Brickell on the River – 1 Bedroom/1 Bath Short-Sale – $200,000

April 13, 2008

I’m quite surprised that the 1 bedroom/1 bath short-sale for $200,000 at Brickell on the River isn’t under contract yet. It was offered for sale on April 1, 2008. The next best priced condo in the building, located directly 8 floors below the short-sale condo, is priced at $260,000.

Depending on someone’s credit score, this condo should break-even on a monthly basis if you’re able to get $1,500 per month for it with a 20 percent down payment. The condo faces west and has a view of the Miami River. The listing says that the monthly maintenance fee is $418 per month.

Last Summer, a client of mine placed on offer on unit 2703 at Brickell on the River, which has a very similar view as 2907, for $240,000. It, too, was a short-sale. The condo was listed for $280,000 at the time. The bank felt that our offer was too low to warrant a counteroffer. I received word that the bank would not accept anything that wasn’t “very” close to the listing price. Within a month, the list price was actually increased to $320,000. Needless to say, the condo failed to sell through the MLS, despite the price eventually being lowered to $259,000 on March 12, 2008. The listing was canceled a few weeks later. I’m guessing that the condo went into foreclosure, but I haven’t confirmed that.

Close to one year later we have unit 2903 on the market for $200,000. That’s close to a 30 percent discount from what the banks, a year earlier, felt that they should be able to get. I think $200,000 for this condo at Brickell on the River North is a very good price. In fact, it is probably one of the best priced one bedrooms currently offered in all of Brickell. I guess time will tell for how much this condo eventually sells.