New Miami Condos – Closings Rates for July 2008

July 8, 2008

The last closing rate update was published on May 28, 2008.  I collected the data for this month’s update this past Sunday, July 6, 2008.  This month, I also included the number of closed units below each graph in parentheses.

Below you will find the date that each condo development began closings followed by the number of closed units in each condo development:

• Ten Museum Park – June 14, 2007 – (154)
• Star Lofts on the Bay – June 20, 2007 – (26)
• Latitude on the River – July 27, 2007 – (368)
• Onyx on the Bay – July 31, 2007 – (67)
• Loft Downtown 2 – September 26, 2007 – (415)
• 50 Biscayne – October 1, 2007 – (404)

Not much has changed with this first group of condo developments since the May update except with 50 Biscayne.  It went from having around a 67% closing rate to about a 75% closing rate since the last update.  However, I took a close look at the numbers and noticed that 26 of the 43 newly closed condos were deeded to TRG 50 Bisc Suites LLC.  All 26 units were suite units.  It appears as though The Related Group transferred these 26 units to another one of its own entities.  I’m not exactly sure though.  Even without these 26 units, 50 Biscayne would have had 17 newly closed units.  Onyx on the Bay had 5 newly closed units.

• 1800 Club – November 27, 2007 – (318)
• Brickell on the River South – December 17, 2007 – (154)
• Opera Tower – December 28, 2007 – (186)
• Quantum on the Bay – January 3, 2008 – (450)
• Plaza on Brickell – January 7, 2008 – (520)
• Apogee South Beach – January 16, 2008 – (61)

Plaza on Brickell saw the most improvement in the group of condo developments above since the last update with a 13 point increase in closings.  It now shows that 52% of the overall 1,000 units have closed.  You’ll also find slight to moderate improvements in the other condo developments in this group.  According to public records, Apogee South Beach now only needs 6 more condo units to close in order to reach 100%.

• 1060 Brickell – January 23, 2008 – (175)
• Midtown 4 – February 15, 2008 – (76)
• Marina Blue – February 27, 2008 – (308)
• Wind – February 28, 2008 – (108)
• Asia Brickell Key – April 4, 2008 – (38)

Marina Blue continued to show good improvement in this update with around a 14 point increase in closings.  Marina Blue now has nearly 60 percent of its condos closed.  Wind had an increase of around 11 points, Asia around 10 points and Avenue at Brickell slightly over 7 points.

• 900 Biscayne Bay – May 5, 2008 – (79)
• 500 Brickell – May 14, 2008 – (49)
• Axis – May 19, 2008 – (50)
• Ivy – June 12, 2008 – (25)

Above is the newest batch of condo developments that recently began closings.  I must say that I’m pretty impressed with 900 Biscayne Bay having 79 closed units within the past 2 months.  It probably actually has 100 or more closed units by now since there can be a 2-3 week delay in the time that a condo closes and the time that the deed is recorded.  It’s still too early to judge the other three condo developments in this group.  The next update should shed a little more light.  I did have a chance to tour Axis today for the first time.  I’ll try to share some pictures with everyone towards the end of the week.  By the way, I wasn’t able to find Met 1 which is why it wasn’t included in this update.

Disclaimer: The above closing rate information was derived from public County records. There can be a 2-3 week delay from the time that a closing occurs and the time that the closing is recorded.