Top 5 Distressed Condo Sales Closed in October 2010

Below, you will find what I believe to be the five best condo deals of the 71 distressed condo sales that closed in October 2010 in the MLS located in Brickell, Brickell Key, Downtown Miami and the Arts District.  This should give everyone a good idea of the kind of deals that can be obtained in the Miami condo market at this time.  Of the 71 distressed condo sales that closed last month, 39 were REOs and 32 were short sales.  I feel it’s important to note that 25 of the 39 REOs sold at or above asking price.  Time and time again, we try to emphasize to clients that the majority of well priced REOs in condominium buildings of interest will receive multiple offers and sell at or above asking price.  It may be difficult to believe but bidding for condo foreclosures in Miami is very competitive.  For example, unit 1601 at Solaris at Brickell was a foreclosure that we discussed on one of our video shows in August.  The condo was listed for $168,300.  At that price, we felt that the condo was grossly under priced.  Last month, the condo closed for $230,000, or about 37% above asking price.  It’s important to recognize good value when it becomes available and to have the ability to act quickly.  As a side note, in the example above, our recommendation at the time to potential buyers was to bid up to $200,000.

1. Solaris at Brickell #1204 – 2 bedroom/2 bath (1,145 square feet) – This unit sold for $165,100, or $144 per square foot, on October 21, 2010.  REO
2. Brickell on the River North Tower #3417 – 2 bedroom/2 bath (1,157 square feet) – This unit sold for $215,000, or $186 per square foot, on October 1, 2010.  Foreclosure
3. Blue Condominium #2004 – 2 bedroom/2.5 bath (1,158 square feet) – This unit sold for $180,000, or $155 per square foot, on October 8, 2010.  Foreclosure
4. Neo Vertika #2519 – 2 bedroom/2 bath (1,113 square feet) – This unit sold for $159,000, or $143 per square foot, on October 4, 2010.  Short Sale
5. Cite on the Bay #119 – 2 bedroom/1.5 bath (980 square feet) – This unit sold for $136,000 or $139 per square foot, on October 20, 2010.  Short Sale

Lucas Lechuga

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