New Miami Condos – Closings Rates for January 2008

The chart below will show you the percentage of total units that each development has closed since closings began. Click on the following links to view the updates in November and December:

New Miami Condos - Closings Rates January 2008

Below you will find the date that each development began closings:

Before anybody says it, I realize that One Bal Harbour is not a “Miami Condo”. I didn’t want to change the title of the post just to reflect the fact that One Bal Harbour is located in Bal Harbour. I also didn’t want to exclude it from the list because there is much interest in One Bal Harbour, and besides, One Bal Harbour owners would criticize me for not providing an update when the closing rate has jumped since the last update.

The closing rate at One Bal Harbour has hit the 70 percent mark. This is a significant increase since last month’s update. The stock price of WCI surged about 15 percent in the regular session on Wall Street and another 19 percent in after-hours trading on Wednesday after it reported that it has successfully been able to amend its credit and loan agreements. The news story was not publicly disclosed until after the bell. There are currently 55 condo units that have not closed, according to public records. The news reveals that WCI now has a considerable amount of time to sell these last remaining condos.

Ten Museum Park has had about a 7 percent increase in its closing rate while 50 Biscayne has had about an 18 percent increase, since the December update. With the exception of One Bal Harbour, Ten Museum Park and 50 Biscayne, none of the other developments have had an increase of over 5 percent. The two new entries to this month’s update are Loft Downtown 2 and Quantum on the Bay. Loft Downtown 2 should have been included in the November update since closings began in September but it simply slipped my mind. Sporting a 74 percent closing rate, however, makes Loft Downtown 2 appear quite successful in comparison to the other Miami condos. The Grand Opening Party for Loft Downtown 2 is scheduled for Thursday evening.

Closings at Quantum on the Bay began earlier this month and as I’ve stated many times before, closings can take up to 2-3 weeks before they are recorded with the county (however, I have heard that as of January 1, 2008, this is no longer the case. A reliable source told me that a step that sometimes delays the process is no longer required. Closings should now be recorded within 1-2 days after the condo has closed. Can a title agent elaborate on this for me?). Don’t take too much away from the low closing rate at Quantum on the Bay. I mainly included it to act as a stepping stone for next month’s update and let everyone know that it is now on my radar.

Sunday Afternoon Bicycle Ride Through Brickell and Downtown Miami

Last week, I purchased a new road bike. My hope was to not only get a good cardio workout while cycling but also to get some great pictures of Miami and South Beach condos while doing so. My goal today was to get some shots of the condo developments in Brickell and Downtown that were either recently completed or will be completed within the next year. Unfortunately, it was a very cloudy day as you will see below.

Plaza on Brickell

Closings at Plaza on Brickell will likely begin in January. This development will add 1,000 new units to the Brickell condo market.

1060 Brickell Avenue

Closings at 1060 Brickell should occur around the same time. 1060 Brickell will add 582 condo units.

Axis

Closings at Axis will likely begin around the middle of 2008. Axis will add 718 units.

500 Brickell

Closings for 500 Brickell are scheduled for the beginning of 2008. This development will add 633 units.

Infinity at Brickell

Infinity at Brickell will likely be completed towards the middle of 2008. Infinity will bring 459 condo units to the market.

I forgot to get a shot of Brickell on the River South. That development will add 322 units. I also didn’t get one today for Latitude on the River but I’ve displayed pictures of that building in the past. Closings at Latitude started about two months ago. It has 455 condo units.

Asia Brickell Key

Asia is located on Brickell Key. It is the only development under construction there. It will add 123 condo units when it is completed in the first half of 2008.

50 Biscayne

Closings at 50 Biscayne began about a week and a half ago. I walked in the lobby last week and it is gorgeous. I didn’t have my camcorder with me at the time, however. I will try to get a video and picture tour of the building within the next week. 50 Biscayne has 529 condo units.

Loft Downtown 2

Closings at Loft Downtown 2 are scheduled to begin this month. In fact, they may have already begun. It will add 496 units.

Everglades on the Bay

Everglades on the Bay (now known as Vizcayne) likely won’t be completed until the end of 2008 or beginning of 2009. It will add 866 condo units to the Miami real estate market.

Marina Blue

I’ve been told that closings at Marina Blue are scheduled to begin November 1, 2007. I don’t see that happening so soon but maybe I’m wrong. My guess would be sometime in December or January. Marina Blue will add 516 units.

900 Biscayne Bay

900 Biscayne Bay will likely be completed in the first half of 2008. It will add 516 units as well.

Ten Museum Park and Marquis

Closings for units at Ten Museum Park began about three months ago. Closings are still underway. It has 200 units. Marquis probably won’t be completed until the end of 2008 to beginning of 2009. It will bring 306 units to the Miami condo market.

Park West

Above is a shot of Marina Blue, 900 Biscayne Bay, Ten Museum Park and Marquis.

In conclusion, there might be a tiny bit of an inventory problem in Miami (that was me being sarcastic). I also didn’t include Icon Brickell and Epic Miami which will be completed in 2009. Icon Brickell will add 1,816 units while Epic will add 966 units. The condo developments in the Arts District will also add a little over 2,000 new units to the market within the next six months.