New & Improved South Florida MLS Property Search for Condos
Many of you have already noticed that a much improved Miami condos 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!
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.
Miami & Miami Beach Condo Trends – January 2009
I decided to once again publish the condo inventory and months of supply figures for Miami, Miami Beach and Miami-Dade County as a whole. You’ll notice, however, a few changes to this update. One, you’ll now find viewable spreadsheets. This will make it easier to view the figures without needing to squint your eyes. Click on the View Full Spreadsheet link below each to view it in its entirety. Two, I’ve added pie charts to provide a quick picture as to which price range the condo inventory and closed sales reside. For some reason, however, Google Docs did not allow me to add percentage labels. Three, I calculated the months and years of supply figures using an average of six months worth of closed condo sales.
Below, you will find the Miami-Dade County condo inventory and supply figures for January 2008:
The following statistics encompass only those condos located throughout Miami (not other areas of Dade County such as Miami Beach, Aventura, Sunny Isles Beach, etc.):
The following statistics encompass only those condos located throughout Miami Beach:
I hadn’t previously used a 6 month average to calculate the months and years of supply figures so it’s pretty meaningless to compare this month’s update to previous ones. However, here is the last update published in October 2008 if you’d like to compare the raw numbers.
Miami & Miami Beach Condo Trends – October 2008
Below, you will find the Miami-Dade County condo inventory and months of supply figures for October 2008. The first box to the left reveals the total number of condos that are currently available for sale on the MLS throughout Miami-Dade County. The second box discloses the total number of closed sales that occurred in the month of September 2008. The third and fourth boxes show the months and years of condo supply in Miami-Dade County. As you can see, the figures are also subdivided into various price ranges to reveal which part of the condo market has been most affected. The % change box will show you how the inventory levels have changed since my last update in May 2008.
The overall supply of condos listed in the MLS in Miami-Dade County has dropped from 25,461 to 24,788 since May 2008. On the flip side, the number of closed sales in the previous month has gone up from 474 to 527 creating a 12.51 percent drop in the years of inventory in Miami-Dade County since the last update. It’s once again surprising that inventory levels have dropped despite the thousands of new condos that have been completed and delivered in 2008.
The following statistics encompass only those condos located throughout Miami (not other areas of Dade County such as Miami Beach, Aventura, Sunny Isles Beach, etc.):
The supply of condos in the MLS in Miami has dropped from 10,281 to 9,903 since May 2008. The number of closed sales in the previous month has gone up from 161 to 192 creating a 19.21 percent drop in years of inventory in Miami since the last update. As you can see, a large portion of these closed sales occurred in the $0-$249,999 price range. The inventory levels of the $500,000+ categories, however, have increased.
The following statistics encompass only those condos located throughout Miami Beach:
The supply of condos in the MLS in Miami Beach has dropped from 4,109 to 3,949 since May 2008. However, the number of closed sales in the previous month has also dropped from 113 to 98 creating a 10.82 percent increase in years of inventory for condos in Miami Beach since the last update. In fact, with the exception of the $500,000-$999,999 price range, the years of inventory has risen for each category.
Miami & Miami Beach Condo Trends – May 2008
Earlier this afternoon, someone left a link in the comments area of a previous post to a Florida Association of Realtors article that reveals an improvement in real estate inventory levels for the state of Florida in the first quarter of 2008. I wanted to see how the Miami and Miami Beach condo markets fared in comparison, so I decided to provide new supply figures for May 2008. My last Miami & Miami Beach Condo Trends report was published in February 2008.
Below, you will find the Miami-Dade County condo inventory and months of supply figures for May 2008. The first box to the left reveals the total number of condos that are currently available for sale on the MLS throughout Miami-Dade County. The second box discloses the total number of closed sales that occurred in the month of April 2008. The third and fourth boxes show the months and years of condo supply in Miami-Dade County. As you can see, the figures are also subdivided into various price ranges to reveal which part of the condo market has been most affected.
(Note: If you’re over the age of 40, you may want to have someone younger read the numbers below aloud to you. Either that, or bust out a magnifying glass.)
I was shocked to see that the months and years of supply figure had gone down significantly since my February update. The number of available condos has fallen slightly since February but the number of sold condos in the previous month has gone up about 41 percent. That’s a huge increase in sales activity. I was puzzled that the number of condos on the market actually fell. We’ve seen a lot of new condo buildings begin closings since the beginning of the year. I would have expected the number of available condos on the market to be much higher than in February.
The following statistics encompass only those condos located throughout Miami (not other areas of Dade County such as Miami Beach, Aventura, Sunny Isles Beach, etc.):
The number of available condos on the market went up slightly since February but again the number of closed sales within the previous month showed a proportionately much larger increase. Miami condos experienced around a 44 percent increase in closed sales when compared to the figures presented in February. Miami now has a 5.32 year supply of condos. The $250,000-$499,000 price range has the highest supply at 8.16 years while the $1,000,000-$2,499,9999 is sitting on only 2 years worth of supply.
The following statistics encompass only those condos located throughout Miami Beach:
There’s been a decrease in the number of available condos in Miami Beach since February and about a 57 percent increase in closed condo sales. Miami Beach is now sitting on 3.03 years worth of condos. The $500,000-$999,999 price range has the highest supply of condos at 3.57 years while the $1,000,000-$2,499,999 price range is the healthiest at 2.32 years worth of condos.
What does everyone make of these figures? There’s definitely been an increase in the number of closed condo sales since February. I don’t think anyone can dispute that. However, what is happening to all the new condos that have hit the market since February? I expected sales activity to have picked up because of declining values and better opportunities than were available in February but I also expected to see a much higher number of available condos on the market. Are most of these condos being rented or is it too early to see an impact from the newly constructed condos because developers, for the most part, don’t list there unclosed condos on the MLS?
Beautiful 5 Bedroom Condo at Villa Regina with 4,100 Square Feet – $1,499,900
Five-bedroom condos in Brickell are very rare. In fact, at this time, there are only two other condos in Brickell that are listed on the MLS with that many bedrooms. Just last week, I listed the best priced 5 bedroom condo in Brickell in a building called Villa Regina. The new listing is attractively priced at $1,499,900. The next best priced 5 bedroom residence is listed for over $1M more.
If size, quality, and location are what you need, then look no further. The 5 bedroom listing at Villa Regina spans 4,100 square feet (380.9 square meters), has a total of 15 rooms, 5 full bathrooms, comes with 3 parking spaces, has 4 terraces with gorgeous bay and city views and has been tastefully remodeled. The kitchen has new granite countertops and stainless steel appliances with custom cabinetry. The air conditioning system was also replaced 3 months ago and the condo has impact resistance windows and shutters.
The amenities at Villa Regina include: 24-hour full-service concierge and security, swimming pool, fitness center, his and her spas, barbecue area and 4 grand party rooms. Villa Regina is located directly on Biscayne Bay and is one of the few condo buildings in Brickell with its own private marina.
Contact me today if you’d like to take a look at this 5 bedroom condo at Villa Regina.
Follow-Up to the Flamingo South Beach North Tower Cancellation Story
I received a very interesting phone call from a Realtor ® this afternoon. He told me that a client of his placed a contract on a condo in the North Tower of Flamingo South Beach a while back. Now that the North Tower will not be converted, his client is requesting his deposit back. However, the developer is telling the agent that his client’s deposit will not be refunded unless the agent’s broker gives back the front-end commission it was paid in the past. I called another agent who sold a condo in the North Tower of Flamingo South Beach and he is going through the same ordeal.
This is a bunch of B.S. if you ask me. These contract holders are not the ones looking to cancel their contract. It is the developer who is canceling their plans to convert the tower. The agents did their job in bringing the developer a willing and able buyer. I’m not an attorney but I would think that the developer doesn’t have a strong argument. Besides, real estate brokerages are struggling these days. How many brokers will want to fork over the commission that was spent long ago? What happens to contract holders who bought a condo in the North Tower through a brokerage that is now out of business? Do these contract holders simply lose their deposit money?
It’s a dog-eat-dog world I tell you!
The Floridian 3 Bedroom Condo Foreclosure in South Beach – A Fantastic Deal at $444,900
A 3 bedroom/2 bath condo foreclosure was listed earlier today for $444,900 at The Floridian located at 650 West Avenue in South Beach. The condo is located on the 28th floor and faces west with direct views of Biscayne Bay, the Downtown Miami skyline and Star, Palm and Hibiscus Islands. The bank is also offering a $7,000 credit at closing to the buyer. Take a look at the MLS details of this condo foreclosure at The Floridian.
The following three bedroom units have sold on the MLS within the last 12 months at The Floridian:
- Unit 2008 (faces east) – closed April 26, 2007 – $695,000
- Unit 3007 (faces west) – closing June 15, 2007 – $725,000
My guess is that there will be multiple offers on this condo by the end of the week.
Miami & Miami Beach Condo Trends – February 2008
Below, you will find the Miami-Dade County condo inventory and months of supply figures for February 2008. The first box to the left reveals the total number of condos that are currently available for sale on the MLS throughout Miami-Dade County. The second box discloses the total number of closed sales that occurred in the month of January 2008. The third and fourth boxes show the months and years of condo supply in Miami-Dade County. As you can see, the figures are also subdivided into various price ranges to reveal which part of the condo market has been affected the most.
Since the January 2008 update, the overall condo supply in Miami-Dade County has increased about 10.3 percent. Most the increase, however, was due to a 25.1 percent increase in the $0-$249,999 price range, where about 41 percent of the overall condo inventory resides. The $250,000-$499,999 and $500,000-$999,999 price ranges had slight increases of 4.5 percent and 2.8 percent, respectively. The $1,000,000-$2,499,999 price range had a big drop of 25.6 percent and the $2,500,000-$4,999,999 price range had an even bigger drop of 39.8 percent in its condo supply.
As many would expect, the lower part of the market is experiencing the most problems, mainly due to it now being much more difficult to obtain financing for those looking to buy in this segment of the market. Those in the market to buy a condo for over $1M, oftentimes, can do so without any financing whatsoever.
The following statistics encompass only those condos located throughout Miami (not other areas of Dade County such as Miami Beach, Aventura, Sunny Isles Beach, etc.):
Miami has continued its upward climb in condo supply this month with a 24.3 percent increase since last month. Again, we see that the lower and upper parts of the market have performed quite dissimilarly. The condo supply in the $0-$249,999 price range has increased 20.6 percent while the $250,000-$499,999 price range has gone up a shocking 62 percent. On the flip-side, the condo supply in the $500,000-$999,999 price range has gone down 26.7 percent and the $1,000,000-$2,499,999 has dropped almost 50 percent.
The following statistics encompass only those condos located throughout Miami Beach:
Overall, Miami Beach experienced a 19 percent drop in its condo supply levels since last month. I was a bit surprised but I probably shouldn’t be. Miami Beach did not come close to experiencing the level of development that we recently saw in Miami. Foreign and out-of-state buyers are also much more likely to buy a condo in Miami Beach than they are somewhere in Miami. I think we will continue to see a widening gap between the Miami and Miami Beach condo supply figures in the months ahead.
Foreign Buyers Finding Deals in the Miami Condo Market
On February 20, 2008, Reutors published an article entitled “Miami Condos are ‘for sale’ for Foreign Buyers“. The article discusses how foreign buyers are stepping in to buy condos at a discount in Florida, where prices have dropped “20 to 30 percent”. The appreciation of their currency is another motivating factor in their decision to buy Miami condos. The story particularly focuses on Canadian buyers, who have a particular interest in buying within the United States, because the Canadian Dollar “has gained 25 percent against the greenback in the last two years”. The article also discusses that these buyers are willing to pay for these condos with cash.
I, for one, have met with a large influx of foreign buyers within the past six months from countries such as Ukraine, China, Russia, Canada, England, Italy, Germany, various countries in South America and territories of the United States, such as Puerto Rico. Many of these buyers came prepared to pay for South Florida condos with cash. In fact, two of the three pending sales that I have scheduled to close in March are cash deals, with no financing contingencies. Great deals in beachfront condo buildings are exactly what these foreign buyers have in mind.
The Reuters article also revealed the following which I found very interesting:
In a study by the National Association of Realtors last year, Florida was the top destination for foreign buyers, accounting for 26 percent of all transactions, ahead of California at 16, Texas at 10 and Arizona at 6 percent.
More than 7 percent of all Florida homes were sold to foreigners, the study found, and 65 percent of Realtors said they had brokered at least one foreign deal.
I would think that Miami homes sold accounted for much higher than 7 percent since Miami should have a much larger percentage of foreign buyers than the rest of Florida.
I’d also like to note that new buyers for Miami condos aren’t only coming from countries abroad. I’ve also found buyers from New Jersey, New York, California, Illinois and Texas. I will admit that local buyers remain a very small percentage of my overall business. In a nutshell, if I had never started this blog I’d probably be out of business. This blog allows me the opportunity to reach people all across the world (including the two people in Ethiopia and Afghanistan who found my site within the past week, according to Google Analytics). The Miami condo market is not a local market…it is a global market. It may not seem cheap to local buyers, but to foreign buyers Miami and Miami Beach condos are bargains to them.
