Top 5 Miami Distressed Condo Sales Closed in September 2008

I found a total of 25 distressed condo sales that closed in the month of September in the MLS located in Brickell, Brickell Key, Downtown Miami and the Arts District.  The following are, in my opinion, the five best deals that took place.  This will hopefully give everyone a sense for where prices are for similar units in these buildings and neighborhoods.  This is not an indication of where prices may or may not ultimately settle.

  1. Jade at Brickell – unit 1706 – 1 bedroom/1 bath (895 square feet) – This unit sold for $215,000, or $240 per square foot, on September 5, 2008.  Foreclosure
  2. Blue Condominium – unit 3101 – 2 bedroom/2.5 bath (1,651 square feet) – This unit sold for $385,000, or $233 per square foot, on September 16, 2008.  Short-sale
  3. Neo Vertika – unit 3119 – 2 bedroom + den/2 bath (1,255 square feet) – This unit sold for $225,000, or $179 per square foot, on September 5, 2008.  Foreclosure
  4. Vue at Brickell – unit 2204 – 2 bedroom/2 bath (1,023 square feet) – This unit sold for $173,000, or $169 per square foot, on September 16, 2008.  Foreclosure
  5. Parc Lofts – unit 208 – 1 bedroom/1 bath (1,255 square feet) – This unit sold for $220,000, or $174 per square foot, on September 9, 2008.  Foreclosure

Blue Condominium – 1 Bedroom/1.5 Bath Foreclosure – $229,000

Blue Condominium

I was stunned when I saw this foreclosure listing at Blue Condominium. $229,000 for a 1 bedroom condo at Blue Condominium!!! In 2006, this unit would have likely been priced for around $380,000. The MLS listing shows it to be a 1 bedroom/2 bath condo but I don’t think that information is accurate, unless the owner added a second full bathroom. It is most likely a 1 bedroom/1.5 bath condo. The listing also makes no mention of it being a foreclosure but I looked it up and it is owned by Deutsche Bank.

This is a great buy for someone who is looking to purchase a 1 bedroom condo in a high-end waterfront condo building in Miami. The location may not be that great (the northern end of Edgewater Miami) but that is already reflected in the price, in my opinion. If this condo sells for around $200,000 then we’re now talking break-even cash flow with 20 percent down. I haven’t heard the term “break-even cash flow” for quite some time. Is that where prices are headed? I think we all know the answer.

Take a look at the Blue Condominium rental listings to get an idea of the type of monthly rent that this condo would bring. Feel free to export the listings to Microsoft Excel by clicking the “Export” link at the top of the grid.

By the way, for those of you not local to Miami, the highway in the picture above takes you right into Miami Beach.