Miami Condo Index – Brickell – August 2007

August 18, 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:

• Atlantis on Brickell – 2025 Brickell Ave | 33129 | $326.55
• Brickell on the River North – 31 SE 5 St | 33131 | $460.42
• Bristol Tower – 2127 Brickell Ave | 33129 | $492.79
• Emerald at Brickell – 218 SE 14 St | 33131 | $535.01
• Four Seasons Residences – 1425 Brickell Ave | 33131 | $901.45
• Imperial at Brickell – 1627 Brickell Ave | 33129 | $394.18
• Jade Brickell – 1331 Brickell Bay Dr | 33131 | $826.77
• Neo Vertika – 690 SW 1 Ct | 33130 | $411.44
• One Miami – 325 & 335 S Biscayne Blvd | 33131 | $466.76
• Sail on Brickell – 170 SE 14 St | 33131 | $498.28
• Santa Maria – 1643 Brickell Ave | 33129 | $712.12
• Skyline on Brickell – 2101 Brickell Ave | 33129 | $499.63
• Solaris at Brickell – 186 SE 12 Ter | 33131 | $514.82
• The Club at Brickell Bay – 1200 Brickell Bay Dr | 33131 | $636.72
• The Mark on Brickell – 1155 Brickell Bay Dr | 33131 | $500.09
• The Palace – 1541 Brickell Ave | 33129 | $375.62
• Villa Regina – 1581 Brickell Ave | 33129 | $432.92
• Vue at Brickell – 1250 S Miami Ave | 33131 | $537.24

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.