Miami Condo Index – Brickell – August 2008
It has been four months since the last installment of the Miami Condo Index for Brickell. The last update for Brickell condos was provided in April 2008. The data below was collected on August 18, 2008 from the MLS. While crunching the numbers earlier today, it quickly became apparent that prices have continued to fall within the past four months and, in some cases, prices have fallen hard.
The Brickell Condo Index now stands at an average price per square foot of $441.84. This represents a 7.71 percent drop in the average asking prices of the 18 condo developments that comprise the Brickell Condo Index over the past four months, or an annualized loss of 23.13 percent. You’ll see in the graph towards the bottom of the post that about four condo developments have had significant reductions in their average asking prices within the past four months.
Average price per square foot of Brickell condos currently listed on the MLS:
The average price of Brickell condos sold over the past six months has dropped 23.49 percent to $313.97 per square foot from April’s average of $410.38. However, much of this drop is attributed to the fact that Four Seasons Residences, which sells at the highest price per square foot of the 18 condo developments comprising the Brickell Condo Index, has not had one closed sale in the MLS within the past six months and therefore was not included in this month’s average. The average would have dropped around 14.37 percent had Four Seasons Residences been included using its April average. That would still have represented an annualized drop in the average sales prices of about 43 percent!!!
Average price per square foot of Brickell condos sold in the MLS within the past six months:
- Atlantis – 2025 Brickell Ave | 33129 | $241.89
- Brickell on the River – 31 SE 5 St | 33131 | N/A
- Bristol Tower – 2127 Brickell Ave | 33129 | $379.26
- Emerald at Brickell – 218 SE 14 St | 33131 | $240.51
- Four Seasons Residences – 1425 Brickell Ave | 33131 | N/A
- Imperial at Brickell – 1627 Brickell Ave | 33129 | $316.83
- Jade – 1331 Brickell Bay Dr | 33131 | $447.72
- Latitude on the River – 185 SW 7 St | 33130 | $323.74
- Neo Vertika – 690 SW 1 Ct | 33130 | $264.58
- One Miami – 325 & 335 S Biscayne Blvd | 33131 | $316.15
- Santa Maria – 1643 Brickell Ave | 33129 | $625.05
- Skyline on Brickell – 2101 Brickell Ave | 33129 | $296.45
- Solaris at Brickell – 186 SE 12 Ter | 33131 | N/A
- The Club at Brickell Bay – 1200 Brickell Bay Dr | 33131 | $224.18
- The Mark on Brickell – 1155 Brickell Bay Dr | 33131 | $311.29
- The Palace – 1541 Brickell Ave | 33129 | $240.85
- Villa Regina – 1581 Brickell Ave | 33129 | $292.44
- Vue at Brickell – 1250 S Miami Ave | 33131 | $188.62
Below you will find some additional statistics:
As in the past, the first column to the right of each condo development’s name is the difference in the average sales price and list price for this month, expressed as a percentage. An “N/A” is found next to Brickell on the River, Four Seasons Residences and Solaris at Brickell since this percentage could not be computed as each building failed to have a closed sale within the past six months through the MLS, and thus did not have an average price per square foot for condos sold. A high percentage indicates that there is a large discrepancy between the average asking price for condos currently on the market and what has actually sold within the past six months.
The second column is the number of active listings in each condo development currently in the MLS. The third column shows the percentage that these listings represent over the total number of condo units in each development. The cells highlighted in green reveal those condo developments that have active listings that represent less than 10 percent of the the overall units in the building. To me, this is one indication of a sound condo development. Bristol Tower, Four Seasons Residences, Imperial at Brickell, Santa Maria, The Palace and Villa Regina are the condo buildings highlighted in green. All, with the exception of Four Seasons Residences, were built prior to 2000 and none were targets for wild speculation during the last real estate boom. The ones highlighted in red reveal those condo developments that have active listings that represent over 20 percent of the overall units in the building. There’s definitely underlying risk in buying in these condo developments and I’d only advise buying in one of these if the price justifies the risk. Jade, Solaris at Brickell and Vue at Brickell are the condo developments highlighted in red. Each was built in 2004 or after and victimized by speculation and rampant mortgage fraud. Prices in each have fallen like a ton of bricks within the past year. The condo developments with active listings less than 10 percent are considered safe, in my opinion, and anything in the 10-15 percent range is considered normal, even in a healthy market.
The fourth column shows the number of pending sales while the fifth column displays the number of closed sales within the past six months. There are a total of 79 total pending sales in the 18 condo buildings represented in the Brickell Condo Index. In April, there were a total of 58 pending sales at the time. The Club at Brickell Bay, Vue at Brickell and Jade each have pending sales in the double digits. The same goes for closed sales within the past six months in each of these condo developments. In April, there were a total of 64 closed sales within the past six months. This figure has almost doubled since April with a total of 123 closed sales within the past six months. With 25 closed sales within the past six months and 25 pending sales in the pipeline at The Club at Brickell, I question myself whether some sort of stability is finally being reached. Again, the 25 closed sales had an average price of around $224 per square foot. If the answer to my questions is no, then where will the dust finally settle? Of the three condo developments, The Club at Brickell Bay was the only one which has had a reduction in its active listings since April. That, to me, is progress. From November 2007 until April 2008, average sales prices at The Club at Brickell Bay fell about 46 percent. Now since April, we have seen another large drop of about 39 percent in its average sales price. By year’s end, can prices at The Club at Brickell Bay hit the $150 per square foot mark that many of the commentors on this blog have mentioned? A 30 percent drop in sales prices will bring us very, very close to that oft-mentioned number. A better question is, will the pundits of this blog revise their guidance downward if that figure does become an eventuality in a few condo developments in Brickell?
The sixth column shows the difference in the average list prices from this month’s and April’s, expressed as a percentage. Those highlighted in red reveal those condo developments which had a drop in their average list price while those highlighted in green show those that had an increase. Emerald at Brickell saw asking prices drop a little over 23 percent, Vue at Brickell slightly under 23 percent, Solaris at Brickell around 20 percent, The Club at Brickell Bay about 17.5 percent, Neo Vertika 11.4 percent and Jade 11.25 percent. Only Santa Maria and The Palace experienced average list prices actually rise.
The seventh column reveals the difference in average sales prices from this month’s and April’s, expressed as a percentage. Emerald at Brickell saw the largest drop with a 41.21 percent decline, although only one closed sale was found in the MLS within the past six months to calculate its new average. It has a difference of around 46 percent in its average sales and asking prices. This is the largest pricing discrepancy amongst the 18 condo developments represented in the Brickell Condo Index. This just shows me that asking prices at Emerald at Brickell still have a ways to come down before reaching its market clearing value. The Club at Brickell Bay had its average sales price drop around 39 percent, Skyline on Brickell around 25.5 percent, The Palace about 25 percent and Villa Regina around 25 percent. Only Latitude on the River and Santa Maria experienced an uptick in average sales prices since the last Brickell Condo Index update.
This the first month where we saw average sales prices for a Brickell condo building fall below $200 per square foot. Vue at Brickell is now sitting on an average sales price of around $189 per square foot, calculated from the 17 closed sales in the MLS that it has had within the past six months. A look at the listings currently available at Vue at Brickell indicates that prices will continue to fall, as over 30 listings have an asking price below the $189 per square foot average. In fact, four listings are currently asking less than $150 per square foot. It goes without saying that Vue at Brickell will likely hit the $150 average sales mark before any of the other condo developments in the Brickell Condo Index.
Another insight I made while pondering the figures for this month’s Brickell Condo Index is that Santa Maria is alive and kicking. It looks healthy despite the slow down in the real estate market. Its average listing and sales prices have both gone up within the past four months. It has also had 8 closed sales within the past six months. That may not seem like a lot but, with only 174 total condos, Santa Maria is not a huge mega-building with 500-plus units like we often see nowadays. It also has the most realistic asking prices. The discrepancy in asking and sales prices is 15.81 percent, the lowest amongst the 18 condo developments. Couple all that with the fact that the currently available listings at Santa Maria only represent around 8 percent of its possible inventory and I’m saying that it’s good to see that there’s still one stand-up condo development amongst the 18.
Solaris at Brickell Bay – Deal or No Deal?
There’s a one bedroom/one bath foreclosure at Solaris at Brickell Bay that is currently listed for $159,900. The price of this 730 square foot condo was recently reduced 33 percent. I showed the condo to a client this afternoon and found it to be in great condition. The condo has real hard wood floors, stainless steel appliances and a bay view from the balcony.
Normally, I would say that this condo, with a list price that amounts to $219 per square foot, is a great deal. However, there have been recent sales at Solaris at Brickell Bay that have me scratching my head. These closed sales do not appear in the MLS. Be prepared to be shocked!
- Unit 706 – 1 bedroom/1 bath – sold for $28,000 in May 2008 ($37 per square foot)
- Unit 803 – 2 bedroom/2 bath – sold for $10,000 in May 2008 ($9 per square foot)
- Unit 1103 – 2 bedroom/2 bath – sold for $22,000 in April 2008 ($21 per square foot)
Each unit was sold to separate individuals. Does anyone know the story behind these? Were these once owned by the same bank who needed to liquidate their properties quickly? I would think that they’d at least be able to get $125,000 for the one bedroom and $200,000 for the two bedrooms under normal circumstances.
Solaris at Brickell Bay was victimized by mortgage fraud which is now resulting in a high number of foreclosures. There are risks associated with buying into a building that has a lot of foreclosures because of the likely unpaid monthly maintenance fees from these units. There’s risk that a future special assessment could be billed to all condo owners if the association’s financial condition deteriorates as a result. There’s also a risk that the condo building is not properly maintained. Read the post entitled “Will History Repeat Itself in Miami?” to learn more about how bad things can get for a building who can’t pay its bills.
Nonetheless, with all risks considered, selling a condo for $9-$37 per square foot in Brickell seems crazy to me. I know someone out there has the story behind these recently sold condos. Please share with the rest of us.
Brickell Condo Index – April 2008
The Brickell Condo Index is back! I was shocked to see that it’s been six months since I last provided an update to what used to be a monthly report. Those who’ve been around long enough to remember those updates would probably agree, however, that very little change in the market was seen on a month-to-month basis. In this report, you’ll definitely see that prices in some Brickell condo buildings have changed quite a bit within the past six months. Ideally, from this point forward, I’d like to provide a Brickell Condo Index update every three months.
Most of the following data was collected last week on April 22, 2008. The pending sales information towards the bottom of the post was collected today.
I finally decided to include Latitude on the River in the Brickell Condo Index. In November, the average price per square foot of available condos in the Brickell Condo Index listed in the MLS was $512.14. Six months later, asking prices have dropped 6.52 percent to an average of $478.76 per square foot. The drop would have been 5.64 percent had Latitude on the River not been added to the index. A few of the following condo buildings, however, have had huge reductions in their average asking prices. I’ll discuss these in more detail towards the end of the post.
Average price per square foot of units currently listed on the MLS:
The average price of Brickell condos sold over the past six months has dropped 13.20 percent to $410.38 per square foot from November’s average of $472.80. The drop would have been 11.75 percent had Latitude on the River not been included in this month’s update.
Average price per square foot of condos sold in the MLS within the past six months:
- Atlantis – 2025 Brickell Ave | 33129 | $249.28
- Brickell on the River – 31 SE 5 St | 33131 | N/A
- Bristol Tower – 2127 Brickell Ave | 33129 | $442.37
- Emerald at Brickell – 218 SE 14 St | 33131 | $409.11
- Four Seasons Residences – 1425 Brickell Ave | 33131 | $913.08
- Imperial at Brickell – 1627 Brickell Ave | 33129 | N/A
- Jade – 1331 Brickell Bay Dr | 33131 | $544.02
- Latitude on the River – 185 SW 7 St | 33130 | $314.35
- Neo Vertika – 690 SW 1 Ct | 33130 | $322.13
- One Miami – 325 & 335 S Biscayne Blvd | 33131 | $324.77
- Santa Maria – 1643 Brickell Ave | 33129 | $595.43
- Skyline on Brickell – 2101 Brickell Ave | 33129 | $397.72
- Solaris at Brickell – 186 SE 12 Ter | 33131 | N/A
- The Club at Brickell Bay – 1200 Brickell Bay Dr | 33131 | $367.44
- The Mark on Brickell – 1155 Brickell Bay Dr | 33131 | $386.25
- The Palace – 1541 Brickell Ave | 33129 | $320.09
- Villa Regina – 1581 Brickell Ave | 33129 | $356.79
- Vue at Brickell – 1250 S Miami Ave | 33131 | $212.82
Below you will find some additional statistics:
As in the past, the first column to the right of each condo development’s name is the difference in the average sales price and list price for this month, expressed as a percentage. An “N/A” is found next to Brickell on the River, Imperial at Brickell and Solaris at Brickell since this percentage could not be computed as each building failed to have a closed sale within the past six months through the MLS, and thus did not have an average price per square foot for condos sold.
The second column is the number of active listings in each development currently in the MLS. The third column shows the percentage that these listings represent over the total number of condo units in each development. The cells highlighted in green reveal those condo developments that have active listings that represent less than 10 percent of the the overall units in the building. In my opinion, this often demonstrates a sound condo building. The ones highlighted in red reveal those condo developments that have active listings that represent over 20 percent of the overall units in the building. There’s definitely underlying risk in buying condos in these buildings and I’d only advise buying within one of these condo buildings if the price justified the risk. The condo developments with active listings less than 10 percent are considered very safe, in my opinion, and anything in the 10-15 percent range is considered normal, even in a healthy market.
The fourth column shows the number of pending sales while the fifth column displays the number of closed sales within the past six months. There are a total of 58 total pending sales in the 18 condo buildings now represented in the Brickell Condo Index. In November, there were a total of 49 pending sales at the time. I was quite surprised by the large number of pending sales at The Club at Brickell Bay, Jade and Solaris at Brickell. It looks like buyers are finally starting to step in and place some of the condo foreclosures in these buildings under contract.
The sixth column show you the difference in the average list prices from this month’s and November’s, expressed a percentage. Those highlighted in red reveal those condo developments which had a drop in their average list price while those highlighted in green show those that had an increase. Vue at Brickell saw asking prices drop about 25 percent, The Club at Brickell Bay around 19 percent, Jade around 16 percent and Solaris at Brickell around 11.5 percent. The seventh column reveals the difference in average sales prices from this month’s and November’s, expressed as a percentage. The condo buildings hardest hit with mortgage fraud saw prices drop in half, in a few cases, as the fraud has ceased and the supply of foreclosures has grown. The average price per square foot for condos sold at Vue at Brickell within the past six months has dropped almost 48 percent. A few apparent fraudulent transactions included in the November average have fallen off. The Club at Brickell Bay’s average dropped a little over 46 percent, Solar at Brickell’s dropped about 33 percent and Jade fell around 25 percent. Even One Miami took a big hit with a drop of around 23.5 percent.
Brickell Condo Index – November 2007
The following data was collected on November 18, 2007. It took me a while to get everything up due to the holiday and work. I made a correction to October’s data. The average price per square foot of closed sales over the previous six months at Vue at Brickell was previously stated at $364.32. The correct figure should have been $469.93. The correction has been made and the overall average for closed sales in Brickell was adjusted to $481.69 instead of $475.16.
The average price per square foot of condos listed has once again dropped this month to $512.14 from last month’s figure of $518.91. The weight-adjusted average also dropped to $509.24 per square foot from last month’s figure of $521.29.
Average price per square foot of units currently listed on the MLS:
Someone recently commented that the average price per square foot of closed sales statistic doesn’t provide much insight due to the lack of activity in the Miami real estate market. This is quite true. List prices need to come down more in order for buyers to be enticed into buying. The condos that have been selling lately are the ones that are aggressively priced. Once each building has at least 5 or more closed sales then the average will begin to show more insight. Below you will see the total number of closings within the past six months in each condo development:
As you can see all of the buildings except One Miami and Neo Vertika have 4 or less closings. The lack of closed sales doesn’t make for an informative average. Nonetheless, I will continue to provide this statistic in hopes that the peak-season months will bring in more closed sales. I have definitely seen more interest within the past couple of weeks. The average price of condos sold over the past six months has gone down to $472.80 from last month’s figure of $481.69. Emerald at Brickell hasn’t had any closed sales within the past six months. The drop would have been less if the average for Emerald at Brickell would have remained the same at $523.78. If that were the case then the average price of condos sold over the past six months in Brickell would have been $475.80.
Average price per square foot of condos sold in the MLS within the past six months:
- Atlantis – 2025 Brickell Ave | 33129 | $283.10
- Brickell on the River – 31 SE 5 St | 33131 | $400.00
- Bristol Tower – 2127 Brickell Ave | 33129 | $425.96
- Emerald at Brickell – 218 SE 14 St | 33131 | N/A
- Four Seasons Residences – 1425 Brickell Ave | 33131 | $680.57
- Imperial at Brickell – 1627 Brickell Ave | 33129 | $331.99
- Jade – 1331 Brickell Bay Dr | 33131 | $723.60
- Neo Vertika – 690 SW 1 Ct | 33130 | $332.27
- One Miami – 325 & 335 S Biscayne Blvd | 33131 | $424.36
- Santa Maria – 1643 Brickell Ave | 33129 | $682.23
- Skyline on Brickell – 2101 Brickell Ave | 33129 | $391.91
- Solaris at Brickell – 186 SE 12 Ter | 33131 | $422.66
- The Club at Brickell Bay – 1200 Brickell Bay Dr | 33131 | $684.44
- The Mark on Brickell – 1155 Brickell Bay Dr | 33131 | $575.90
- The Palace – 1541 Brickell Ave | 33129 | $395.54
- Villa Regina – 1581 Brickell Ave | 33129 | $403.39
- Vue at Brickell – 1250 S Miami Ave | 33131 | $406.92
Below you will find some additional statistics:
As with last month, the first column to the right of each condo development’s name is the difference in the average sales price and list price for this month, expressed as a percentage. The Club at Brickell Bay, The Mark on Brickell and The Palace are the only developments that have a higher average sales price than list price. The former two have questionable closed sales included in the six month average.
The second column is the number of active listings in each development currently in the MLS. The third column shows the percentage that these listings represent over the total number of condo units in each development. The cells highlighted in green reveal those developments that have active listings that represent less than 10 percent of the the overall units in the building. I find this to be a healthy number. The ones highlighted in red reveal those developments that have active listings that represent over 20 percent of the overall units in the building. I would stay away from these condo developments and others that approach the 20 percent mark. The condo developments with active listings less than 10 percent are considered very safe, in my opinion, and anything in the 10-15 percent range is considered normal, even in a healthy market.
The fourth column shows the number of pending sales while the fifth column displays the number of closed sales within the past month. The number of pending sales has dropped this month to 49 from last month’s figure of 51. The number of closed sales within the past month has remained the same at 7, which is still the lowest that I’ve seen in Brickell within one month since I’ve been tracking this statistic.
The sixth column show you the difference in the average list prices from this month’s and last month’s, expressed a percentage. Those highlighted in red reveal those condo developments which had a drop in their average list price while those highlighted in green show those that had an increase. As you can see, listings at Solaris at Brickell had an increase of 7.47 percent within the past month. Much of this increase is attributed to a new listing that is listed at $904 per square foot! What are they thinking? What I find to be particularly funny is that it says “Owner Hardly Motivated” in the broker remarks. Why even list it then? It is a one bedroom with 730 square feet listed for $660,000. I’m going to keep my eye on this one because I wouldn’t be surprised to see it under contract by the wrong type of buyer.
The seventh column reveals the difference in average sales prices from this month’s and last month’s, expressed as a percentage. The 15.49 percent price decrease at Skyline on Brickell is mainly attributed to a closed sale at a high price per square foot that dropped off the average. The large 27.41 percent price increase at Villa Regina is legitimate. There have been two closed sales in the building within the past month and one of them was a 3,060 square foot 3 bedroom/3.5 bath condo with a direct bay view that sold for $1,480,000, or $484 per square foot.
I think next month we’ll see more activity. I did notice that Jade had 2 closed sales on November 20, 2007. Those transactions will appear on next month’s Brickell Condo Index.
Brickell Condo Index – October 2007
As I mentioned in a previous post, The Sail on Brickell will no longer be included in the Brickell Condo Index. I also made a change to the way that the statistics in the third section of the index are presented. It should now be much easier to make sense of the monthly figures. This came as a suggestion from a reader (Thank you!). My comments on this month’s numbers are also found towards the bottom of this post.
The average price per square foot of condos listed has dropped this month to $518.91 from last month’s figure of $525.88. Last month, The Sail on Brickell had an average list price of $507.11 per square foot, so the drop would have been greater had it been included this month and its average remained around the same. The weight-adjusted average also dropped to $521.29 per square foot from last month’s figure of $530.15.
Average price per square foot of units currently listed on the MLS:
The average price per square foot of condos sold over the past six months actually went up this month to $481.69 from last month’s figure of $467.47. The increase would have been less had The Sail on Brickell been included. Last month, it had an average of $386.41 per square foot. If its statistic remained the same, the average would have been $476.39 per square foot. Much of the increase is also attributed to The Mark on Brickell which I will discuss below. The weight-adjusted average went up to $495.31 per square foot from last month’s average of $486.30.
Average price per square foot of Brickell condos sold in the MLS within the past six months:
- Atlantis on Brickell – 2025 Brickell Ave | 33129 | $298.11
- Brickell on the River North – 31 SE 5 St | 33131 | $415.74
- Bristol Tower – 2127 Brickell Ave | 33129 | $440.18
- Emerald at Brickell – 218 SE 14 St | 33131 | $523.78
- Four Seasons Residences – 1425 Brickell Ave | 33131 | $675.30
- Imperial at Brickell – 1627 Brickell Ave | 33129 | $331.99
- Jade Brickell – 1331 Brickell Bay Dr | 33131 | $723.60
- Neo Vertika – 690 SW 1 Ct | 33130 | $329.67
- One Miami – 325 & 335 S Biscayne Blvd | 33131 | $430.12
- Santa Maria – 1643 Brickell Ave | 33129 | $672.22
- Skyline on Brickell – 2101 Brickell Ave | 33129 | $463.75
- Solaris at Brickell – 186 SE 12 Ter | 33131 | $454.32
- The Club at Brickell Bay – 1200 Brickell Bay Dr | 33131 | $660.39
- The Mark on Brickell – 1155 Brickell Bay Dr | 33131 | $589.06
- The Palace – 1541 Brickell Ave | 33129 | $388.54
- Villa Regina – 1581 Brickell Ave | 33129 | $316.62
- Vue at Brickell – 1250 S Miami Ave | 33131 | $475.30
The numbers below are a bit difficult to read but if you save and open the picture file it should make it easier.
The first column to the right of each condo development’s name is the difference in the average sales price and list price for this month, found above, expressed as a percentage. You will notice that Emerald at Brickell, The Club at Brickell Bay, The Mark on Brickell, The Palace and Vue at Brickell are the only developments that have a higher average sales price than list price.
The second column is the number of active listings in each development currently in the MLS. The third column shows the percentage that these listings represent over the total number of condo units in each development. The cells highlighted in green reveal those developments that have active listings that represent less than 10 percent of the the overall units in the building. I find this to be a healthy number. The ones highlighted in red reveal those developments that have active listings that represent over 20 percent of the overall units in the building. This is a very unhealthy figure and should act as a warning sign. Is it coincidence that Jade, The Club at Brickell Bay and Vue at Brickell, which have all been riddled by mortgage fraud appear in red? I think not! I think this statistic is highly important. It provides great insight as to which condo developments will be next to have price cuts and those that may actually go up in price in the coming months. A leading indicator, if you may.
The fourth column shows the number of pending sales while the fifth column displays the number of closed sales within the past month. As I mentioned, last month a large portion of the pending sales at The Club at Brickell Bay are very old. Only three of them have been pending for five months or less. It is good to see, however, that each development has at least one pending sale. The number of closed sales within the past month has dropped to seven, which is its lowest point since I began tracking this statistic. Not good…not good at all!
The sixth column show you the difference in the average list prices from this month’s and last month’s, expressed a percentage. Those highlighted in red reveal those condo developments which had a drop in their average list price while those highlighted in green show those that had an increase. As you see, The Vue at Brickell had a price drop for condos listed of 8.57 percent. Much of this is attributed to the ever-growing number of short-sale and foreclosure units in the building. In fact, I have counted 24 units in the MLS that fit this bill. That represents 7.43 percent of the overall building. Yikes!
The seventh column reveals the difference in average sales prices from this month’s and last month’s expressed as a percentage. The 17.54 percent price increase over last month’s statistic at The Mark on Brickell jumped out at me. Of course, I had to investigate. The good news is that I didn’t find any fraudulent transactions that have occurred within the last month. Thank God! The bad news, however, is that I did discover two transactions that closed in June that I didn’t notice before that appear to be fraudulent. You be the judge! A 2 bedroom/2 bath with 1,200 square feet that was listed at $890,000 closed for $845,000, or $704 per square foot, on June 30, 2007. Another 2 bedroom/2 bath also with 1,200 square feet that was listed for $850,000 closed for $840,000, or $700 per square foot, on June 6, 2007. In each case, the listing agent was also the buyer’s agent. In the second case, the unit previously closed in January of this year for a price of $560,000. Looks like fraud, smells like fraud…what do you think? The average price increase also became more pronounced at The Mark on Brickell because a few other sales that sold in the $300’s and $400’s per square foot fell off the average.
The large drop in prices, over the past month for condos sold over the previous six months, at Neo Vertika were mainly a result of the unit that my client closed on a few weeks ago for $242 per square foot.
Miami Condo Index – Brickell – September 2007
I received an email last week from a potential investor asking me if Miami is now safer than the “Miami Vice days” that he saw on TV. Indeed, the streets of Miami are much safer than they were 20 years ago, but the corruption that infested the city back then is still prevalent now.
Another month, another fraudulent transaction. I guess nobody cares. As I mentioned last month, the rumors are out there that a government agency is on the lookout for such activity but I’ve begun to lose hope that these rumors hold much water. If these rumors are true, then shame on them for allowing such activity to continue, and allowing the reputation of this city to be equated to that of which was prevalent in the 1980s. This past month, I’ve heard that an FBI agent is living at Vue at Brickell and Jade at Brickell Bay. I wouldn’t be surprised if one lives at The Club at Brickell Bay as well.
The continuance of fraudulent activity in Brickell has sickened me. The sooner that the Miami Herald, or some other major newspaper, goes public with this story, the better. The fraudulent activity just needs to stop. It is doing nobody any good to let the fraudulent activity prevail, except those who are facilitating it.
Sorry, but I just had to rant and rave for a moment. Now, back to our regularly scheduled program (but I’ll continue to rant and rave towards the end when I disclose the latest fraudulent transaction).
The average price per square foot of condos listed in the 18 Brickell buildings included in the Brickell Condo Index has dropped to $525.88 from last month’s average price per square foot of $529.05. The weight-adjusted average has also dropped to $530.15 versus last month’s weight-adjusted average price per square foot of $537.67. Both figures are below those that were calculated in July as well.
Average price per square foot of units currently listed on the MLS:
The average price of condos sold over the past six months has dropped to $467.47 per square foot versus last month’s figure of $471.94 per square foot. The weight-adjusted average has also dropped to $486.30 per square foot from last month’s weight-adjusted average of $498.36 per square foot. Much of the decrease is due to the a sizable drop in the averages at The Club at Brickell Bay and Vue at Brickell. Both buildings had fraudulent transactions that fell off the six month average.
The Sail at Brickell had yet another fraudulent transaction this past month. It was conducted by the same broker that conducted the fraudulent transaction at The Sail at Brickell that I spoke of in July. Once again, the broker acted as the listing agent and the selling agent. He must have some luck! He was also able to close the deal the same day that the deal went pending. Imagine that! This guy works miracles. He was able to sell a 2 bedroom/2 bath at The Sail on Brickell for $670,000. Well at least he was able to negotiate the price down $10,000 for his buyer. He has some smooth negotiating skills. He must also have some great persuasion skills because nobody in their right mind would pay $670,000 for a 2 bedroom at The Sail on Brickell.
Average price per square foot of condos sold in the past 6 months:
- Atlantis on Brickell – 2025 Brickell Ave | 33129 | $298.11
- Brickell on the River North – 31 SE 5 St | 33131 | $409.44
- Bristol Tower – 2127 Brickell Ave | 33129 | $440.18
- Emerald at Brickell – 218 SE 14 St | 33131 | $523.78
- Four Seasons Residences – 1425 Brickell Ave | 33131 | $720.15
- Imperial at Brickell – 1627 Brickell Ave | 33129 | $304.56
- Jade at Brickell Bay – 1331 Brickell Bay Dr | 33131 | $690.18
- Neo Vertika – 690 SW 1 Ct | 33130 | $361.99
- One Miami – 325 & 335 S Biscayne Blvd | 33131 | $446.06
- Sail on Brickell – 170 SE 14 St | 33131 | $386.41
- Santa Maria – 1643 Brickell Ave | 33129 | $618.50
- Skyline on Brickell – 2101 Brickell Ave | 33129 | $451.29
- Solaris at Brickell – 186 SE 12 Ter | 33131 | $457.45
- The Club at Brickell Bay – 1200 Brickell Bay Dr | 33131 | $660.39
- The Mark on Brickell – 1155 Brickell Bay Dr | 33131 | $501.16
- The Palace – 1541 Brickell Ave | 33129 | $363.32
- Villa Regina – 1581 Brickell Ave | 33129 | $316.62
- Vue at Brickell – 1250 S Miami Ave | 33131 | $464.83
This is the first month that a development has had a price per square foot under $300 for condos sold over the previous six months since I began this index. Atlantis on Brickell broke through this barrier with an average price per square foot of $298.11. This figure for Atlantis on Brickell will likely continue to decline as a bank-owned listing has remained on the market for quite some time and will likely sell for around $200 per square foot.
Below you will find the new statistics that I have included in this month’s Brickell Condo Index. The first number directly to the right of each development name represents the total number of active listings. The second number, in parentheses, is the number of currently listed condos expressed as a percentage of the total number of condos in the development. The third number represents the number of pending sales while the fourth is the number of closed sales within the past month.
- Atlantis on Brickell – 13 (13.54%) | 1 | 1
- Brickell on the River North– 59 (18.21%) | 4 | 0
- Bristol Tower – 19 (12.93%) | 3 | 1
- Emerald at Brickell – 34 (23.94%) | 1 | 0
- Four Seasons Residences – 18 (6.67%) | 3 | 0
- Imperial at Brickell – 15 (9.32%) | 2 | 0
- Jade at Brickell Bay – 76 (23.31%) | 6 | 1
- Neo Vertika – 78 (17.61%) | 7 | 0
- One Miami – 165 (18.42%) | 6 | 2
- Sail on Brickell – 64 (42.11%) | 2 | 1
- Santa Maria – 10 (5.75%) | 1 | 1
- Skyline on Brickell – 54 (15.00%) | 2 | 1
- Solaris at Brickell – 21 (15.22%) | 2 | 1
- The Club at Brickell Bay – 145 (22.55%) | 11 | 1
- The Mark on Brickell – 43 (11.62%) | 0 | 1
- The Palace – 25 (9.84%) | 1 | 0
- Villa Regina – 20 (9.62%) | 0 | 0
- Vue at Brickell – 62 (19.20%) | 1 | 0
Two numbers jumped out at me when reviewing this month’s findings: the 42.11% of available listings at The Sail on Brickell and the 11 pending sales at The Club at Brickell Bay.
I knew that prices were high and unjustified at The Sail on Brickell with mortgage fraud having much to do with it, but I never would have imagined that over 40 percent of the building would be available for sale. That’s incredible! However, a look at the current list prices should make those who have visited this building realize that the prices at The Sail on Brickell are ridiculous. Of the 18 buildings included in the Brickell Condo Index, I would rank The Sail at Brickell at the bottom. There are no views and the common areas and amenities are below Brickell standards. The developer, Renzi Development, recently announced that they plan to go forth with their Beacon at Brickell Village development. I sure hope they have second thoughts. The Sail on Brickell will eventually sell for around $250 per square foot (and that’s being generous). If I were a condo owner who is motivated to sell at The Sail on Brickell then I would be priced at the front of the large pack.
When I saw the 11 pending sales at The Club at Brickell Bay I was quite surprised. At first I thought it was my lack of REM sleep setting in. Once I realized that it wasn’t, I had to investigate further. What I found made this number a complete sham. Of the 11 pending sales, 9 of them have been pending since 2005 and 2006. What the….? It usually takes two months, maybe three months tops, to take a pending sale to the closing table. The other two pending sales have been pending since January and March of 2007. Something just isn’t right. Most likely the sales prices couldn’t be justified. Take 6 months, 12, months, 36 months and the prices still won’t be justified. These transactions should be reclassified as “hopeless” rather than pending. A 1 bedroom/1 bath at The Club at Brickell Bay will be going up for auction tomorrow, September 19, 2007 at 3pm. That will give everyone a good indication as to the fate of prices at The Club at Brickell Bay. You can be sure that I’ll report about it within the next couple of days.
So there you have it, that is the latest Brickell Condo Index. The good news is that there were 11 closed sales within the past month versus a total of eight closed sales the month prior to last. There were a total of nine closed sales the month prior to that.
There are a total of 42 pending sales disregarding the 11 at The Club at Brickell Bay since those have been discredited. As long as half of those transactions actually close, then there should be about 10-11 closed sales next month. I guess we’ll just have to wait and see. I’m praying that we won’t have another fraudulent transaction then. If we do, and you thought I ranted and raved now, just wait until next month.
Miami Condo Index – Brickell – August 2007
I just finished compiling the data for this month’s Miami Condo Index for Brickell. Last month I revealed that the 18 buildings below had a total of nine closed sales from June 19, 2007 to July 18, 2007. That number surprised myself and many others who follow the real estate market in Brickell. Be prepared to be surprised some more because this figure has dropped. There were a total of eight closed sales from July 19, 2007 to August 18, 2007 in the 18 condo buildings below throughout Brickell. Eight!
Of the eight closed sales, one appears to be yet another fraudulent transaction. A one bedroom/one bath condo with 825 square feet sold for $625,000, or $758 per square foot, on August 3, 2007 at The Club at Brickell Bay. It doesn’t even have a direct water view! The same broker represented the seller and buyer in the transaction. What is really crazy is that a different brokerage had the condo listed for $425,000 in May. It was later canceled and relisted with the broker who sold it for $625,000.
If you think that transaction has the word “fraud” written all over it then take a look at the one bedroom/one bath condo that closed on May 18, 2007 at The Club at Brickell Bay. It too had 825 square feet of interior space and a view of the water from the balcony. The buyer of that unit paid the full asking price of $680,000, or $824.24. The Club at Brickell Bay now has the highest price per square foot of condos sold in the past six months of the 18 buildings included in the index because of these fraudulent transactions. When is somebody going to step in and do something about this? Supposedly the Miami Herald and the FBI are investigating the situation but I’ve been hearing those rumors for months. What is taking so long?
The average price per square foot of condos listed in the 18 Brickell buildings covered in the index went up slightly to $529.05. Last month this figure was $528.84. The weight-adjusted average, however, went down to $537.67 from last month’s weight-adjusted average of $540.17.
Average price per square foot of units currently listed on the MLS:
The average price per square foot of condos sold over the past 6 months actually went down slightly to $471.94 from June’s average of $473.95 despite the fraudulent transaction at The Club at Brickell Bay. Take note that The Club at Brickell Bay now has an average price per square foot of $720.15 for condos sold over the past six months. That is simply ridiculous. This average is based on the three transactions that have occurred at The Club at Brickell Bay over the past six months, two of which appear to be fraudulent. A little over 20 percent of the building is available for sale but nothing is moving. Hmmm…maybe it’s because the list prices there don’t make any f@&#ing sense!!!
Average price per square foot of units sold in the past 6 months:
- Atlantis – 2025 Brickell Ave | 33129 | $335.12
- Brickell on the River – 31 SE 5 St | 33131 | $409.44
- Bristol Tower – 2127 Brickell Ave | 33129 | $412.44
- Emerald at Brickell – 218 SE 14 St | 33131 | $474.85
- Four Seasons Residences – 1425 Brickell Ave | 33131 | $720.15
- Imperial at Brickell – 1627 Brickell Ave | 33129 | $319.56
- Jade Brickell – 1331 Brickell Bay Dr | 33131 | $666.87
- Neo Vertika – 690 SW 1 Ct | 33130 | $361.99
- One Miami – 325 & 335 S Biscayne Blvd | 33131 | $450.94
- Sail on Brickell – 170 SE 14 St | 33131 | $373.16
- Santa Maria – 1643 Brickell Ave | 33129 | $643.95
- Skyline on Brickell – 2101 Brickell Ave | 33129 | $471.39
- Solaris at Brickell – 186 SE 12 Ter | 33131 | $450.43
- The Club at Brickell Bay – 1200 Brickell Bay Dr | 33131 | $723.35
- The Mark on Brickell – 1155 Brickell Bay Dr | 33131 | $478.95
- The Palace – 1541 Brickell Ave | 33129 | $363.32
- Villa Regina – 1581 Brickell Ave | 33129 | $316.62
- Vue at Brickell – 1250 S Miami Ave | 33131 | $522.37
Sold-to-Listed Ratio expressed as a percentage:
- Atlantis – 2025 Brickell Ave | 33129 | -2.56%
- Brickell on the River – 31 SE 5 St | 33131 | 12.45%
- Bristol Tower – 2127 Brickell Ave | 33129 | 19.48%
- Emerald at Brickell – 218 SE 14 St | 33131 | 12.67%
- Four Seasons Residences – 1425 Brickell Ave | 33131 | 25.18%
- Imperial at Brickell – 1627 Brickell Ave | 33129 | 23.35%
- Jade Brickell – 1331 Brickell Bay Dr | 33131 | 23.98%
- Neo Vertika – 690 SW 1 Ct | 33130 | 13.66%
- One Miami – 325 & 335 S Biscayne Blvd | 33131 | 3.51%
- Sail on Brickell – 170 SE 14 St | 33131 | 33.53%
- Santa Maria – 1643 Brickell Ave | 33129 | 10.59%
- Skyline on Brickell – 2101 Brickell Ave | 33129 | 5.99%
- Solaris at Brickell – 186 SE 12 Ter | 33131 | 14.30%
- The Club at Brickell Bay – 1200 Brickell Bay Dr | 33131 | -11.98%
- The Mark on Brickell – 1155 Brickell Bay Dr | 33131 | 4.41%
- The Palace – 1541 Brickell Ave | 33129 | 3.39%
- Villa Regina – 1581 Brickell Ave | 33129 | 36.73%
- Vue at Brickell – 1250 S Miami Ave | 33131 | 2.85%
I noticed that a handful of fraudulent transactions will be falling off next month so I’m expecting the average price per square foot of condos sold over the past six months to go down in September. That is, however, assuming that other fraudulent transactions don’t appear in the next 30 days to take their place. We shall see.
Miami Condo Index – Brickell – July 2007
You may have noticed that some of the June numbers have changed. This is because I originally took out the closed sales that were obviously due to mortgage fraud. I recently went back and included those sales because I wanted to present things just as they were. However, this made listings appear to be priced more accurately, which they aren’t. To condo owners, and to some Realtors not in the know, these fraudulent transactions have made their listings appear justified. They need to realize that these transactions are just that, fraudulent, and very inaccurate.
The average price per square foot of condo units listed in the 18 Brickell buildings covered in my index dropped $7.44 since last month. A drop in the price of condos listed in Brickell over the last month was highly expected. I actually thought that prices would have come down even more though. These 18 buildings in Brickell had an average price per square foot of $528.84 this month versus $536.28 in June. The weighted average price per square foot was $540.17 for July versus $547.06 in June.
The most shocking thing that the July Brickell condo index revealed was the number of transactions that occurred in one month’s time. There are a total of 5,348 condo units represented in the 18 buildings that comprise my Brickell condo index. Take a guess at how many units have closed from June 19, 2007 to July 18, 2007.
Had enough time to come up with a guesstimate? Nine. That’s the number of units that sold during that time period throughout the 18 buildings that make up the Brickell condo index. Everyone knows the market is slow but I don’t think anyone could have guessed to what extent. Nine! I still can’t get that out of my head. There are a total of 875 units available on the market right now in those 18 buildings. This equates to 16.36 percent of the total units. This number is actually much higher in many of the newer buildings. Many of the older buildings have 20 or less listings in the entire building. The instability lies in the newer buildings; the buildings that were heavily funded by speculators.
The average price per square foot of condos sold over the past six months in Brickell actually went up slightly. But keep in mind that there were nine transactions in all 18 buildings. Most Realtors would focus on the fact that prices are actually going up. However, I will tell you, first hand, that these numbers are attributed to fraudulent transactions. The price per square foot went from $471.76, in June, to $473.95, in July. Most of this was due to a transaction that appears to be fraudulent at The Sail on Brickell.
The reason why I feel that this transaction is fraudulent is for a number of reasons. One, the unit was sold at the highest price per square foot in the building with concrete floors, two, the broker is a discount broker who charges 4 percent per transaction, three, in every transaction he seems to find the buyer and already holds the listing, and four, he finds the buyer within four days. I did a search by the broker’s email to see what other transactions have occurred. I’m not going to name names but let’s just say that this broker has at least six transactions where this has occurred. The same exact thing. He finds a buyer to acquire a condo at The Sail on Brickell within four days at the highest price possible. Let me tell you, firsthand as a Realtor, that it is hard enough to find a buyer in this market to buy something at the best price available. How is this guy finding a buyer at the highest price available? Within 4 days? Like I said, I’m not going to name names but something fishy is going on there. If someone, like the Miami Herald, wants to investigate this thoroughly and name me as the source, then so be it, but I’m not divulging names. I don’t want to have a hit-man after me. Hopefully I’m wrong about what has occurred in The Sail at Brickell, but I doubt it.
Average price per square foot of units currently listed on the MLS:
Average price per square foot of units sold in the past 6 months:
- Atlantis – 2025 Brickell Ave | 33129 | $335.12
- Brickell on the River – 31 SE 5 St | 33131 | $397.69
- Bristol Tower – 2127 Brickell Ave | 33129 | $417.82
- Emerald at Brickell – 218 SE 14 St | 33131 | $570.51
- Four Seasons Residences – 1425 Brickell Ave | 33131 | $763.51
- Imperial at Brickell – 1627 Brickell Ave | 33129 | $319.56
- Jade – 1331 Brickell Bay Dr | 33131 | $668.23
- Neo Vertika – 690 SW 1 Ct | 33130 | $375.53
- One Miami – 325 & 335 S Biscayne Blvd | 33131 | $453.66
- Sail on Brickell – 170 SE 14 St | 33131 | $369.08
- Santa Maria – 1643 Brickell Ave | 33129 | $605.15
- Skyline on Brickell – 2101 Brickell Ave | 33129 | $471.39
- Solaris at Brickell – 186 SE 12 Ter | 33131 | $436.21
- The Club at Brickell Bay – 1200 Brickell Bay Dr | 33131 | $636.74
- The Mark on Brickell – 1155 Brickell Bay Dr | 33131 | $498.17
- The Palace – 1541 Brickell Ave | 33129 | $352.77
- Villa Regina – 1581 Brickell Ave | 33129 | $316.62
- Vue at Brickell – 1250 S Miami Ave | 33131 | $543.37
Sold-to-Listed Ratio expressed as a percentage:
- Atlantis – 2025 Brickell Ave | 33129 | 0.77%
- Brickell on the River – 31 SE 5 St | 33131 | 17.23%
- Bristol Tower – 2127 Brickell Ave | 33129 | 17.19%
- Emerald at Brickell – 218 SE 14 St | 33131 | -3.02%
- Four Seasons Residences – 1425 Brickell Ave | 33131 | 16.68%
- Imperial at Brickell – 1627 Brickell Ave | 33129 | 22.35%
- Jade – 1331 Brickell Bay Dr | 33131 | 24.50%
- Neo Vertika – 690 SW 1 Ct | 33130 | 9.87%
- One Miami – 325 & 335 S Biscayne Blvd | 33131 | 3.72%
- Sail on Brickell – 170 SE 14 St | 33131 | 32.46%
- Santa Maria – 1643 Brickell Ave | 33129 | 13.51%
- Skyline on Brickell – 2101 Brickell Ave | 33129 | 4.51%
- Solaris at Brickell – 186 SE 12 Ter | 33131 | 14.86%
- The Club at Brickell Bay – 1200 Brickell Bay Dr | 33131 | 2.70%
- The Mark on Brickell – 1155 Brickell Bay Dr | 33131 | 1.01%
- The Palace – 1541 Brickell Ave | 33129 | 8.68%
- Villa Regina – 1581 Brickell Ave | 33129 | 30.64%
- Vue at Brickell – 1250 S Miami Ave | 33131 | 1.53%
Miami Condo Index – Brickell – June 2007
Last week I mentioned that I was planning to create a Miami Condo Index to provide pricing insight to homebuyers in various neighborhoods in Miami and Miami Beach. This week I decided to kick things off with Brickell.
It was difficult to come up with a final list of buildings that should be included in the Brickell index. For example, is Neo Vertika in Brickell or should it be in a different category like West Brickell? Is One Miami part of downtown or should it be grouped with Brickell buildings? After much thought, I decided to include both. There simply aren’t enough buildings of interest in West Brickell or downtown to necessitate a separate neighborhood index for West Brickell and downtown. Eventually, One Miami will be grouped with downtown buildings as more developments are completed north of the Miami River. Another question remained as to whether buildings in Brickell Key should be grouped with buildings in Brickell to create a Brickell/Brickell Key index or should a separate index be created for each? I decided on the latter.
Earlier today, I finished crunching the numbers and evaluated my findings. Much of it was quite shocking. I took 18 prominent buildings in Brickell and created two separate spreadsheets. The first spreadsheet calculated the average price per square foot of units currently listed in the 18 buildings in Brickell. The second calculated the average price per square foot of units that have sold in those 18 buildings in the past six months. I also weighted each building according to how many units they had when compared to the sum of the units of all 18 buildings. This helped to arrive at a more accurate representation of the typical Brickell condo.
First I’m going to show you the average price per square foot of the units currently listed on the market:
Some of those averages shocked the hell out of me. How can condo units at The Club at Brickell Bay have an average list price of over $650 per square foot? (I’ve heard reports of mortgage fraud in that building as well as at Jade and Vue at Brickell.) The average price per square foot for condos currently listed in Brickell using these 18 buildings came out to $536.28. The weight-adjusted average came out to $547.06. The Club at Brickell Bay, with 642 total units, skewed the weight-adjusted average higher than the regular average.
Next we’ll take a look at the average price per square foot in these buildings based on closed sales. Keep in mind that this is the average price per square foot. Condos that have a better view or are on a higher floor than the average condo in the building will obviously have a higher price per square foot. These figures were equally shocking.
- Atlantis – 2025 Brickell Ave | 33129 | $335.12
- Brickell on the River – 31 SE 5 St | 33131 | $411.79
- Bristol Tower – 2127 Brickell Ave | 33129 | $417.82
- Emerald at Brickell – 218 SE 14 St | 33131 | $519.72
- Four Seasons Residences – 1425 Brickell Ave | 33131 | $763.51
- Imperial at Brickell – 1627 Brickell Ave | 33129 | $319.56
- Jade – 1331 Brickell Bay Dr | 33131 | $668.23
- Neo Vertika – 690 SW 1 Ct | 33130 | $383.23
- One Miami -325 & 335 S Biscayne Blvd | 33131 | $458.56
- Sail on Brickell – 170 SE 14 St | 33131 | $335.05
- Santa Maria – 1643 Brickell Ave | 33129 | $606.44
- Skyline on Brickell – 2101 Brickell Ave | 33129 | $471.39
- Solaris at Brickell – 186 SE 12 Ter | 33131 | $436.21
- The Club at Brickell Bay – 1200 Brickell Bay Dr | 33131 | $634.15
- The Mark on Brickell – 1155 Brickelly Bay Dr | 33131 | $506.81
- The Palace – 1541 Brickell Ave | 33129 | $350.88
- Villa Regina – 1581 Brickell Ave | 33129 | $316.62
- Vue at Brickell – 1250 S Miami Ave | 33131 | $556.59
Condo units at The Club at Brickell Bay had a higher average price per square foot than condos at Santa Maria when looking at closed sales. I had to double check my work once I saw that, but everything checked out.
I tried to eliminate any data that was irregular. For example, in the past six months Pharrell Williams purchased developer Ugo Colombo’s Penthouse unit at Bristol Tower for $13,950,000, or over $1,500 per square foot. I discarded it because it was deemed irregular.
The average price per square foot for these 18 buildings, based on closed sales, came out to $471.76. The weight-adjusted average came out to $495.13.
Using both data sets I also wanted to figure out how overpriced listings are in Brickell when compared to what they actually sell for, on average. I also was curious to find out which buildings were the most overpriced. Here is the data below:
- Atlantis – 2025 Brickell Ave | 33129 | 0.73%
- Brickell on the River – 31 SE 5 St | 33131 | 12.01%
- Bristol Tower – 2127 Brickell Ave | 33129 | 16.82%
- Emerald at Brickell – 218 SE 14 St | 33131 | 1.63%
- Four Seasons Residences – 1425 Brickell Ave | 33131 | 19.37%
- Imperial at Brickell – 1627 Brickell Ave | 33129 | 22.32%
- Jade – 1331 Brickell Bay Dr | 33131 | 30.12%
- Neo Vertika – 690 SW 1 Ct | 33130 | 6.76%
- One Miami -325 & 335 S Biscayne Blvd | 33131 | 2.93%
- Sail on Brickell – 170 SE 14 St | 33131 | 45.78%
- Santa Maria – 1643 Brickell Ave | 33129 | 26.74%
- Skyline on Brickell – 2101 Brickell Ave | 33129 | 5.26%
- Solaris at Brickell – 186 SE 12 Ter | 33131 | 16.09%
- The Club at Brickell Bay – 1200 Brickell Bay Dr | 33131 | 3.63%
- The Mark on Brickell – 1155 Brickelly Bay Dr | 33131 | 2.78%
- The Palace – 1541 Brickell Ave | 33129 | 9.99%
- Villa Regina – 1581 Brickell Ave | 33129 | 29.67%
- Vue at Brickell – 1250 S Miami Ave | 33131 | -1.04%
On average, condo units at The Sail on Brickell have a list price that is 45.78% higher than the average sales price of units sold in the past six months. Either owners of units in that building have unrealistic expectations or agents conducting business there have not provided their clients with an accurate comparable market analysis.
On average, Brickell condo listings were priced 13.98% over the average sales price of units sold in the past six months in these 18 buildings. When using a weighted average, the typical Brickell condo is overpriced by 10.48%. The weighted average is lower because most of the large differences occur in smaller buildings such as The Sail on Brickell.
Keep in mind that statistical data is never perfect. It grows more accurate as additional data is incorporated. The same holds true for a major league baseball player. The first five at-bats in his major league career won’t dictate how the rest of his major league career will fair. The Miami Condo Index will shed more light as time goes on and patterns and trends begin to emerge in the data.
In the next two weeks I will reveal the findings for Brickell Key and South Beach. I will follow-up each neighborhood index report with a post highlighting any fantastic deals that I come across in the buildings covered.
