Price Increases Seen in the Sub-$250K Market

May 19, 2010 by Lucas Lechuga

This video introduces a 1 bedroom/1 bath foreclosure condo at Brickell on the River North which came onto the market yesterday.  It’s located on the 24th floor and faces west with a direct view of the Miami River.  The asking price is $128,700, or $170 per square foot.

The video also explains why we’ve been seeing prices rebound in the sub-$250K segment of the market.  Demand has increased due to the availability of financing in 2010 which had been pretty much nonexistent throughout 2009.  Each month we continue to see more and more buildings become Fannie Mae approved throughout Miami.  The common element in most of these newly approved buildings is that condos in the sub-$250K market are well represented. Furthermore, supply has decreased as evidenced by recent market reports showing large percentage increases in year-over-year closed sales as well as pending sales.  Arguments which point to remaining and future developer inventory hold very little water in this segment of the market.  Buildings such as 900 Biscayne Bay, Paramount Bay, Mint, Infinity at Brickell, Marquis and Icon Brickell have very little, if any, inventory in that price range.

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6 Comments on "Price Increases Seen in the Sub-$250K Market"


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Anonymous
Gixxer 1000
6 years 4 months ago

I posted this in another thread but it seems to fit here as well:

http://dqnews.com/Charts/Quarterly-Charts/Miami-Palm-Beach-Charts/ZIPFLDADE.aspx

The median home sales price in zip code 33131 which covers Brickell and downtown up to NE 1 st posted a quarterly gain of 13.6%. That’s not a month to month gain, that’s a year over year gain.

Anonymous
computer consultant
6 years 4 months ago
Anonymous
lara
6 years 4 months ago

Very high maintenance in this 1 bd.unit. The price is good but you pay about $200/month higher for maintenance

Anonymous
gables
6 years 4 months ago

great price on the unit. condos will definately move at sub $200 sq ft range.

Anonymous
Hugo P
6 years 4 months ago
Peter Zalweski published a report that 83% of Downtown Miami sales were ALL CASH and that ones that were financed were mainly concentrated in a few buildings like 500 Brickell. If that data is correct, it should be enough to present some doubts to the argument that the “increased demand” from the availability of financing is driving sales and increasing pricing. Out of 700+ closings in 1Q 2010, only 100 were financed. This is still an all cash market. He also mentions that 3 out of 4 buyers are investors/speculators/vacation homes. Without having all the data, I have to believe… Read more »
Anonymous
Enzo
6 years 4 months ago

So you must extremely busy with all these sales, right? How you find time in the day to sell so many units in this hot market and do videos and apps as well is beyond me.

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