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

Jennifer Lopez & Marc Anthony

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.  9 condos recently listed 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

Fannie Mae Approved Condo Buildings in Florida

As of June 1, 2009, Fannie Mae updated their website to reflect the condo developments in Florida that are now approved for financing.

The following is a list of recent condo developments in South Florida that are now Fannie Mae approved:

View the full list of Fannie Mae approved condo developments in Florida.

Top 5 Distressed Condo Sales Closed in April 2009

Below, you will find what I believe to be the five best condo deals of the 42 distressed sales that closed in the month of April in the MLS located in Brickell, Brickell Key, Downtown Miami and the Arts District.

  1. Emerald at Brickell – unit 2201 – 2 bedroom/2.5 bath (1,594 square feet) – This unit sold for $306,000, or $192 per square foot, on April 30, 2009.  Foreclosure (#1 despite the high HOA fees)
  2. The Club at Brickell Bay – unit 2604 – 1 bedroom/1 bath (825 square feet) – This unit sold for $110,000, or $133 per square foot, on April 9, 2009.  Short Sale
  3. One Miami – unit 3215 – 2 bedroom/2 bath (1,145 square feet) – This unit sold for $255,000, or $223 per square foot, on April 13, 2009.  Short Sale
  4. Skyline on Brickell – unit 1912 – 2 bedroom/2 bath (1,367 square feet) – This unit sold for $325,000, or $238 per square foot, on April 17, 2009. Foreclosure
  5. Brickell on the River North – unit 1007 – 1 bedroom/1 bath (757 square feet) – This unit sold for $145,000 or $193 per square foot, on April 17, 2009.  Foreclosure

Runner-up: Vue at Brickell – unit 2108 – 1 bedroom/1 bath (838 square feet) – This unit sold for $94,000, or $112 per square foot, on April 29, 2009. Foreclosure

Unit 1508 at Brickell on the River North Revisited

Towards the end of February, I wrote about a 2 bedroom/2 bath condo foreclosure at Brickell on the River North that had recently been listed at the time.  The condo was listed for $159,000, or $151 per square foot.  The 2 bedroom was priced below recently closed 1 bedroom condos at Brickell on the River North and, as a result, attracted the interest of many buyers.  From speaking with the listing agent in February, I learned that he had received over 30 offers for the condo.  The unit closed on April 3, 2009 for $236,000, well above asking price.

Brickell on the River South Receives Approval From Fannie Mae

Brickell on the River South

As of yesterday, Brickell on the River South became a Fannie Mae approved development.  As a result, creditworthy buyers will now be able to acquire financing.  This should help Brickell on the River South to bolster sales of its remaining lofts.  1 bedroom lofts start at $180,000 while 2 bedrooms start at $272,000.

I know of a few other condo developments in Brickell that have applied for Fannie Mae approval and should be receiving approval soon.  A lack of financing for new condos in Miami has hindered sales drastically since the new Fannie Mae guidelines went into effect in January.  It’ll be nice to finally see financing back in play once more condo developments have been reviewed and approved.