Closings at Latitude on the River Faring Better Than Most Miami Condo Developments

October 12, 2007 by Lucas Lechuga

Latitude on the River

I have been tracking closings at Latitude on the River for the past couple of months. As of two days ago, Latitude on the River has been able to close 275 of their 455 total units. The closed units represent roughly 60 percent of the overall building. Closings are usually recorded within one week but can sometimes take 2-3 weeks before they are finally recorded.

The 60 percent may not seem like very much given that closings began July 27 of this year. However, Latitude on the River has had a higher closing percentage than other developments that began closings earlier than them such as Onyx on the Bay, Star Lofts on the Bay, Midtown 2 and Ten Museum Park.

Latitude on the River

The majority of closings at Latitude on the River occurred within the first four weeks. In fact, about 66 percent of their total closings occurred within those first 28 days. Closings have not completely tapered off, however. With the exception of the tenth week, they have been able to close over 10 units per week. The tenth week only had three recorded closings but additional closings likely occurred but just haven’t been recorded yet.

The fact that Latitude on the River has fared better than other developments that have begun closings as of late is the good news. The bad news is that there haven’t been any pending or closed sales since closings began. There are currently 70 listings available for sale and 77 available for rent. The 70 units available for sale represents about 25 percent of the closed units. There is likely much overlap in the units available for rent and sale. There have been 7 units that have successfully rented since closings began and 6 that are currently pending in the MLS.

Latitude on the River

Prices in the MLS for units at Latitude on the River have continued to slide over the past couple of months and are moving towards a point where a pending sale is likely to occur within the next 30 days. The best priced 1/1 is listed at $254,900 while the best priced 2 bedroom, which is actually the largest 2 bedroom in the building at 1,300 square feet of interior space, is listed at $399,999.

The problem is that foreclosures and short-sales in other developments throughout Brickell that are closer to the bay have increased within recent months. They are offering finished units at prices that are similar, or in some cases, better than those offered at Latitude on the River. It will be interesting to see where prices throughout Brickell end up once the dust settles.

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4 Comments on "Closings at Latitude on the River Faring Better Than Most Miami Condo Developments"


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Anonymous
GG
8 years 11 months ago

This bldg has an excellent location (for instance: being able to go walking to Publix, Brickell Mall, and nearby shops and restaurant) and initial sales were lower than other bldgs in the area. Last, it’s a beautiful bldg and has great view.

Anonymous
Cesar Prato
8 years 11 months ago

Lucas:

How do you think the falling prices at Neo Vertika ($250/ft) could influence the prices at Latitude ($320/ft)?
Why is it that the good arguments for buying in Latitude aren’t necessarily true for NV and negative arguments for not buying in NV aren’t necessarily true for Latitude?
The buildings are right next to each other!!!

Anonymous
GG
8 years 11 months ago

I don’t think NV will influence on the price of Latitude. See the sample of every city in U.S: expensive house next to cheap ones, high income to low income, etc..: Coral Gables, etc…

Anonymous
perez
8 years 10 months ago
Evidently, closing are up to 344 —- Going Fast: Condos Along Miami River Published: November 06, 2007 By Kelly Sheehan, Online News Editor Miami—Boston-based developer E.A. Fish Associates has announced that over 334 of the 452 condos at Latitude on the River, two 44-story mixed-use towers situated along the Miami River, have closed. The law firm of Berman Rennert Vogel & Mandler is handling closings, and expects them to last until the end of 2007. Steven Gelb, Florida partner for E.A. Fish Associates, tells MHN that the project broke ground in January 2005. There are nearly 100 homeowners who have… Read more »
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