The date that everyone at the Icon wasn’t looking forward to is here. The date set to close the pool at the Icon has finally been announced.
As per an e-mail sent by the Icon Brickell master association, a full closing is scheduled to take place on December 5th for a 12 month period. The total cost of the project is set to cost approximately $14 million, most of which will be paid through a special assessment. To add to the bad luck for those that live in the complex, there’s no signs of any alternate swimming options available for owners and renters during the renovation.
A copy of the e-mail, which was first published on The Next Miami, can be seen below:
First and foremost, the iconbrickell master association would like thank the entire community for their engagement and participation during the initial phase of our pool deck project.
By now, you may have already noticed some initial staging going on in various locations around the pool deck in anticipation of the full closing scheduled to take place on Monday, December 5th, 2016.
With that in mind, we have received several inquiries concerning the use of other pool locations. Due to limited pool alternatives and associated costs, other options were not financially viable. The Master Association Board, working with our construction partners will make every effort to ensure our new pool deck is opened within the 12 month plan for completion.
Thank you for your understanding and patience. We remain committed keeping you up-to-date on the progress of the project.
iconbrickell Master Association
Closing the pool, especially for such a long time, won’t likely be anyone’s reason to go out and pop champagne bottles. The renowned amenity deck, one of the most well known in the city, is one of the number one draws of living at the Icon or for staying at the W. For some, it’ll be difficult to cope without it. For others, it will be downright miserable.
Nevertheless, let me try to approach this from a different perspective…
As I mentioned in prior publications, discussion about the closing began earlier this year, after complaints that the tiles surrounding the pool were a hazard and reports of water leaking into the parking garage. In my personal opinion, due to my knowledge with how properties of this size are managed, I understand why closing the pool to make the repairs is an absolute necessity. Keeping it open, knowing what’s already known, would’ve been a danger and a liability.
Long story short, if at the end of the day, the repairs are being done for the safety of others, it has to be done.
How Will The Pool’s Closing Make An Impact From A Real Estate Perspective?
Having the pool deck out of commission for more than a year would place the residents of more than 1800 units without a major part of the building. Based on past experiences, here’s what to expect over the next few months:
- Since the news of the pool closing broke out earlier this year, I began to see a steady drop in sales, prices, and activity. With the actual closing of the deck happening now, I expect an even further drop in demand from buyers and tenants alike. This will consequently push for prices to come down to even lower levels. Sellers and Landlords looking to find a buyer/tenant will have to face potentially longer times prior to selling/renting and the likelihood of having to do price adjustments.
- Looking for a bargain? Investors looking to find a good deal during the closing may soon be the main base of buyers starting next year.
- If Icon suddenly starts having less sales and price drops, it will most likely affect the overall numbers for the rest of Brickell. Interestingly enough, nearby buildings that offer similar amenities, such as Epic, might see a rise in activity. For now, this is just a theory.
Given the fact that there are many pieces to this puzzle, I strongly recommend doing the right research prior to making any moves. Feel free to contact me today if I can be of any assistance.
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