Brickell & Brickell Key Closed Condo Sales – November 2009
December 5, 2009 by Lucas Lechuga
Brickell Closed Condo Sales - November 2009 - There were 30 closed condo sales in Brickell last month. The average sales price of these condos was $243 per square foot. I was surprised to see that a one bedroom condo at Skyline on Brickell sold for $334 per square foot.
Brickell Key Closed Condo Sales - November 2009 - 10 condos in Brickell Key closed last month. These sold at an average sales price per square foot of $258. Here I was shocked to see that someone would be willing to pay $294 per square foot for a unit at Isola, especially one with carpeting.
Guys,
Miami looks great. As a visitor for a few months a year to enjoy the nightlife and beach, where is good to live. South Beach, Brickell, aventura fort laurderdale, the keys….
I see you can have a huge house in fort laurdale or the keys for the price of a 3 bed condo in brickell and they says its 20 minutes to south beach and safer.
be interested to hear your thoughts.
Something different was in the air from the moment Art Basel kicked off with a party on the whimsical deck of the Mondrian Hotel, the sun setting in shades of red over a sparkling Miami skyline that boasts more slick (if empty) towers than ever. “Miami is so incredibly beautiful this year. You should be here to see this,” a German collector in a de rigueur skinny gray suit and chunky black glasses gushed to his wife over his cellphone. The overseas Art Basel crowd used to spit out terms like “superficial” and “immature” when they landed in Miami. But… Read more »
AJ, thank you for your post. It was very interesting for me to read. Can’t wait to visit Miami again. Most probably in February since I am busy in NY and then going to Belgium.
Also wanted to ask your opinion about Wind by Neo on Miami River. There is developer’s sale going on. Prices are decent. Please let me know.
Latest news about the battle for the royal palms BY DIANA MOSKOVITZ [email protected] The battle for the royal palms of Biscayne Boulevard has returned. Concerned that a state transportation project would wipe out almost 100 of the palms, a group was on the boulevard Saturday holding signs and handing out fliers — recycled, of course. “Miami is so young. We have so little history,” said protester Sean-Paul Melito. “We need to preserve what we have.” Melito came across a 1926 article in which the city of Miami dedicated the boulevard as a memorial to all U.S. war veterans. That, he… Read more »
Lara, Have fun in Antwerpen. Re: Wind, Personally I wouldn’t go anywhere near the Miami River buildings of wind, mynt and ivy. I do not like the nabe bordered by a cacophonic I95, Metro Rail Thunder, an electric substation and the river traffic. The area is also not top shelf or even mid shelf, just a bottom rack stuff. No matter what the asking price is, I would not be interested. But if you are buying a flat for sub 100K to rent it out, maybe it’s a different matter. But the question is – do you really want to… Read more »
From the looks of it, one by one, all the buildings are getting lapped up quietly. In fact no one seems to be advertising these deals and still they are being gobbled up by the public in a very nonchalant fashion just with a word of mouth info. At this rate, all mid/low tier buildings will be sold out soon for $200 or sub $200/sf, leaving just Epic, Icon, Marquis and the Paramount. I expect them to sell to the slightly well off crowd for $350+/sf range. I don’t know where to place Everglades in this equation. $200 is low… Read more »
Someone (Lucas?) said Paramount will start closings in December. Any more info on that?
Lucas also mentioned that the developer is pricing the units aggressively but did not elaborate further. I am very interested to know how aggressive is the pricing for Paramount is going to be. $350/sf for that building is seriously aggressive IMO. Need some confirmation from any Realtor who has some inside info.
Lucas thanks for updating the CONDO DEALS page. Wow – Fisher Island for $350. per sq foot. Sounds like a deal for Joe.
Kramer, looks like you want to banish Joe to that recluse Island prison!
AJ — Come on, “lapped up quietly”?
There are EIGHT THOUSAND units available in Miami right now. EIGHT THOUSAND.
That’s roughly the equivalent of 30 buildings with 300 empty/unsold units per building.
Please, please, please stop these nonsensical predictions of price appreciation in Miami by 2011. It’s inane and borderline dishonest. (I say “borderline” dishonest because it seems like you actually believe these statements.)
AJ, Thank you for your answers to my post. In Belgium I am planing to be not only to Anwerpen but also in Brussels, Burge and probably Ghent. In re to Infinity one unit that I first targeted was not a real unit for sale. the other one I am still thinking about. You see it is hard for me to decide because I do not have a chance to fly to Miami right now. I rely on your opinion but it is still difficult for me to buy this unit blindly. I have to see it and get a… Read more »
AJ
I mean cmon $350. on Fisher Island? weren’t they going for over $1000 on average?
Kramer — I might be wrong, but I believe Fisher Island was over $1,500 at one point.
Please, please, please stop these nonsensical predictions of price appreciation in Miami by 2011. It’s inane and borderline dishonest. (I say “borderline” dishonest because it seems like you actually believe these statements.) – Joe This is the same Joe who a few months ago posed a question which cannot even be properly categorized under the most delusional statement ever. In response to some of the basement boys clamoring about the $125/sf, Joe asked when is the Continuum going to be available for $175/sf (gasp!). And no, he was not kidding. He was dead serious. The building that sits on the… Read more »
Lara, Have fun in Belgique! In Brickell, I only like a couple of buildings. Plaza and Infinity. Plaza is sold out. Infinity has some deals. The building is nice with a roof top pool deck ( sadly a rarity in Miami). It is located right next to the free metro mover and the Metro rail stations (by 2012 you can take a train from Infinity Metrorail station to the Miami International Airport in one leg). It is also a block and a half from Mary Brickell Village. Even though it is an inland building, if you are on a higher… Read more »
AJ — Please post a link to where I stated “seriously” that Continuum would be available for $175 per sq. foot. I can recall debating the price floor for SoFi, but I can’t recall saying anything about Continuum being headed to a $175/sq. foot price bottom. Furthermore, your statement that Continuum is “selling for between $1,200 and $1,700/sf” is pure nonsense. Units might be listed for those prices, but they’re not SELLING for those prices. In 2009, exactly 22 units have sold in that building, with only 9 of those sales coming in the last six (6) months. Only three… Read more »
AJ — I just did a quick search with Google and I couldn’t find any comment of mine that remotely claimed what you said above. This was my comment on May 21, 2009, at 9:58 p.m.: “joebob — You’re projecting around a $300/s.f. bottom for Continuum North? There haven’t been many sales in that building this year, but the ones that have closed have averaged around $1,100/s.f. based on the data I’ve seen. As over-saturated as the Miami condo market is, a further 75% decline in SoBe prices seems extremely pessimistic. (I am, however, curious what others here say about… Read more »
To read for all SB lovers !
http://travel.nytimes.com/2009/12/06/travel/06hours.html?hpw
Lara
You mentioned going to Burge. Do You mean Brugge ?
Lara,
When You are in Belgium, You have to try the chocolate !
It is, besides the Swiss one, the best chocolate of the world.
Visionary, you are absolutly right I meant Brugge. And Yes, I’ll try chocolate and beer and I am planning to see paintings of Bragel and Boskh and the house where Rubens was born. I am also planning to do some skating if canals are going to be frozen. It is a crazy dream of mine.
Lucas,
What’s going on with the sales statistics for individual buildings?
I just checked the county records for my building, the Lexi, and see there have been 5 new deeds recorded in the last few months, which don’t show up on your site. I found these by searching under “Lexi Dev Co” as the party name, so I’m sure if there have been any resales in addition to those I mentioned. Thanks.
Foreclosures still up, no end in sight
http://www.businessinsider.com/south-florida-foreclosures-up-15-in-november-2009-12
Lucas, those pdf files don’t show on my safari browser (?)
Guys, I’m a potential buyer and I can’t find a website that automatically gives me the yield on a condo purchased for subsequent rental. Don’t get lost in the details. Initially, it should assume the going 30 yr rate and 20% down. It should have a ranking of the best opportunities similar to the “Condo Deals” we all check out. Subsequently, it should allow us to play w/t variables (down pmt, p& i, taxes, condo fees). Not rocket science. Is there a website out there w/this basic level of functionality?? Lucas…any upgrades to your website under consideration???
AJGS — I’m not even aware of a site that has accurate HOA fee info. for Miami condos, let alone all of the functionality you described/requested.
Joe is 100% correct. I thought of creating something like that AJGS but there’s too much inaccurate information out there. Realtors will oftentimes enter $0 for the HOA fees or something that’s incorrect because they’re too lazy to call the association. There’s also no way of calculating an exact figure for taxes.
Joe/Lucas,
Follow up question. I just refuse to believe that waiting for an opportunity to be listed on the MLS is the best buying stategy. Thus, what is your advice on the best way to buy a condo from a distressed seller prior to it getting listed on the MLS. Lucas, do you provide this service??
AJGS — Why are you assuming that a distressed sale is a good opportunity from an investment/rental standpoint? Do you have any idea how many condos are still available in Miami? (Answer: Something like 8,000 to 10,000 units.) Do you have any idea how many rental units are upside down from a revenue standpoint? (Answer: A lot.) I’m not trying to give you a hard time, or to cost Lucas any sales, but I’m not aware of a whole lot of people who consider Miami a strong environment for r.e. investment right now. (And assuming there *are* some deals out… Read more »
Joe, What do you think is an appropriate rental yield given property risk in Miami??
AJGS — I have no idea. The thought of being a Miami condo landlord hasn’t even crossed my mind. Miami’s rental market is beyond saturated, and no one is projecting appreciation of Miami r.e. over the next few years. To me, that adds up to a big “why bother?” It’s one thing to break even on rent while the underlying property is appreciating, but with price stagnation projected for the next 5 years or more, unless you can buy a condo for LESS than you can rent it out — and that seems highly unlikely — it just seems like… Read more »
Joe, I understand your distaste for the “buy & rent” strategy but I have a follow on question for you. If you’re forced to implement a “buy & rent” strategy, which are the two best buildings in which to implement and which are the two worst. Please limit yourself to South Beach bldgs. Again, your top 2 and bottom 2 buildings for a “buy & rent” strategy.
AJGS — I have no idea what “forced to implement a ‘buy & rent’ strategy” means. How or why would anyone ever be “forced” to buy a unit and then rent it out (unless it was to launder money or something)? The only way for me to answer your question would be to run a huge amount of data as you requested above, and I simply don’t have the time or interest. As I’ve mentioned above, a lot of newer condos remain 50% or more investor-owned, and it’s routine for 25% to 50% of a building’s condos to be listed… Read more »
What does anyone think about the Vue?