New Miami Condos – Closing Rates for May 2008
It’s been almost 2 months since my last post regarding the closing rates of various Miami condo developments. That post was published on April 4, 2008. Referring back to that post and comparing it to the figures in the graph below, you may quickly realize that I must have made a mistake last month when pulling the data for Loft Downtown 2. I’m not sure how that happened. I double and tripled checked the figures this month, however, for all of the condo developments.
Below you will find the date that each condo development began closings:
Even with the overstatement of closed units corrected, Loft Downtown 2 still has the best closing rate of any condo development located in Miami included in this post, and the second best overall. Loft Downtown 2 isn’t as close to hitting the 100 percent mark as I had previously thought, but it’s doing comparatively quite well. The overall closing rate at 50 Biscayne increased slightly over 6 points while the rest, in the group above, increased 2.52 points or less, since the last update.
As over half of this group approaches the one year mark since their closings began, a few interesting questions come to mind. What is happening to the defaulted condos? Are developer’s leasing them and holding until the market gets better or are they hoping for onesy and twosy buyers to come along to slowly deplete their inventory? Are any of these developers feeling the pain yet? I’ve heard that at least one of these condo developers has been for a few months. If that’s true, then when, if ever, are we going to see some bulk sales?
I’m sure glad he’s proving me wrong. Those were my first thoughts when looking at the chart above. My second thoughts are that Apogee South Beach has continued to make great strides in closing its condos. Apogee has improved almost 15 points since my last update. Quantum on the Bay and 1800 Club, the only other two condo developments in the group above the 50 percent mark, each continued to show nice progress as well.
Below you will find the date that each condo development began closings:
Marina Blue is off to a very good start. Pretty impressive from a condo development that started closings so late in the game. Asia is doing relatively well given that it had its first closing less than two months ago. However, Asia has only 123 total units. I’m expecting that we’ll some good progress in Asia’s closing rate next month. I guess we’ll have to wait for the next update, however, to find out.
Disclaimer: The above closing rate information was derived from public County records. There can be a 2-3 week delay from the time that a closing occurs and the time that the closing is recorded.
New Miami Condos – Closing Rates for April 2008
It has been a while since my last post regarding the closing rate of various Miami condo developments. The last update was provided on February 20, 2008. As with the February post, the first graph below reveals the closing rate of those Miami condo developments that began closings prior to November 1, 2007. The condo developments are ordered, from left to right, according to when closings began.
Below you will find the date that each condo development began closings:
I’m quite impressed with the closing rate of Loft 2. Their closing rate has improved roughly 13.5 percentage points since the last update and is within 6 percentage points of reaching the 100 percent mark. Great job!
The rest of the condo developments in this group have not changed much since the February update. The closing rate of 50 Biscayne has improved about 6 percent while the closing rate of Onyx on the Bay has improved a little more than 4 percent. The rest of the condo developments have improved 1.5 percent or less. You may notice that the closing rate of Star Lofts on the Bay has actually gone down since the February update. Well, obviously, two closings weren’t rescinded. I discovered two deeds that were re-recorded. I hadn’t caught these in the February post. No additional units have closed at Star Lofts on the Bay since November 8, 2007.
The following graph shows the closing rate of various condo developments in Miami that began closings after November 1, 2007.
Below you will find the date that each condo development began closings:
For the most part, a lot has changed with this group since the February closing rate update. Of this group of condo developments, I must say that Apogee South Beach has done a remarkable job! Apogee was the second to last condo development in this group to begin closings, yet it has far surpassed the success of the others. The high closing rate of condos at Apogee proves once again that the ultra-luxury condo market in Miami Beach is still doing quite well.
The 1800 Club has pushed well through the 50 percent mark and has improved roughly 16 points. Quantum on the Bay is hovering right at 50 percent which is good considering that they received the TCO on the second tower around the beginning of March. I can definitely see it hitting the 75 percent mark within the next two months. I also want to note that Plaza on Brickell and 1060 Brickell are both comprised of two towers. I’ve heard that closings for condos in the 851 tower of Plaza on Brickell recently began. The condo units in the 851 tower represent 60 percent of the overall development. I also know a few people who have contracts on condos in the 901 tower who are still waiting to receive a closing date. I’m not sure if only one or both of the towers at 1060 Brickell have begun closings yet.
Next month, I plan to include Marina Blue, Wind and Midtown 4, which each began closings recently.
Disclaimer: The above closing rate information was derived from public County records. There can be a 2-3 week delay from the time that a closing occurs and the time that the closing is recorded.
New Miami Condos – Closing Rates for February 2008
This month, I decided to make two separate graphs to show the percentage of total units that each development has closed since closings began. The first graph, found immediately below, reveals the closing rates for Miami condos which had their first closing prior to November 1 2007. The condo developments are also now ordered according to when closings began, with the first to the left.
Below you will find the date that each condo development in the graph above began closings:
Not much has changed with this group of condos since the last update was provided in January. Ten Museum Park and Latitude on the River inched up about 2-3 percentage points. Star Lofts on the Bay remained the exact same and Onyx on the Bay was able to close one additional condo. The Loft Downtown 2 moved up a little over 5 percentage points and 50 Biscayne moved up almost 7 percentage points. A few different sources have told me that there have been about 200 defaulted condos at 50 Biscayne. This is in line with the 239 condos that are currently unaccounted for according to public records. Several people have left comments here stating that the developer has chosen to lease many of the defaulted condos and ride out the storm rather than sell to a bulk buyer. I’m sure other developers will follow suit, which will decrease the expected inventory levels for a few years.
Below you will find the date that each condo development in the graph above began closings:
The graph above includes a group of condos which began closings within the past three months. I was surprised to see that 1800 Club has fared the best, although it should be noted that it did begin closings first amongst this group. Brickell on the River 2 has made much progress since the end of January when closed condos represented about 4 1/2 percent. Quantum on the Bay has done well considering that it has only received a TCO on the first of its two towers. Driving by a few times within the last couple of weeks, I did notice more lights on at night than one would expect from a condo development that just started closings about a month and a half ago. Same goes with 1800 Club. With a closing rate of about 20 percent, Apogee South Beach is off to a good start. Prices there start at about $2.5M. Plaza on Brickell has also only received a TCO on the first of its two towers. We should see much improvement from most of the condo buildings in the above group within the next month or two.
You may have noticed that One Bal Harbour and Midtown 2 are not found in this month’s update. I chose not to include One Bal Harbour because the Regent condo-hotel units have now begun closings and I did not want to intermingle the two. I do know, however, that WCI Communities has been quite successful in closing units at One Bal Harbour. They’ve closed around 150-155 condos out of a total of 185. I also know that several have been reassigned and are currently under contract. I expect WCI to have only a couple developer units left at One Bal Harbour by the end of March.
I didn’t include 2 Midtown because I noticed that a bunch of deeds have been re-recorded there. It would have taken me forever to sort through that mess. The following was written along the left-hand side of the re-recorded deeds: “This deed is being re-recorded to correct vesting on title”.
Disclaimer: The above closing rate information was derived from public County records. There can be a 2-3 week delay from the time that a closing occurs and the time that the closing gets recorded.
