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

2 Bedroom Foreclosure at Murano Grande Sells for $331 Per Square Foot

I was looking through the recently closed sales in South Beach and came across a 2 bedroom/2 bath foreclosure condo at Murano Grande that sold for $475,000, or $331 per square foot on February 9, 2009.  This is by far the lowest that a 2 bedroom condo in the Murano Grande has sold through the MLS.  Grant it, the recently closed condo, unit 609, is on a very low floor but from the looks of the pictures it appears to have been in pretty good shape.

Previously, the lowest sales price for a 2 bedroom condo at Murano Grande was $650,000.  That unit was located directly two floors above unit 609 and closed in April 2008.

Unit 609 appears to have been the victim of mortgage fraud.  It previously sold for $1,100,000 in September 2006.  What’s interesting is that the list price at the time was intially $949,999.  After being listed at that price for about seven months, the list price was increased to $1,100,000 a month before the condo closed and, of course, the listing agent was able to get both sides of the deal.

Top 5 Miami Distressed Condo Sales in January 2009

Overall, the distressed condos that closed last month weren’t as interesting as the ones I’ve seen in previous months but there were still a few good ones. Below, you will find what I believe to be the five best condo deals of the 24 distressed sales that closed in the month of January in the MLS located in Brickell, Brickell Key, Downtown Miami and the Arts District.

1. Uptown Lofts – unit 502 – 1 bedroom/1 bath (775 square feet) – This unit sold for $84,000, or $108 per square foot, on January 15, 2009.  Foreclosure
2. Vue at Brickell – unit 1214 – 2 bedroom/2 bath (1,149 square feet) – This unit sold for $157,000, or $137 per square foot, on January 9, 2009. Foreclosure
3. Isola – unit 2104 – 2 bedroom/2 bath (968 square feet) – This unit sold for $225,000, or $232 per square foot, on January 28, 2009.  Foreclosure
4. Skyline on Brickell – unit 2508 – 1 bedroom/1 bath (791 square feet) – This unit sold for $190,000, or $240 per square foot, on January 9, 2009.  Foreclosure
5. The Club at Brickell Bay – unit 3903 – 1 bedroom/1 bath (825 square feet) – This unit sold for $124,000, or $151 per square foot, on January 28, 2009. Foreclosure

2 Bedroom Foreclosure at Latitude on the River – $266,000

Within the past three months, I’ve seen a handful of short-sale condos at Latitude on the River become available on the MLS.  Earlier today, however, I came across the first bank-owned foreclosure condo in the building to appear.

The foreclosure condo is a 2 bedroom/2.5 bath with 1,212 square feet of interior and a 196 square foot balcony.  The condo comes “decorator-ready” with concrete floors, as delivered by the developer, and is located on the southwest corner of the 20th floor.  The list price is $266,000, or $219 per square foot.  The most recent Brickell Condo Index published in November 2008 revealed that the average list price of condos available at Latitude on the River was $366 per square foot.  There had not been any closed sales in the building at the time within the prior six months and there haven’t been any since.  Lack of closed sales clearly means that prices of available condos at Latitude on the River haven’t yet fallen to a level that will attract buyers.  It’ll be interesting to see if the 2 bedroom foreclosure condo at Latitude on the River will spark the interest of buyers.

View the pictures and listing information for the 2 bedroom condo foreclosure at Latitude on the River.

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

Top 5 Miami Distressed Condo Sales Closed in October 2008

I found a total of 30 distressed condo sales that closed in the month of October 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 along with one worth mentioning.

1. Skyline on Brickell – unit 2505 – 1 bedroom/1 bath (791 square feet) – This unit sold for $200,000, or $253 per square foot, on October 28, 2008.  Foreclosure
2. Vue at Brickell – unit 1501 – 2 bedroom/2 bath (1,255 square feet) – This unit sold for $170,000, or $135 per square foot, on October 17, 2008. Foreclosure
3. Jade at Brickell – unit 504 – 1 bedroom/1 bath (895 square feet) – This unit sold for $220,000, or $246 per square foot, on October 24, 2008.  Foreclosure
4. Solaris at Brickell Bay – unit 1607 – 1 bedroom/1 bath (730 square feet) – This unit sold for $146,000, or $200 per square foot, on October 24, 2008.  Foreclosure
5. Courvoisier Courts – unit 704 – 2 bedroom/2.5 bath (1,230 square feet) – This unit sold for $290,000, or $236 per square foot, on October 22, 2008.  Foreclosure

Runner-up: Jade – unit 3509 – 2 bedroom/3 bath (1,730 square feet) – This unit sold for $710,000, or $410 per square foot, on October 13, 2008. Foreclosure

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

The Sub-$100K Brickell Condo Hits the Market

Prices have continued to fall hard at Vue at Brickell for quite some time.  It’s incredible to think that in May 2007 when I wrote the post entitled, “Vue at Brickell – Overpriced or Insanely Overpriced“, the average price per square foot of condos listed in the building was over $550!

Yesterday evening, a 1 bedroom foreclosure at Vue at Brickell hit the market for $125 per square foot.  With a list price of $99,900, it was the first one bedroom condo for sale in Brickell, built after 2000, to fall below the $100K mark.

Solaris at Brickell Bay – Deal or No Deal?

There’s a one bedroom/one bath foreclosure at Solaris at Brickell Bay that is currently listed for $159,900.  The price of this 730 square foot condo was recently reduced 33 percent.  I showed the condo to a client this afternoon and found it to be in great condition.  The condo has real hard wood floors, stainless steel appliances and a bay view from the balcony.

Normally, I would say that this condo, with a list price that amounts to $219 per square foot, is a great deal.  However, there have been recent sales at Solaris at Brickell Bay that have me scratching my head.  These closed sales do not appear in the MLS.  Be prepared to be shocked!

• Unit 706 – 1 bedroom/1 bath – sold for $28,000 in May 2008 ($37 per square foot)
• Unit 803 – 2 bedroom/2 bath – sold for $10,000 in May 2008 ($9 per square foot)
• Unit 1103 – 2 bedroom/2 bath – sold for $22,000 in April 2008 ($21 per square foot)

Each unit was sold to separate individuals.  Does anyone know the story behind these?  Were these once owned by the same bank who needed to liquidate their properties quickly?  I would think that they’d at least be able to get $125,000 for the one bedroom and $200,000 for the two bedrooms under normal circumstances.

Solaris at Brickell Bay was victimized by mortgage fraud which is now resulting in a high number of foreclosures.  There are risks associated with buying into a building that has a lot of foreclosures because of the likely unpaid monthly maintenance fees from these units.  There’s risk that a future special assessment could be billed to all condo owners if the association’s financial condition deteriorates as a result.  There’s also a risk that the condo building is not properly maintained.  Read the post entitled “Will History Repeat Itself in Miami?” to learn more about how bad things can get for a building who can’t pay its bills.

Nonetheless, with all risks considered, selling a condo for $9-$37 per square foot in Brickell seems crazy to me.  I know someone out there has the story behind these recently sold condos.  Please share with the rest of us.