Top 5 Distressed Condo Sales Closed in December 2009

Below, you will find what I believe to be the five best condo deals of the 59 distressed sales that closed in December 2009 in the MLS located in Brickell, Brickell Key, Downtown Miami, and the Arts District.

1. Uptown Lofts #1005 – 1 bedroom/2 bath (1,280 square feet) – This unit sold for $135,900, or $106 per square foot, on December 4, 2009.  Foreclosure
2. Cite on the Bay #3304 – 1 bedroom/1 bath (797 square feet) – This unit sold for $107,000, or $134 per square foot, on December 16, 2009.  Short Sale
3. Solaris at Brickell #1001 – 2 bedroom/2 bath (1,145 square feet) – This unit sold for $182,000, or $159 per square foot, on December 23, 2009.  Short Sale
4. Latitude on the River #2407 – 1 bedroom/1.5 bath (899 square feet) – This unit sold for $148,000, or $165 per square foot, on December 4, 2009. Short Sale
5. 2 Midtown #M0707 – 2 bedroom/2 bath (986 square feet) – This unit sold for $165,000 or $167 per square foot, on December 7, 2009.  Foreclosure

Brickell & Brickell Key Closed Condo Sales – November 2009

Click on the links below to view the condo sales in Brickell and Brickell Key closed  in November 2009:

Brickell Closed Condo Sales – November 2009 – There were 30 closed condo sales in Brickell last month.  The average sales price of these condos was $243 per square foot.  I was surprised to see that a one bedroom condo at Skyline on Brickell sold for $334 per square foot.

Brickell Key Closed Condo Sales – November 2009 – 10 condos in Brickell Key closed last month.  These sold at an average sales price per square foot of $258.  Here I was shocked to see that someone would be willing to pay $294 per square foot for a unit at Isola, especially one with carpeting.

Completely Renovated Townhouse at Atlantis on Brickell

I remember walking through unit 306 at Atlantis on Brickell towards the end of 2007.  The place was a disaster!  Flooring was ripped out, walls were horribly damaged, mold was evident in a few of the rooms and the kitchen and bathrooms badly needed to be updated.

Unit 306 is a 4 bedroom/4 bath two-story townhouse with 2,628 interior square feet.  In 2007, when the unit came onto the market as a foreclosure, the unit was listed for $799,900.  After eight price reductions and a little over nine months later, the unit sold for $415,000, or $158 per square foot, on February 29, 2008.

After a complete overhaul, the unit made its way onto the market about six months ago for $1,130,000, or $430 per square foot –  quite a stretch even after accounting for renovation and holding costs.    The list price was slashed a few times before recently being reduced to $865,000, or $329 per square foot – a step in the right direction but still at least $100,000 away, in my opinion.

My guess is that it probably cost somewhere in the ballpark of $100 per square foot to completely gut and renovate the unit, given the quality and the fact that mold was present.  I’ve estimated taxes to be around $25,000 and HOA fees to be around $22,000 over the past 21 months.  That represents about an extra $18 per square foot to the cost basis of the owner.  It’ll be interesting to see if the owner is able to make a profit or, at the very least, break-even on this investment, especially after accounting for cost of capital.

Before Pictures

After Pictures

Construction to Begin on Sky Palace at Mary Brickell Village Next Month

Construction is scheduled to begin on the condominium high-rise that was once known as Skyline at Mary Brickell Village in December 2009.  The 369-unit Mediterranean-style condo building is now known as Sky Palace at Mary Brickell Village.  It will sit atop the parking garage at Mary Brickell Village located on the west end of the commercial development.  Completion of Sky Palace at Mary Brickell Village is projected to occur in the last quarter of 2011.

Update: Sky Palace at Mary Brickell Village was later renamed Nine at Mary Brickell Village.

Top 5 Distressed Condo Sales Closed in September 2009

Below, you will find what I believe to be the five best condo deals of the 53 distressed sales that closed in the month of September in the MLS located in Brickell, Brickell Key, Downtown Miami and the Arts District.  It was tough to decide between the first two for the number one spot but The Mark on Brickell #1608 took it based on location and view.

1. The Mark on Brickell #1608 – 2 bedroom/2 bath (1,140 square feet) – This unit sold for $210,000, or $184 per square foot, on September 18, 2009.  Short Sale
2. Blue Condominium #1701 – 2 bedroom/2.5 bath (1,449 square feet) – This unit sold for $210,000, or $145 per square foot, on September 10, 2009.  Foreclosure
3. Brickell on the River North #3715 – 3 bedroom/2.5 bath (1,512 square feet) – This unit sold for $287,000, or $190 per square foot, on September 4, 2009.  Short Sale
4. Jade Brickell #1201 – 2 bedroom/2.5 bath (1,878 square feet) – This unit sold for $675,000, or $359 per square foot, on September 30, 2009. Foreclosure
5. Marina Blue #2302 – 1 bedroom/1.5 bath (843 square feet) – This unit sold for $190,000 or $225 per square foot, on September 30, 2009.  Short Sale

As a side note, bidding on foreclosures has become extremely competitive.  I noticed that the majority of the condo REOs that closed in September closed at a price that was above the asking price.  This was the case in 19 of the 26 REO listings that closed last month located in the aforementioned neighborhoods of Miami.  It has become more important than ever to know the comparable sales in the neighborhood.  The mentality of automatically going in with a bid 10-15 percent below asking price doesn’t fly anymore.  With season right around the corner, I’m confident that the worst is well behind us.

Jennifer Lopez & Marc Anthony To Acquire 10 Units at Icon Brickell

I confirmed that Jennifer Lopez and Marc Anthony placed 10 units under contract at Icon Brickell earlier this afternoon. People magazine reported last month that they had acquired a penthouse condo in the same development as well.  It looks like Jennifer Lopez and Marc Anthony are very bullish on the future of Brickell Miami.  I heard last week from a separate source that prices at Icon Brickell were recently reduced to around $350 to $400 per square foot.

Update: Marc Anthony ended up losing two of the ten condos at Icon Brickell as part of a divorce settlement with wife-number-four Shannon De Lima. The two Miami luxury condos were valued at over $2 million.

Top 5 Distressed Condo Sales Closed in July 2009

Below, you will find what I believe to be the five best condo deals of the 43 distressed sales that closed in the month of July in the MLS located in Brickell, Brickell Key, Downtown Miami and the Arts District.  I wasn’t very impressed with the deals that closed in July, however, when compared to those we’ve seen in previous months.  Coincidentally, all five condos are located in Brickell this month.

1. Brickell on the River North #805 – 1 bedroom/1 bath (820 square feet) – This unit sold for $128,000, or $156 per square foot, on July 30, 2009.  Short Sale
2. Brickell on the River North #1611 – 2 bedroom/2 bath (1,117 square feet) – This unit sold for $190,000, or $170 per square foot, on July 10, 2009.  Short Sale
3. The Sail on Brickell #2704 – 2 bedroom/2 bath (942 square feet) – This unit sold for $137,900, or $146 per square foot, on July 31, 2009.  Foreclosure
4. Solaris at Brickell #1903 – 2 bedroom/2 bath (1,064 square feet) – This unit sold for $185,000, or $174 per square foot, on July 24, 2009. Foreclosure
5. Imperial at Brickell #1505 – 3 bedroom/2 bath (1,732 square feet) – This unit sold for $350,000 or $202 per square foot, on July 29, 2009.  Short Sale

Recently Listed Condo REOs in Miami – August 2009

Earlier this evening, I did a search for condo foreclosures in Miami for a client.  There were 9 condos that were recently listed that caught my attention.

• Santa Maria  #2506 – 2 bedroom/2.5 bath (2,100 square feet of interior) – Asking $899,900, or $429 per square foot – 24 days on the market
• Jade Brickell #1201 – 2 bedroom/2.5 bath (1,878 square feet of interior) – Asking $667,900, or $356 per square foot – less than 2 hours on the market
• Carbonell #1805 – 2 bedroom/2.5 bath (1,505 square feet of interior) – Asking $525,000, or $349 per square foot – 8 days on the market
• Four Seasons Hotel #3203 – 1 bedroom/1.5 bath (983 square feet of interior) – Asking $460,000, or $468 per square foot – 7 days on the market
• Emerald at Brickell #1101 – 2 bedroom/2.5 bath (1,594 square feet of interior) – Asking $364,900, or $229 per square foot – 3 days on the market
• Blue Condo #1701 – 2 bedroom/2.5 bath (1,449 square feet of interior) – Asking $208,395, or $144 per square foot – 7 days on the market
• 50 Biscayne #4705 – 1 bedroom/1 bath (845 square feet of interior) – Asking $179,900, or $213 per square foot – 3 days on the market
• The Club at Brickell Bay #4304 – 1 bedroom/1 bath (825 square feet of interior) – Asking $119,900, or $145 per square foot – 8 days on the market
• 1800 Biscayne Plaza #1203 – 2 bedroom/2 bath (1,040 square feet of interior) – Asking $117,590, or $113 per square foot – 8 days on the market

Top 5 Distressed Condo Sales Closed in May 2009

Below, you will find what I believe to be the five best condo deals of the 46 distressed sales that closed in the month of May in the MLS located in Brickell, Brickell Key, Downtown Miami and the Arts District.  I think the distressed condos that closed in the month of May were better deals than what we have seen in previous months.

1. Jade Brickell – unit 1002 – 2 bedroom/2 bath (1,529 square feet) – This unit sold for $375,000, or $245 per square foot, on May 15, 2009.  Short Sale
2. Courts Brickell Key – unit 1909 – 3 bedroom/3 bath (1,488 square feet) – This unit sold for $350,000, or $235 per square foot, on May 20, 2009.  Short Sale
3. Skyline on Brickell – unit 306 – 2 bedroom/2 bath (1,367 square feet) – This unit sold for $349,000, or $255 per square foot, on May 8, 2009.  Foreclosure
4. Skyline on Brickell – unit 1512 – 2 bedroom/2 bath (1,367 square feet) – This unit sold for $305,000, or $223 per square foot, on May 18, 2009. Short Sale
5. One Miami – unit 3916 – 1 bedroom/1 bath (846 square feet) – This unit sold for $150,000 or $177 per square foot, on May 27, 2009.  Foreclosure

Runner-ups:

• The Mark on Brickell – unit 1001 – 2 bedroom/2 bath (1,200 square feet) – This unit sold for $205,000, or $171 per square foot, on May 22, 2009.  Foreclosure
• 1800 Biscayne Plaza – unit 203 – 2 bedroom/2 bath (1,057 square feet) – This unit sold for $120,000, or $114 per square foot, on May 01, 2009.  Short Sale
• Cite on the Bay – unit 2213 – 1 bedroom/1 bath (795 square feet) – This unit sold for $100,000, or $126 per square foot, on May 13, 2009.  Foreclosure