Miami Condo Index – Brickell Key – January 2008

January 27, 2008

The Brickell Key Condo Index is back. I didn’t have time to provide a monthly update for December 2007. For those who have newly discovered this site, the Brickell Key Condo Index is a monthly post that provides important housing statistics pertaining to the 10 existing condo buildings located on Brickell Key. I also publish a monthly update pertaining to 17 well known buildings located in Brickell. Condos located in Downtown Miami and the Arts District of Miami will likely have their own index within the next six months. I’m just waiting for more buildings in those areas to be completed.

The average price per square foot of condos listed in Brickell Key has gone down since the November 2007 update. List prices have continued to drop each month since I began this index in June 2007. At that time, the average price per square foot of condos listed in Brickell was $519.97. It now stands at $486.07. That’s about a 6.5% drop in list prices in 7 months. These numbers are in line with the housing numbers that were released this past week. The weight-adjusted average also fell to $481.98 from November’s weight-adjusted average of $490.87.

Average price per square foot of Brickell Key condos currently listed on the MLS:

• Brickell Key One – 520 Brickell Key Drive | 33131 | $389.98
• Brickell Key Two – 540 Brickell Key Drive | 33131 | $445.50
• Carbonell – 901 Brickell Key Drive | 33131 | $596.31
• Courts Brickell Key – 801 Brickell Key Drive | 33131 | $457.45
• Courvoisier Courts – 701 Brickell Key Drive | 33131 | $444.54
• Isola – 770 Claughton Island Drive | 33131 | $468.57
• One Tequesta Point – 888 Brickell Key Drive | 33131 | $450.61
• St. Louis – 800 Claughton Island Drive | 33131 | $478.37
• Three Tequesta Point – 848 Brickell Key Drive | 33131 | $543.11
• Two Tequesta Point – 808 Brickell Key Drive | 33131 | $586.24

The average price per square foot of condos that have sold within the past six months has gone down as well. This average dropped to $416.92 per square foot from the $435.21 that we saw in November 2007. In June, this average stood at $445.59. The January average represents a 6.4% drop within the past 7 months. The weight-adjusted average also fell to $414.54 from November’s weight-adjusted average of $433.31.

The average price per square foot of condos sold within the past six months:

• Brickell Key One – 520 Brickell Key Drive | 33131 | $326.88
• Brickell Key Two – 540 Brickell Key Drive | 33131 | $398.70
• Carbonell – 901 Brickell Key Drive | 33131 | $481.29
• Courts Brickell Key – 801 Brickell Key Drive | 33131 | $466.49
• Courvoisier Courts – 701 Brickell Key Drive | 33131 | $444.20
• Isola – 770 Claughton Island Drive | 33131 | $342.72
• One Tequesta Point – 888 Brickell Key Drive | 33131 | $405.28
• St. Louis – 800 Claughton Island Drive | 33131 | $421.25
• Three Tequesta Point – 848 Brickell Key Drive | 33131 | $435.42
• Two Tequesta Point – 808 Brickell Key Drive | 33131 | $446.98

The chart below reveals additional statistics pertaining to the 10 existing condo buildings in Brickell Key:

The first column to the right of each condo development is the difference in the average sales price and list price for this month, expressed as a percentage. Courts Brickell Key was the only development that had a higher average sales price than list price.

The second column is the number of active listings in each development currently in the MLS. The third column shows the percentage that these listings represent over the total number of condo units in each development. The cells highlighted in green reveal those developments that have active listings that represent less than 10 percent of the the overall units in the building. As I’ve stated before, I find this to be a very healthy number. The ones highlighted in red reveal those developments that have active listings that represent over 20 percent of the overall units in the building. Proceed with caution! Condo developments with active listings representing less than 10 percent of the overall condos are considered very safe, in my opinion, and anything in the 10-15 percent range is considered normal, even in a healthy market.

The fourth column shows the number of pending sales while the fifth column displays the number of closed sales within the past two months. Since I didn’t have a December update, I decided to show the number of closed sales since November 28, 2007. As you can see, there have been 9 closed sales in Brickell Key within the past two months. There are currently 28 pending sales, however, 9 of these pending sales have been pending since August 2007 or longer. A few of them have been pending for over a year. I did notice that a good portion of the other 19 pending sales went pending within the first two weeks of the new year.

The sixth column shows the difference in the average list prices from November and this month, expressed a percentage. Those highlighted in red reveal those condo developments which have had a drop in their average list price while those highlighted in green reveal those that have had an increase. As you can see, Carbonell was the only condo building in Brickell Key that has had an increase in its average list price since November 2007. This is attributed to a penthouse condo that was listed the first week of December for around $1,500 per square foot!

The seventh column reveals the difference in average sales prices from November and this month, expressed as a percentage. Brickell Key I, Courts Brickell Key and Courvoisier Courts had average sales prices that were up from those found in November. The average at Isola dropped dramatically since November but not a lot can be made of it because only one closed sale in Isola has occurred within the past six months. It’s not a true average. However, three of the condos that have gone pending at Isola within the past three months have an average list price of $358 per square foot. This is close to the $342.72 price per square foot associated with the one condo that has sold within the past six months.