Over the past couple of months, we’ve been working on a project that we hope will separate ourselves from other South Florida Realtors and allow us to disseminate market news and information to our audience in an efficient and innovative way. The video that you see below is the result of an idea that was born a few months ago. We decided to launch a real estate video show. This initial video provides an overview of what we have in mind for our video show and demonstrates how we’ll utilize the iPad in conjunction with it.
Miami & Miami Beach Condo Trends – April 2010
They say numbers don’t lie. If that be the case, one message of truth shines through in the inventory figures below when compared to the ones I calculated exactly nine months earlier for Miami-Dade County condos: sales up, supply down. I compiled the figures below on April 22, 2010 from the MLS in the exact same manner as I had the night of July 23, 2009. Below, you will find three sets of spreadsheets and graphs: the first pertaining to the inventory of condos throughout Miami-Dade County; the second to those residing only in Miami while the third concentrates on those residing in Miami Beach.
Once again, I divided the supply figures into seven price ranges and included only sales that have closed within the past six months. The last three columns show the percentage change in those statistics when compared to those published nine months earlier for July 2009. It should be rather apparent, with a few exceptions, that the overall pattern is that condo inventory has decreased and closed sales have increased quite considerably within the past nine months. For example, overall condo inventory in Miami-Dade County has decreased 13.78 percent while closed sales have increased 19.23 percent during that time frame which led to a 27.69 percent decrease in the overall months of supply.
The figures in the images below may be a bit difficult to read so I also published the workbook for this month’s Miami & Miami Beach Condo Trends in its entirety. Be sure to check it out. The worksheet and graph tabs can be found along the bottom of the workbook.
Below, you will find the Miami-Dade County condo supply and sales figures for April 2010:
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:
Market pessimists will likely argue that the statistics above do not incorporate developer inventory. Commonly known as shadow inventory, developer inventory is typically not recorded in the MLS. However, these people need to bear in mind that closed developer sales also are not included in the figures above. Obviously, shadow inventory was a bigger problem nine months ago than it is today. A more valid argument should point to the home buyer tax credit being the catalyst that increased sales within the past nine months. Personally, however, I feel that the the home buyer tax credit has had a greater impact on the single family home market than the condo market. It has played a very insignificant role in our business and I have spoken to other real estate agents who specialize in condominiums who have encountered the same. With the home buyer tax credit expiring this Friday, we should be able to see within the next three months how instrumental of a role it has played in the increased sales numbers we’ve witnessed.
Setai Penthouse Reduced to a Cool $19,999,999
Penthouse B at The Setai is one of the most visually stunning pieces of real estate in South Florida. The 10,000 square foot penthouse was reduced last month to $19,999,999 from a previous asking price of $22M. In February 2006, the sellers were asking a whopping $34M. The fully furnished 4 bedroom/4.5 bath penthouse has approximately 6,200 square feet of interior space and 3,800 square feet of terrace which includes a lavish private pool and hot tub. Encompassing the entire 40th floor at The Setai, Penthouse B offers 360 degree views.
5 Highest Condo Sales Closed in January 2010
The following are the 5 highest condo sales in Miami-Dade County that closed in January 2010 through the MLS:
Acqualina PH4501 – 5 bedroom/6.5 bath (6,353 square feet) – This penthouse sold for $4,700,000, or $740 per square foot, on January 27, 2010.
Continuum South Beach North Tower #TH6 – 4 bedroom/4.5 bath (2,901 square feet) – This townhouse sold for $3,482,400, or $1200 per square foot, on January 29, 2010.
Santa Maria #3805 – 4 bedroom/3.5 bath (4,030 square feet) – This unit sold for $2,700,000, or $670 per square foot, on January 4, 2010.
Asia Brickell Key #1903 – 4 bedroom/5.5 bath (3,813 square feet) – This unit sold for $2,288,000, or $600 per square foot, on January 15, 2010.
Grovenor House #2601 – 4 bedroom/6 bath (4,026 square feet) – This unit sold for $2,190,000, or $544 per square foot, on January 15, 2010. mich
3 Bedroom Foreclosure at Mosaic in Miami Beach
A 3 bedroom/3 bath foreclosure condo at Mosaic Miami Beach came onto the market earlier today. The condo has 1,507 square feet of interior space and 333 square feet of balcony. The list price is $702,900, or $466 per square foot. The flow-through unit is located on the 15th floor and has direct ocean and city views with a balcony on each side. The next best priced 3 bedroom in the building is listed for $949,000. That condo happens to be in the same line but located four floors lower.
Mosaic is a beachfront luxury building located in Miami Beach at 3801 Collins Avenue.
South Beach & Miami Beach Closed Condo Sales – November 2009
South Beach Closed Condo Sales – November 2009 – There were 78 closed condo sales in South Beach last month. The average sales price of these condos was $342 per square foot.
Miami Beach Closed Condo Sales – November 2009 – 59 condos in Miami Beach closed in November. One of the sales did not include the final sales figure. The average price per square foot of the other 58 closed sales was $251.
New Screen Shots of the iPhone Real Estate App
We’re wrapping up the finishing touches on the Miami Condo Investments iPhone application. We should be done by the end of this week. We then need to submit it to Apple for approval. The submission process usually takes 2-4 weeks. I’m hoping that it’ll be available to download at the iTunes store by December 1st. Not sure if I mentioned this before but I’m not going to charge for the application; it’s going to be a free download. Below, you’ll find some screen shots of the Miami Condo Investments iPhone application. This is going to be a serious app!
The Future of Real Estate
A few months ago, I referred to a secret project that I was working on that would crush my competition. We’ve had a few delays, but after a little over 3 months of work we are now very close to completing it. Today, I provide you a sneak peek of that project. It’s an iPhone application that will revolutionize the industry. I’ve done a ton of research on the capabilities and flaws of the iPhone and have thought of everything. I won’t go into the features of the application at this point for obvious reasons but I must say that I’m very proud of this little pocket rocket. In the picture above, you see the start up screen. I didn’t want to reveal too much at this time but I will unveil other screen shots within the next two weeks and go into all of the features of the Miami Condo Investments iPhone application. I’m also preparing to launch the same application on the Android platform early next year.
Early next month, I’m also planning to launch a new website. It’s coming along very well and it has exceeded all of my expectations. I recently brought in an assistant and showing agent to help me during these months of expansion. I’m looking to bring in 1-2 additional agents within the next couple of months. My plan is to solely concentrate on this website and the iPhone application and crank out 5-6 posts per week. Unfortunately, that means that I won’t be able to do anymore showings. However, you can be rest assured that you will always meet with a quality agent who knows the South Florida condo markets as well as I do (well maybe not that well).
As many of you read earlier today, the Case-Shiller price index rose on a month-to-month basis for the first time in 3 years. 13 of the 20 cities in the index showed month-over-month price gains in May when compared with April 2009. However, Miami was not one of the 13 cities to show an improvement in prices. Home prices in Miami saw a decrease of .8 percent during that period.
There may not have been an increase in home prices in Miami but the figures below show a major improvement in the number of closed condo sales in the previous six months when compared to the closed condo sales in the six months prior to January 2009. For example, there were 3,551 closed condo sales in the six months leading up to January 2009 compared to the 5,007 closed condo sales that occurred within the past six months. That’s an increase of 41 percent. The number of closed condo sales in Miami improved approximately 39 percent while closed condo sales in Miami Beach increased about 20 percent. As a result, the condo supply numbers for each showed considerable improvements as well.
View the entire workbook for this month’s Miami & Miami Beach Condo Trends. The various spreadsheets and graphs are found at the bottom.
Below, you will find the Miami-Dade County condo inventory and supply figures for July 2009:
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.):
This has been a very atypical year for real estate sales in South Florida. In most years, the vast majority of closed condo sales occur in the Winter months when snowbirds flock to Florida to shop for a vacation home to escape the dreaded cold. However, this past Winter season was unusually slow due to a number of reasons such as the paralyzing fear in the economy and a lack of financing. After the first 3 months of the year, I personally felt that 2009 was shaping up to be my worst year in real estate. However, at the beginning of April, business began to show life again. In fact, activity has drastically improved to the point where 2009 could end up being one of my best years. I personally feel that the Miami condo market is within 2-3 months of reaching the bottom. That’s in no way saying that prices will begin to increase soon after. The overall market needs to move sideways for at least the next 12-24 months before we see any significant increase in sales prices.
South Florida Luxury Condo Short Sales
Currently, there is only one foreclosure condo listed in the MLS that is priced at $1M or above. That is a 3 bedroom/4.5 bath double corner unit at The Setai South Beach with 3,691 square feet of interior space. The list price is $4.2M, or $1,138 per square foot. However, there are currently 48 short sale condos listed in the MLS priced at $1M or above. Below is a list of what I feel are the 10 best luxury short sale condos that are currently available:
Aqua Allison Island #6111 – Asking $1.69M. Property was purchased for $3.15M in June 2005.
Mosaic #TH-3 – Asking $1.7M. Property was purchased for $3.2M in February 2007. Bank approved at $1.7M.
Oceanside Fisher Island #7941 – Asking $1.85M. Property was purchased for $3.9M in November 2006.
Oceanside Fisher Island #7735 – Asking $1.85M. Property was purchased for $2.4M in September 2005.
Oceanside Fisher Island #7761 – Asking $1.95M. Property was purchased for $3.2M in September 2005.
The Bath Club #1004 – Asking $1,999,999. Property was purchased for $3.5M in January 2007. Bank approved.
Turnberry Ocean Colony #2804 – Asking $2,295,000. Property was purchased for $3.27M in January 2008.
Bayview Fisher Island #5123 – Asking $2.3M. Property was purchased for $3.7M in March 2007.
Acqualina #4201-2 – Asking $2.8M. Sales history not found.
Oceanside Fisher Island #7821 – Asking $2.8M. Property was purchased for $3.92M in November 2006.
