Top 5 Distressed Condo Sales Closed in October 2010

Below, you will find what I believe to be the five best condo deals of the 71 distressed condo sales that closed in October 2010 in the MLS located in Brickell, Brickell Key, Downtown Miami and the Arts District.  This should give everyone a good idea of the kind of deals that can be obtained in the Miami condo market at this time.  Of the 71 distressed condo sales that closed last month, 39 were REOs and 32 were short sales.  I feel it’s important to note that 25 of the 39 REOs sold at or above asking price.  Time and time again, we try to emphasize to clients that the majority of well priced REOs in condominium buildings of interest will receive multiple offers and sell at or above asking price.  It may be difficult to believe but bidding for condo foreclosures in Miami is very competitive.  For example, unit 1601 at Solaris at Brickell was a foreclosure that we discussed on one of our video shows in August.  The condo was listed for $168,300.  At that price, we felt that the condo was grossly under priced.  Last month, the condo closed for $230,000, or about 37% above asking price.  It’s important to recognize good value when it becomes available and to have the ability to act quickly.  As a side note, in the example above, our recommendation at the time to potential buyers was to bid up to $200,000.

1. Solaris at Brickell #1204 – 2 bedroom/2 bath (1,145 square feet) – This unit sold for $165,100, or $144 per square foot, on October 21, 2010.  REO
2. Brickell on the River North Tower #3417 – 2 bedroom/2 bath (1,157 square feet) – This unit sold for $215,000, or $186 per square foot, on October 1, 2010.  Foreclosure
3. Blue Condominium #2004 – 2 bedroom/2.5 bath (1,158 square feet) – This unit sold for $180,000, or $155 per square foot, on October 8, 2010.  Foreclosure
4. Neo Vertika #2519 – 2 bedroom/2 bath (1,113 square feet) – This unit sold for $159,000, or $143 per square foot, on October 4, 2010.  Short Sale
5. Cite on the Bay #119 – 2 bedroom/1.5 bath (980 square feet) – This unit sold for $136,000 or $139 per square foot, on October 20, 2010.  Short Sale

Top 5 Distressed Condo Sales Closed in February 2010

Below, you will find what I believe to be the five best condo deals of the 40  distressed sales that closed in February 2010 in the MLS located in Brickell, Brickell Key, Downtown Miami and the Arts District.

1. Two Midtown #H1002 – 1 bedroom/1.5 bath (735 square feet) – This unit sold for $100,000, or $136 per square foot, on February 25, 2010.  Foreclosure
2. Cite on the Bay #2404 – 1 bedroom/1 bath (706 square feet) – This unit sold for $110,000, or $156 per square foot, on February 26, 2010.  Short Sale
3. Two Midtown #H1009 – 1 bedroom/1 bath (735 square feet) – This unit sold for $115,000, or $156 per square foot, on February 1, 2010.  Short Sale
4. 1800 Club #1811 – 1 bedroom/1.5 bath (1,095 square feet) – This unit sold for $190,000, or $174 per square foot, on February 25, 2010.  Short Sale
5. Marina Blue #2710 – 1 bedroom/1.5 bath (845 square feet) – This unit sold for $185,000 or $219 per square foot, on February 10, 2010.  Short Sale

Special Approval Designation List for Miami-Dade Condo Developments

Below, you will find a list of condo developments in Miami-Dade County that have already received the special approval designation by Fannie Mae.  The following are some of the larger and more widely recognized buildings.  Lenders will now be able to originate and deliver mortgage loans to Fannie Mae in these condo developments.

• 360 Condominium
• Blue Condominium
• Cite on the Bay
• Gables Marquis
• Latitude on the River
• Mirador 1000
• Mirador 1200
• Porto Bellagio
• Roney Palace
• The Club at Brickell Bay
• The Grand
• Turnberry on the Green

The Arts District & Downtown Miami Closed Condo Sales – November 2009

Edgewater Miami Closed Condo Sales – November 2009 – There were 12 closed condo sales in the Edgewater Miami last month in the MLS.  The average sales price of these condos was $177 per square foot.

Downtown Miami Closed Condo Sales – November 2009 – 18 condos in Downtown Miami closed in the MLS in November 2009.  These sold at an average sales price per square foot of $318.  It’s interesting to note that of the four neighborhoods in Miami, the condos in Downtown Miami sold at the highest price per square foot last month.

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

Top 5 Miami Distressed Condo Sales in December 2008

Sorry for the long hiatus. I’m back from my long vacation and ready to get back to work.  Below, you will find what I believe to be the five best condo deals of the 36 distressed sales that closed in the month of December in the MLS located in Brickell, Brickell Key, Downtown Miami and the Arts District.

1. Four Seasons Residences – unit 3305 – 1 bedroom/1 bath (611 square feet) – This unit sold for $285,000, or $466 per square foot, on December 3, 2008.  Foreclosure
2. Carbonell – unit 701 – 1 bedroom/1.5 bath (1,031 square feet) – This unit sold for $215,000, or $209 per square foot, on December 19, 2008. Foreclosure
3. Three Tequesta Point – unit 1605 – 2 bedroom/2 bath (1,694 square feet) – This unit sold for $465,000, or $275 per square foot, on December 3, 2008.  Foreclosure
4. Blue Condominium – unit 2310 – 2 bedroom/2 bath (1,174 square feet) – This unit sold for $330,000, or $281 per square foot, on December 1, 2008.  Foreclosure
5. Cite on the Bay – unit 3502 – 3 bedroom/2 bath (1,398 square feet) – This unit sold for $230,000, or $165 per square foot, on December 10, 2008.  Short-sale

Miami Green Spaces

Living within close proximity to a public green space is usually a pretty important factor, especially for dog owners, when considering places to live in a large metropolitan area. Miami is no different, which is why I’ve decided to discuss various public green spaces within walking distance to many of Miami’s new condo buildings. This post will probably be more informative to nonlocals but it actually still amazes me how many people living in Miami haven’t heard of nice parks such as Margaret Pace Park.

• Margaret Pace Park – Of the public green spaces mentioned in this post, Margaret Pace is my favorite. It is located in the Edgewater Miami within walking distance to Quantum on the Bay, 1800 Club, Cite on the Bay and the future Paramount Bay. Margaret Pace Park offers a number of activities such as tennis, volleyball, basketball and soccer. It’s typical to see volleyball and basketball games continue well until the sun goes down. You’ll also see runners dashing around the parameter of the park and dog owners playing with their pets and mingling with other dog owners. Those with small children will also appreciate the children’s park at Margaret Pace park.

• Museum Park (formerly Bicentennial Park) – This public green space was recently renamed Museum Park. It will be a collaborative effort by the Miami Museum of Science and the Miami Art Museum. Museum Park is located just south of the I-395 expressway and just north of the American Airlines Arena. It is walking distance to Ten Museum Park, 900 Biscayne Bay, Marina Blue and the future Marquis in the Downtown Miami neighborhood of Park West. Currently, this is probably the most underutilized public green space by locals throughout Miami. You’ll occasionally see soccer games taking place, as you do in the picture above, but that’s about it. Museum Park is home to a variety of music events, with the largest being Ultra Music Festival held in March. It’ll be nice to see the transformation of Museum Park within the next 1-2 years.

• Bayfront Park – This public green space has a children’s park, an amphitheater (not seen in the picture above) and a helium balloon ride, called Miami SkyLift, that unfortunately hasn’t taken off in quite a while. Bayfront Park is also home to the Flying Trapeze School and offers yoga classes three times per week. Bayfront Park is located in Downtown Miami just south of Bayfront Marketplace and just north of the Intercontinental Hotel. It is walking distance to condominium buildings such as 50 Biscayne, the Loft Downtown, Loft 2, One Miami, Met 1 and the future Everglades on the Bay (now known as Vizcayne).

There are a variety of other public green spaces throughout Miami not mentioned in this post. However, these are the ones located near many of the new condo buildings in Miami. Unfortunately, there currently aren’t any public green spaces in Brickell.

Hudson & Marshall Auction Results

Below you will find the results for the condos of interest that were auctioned this past Saturday:

• Cite on the Bay – Unit #110 – 3 bedroom/2 bath – 1,475 SF – $300,000
• Four Ambassadors – Unit #344 – 1 bedroom/1.5 bath – 940 SF – $169,500
• Loft Downtown – Unit #204 – 1 bedroom/1 bath – 784 SF – $128,500
• The Club at Brickell Bay – Unit #1823 – 2 bedroom/2 bath – 1,105 SF – $392,500
• Vue at Brickell – Unit #1215 – 2 bedroom/2 bath – 1,116 SF – $340,000
• Vue at Brickell – Unit #2307 – 1 bedroom/1.5 bath – 814 SF – $222,000

There were a large amount of people in attendance at the Hudson & Marshall auction on Saturday. There also seemed to be a higher percentage of active bidders in the crowd than I have seen at past auctions. Regardless, the first 20-30 properties that were auctioned all failed to crack the $100,000 mark. A condo in Homestead was auctioned for $56,000, which was the lowest that I saw a property go. This auction had a 5 percent buyer’s premium.

Slowly, throughout the rest of the day, properties began to garner higher and higher prices. With the exception of the 3 bedroom at Cite on the Bay and the one bedroom at Vue at Brickell, I was expecting the condos to go for less. I think the three bedroom at Cite on the Bay for $300,000 was the only great deal of the six condos above. The one bedroom at Vue at Brickell for $222,000 was a good deal but given the high number of short-sales and foreclosures in the building I think it went for the right amount.

I was shocked that the two bedrooms at the Vue at Brickell and The Club at Brickell Bay went for so much. I’m not sure about the unit at The Club at Brickell Bay, but I know that the one at Vue at Brickell needed some work. It had mold in the unit and the carpets needed to be replaced. In my opinion, the highest bidder of each of these units paid too much. That’s just my opinion though.

100+ Properties to be Auctioned This Saturday

Over 100 properties located throughout South Florida will be auctioned this Saturday in Fort Lauderdale. I’ve known about this auction for quite some time but wasn’t sure whether or not I should write a post about it for a couple of reasons. One, most of the properties are predominantly single family homes while my blog only discusses condominiums. Two, only a handful of the properties are located in Miami and Miami Beach, which is where I focus most of my energy.

I decided to go ahead and inform everybody about it though because a few of the condos reside in developments that I’ve previously mentioned. For example, two condos from Vue at Brickell will be auctioned on Saturday while The Club at Brickell Bay will have one. No surprise there!

Here is a list of some of the condos in some of the more well known developments that will be auctioned:

• Cite on the Bay – Unit #110 – 3 bedroom/2 bath – 1,475 SF
• Four Ambassadors – Unit #344 – 1 bedroom/1.5 bath – 940 SF
• Loft Downtown – Unit #204 – 1 bedroom/1 bath – 784 SF
• The Club at Brickell Bay – Unit #1823 – 2 bedroom/2 bath – 1,105 SF
• Vue at Brickell – Unit #1215 – 2 bedroom/2 bath – 1,116 SF
• Vue at Brickell – Unit #2307 – 1 bedroom/1.5 bath – 814 SF

None of these developments are particularly exceptional but it’ll still be interesting to see at what price they will be auctioned. I think the unit at the Loft Downtown has a good chance to go for around $100,000 or less.

Check out the Hudson & Marshall website for more information about this auction.

By the way, I did noticed that Deutsche Bank is now in possession of a large number of the properties that will be auctioned on Saturday.