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.

New & Improved South Florida MLS Property Search for Condos

South Florida MLS search for condos

Many of you have already noticed that a much-improved Miami property search has now taken the place of the old property search.  New search parameters have been added to allow your search experience to be more powerful and effective.  For example, you can now search by year built, number of parking spaces, and distressed sales (foreclosures and short sales), as well as many other parameters.  Additionally, you can now draw a shape onto the map to restrict the search to condos located within that shape.  For example, in the picture above, I drew a shape around Brickell Key to restrict the search to only condos located in Brickell Key.  Enjoy!

Top 5 Miami Distressed Condo Sales Closed in March 2009

Below, you will find what I believe to be the five best condo deals of the 47 distressed sales that closed in the month of March in the MLS located in Brickell, Brickell Key, Downtown Miami, and the Arts District.

  1. The Mark on Brickell – unit 2702 – 3 bedroom/2 bath (1,470 square feet) – This unit sold for $251,000, or $171 per square foot, on March 20, 2009. Short Sale
  2. Brickell on the River – unit 3305 – 1 bedroom/1 bath (757 square feet) – This unit sold for $125,000, or $165 per square foot, on March 17, 2009.  Foreclosure
  3. Vue at Brickell – unit 812 – 1 bedroom/1.5 bath (860 square feet) – This unit sold for $90,000, or $105 per square foot, on March 9, 2009. Foreclosure
  4. Neo Vertika – unit 1525 – 0 bedroom/1 bath (638 square feet) – This unit sold for $98,500 or $154 per square foot, on March 19, 2009.  Foreclosure
  5. Uptown Lofts – unit 1003 – 1 bedroom/2 bath (1,065 square feet) – This unit sold for $100,000, or $94 per square foot, on March 19, 2009. Foreclosure

Runner-up – 1800 Biscayne Plaza – unit 1107 – 3 bedroom/2 bath (1,318 square feet) – This unit sold for $200,000, or $152 per square foot, on March 11, 2009. Short Sale

 

Miami Condo Developers Slash Prices on Existing Inventory

It’s no secret that most condo developers in Miami are still left with a large supply of unclosed condos.  These developers pretty much have three options: (1) Do nothing and continue to bleed money by paying interest on the outstanding debt, (2) Sell condos in bulk to a vulture fund at a very big discount, or (3) Slash prices to end users and pay the principal and interest on the outstanding debt over time.  Option number 3 was something that should have been done a long time ago.  Over the past year, sales agents working for various condo developers have made it known to real estate agents that “developer prices are negotiable” or that the developer is “willing to listen to any reasonable offer”.  However, with the exception of Groupe Pacific with Brickell of the River South, none of the Miami condo developers would go so far as to publicly reduce their prices.  It didn’t make sense to me.  The only logical explanation that I could come up with is that developers were afraid of the backlash from current condo owners.  The days of name calling and finger pointing are over.  That was so 2008.  It’s in everyone’s best interest, current condo owners included, that each condo development close as many condos as possible.  This has been especially true since Fannie Mae revised their guidelines for Florida condos.  Reaching the all-important 70 percent mark for closings is so critical in this market.

It seems that Miami condo developers are finally turning to option 3.  Over the weekend, two major condo developments announced large price reductions.

  • 500 Brickell – On Sunday, I received an email from a 500 Brickell sales agent announcing “much lower pricing” on all remaining developer condos and that “prices have dropped up to $100,000”.  The email revealed that one bedroom condos now start at $180,000 while two bedroom condos now start at $295,0000.  I think a good old-fashioned price reduction is a MUCH better idea than including a Mini Cooper with the purchase of a condo at 500 Brickell.  I think we’ll finally start to see a dramatic improvement in the closing rate of condos at 500 Brickell.  I’d love to see a price sheet of all of the remaining condos to see if the reductions were made across the board.
  • 1800 Club – I found out about this one on Saturday and actually visited several of the developer units on Sunday.  I can honestly say that 1800 Club now offers the best deals in Miami.  Where else can you find a condo with a water view for $173 per square foot in a recently constructed condo building in Miami?  Unit 1715 is a very large 2 bedroom/2 bath condo with 1,810 square feet of interior that is now priced at $314,000.  It doesn’t have a direct water view but it’s actually not bad, given the price.  Below, I’ve included a picture of the water view from within the condo.  As I was writing this, I received a text message saying that an offer was submitted to the developer today for unit 1715.  As of the February condo closing rate update, 1800 Club was able to close 68.59 percent of its overall units.  I think by the next update, we’ll see its closing rate push well past the 70 percent mark.

1800 Club unit 1715

Within the next couple of days, I’m going to publish a more in-depth post about 1800 Club and the deals that are now available, along with pictures of the units that I saw on Sunday.  It should be duly noted that the 2 bedroom condos facing direct east towards Biscayne Bay have not been reduced much from preconstruction prices, if at all.  For example, unit 3505 which is a 2 bedroom/2 bath with 1,222 square feet of interior is priced at $385,000.

Below is a list of the other condos that I viewed on Sunday.  As I said earlier, I will do a follow-up post within the next couple of days that will include pictures of these units as well as of the amenities and common areas.

  • Unit 1411 – $235,000 – 1 bedroom/1.5 bath with 1,095 square feet of interior facing South
  • Unit 1504 – $167,500 – 1 bedroom/1 bath with 822 square feet of interior facing West
  • Unit 1002 – $425,000 – 2 bedroom/2 bath two-story townhouse facing South (I need to find out the square footage of this one but it’s big and has two large terraces.

I guess time will tell if other Miami condo developers will follow suit by repricing their existing inventory and disclose those new prices to the public.  I think it’s a good step in the right direction.

Top 5 Miami Distressed Condo Sales Closed in February 2009

Below, you will find what I believe to be the five best condo deals of the 26 distressed sales that closed in the month of February in the MLS located in Brickell, Brickell Key, Downtown Miami and the Arts District.

  1. The Club at Brickell Bay – unit 2214 – 1 bedroom/1 bath (818 square feet) – This unit sold for $100,000, or $122 per square foot, on February 20, 2009. Short Sale
  2. Skyline on Brickell – unit 1911 – 1 bedroom/1 bath (791 square feet) – This unit sold for $155,000, or $196 per square foot, on February 20, 2009. Foreclosure
  3. Emerald at Brickell – unit 1205 – 2 bedroom/2.5 bath (1,264 square feet) – This unit sold for $267,000, or $211 per square foot, on February 5, 2009.  Foreclosure
  4. Jade at Brickell Bay – unit 4507 – 3 bedroom/3 bath (2,130 square feet) – This unit sold for $869,900, or $408 per square foot, on February 6, 2009.  Foreclosure
  5. Parc Lofts – unit 207 – 1 bedroom/1 bath (1,267 square feet) – This unit sold for $210,000, or $166 per square foot, on February 24, 2009. Short Sale

Unit 2214 at The Club at Brickell Bay sold for $100,000.  It’s worth mentioning that this is the lowest that a 1 bedroom (and even studio) has ever sold for in the building through the MLS.  It also works out to be the lowest price per square foot.  At the time of contract, the condo was listed for $149,222.