Miami Condo Index – Brickell Key – November 2007

November 29, 2007

The average price per square foot of condos listed in Brickell Key has gone down once again, as it has every month since I began this index. The average price per square foot of the ten condos, which represent the Brickell Key Condo Index, fell to $494.61 this month from last month’s figure of $501.55. The weight-adjusted average also fell to $490.87 per square foot versus last month’s weight-adjusted average of $497.82.

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

• Brickell Key One – 520 Brickell Key Drive | 33131 | $391.36
• Brickell Key Two – 540 Brickell Key Drive | 33131 | $456.92
• Carbonell – 901 Brickell Key Drive | 33131 | $573.97
• Courts Brickell Key – 801 Brickell Key Drive | 33131 | $462.49
• Courvoisier Courts – 701 Brickell Key Drive | 33131 | $459.84
• Isola – 770 Claughton Island Drive | 33131 | $510.26
• One Tequesta Point – 888 Brickell Key Drive | 33131 | $456.65
• St. Louis – 800 Claughton Island Drive | 33131 | $482.35
• Three Tequesta Point – 848 Brickell Key Drive | 33131 | $552.32
• Two Tequesta Point – 808 Brickell Key Drive | 33131 | $599.97

This is the first month since I began the Brickell Key Condo Index that the average price per square foot of condos sold over the previous six months has gone up. The average price per square foot of condos sold within the last six months increased to $435.21 from last month’s average of $430.08. The weight-adjusted average also increased to $433.31 from last month’s weight-adjusted average of $424.57. Most of this is attributed to the lack of closed sales at Brickell Key Two. A closed sale of $375 per square foot at Brickell Key Two fell off the average and was replaced by a new closed sale within the past month at $446 per square foot. One closed sale within the past six months encompassed the average in October and November. As I said, the lack of closed sales is to blame.

• Brickell Key One – 520 Brickell Key Drive | 33131 | $308.28
• Brickell Key Two – 540 Brickell Key Drive | 33131 | $445.83
• Carbonell – 901 Brickell Key Drive | 33131 | $535.63
• Courts Brickell Key – 801 Brickell Key Drive | 33131 | $435.03
• Courvoisier Courts – 701 Brickell Key Drive | 33131 | $424.63
• Isola – 770 Claughton Island Drive | 33131 | $440.14
• One Tequesta Point – 888 Brickell Key Drive | 33131 | $407.77
• St. Louis – 800 Claughton Island Drive | 33131 | $442.40
• Three Tequesta Point – 848 Brickell Key Drive | 33131 | $461.58
• Two Tequesta Point – 808 Brickell Key Drive | 33131 | $450.84

Additional statistics can be found in the chart below:

There have been a total of 6 closed sales within the past month which is much better than the pathetic 2 closings revealed in last month’s update. These 6 closings, however, were highly concentrated with 4 of the 6 closings residing at Carbonell. Pending sales have inched up to 18 from last month’s 16 pending sales.