Blue Condominium 2 Bedroom Sells For $190K

Blue Condominium

A 2 bedroom foreclosure condo at Blue Condominium closed earlier this afternoon for $190,000.  This marks the lowest that a 2 bedroom in the building has ever sold.  Unit 1207 has 1,158 square feet of interior space and a view of Biscayne Bay.  It originally went under contract on August 10, 2009 but the closing was delayed for months due to problems that needed to be corrected with the deed.  Currently, there are twenty 2 bedroom short sales at Blue Condominium, two of which are listed for less than $190K.  Hopefully this recent sale will give banks the kick in the butt to start approving some of the short sales in the building.

Marina Blue 2 bedroom foreclosure

Top 5 Distressed Condo Sales Closed in December 2009

Below, you will find what I believe to be the five best condo deals of the 59 distressed sales that closed in December 2009 in the MLS located in Brickell, Brickell Key, Downtown Miami, and the Arts District.

  1. Uptown Lofts #1005 – 1 bedroom/2 bath (1,280 square feet) – This unit sold for $135,900, or $106 per square foot, on December 4, 2009.  Foreclosure
  2. Cite on the Bay #3304 – 1 bedroom/1 bath (797 square feet) – This unit sold for $107,000, or $134 per square foot, on December 16, 2009.  Short Sale
  3. Solaris at Brickell #1001 – 2 bedroom/2 bath (1,145 square feet) – This unit sold for $182,000, or $159 per square foot, on December 23, 2009.  Short Sale
  4. Latitude on the River #2407 – 1 bedroom/1.5 bath (899 square feet) – This unit sold for $148,000, or $165 per square foot, on December 4, 2009. Short Sale
  5. 2 Midtown #M0707 – 2 bedroom/2 bath (986 square feet) – This unit sold for $165,000 or $167 per square foot, on December 7, 2009.  Foreclosure

Top 5 Distressed Condo Sales Closed in September 2009

Below, you will find what I believe to be the five best condo deals of the 53 distressed sales that closed in the month of September in the MLS located in Brickell, Brickell Key, Downtown Miami and the Arts District.  It was tough to decide between the first two for the number one spot but The Mark on Brickell #1608 took it based on location and view.

  1. The Mark on Brickell #1608 – 2 bedroom/2 bath (1,140 square feet) – This unit sold for $210,000, or $184 per square foot, on September 18, 2009.  Short Sale
  2. Blue Condominium #1701 – 2 bedroom/2.5 bath (1,449 square feet) – This unit sold for $210,000, or $145 per square foot, on September 10, 2009.  Foreclosure
  3. Brickell on the River North #3715 – 3 bedroom/2.5 bath (1,512 square feet) – This unit sold for $287,000, or $190 per square foot, on September 4, 2009.  Short Sale
  4. Jade Brickell #1201 – 2 bedroom/2.5 bath (1,878 square feet) – This unit sold for $675,000, or $359 per square foot, on September 30, 2009. Foreclosure
  5. Marina Blue #2302 – 1 bedroom/1.5 bath (843 square feet) – This unit sold for $190,000 or $225 per square foot, on September 30, 2009.  Short Sale

As a side note, bidding on foreclosures has become extremely competitive.  I noticed that the majority of the condo REOs that closed in September closed at a price that was above the asking price.  This was the case in 19 of the 26 REO listings that closed last month located in the aforementioned neighborhoods of Miami.  It has become more important than ever to know the comparable sales in the neighborhood.  The mentality of automatically going in with a bid 10-15 percent below asking price doesn’t fly anymore.  With season right around the corner, I’m confident that the worst is well behind us.

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.

Distressed Condos Report – New Condo Developments

The spreadsheet below reveals 13 distressed condos currently listed in the MLS which reside in developments in Miami completed within the past two years. I expect this list to grow in coming months. I plan to provide future updates with new listings as well as track the outcome of condos previously listed. 12 of the 13 condos listed below are short-sales. The foreclosure process can be quite lengthy so I don’t expect to see many distressed condos in new developments become bank owned until at least the second half of the year.


View Full Spreadsheet

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

Latitude on the River

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.

Latitude on the River 2 bedroom floorplan

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.