Top 5 Miami Distressed Condo Sales Closed in September 2008
I found a total of 25 distressed condo sales that closed in the month of September in the MLS located in Brickell, Brickell Key, Downtown Miami and the Arts District. The following are, in my opinion, the five best deals that took place. This will hopefully give everyone a sense for where prices are for similar units in these buildings and neighborhoods. This is not an indication of where prices may or may not ultimately settle.
- Jade at Brickell – unit 1706 – 1 bedroom/1 bath (895 square feet) – This unit sold for $215,000, or $240 per square foot, on September 5, 2008. Foreclosure
- Blue Condominium – unit 3101 – 2 bedroom/2.5 bath (1,651 square feet) – This unit sold for $385,000, or $233 per square foot, on September 16, 2008. Short-sale
- Neo Vertika – unit 3119 – 2 bedroom + den/2 bath (1,255 square feet) – This unit sold for $225,000, or $179 per square foot, on September 5, 2008. Foreclosure
- Vue at Brickell – unit 2204 – 2 bedroom/2 bath (1,023 square feet) – This unit sold for $173,000, or $169 per square foot, on September 16, 2008. Foreclosure
- Parc Lofts – unit 208 – 1 bedroom/1 bath (1,255 square feet) – This unit sold for $220,000, or $174 per square foot, on September 9, 2008. Foreclosure
Miami & Miami Beach Condo Trends – October 2008
Below, you will find the Miami-Dade County condo inventory and months of supply figures for October 2008. The first box to the left reveals the total number of condos that are currently available for sale on the MLS throughout Miami-Dade County. The second box discloses the total number of closed sales that occurred in the month of September 2008. The third and fourth boxes show the months and years of condo supply in Miami-Dade County. As you can see, the figures are also subdivided into various price ranges to reveal which part of the condo market has been most affected. The % change box will show you how the inventory levels have changed since my last update in May 2008.
The overall supply of condos listed in the MLS in Miami-Dade County has dropped from 25,461 to 24,788 since May 2008. On the flip side, the number of closed sales in the previous month has gone up from 474 to 527 creating a 12.51 percent drop in the years of inventory in Miami-Dade County since the last update. It’s once again surprising that inventory levels have dropped despite the thousands of new condos that have been completed and delivered in 2008.
The following statistics encompass only those condos located throughout Miami (not other areas of Dade County such as Miami Beach, Aventura, Sunny Isles Beach, etc.):
The supply of condos in the MLS in Miami has dropped from 10,281 to 9,903 since May 2008. The number of closed sales in the previous month has gone up from 161 to 192 creating a 19.21 percent drop in years of inventory in Miami since the last update. As you can see, a large portion of these closed sales occurred in the $0-$249,999 price range. The inventory levels of the $500,000+ categories, however, have increased.
The following statistics encompass only those condos located throughout Miami Beach:
The supply of condos in the MLS in Miami Beach has dropped from 4,109 to 3,949 since May 2008. However, the number of closed sales in the previous month has also dropped from 113 to 98 creating a 10.82 percent increase in years of inventory for condos in Miami Beach since the last update. In fact, with the exception of the $500,000-$999,999 price range, the years of inventory has risen for each category.
The Sub-$100K Brickell Condo Hits the Market
Prices have continued to fall hard at Vue at Brickell for quite some time. It’s incredible to think that in May 2007 when I wrote the post entitled, “Vue at Brickell – Overpriced or Insanely Overpriced“, the average price per square foot of condos listed in the building was over $550!
Yesterday evening, a 1 bedroom foreclosure at Vue at Brickell hit the market for $125 per square foot. With a list price of $99,900, it was the first one bedroom condo for sale in Brickell, built after 2000, to fall below the $100K mark.
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CVS/pharmacy to Open at Everglades on the Bay
A few weeks ago, when I drove by Everglades on the Bay (now known as Vizcayne North) I noticed the “CVS/pharmacy Coming Soon!” sign hanging in the window of their large ground floor commercial space. This may not be jawdropping news but I do think that it is a good sign for Downtown Miami. It shows that the much needed infrastructure for this neighborhood is finally on its way. Large chains are starting to see that Downtown Miami is a viable neighborhood with enough residents to sustain a business despite the current economic downturn.
As far as I’ve heard, Everglades on the Bay has not yet begun closings but closings will begin shortly. It’s great to see that Everglades on the Bay was able to acquire such a strong commercial tenant so soon. There are condo buildings in Miami that began closings over a year ago that still have commercial space that is unoccupied.
