Miami Condo Index – Brickell Key – July 2007
July 29, 2007 by Lucas Lechuga
This is the second installment of the Brickell Key Condo Index. The data was collected on July 27, 2007. Overall, list prices declined about .82% in the past month for condos listed in Brickell Key. The average price per square foot in June for condos listed was $519.97 versus an average price per square foot of $515.71 for the month of July. The weighted-average price square foot in June was $513.19 versus $510.83 this month. Each building in the index, except Brickell Key One and Two Tequesta, had a decrease in their average price per square foot over the past month.
- Brickell Key I - 520 Brickell Key Drive | 33131 | $404.10
- Brickell Key II - 540 Brickell Key Drive | 33131 | $483.82
- Carbonell - 901 Brickell Key Drive | 33131 | $589.21
- Courts Brickell Key - 801 Brickell Key Drive | 33131 | $484.84
- Courvoisier Courts - 701 Brickell Key Drive | 33131 | $482.45
- Isola - 770 Claughton Island Drive | 33131 | $530.74
- One Tequesta Point - 888 Brickell Key Drive | 33131 | $484.38
- St. Louis - 800 Claughton Island Drive | 33131 | $530.55
- Three Tequesta Point - 848 Brickell Key Drive | 33131 | $572.53
- Two Tequesta Point - 808 Brickell Key Drive | 33131 | $594.45
The average price per square foot of condo units sold in the past six months was $442.69. This is compared to an average price per square foot of $445.59 for condos sold over the preceding six months in June. Prices went down about .65% in Brickell Key in one month's time. The weighted-average price per square foot for condos sold in the past six months in Brickell Key was $439.02. This compares to a weight-adjusted average of $441.05 in June.
- Brickell Key I - 520 Brickell Key Drive | 33131 | $378.28
- Brickell Key II - 540 Brickell Key Drive | 33131 | $409.79
- Carbonell - 901 Brickell Key Drive | 33131 | $498.08
- Courts Brickell Key - 801 Brickell Key Drive | 33131 | $436.67
- Courvoisier Courts - 701 Brickell Key Drive | 33131 | $415.01
- Isola - 770 Claughton Island Drive | 33131 | $465.90
- One Tequesta Point - 888 Brickell Key Drive | 33131 | $444.10
- St. Louis - 800 Claughton Island Drive | 33131 | $466.15
- Three Tequesta Point - 848 Brickell Key Drive | 33131 | $480.92
- Two Tequesta Point - 808 Brickell Key Drive | 33131 | $431.99
The sold-to-listed ratio, expressed as a percentage, of each building is found below. Overall, the average Brickell Key condo this month is listed 16.39% above what closed sales have dictated. The weighted-average reveals that the typical Brickell Key condo is listed 20.63% above average closed sales. Both of these numbers are down from last month.
- Brickell Key I - 520 Brickell Key Drive | 33131 | 6.83%
- Brickell Key II - 540 Brickell Key Drive | 33131 | 18.07%
- Carbonell - 901 Brickell Key Drive | 33131 | 18.30%
- Courts Brickell Key - 801 Brickell Key Drive | 33131 | 11.03%
- Courvoisier Courts - 701 Brickell Key Drive | 33131 | 16.25%
- Isola - 770 Claughton Island Drive | 33131 | 13.92%
- One Tequesta Point - 888 Brickell Key Drive | 33131 | 9.07%
- St. Louis - 800 Claughton Island Drive | 33131 | 13.82%
- Three Tequesta Point - 848 Brickell Key Drive | 33131 | 19.05%
- Two Tequesta Point - 808 Brickell Key Drive | 33131 | 37.61%
There were a total of 10 closed sales in Brickell Key since the June numbers were released. This is one more transaction that occurred in one month's time than in the 18 buildings that are represented in the Brickell Condo Index. The 10 buildings that compose the Brickell Key Condo Index have a total of 2,816 condos versus the 5,349 condo units represented in the Brickell Condo Index.
I feel that there is going to be far more stability in Brickell Key than in Brickell. Clients that I have been working with are much more comfortable looking at properties in Brickell Key. Prices are more reasonable, the neighborhood offers a sense of exclusivity and every building in Brickell Key is waterfront.
[…] in Miami. I think getting this condo for $419,000, or $325 per square foot is a solid buy. The July Brickell Key Condo Index revealed that the average price per square foot of condos listed at Courvoisier Courts was $482.45. […]
Cesar,
After looking at the building for myself I don’t think this is going to be a “ghost building”. However, it will probably be filled with a lot of renters.
Wanted to tell you what a great blog you have!!
Great content and numerical analysis. I’ve told all my friends to bookmark your blog as a must read and follow.
Congratulations!!!
I’m Venezuelan. Bought a studio unit in latitude looking west for $305 per square foot . I’m closing next week (Read your great piece on the building). Do you think latitude will ever reach the $500 mark in the long term? How low a price do you think it could get?
Another question. I’m really afraid of the “ghost building” possibility. Do you think this could happen to Latitude? Or to other buildings in the area?
Thanks in advance for your answers…
Thank you for the great feedback. I appreciate it.
I think you got a great price on your studio at Latitude on the River. I think prices at Latitude on the River will eventually reach the $500 per square foot mark. It will probably take 3-5 years though because of the large inventory that will be hitting the market.
The good news is that Latitude on the River presents affordable housing to those who want to live in a luxury high-rise. There is definitely going to be demand at this price point. At the outset I think that the price per square foot of the building will lie in the $360-$385 per square foot range. It may dip down to $350 per square foot and perhaps a bit lower but I think it should find stability around that range. I’ve already received calls from end-users who have an interest in acquiring a unit at Latitude on the River.
From what I hear, the closings are going rather smoothly. In about a month, we’ll see if any problems exists.