Recently Listed Condo REOs in Miami – August 2009

Earlier this evening, I did a search for condo foreclosures in Miami for a client.  There were 9 condos that were recently listed that caught my attention.

  • Santa Maria  #2506 – 2 bedroom/2.5 bath (2,100 square feet of interior) – Asking $899,900, or $429 per square foot – 24 days on the market
  • Jade Brickell #1201 – 2 bedroom/2.5 bath (1,878 square feet of interior) – Asking $667,900, or $356 per square foot – less than 2 hours on the market
  • Carbonell #1805 – 2 bedroom/2.5 bath (1,505 square feet of interior) – Asking $525,000, or $349 per square foot – 8 days on the market
  • Four Seasons Hotel #3203 – 1 bedroom/1.5 bath (983 square feet of interior) – Asking $460,000, or $468 per square foot – 7 days on the market
  • Emerald at Brickell #1101 – 2 bedroom/2.5 bath (1,594 square feet of interior) – Asking $364,900, or $229 per square foot – 3 days on the market
  • Blue Condo #1701 – 2 bedroom/2.5 bath (1,449 square feet of interior) – Asking $208,395, or $144 per square foot – 7 days on the market
  • 50 Biscayne #4705 – 1 bedroom/1 bath (845 square feet of interior) – Asking $179,900, or $213 per square foot – 3 days on the market
  • The Club at Brickell Bay #4304 – 1 bedroom/1 bath (825 square feet of interior) – Asking $119,900, or $145 per square foot – 8 days on the market
  • 1800 Biscayne Plaza #1203 – 2 bedroom/2 bath (1,040 square feet of interior) – Asking $117,590, or $113 per square foot – 8 days on the market

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 Distressed Condo Sales Closed in April 2009

Below, you will find what I believe to be the five best condo deals of the 42 distressed sales that closed in the month of April in the MLS located in Brickell, Brickell Key, Downtown Miami and the Arts District.

  1. Emerald at Brickell – unit 2201 – 2 bedroom/2.5 bath (1,594 square feet) – This unit sold for $306,000, or $192 per square foot, on April 30, 2009.  Foreclosure (#1 despite the high HOA fees)
  2. The Club at Brickell Bay – unit 2604 – 1 bedroom/1 bath (825 square feet) – This unit sold for $110,000, or $133 per square foot, on April 9, 2009.  Short Sale
  3. One Miami – unit 3215 – 2 bedroom/2 bath (1,145 square feet) – This unit sold for $255,000, or $223 per square foot, on April 13, 2009.  Short Sale
  4. Skyline on Brickell – unit 1912 – 2 bedroom/2 bath (1,367 square feet) – This unit sold for $325,000, or $238 per square foot, on April 17, 2009. Foreclosure
  5. Brickell on the River North – unit 1007 – 1 bedroom/1 bath (757 square feet) – This unit sold for $145,000 or $193 per square foot, on April 17, 2009.  Foreclosure

Runner-up: Vue at Brickell – unit 2108 – 1 bedroom/1 bath (838 square feet) – This unit sold for $94,000, or $112 per square foot, on April 29, 2009. Foreclosure

Unit 1508 at Brickell on the River North Revisited

Towards the end of February, I wrote about a 2 bedroom/2 bath condo foreclosure at Brickell on the River North that had recently been listed at the time.  The condo was listed for $159,000, or $151 per square foot.  The 2 bedroom was priced below recently closed 1 bedroom condos at Brickell on the River North and, as a result, attracted the interest of many buyers.  From speaking with the listing agent in February, I learned that he had received over 30 offers for the condo.  The unit closed on April 3, 2009 for $236,000, well above asking price.

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

 

Top 5 Miami Distressed Condo Sales Closed in February 2009

Below, you will find what I believe to be the five best condo deals of the 26 distressed sales that closed in the month of February in the MLS located in Brickell, Brickell Key, Downtown Miami and the Arts District.

  1. The Club at Brickell Bay – unit 2214 – 1 bedroom/1 bath (818 square feet) – This unit sold for $100,000, or $122 per square foot, on February 20, 2009. Short Sale
  2. Skyline on Brickell – unit 1911 – 1 bedroom/1 bath (791 square feet) – This unit sold for $155,000, or $196 per square foot, on February 20, 2009. Foreclosure
  3. Emerald at Brickell – unit 1205 – 2 bedroom/2.5 bath (1,264 square feet) – This unit sold for $267,000, or $211 per square foot, on February 5, 2009.  Foreclosure
  4. Jade at Brickell Bay – unit 4507 – 3 bedroom/3 bath (2,130 square feet) – This unit sold for $869,900, or $408 per square foot, on February 6, 2009.  Foreclosure
  5. Parc Lofts – unit 207 – 1 bedroom/1 bath (1,267 square feet) – This unit sold for $210,000, or $166 per square foot, on February 24, 2009. Short Sale

Unit 2214 at The Club at Brickell Bay sold for $100,000.  It’s worth mentioning that this is the lowest that a 1 bedroom (and even studio) has ever sold for in the building through the MLS.  It also works out to be the lowest price per square foot.  At the time of contract, the condo was listed for $149,222.

South Beach Vacation + Bargain Condos = Miami Condo Investments Tour

I’ve been kicking around this idea in the back of my mind for quite some time.  I guess the timing just never felt right.  Prices have now fallen to a more realistic level, however, and it may be time to at least discuss the idea to see if there would be any interest.

I’m proposing to hold a two-day tour of Miami and South Beach condos in June of this year.  The tour would focus on the best condo deals in Brickell, Brickell Key, Downtown Miami, the Arts District of Miami and South Beach.  The objective would be to educate nonlocal buyers, who may not be familiar with the various neighborhoods and condo developments, but may have an interest in buying here at some point in the future.  It’s also an opportunity for local buyers to take a first-hand glimpse into the best condo investment deals in Miami.  Weather-wise, June may not be the best time of the year to visit South Florida, but I expect the deals at that time to be even better than they are now.

The condo tour would be held on a Friday and Saturday, in which time we would visit 10 buildings and about 30 condo units.  The tour package would include a 3-night stay at the Loews Hotel, a 4-star/4-diamond oceanfront hotel in South Beach; 3 breakfasts; 2 lunches; and the 2-day chartered bus tour.  The cost would be $900 for one person or $1,500 for 2 people staying in one room.  The 2-day chartered bus tour would also be open to local buyers who do not require hotel accommodations at a rate of $300 per person.  To those who close on a condo that was placed under contract within 3 months of the tour, I would credit half the cost of the condo tour package at closing for those requiring hotel accommodations and the full cost to those paying the $300 rate.

I’d love to get your feedback about this idea, and I’m open to suggestions regarding the buildings that will be included in the tour.  Please add your thoughts in the comments section and use the second poll below to vote on the buildings that you’d like to see on the tour (you may select multiple buildings when voting).  I’m hoping to get around 20-25 interested parties in order to set this plan into motion.

[poll id=”7″] [poll id=”5″]

Bulk Sale Opportunities Emerge in the Miami Condo Market

Turkey Vulture

For the past couple of years, vultures have been circling the skies of Miami waiting for the right moment to swoop in for the kill.  Their day of reckoning seems to have finally arrived.  I am now familiar with over 30 condo developments in Miami and Miami Beach with units available to be purchased in bulk.  The list consists of partial and entire condo developments, including a few with Section 8 potential.  Ballpark prices for these bulk sale opportunities range from $3M-$60M.

Throughout much of 2008, there seemed to be a stalemate between developers and vulture funds about price.  However, market conditions have worsened considerably within the past six months, due in large part to ever-tightening lending practices.  Even for creditworthy individuals, it has become extremely difficult to obtain financing for condominiums in Miami.  As a result of the new Fannie Mae guidelines, financing has become especially restrictive for condos in recently completed buildings.  Lately, it has been individual buyers strapped with cash, for the most part, who have been the ones pecking away at the remaining inventory in these new condo developments.  Facing the realities of the market, developers – and their lenders – have begun to turn to vulture funds as a quick, easy way to part with unclosed condos.

Recently, two major arms-length bulk sales have closed in Miami-Dade County: the 60-unit bulk sale in the Downtown Miami high-rise called Marina Blue and the 101-unit bulk sale at Harbour House, a beachfront condo-conversion located in Bal Harbour.  Both deals closed in December 2008.  The 60 units at Marina Blue sold for $200 per square foot while the 101 condos at Harbour House sold for approximately $277 per square foot.

There are some who negatively portray vulture funds as entities who feast upon the misery of others.  Personally, I feel that vulture funds are a necessity to a real estate market such as Miami and do more good than harm.  Bulks sales provide instantaneous feedback as to where the intermediate level of pricing resides for condos in the given development, as well as those in the surrounding area.  Bulk sales also provide stability to a condo building which would otherwise have many uncertainties concerning its financial condition.  One can assume that the vulture fund will have the capital resources to pay monthly homeowners association fees on time.  It also has a vested interest to ensure that the condo development is well managed.  The greatest benefit, however, is that thousands of unoccupied condos in Miami will be filled with residents much faster.

Most of the vulture funds that I’ve come into contact with over the past year have plans to buy condos in bulk, lease them over a period of 5-10 years and resell them for a profit on the back-end once market conditions have improved.

Please feel free to contact me if you have an interest in the bulk sale opportunities that are now available in Miami and Miami Beach.  Investment packets complete with estimated operating budgets, a rental and sale market analysis, neighborhood demographics and projected cash flow statements are available to serious buyers for most of the bulk sale opportunities.

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