Miami Condo Index – Brickell Key – August 2007

August 27, 2007

Welcome to the third installment of the Brickell Key Condo Index. I have included a few additional statistics to provide a more comprehensive view of the market. This change will be implemented in the Brickell and South Beach Condo Indices in September. I will now report the number of available listings, pending sales and closed sales in each building, as well as express the number of available listings as a percentage of the overall units in each. I have done away with the sold-to-listed ratio since that statistic has not revealed much insight into the market. It can also be easily calculated with the figures that I provide if someone wishes to track that statistic.

The average price per square foot of condos currently listed in the ten buildings below in Brickell Key has dropped this month to $507.22 versus $515.71 in July. The weight-adjusted average has dropped to $502.76 versus $510.83.

• Brickell Key One – 520 Brickell Key Drive | 33131 | $395.01
• Brickell Key Two – 540 Brickell Key Drive | 33131 | $473.40
• Carbonell – 901 Brickell Key Drive | 33131 | $581.97
• Courts Brickell Key – 801 Brickell Key Drive | 33131 | $479.90
• Courvoisier Courts – 701 Brickell Key Drive | 33131 | $477.39
• Isola – 770 Claughton Island Drive | 33131 | $520.38
• One Tequesta Point – 888 Brickell Key Drive | 33131 | $475.42
• St. Louis – 800 Claughton Island Drive | 33131 | $511.81
• Three Tequesta Point – 848 Brickell Key Drive | 33131 | $566.56
• Two Tequesta Point – 808 Brickell Key Drive | 33131 | $590.32

The average price per square foot of condos sold in the past six months in Brickell Key has dropped this month to $437.34 versus $442.69 in July. The weight-adjusted average has dropped to $433.97 from $439.02. Brickell Key has proven to be a much more reliable source as to the state of the market in Miami than Brickell. I have yet to find any closed sales that indicate mortgage fraud in Brickell Key as I have in Brickell. This is not to say that mortgage fraud has not occurred in Brickell Key, but I haven’t found any since I began tracking the market in June.

• Brickell Key One – 520 Brickell Key Drive | 33131 | $330.61
• Brickell Key Two – 540 Brickell Key Drive | 33131 | $409.79
• Carbonell – 901 Brickell Key Drive | 33131 | $498.08
• Courts Brickell Key – 801 Brickell Key Drive | 33131 | $441.59
• Courvoisier Courts – 701 Brickell Key Drive | 33131 | $415.01
• Isola – 770 Claughton Island Drive | 33131 | $471.85
• One Tequesta Point – 888 Brickell Key Drive | 33131 | $442.33
• St. Louis – 800 Claughton Island Drive | 33131 | $451.18
• Three Tequesta Point – 848 Brickell Key Drive | 33131 | $480.92
• Two Tequesta Point – 808 Brickell Key Drive | 33131 | $431.99

As mentioned in the introductory paragraph, I will now include additional statistics each month. The first number beside each building name represents the total numbers of active listings in that building. The number to the right of that, in parentheses, is the number of currently listed condos in each building expressed as a percentage of the total number of condos. The third number represents the number of pending sales in the building while the fourth is the number of closed sales within the past month. Pending sales is a leading indicator and should reveal, in future months, when the condo market begins to rebound.

• Brickell Key One – 20 (6.33%) | 4 | 1
• Brickell Key Two – 49 (12.41%) | 0 | 0
• Carbonell – 57 (20.07%) | 3 | 0
• Courts Brickell Key – 41 (12.85%) | 2 | 1
• Courvoisier Courts – 58 (21.32%) | 1 | 0
• Isola – 53 (17.67%) | 2 | 0
• One Tequesta Point – 23 (7.96%) | 2 | 1
• St. Louis – 9 (6.72%) | 0 | 1
• Three Tequesta Point – 20 (8.40%) | 1 | 0
• Two Tequesta Point – 25 (9.29%) | 2 | 0

As you can see from the statistics above, there were only four closed sales in Brickell Key within the past month. This reveals a slow market but the 17 pending sales indicate that the following months should prove to be more active if 70 percent of the pending sales actually close. This is assuming that the pending sales are scheduled to close within the next 60 days.

I’d love to hear some feedback regarding the latest statistics provided. I hope the additions shed new light into the Miami condo market. I’m particularly curious to see the number of pending sales in Brickell when I publish the Brickell Condo Index for September.