Top 5 Distressed Condo Sales Closed in September 2009

October 14, 2009

Below, you will find what I believe to be the five best condo deals of the 53 distressed sales that closed in the month of September in the MLS located in Brickell, Brickell Key, Downtown Miami and the Arts District.  It was tough to decide between the first two for the number one spot but The Mark on Brickell #1608 took it based on location and view.

1. The Mark on Brickell #1608 – 2 bedroom/2 bath (1,140 square feet) – This unit sold for $210,000, or $184 per square foot, on September 18, 2009.  Short Sale
2. Blue Condominium #1701 – 2 bedroom/2.5 bath (1,449 square feet) – This unit sold for $210,000, or $145 per square foot, on September 10, 2009.  Foreclosure
3. Brickell on the River North #3715 – 3 bedroom/2.5 bath (1,512 square feet) – This unit sold for $287,000, or $190 per square foot, on September 4, 2009.  Short Sale
4. Jade Brickell #1201 – 2 bedroom/2.5 bath (1,878 square feet) – This unit sold for $675,000, or $359 per square foot, on September 30, 2009. Foreclosure
5. Marina Blue #2302 – 1 bedroom/1.5 bath (843 square feet) – This unit sold for $190,000 or $225 per square foot, on September 30, 2009.  Short Sale

As a side note, bidding on foreclosures has become extremely competitive.  I noticed that the majority of the condo REOs that closed in September closed at a price that was above the asking price.  This was the case in 19 of the 26 REO listings that closed last month located in the aforementioned neighborhoods of Miami.  It has become more important than ever to know the comparable sales in the neighborhood.  The mentality of automatically going in with a bid 10-15 percent below asking price doesn’t fly anymore.  With season right around the corner, I’m confident that the worst is well behind us.