCentre, are now listing from $265,000. [Miami Condo Investments] —Emily Schmall