Right now there are some amazing opportunities to purchase condos in Miami Beach, Downtown Miami / Brickell, North Bay Village, or Sunny Isles Beach.  During August 2009, we saw a decrease in available condo inventory across all areas.  This means that the best deals are going -- and fast!  The number of luxury condos sold in Miami Beach spiked (at least for a month) returning to levels last seen a year ago.  Some buyers opted to finance a portion of their transaction (definitely something to keep an eye on, since financing has been hard to come by).  The data used in this summary has been provided courtesy of the Southeast Florida MLS.

Miami Beach Condo Sales

In August 2009, there were 101 closed sales in Miami Beach, a decrease from the 124 condos sold during August 2008.  Cash transactions accounted for 61 out of the 101 sales, but there were some sales that closed with FHA financing or with jumbo mortgages.  REO's and Short Sales accounted for about half of the transaction volume, with 23 transactions occurring of each type.  The luxury condo market ($1mm+) did quite well in August, with 11 sales taking place compared with only 6 in July.  That is comparable with the amount sold during August 2008.  The luxury market might be turning and I will be paying closer attention to the sales data going forward.  Condos priced  under $200,000 continue to be the center of market activity and accounted for 42 of the 101 sales.  The median sales price for a condo in Miami Beach during August 2009 was $250,000.  In August 2008, the median sales price was $325,000, meaning that prices have dropped 23% over the last year.  Who said that the beach was immune to the housing crisis? In Miami Beach, there were 3,115 active listings at the end of August, a slight decrease from the 3,143 in July.  Short sales continue to make up a significant amount of the listed properties, with 591 of the 3,115 listings being short sales.  However, there were only 45 REO properties listed, as REO's do not stay on the market long.

Notable transactions:

• Continuum North Tower #801 - 4 bed / 5 bath, 5300 sq ft, Sold for $3,200,000 ($604/sq ft) on 8/19/2009.
• Bentley Bay #2301 - 3 bed / 3-1/2 bath, 4711 sq ft, Sold for $1,961,000 ($416/sq ft) on 8/17/2009.  Private Auction.
• Courts at South Beach #312 - 3 bed / 3 bath, 1485 sq ft, Sold for $600,000 ($404/sq ft) on 8/13/2009.  REO.
• Murano Grande #102M - 1 bed / 1 bath, 1310 sq ft, Sold for $565,000 ($431/sq ft) on 8/28/2009.  REO.
• The Waverly #611 - 2 bed / 2 bath, 1084 sq ft, Sold for $257,000 ($237/sq ft) on 8/28/2009.  Short Sale.

Downtown Miami / Brickell Condo Sales

In August 2009, there were 54 closed sales in Downtown Miami / Brickell, a decrease from the 88 condos sold during August 2008.  The August 2008 sales numbers are a bit biased, due to 21 closings in Met 1 Miami which had just opened.  The market for condos downtown is primarily made up of cash buyers looking for bargains on distressed properties, evidenced by 41 of the 54 sales being cash transactions.  Furthermore, there were 22 REO transactions and 14 short sales making up over 66% of the total.  At the end of August, there were 1,942 active listings, a slight decrease from the 1,969 in July.  545 of these listings were short sales and there were 19 REO's.

Notable transactions:

• Jade Residences #3503 - 2 bed / 3 bath, 1730 sq ft, Sold for $670,000 ($387/sq ft) on 8/12/2009. REO.
• Jade Residences #1409 - 2 bed / 3 bath, 1730 sq ft, Sold for $581,000 ($336/sq ft) on 8/7/2009. REO.
• Vue at Brickell #2606 - 3 bed / 2 bath, 1551 sq ft, Sold for $224,000 ($144/sq ft) on 8/17/2009. REO.

Sunny Isles Beach Condo Sales

In August 2009, there were 55 closed sales in Sunny Isles Beach, an increase from the 48 condos sold during August 2008.  Again, the majority (37) of these sales were cash transactions.  Only 9 sales were REO's and there were 10 short sales -- accounting for a much lower percentage of total sales when compared with the other areas in this report.  There appears to be a two-tiered market for condos in Sunny Isles Beach.  One tier is made up of new luxury high rise construction (buildings built from the year 2000 on).  Unit owners in these developments are still in denial of how much their property is now worth, and sales of these types of units are taking place at a brisk pace.  Just from eyeballing the August sales data, I would say these types of units make up 1/3 of all sales in Sunny Isles.  The other tier contains everything else which was all the existing "pre condo boom" construction.  Overall, the median sales price in Sunny Isles for August 2009 was $175,000, down almost 34% from the level a year earlier. The median sales price in August 2008 was $265,000.  At the end of August, there were 1,159 active listings compared with 1,220 in July.  226 of the listings were short sales and there were 11 REO's.

Notable transactions:

• Ocean Four #3301 - 3 bed / 3-1/2 bath, 2755 sq ft, Sold for $1,007,500 ($366/sq ft) on 8/3/2009.  REO.
• Turnberry Ocean Colony #2902 - 2 bed / 2-1/2 bath, 2235 sq ft, Sold for $970,000 ($434/sq ft) on 8/31/2009.

North Bay Village Condo Sales

In August 2009, there were 10 closed sales in North Bay Village, an increase from the 6 condos sold during August 2008.  In my opinion, North Bay Village is the best place to pick up a cheap foreclosure, as you can find units with incredible views at rock bottom prices.  In all likelihood, you will have to pay cash, as 8 of the 10 closed transactions were cash deals.  Of the 10 transactions, 4 were short sales and another 4 were REO's, further echoing my point.  At the end of August, there were 267 active listings, down from the 275 in July.   110 of the listings were short sales and there were only 5 REO properties listed.

Notable transactions:

• The Lexi #1702 - 2 bed / 2 bath, 1753 sq ft, Sold for $371,000 ($212/sq ft) on 8/17/2009.  Short Sale.
• Grandview Palace #1612 - 2 bed / 2 bath, 1030 sq ft, Sold for $150,000 ($146/sq ft) on 8/7/2009.  Short Sale.

Tags: august 2009 condo sales, cash, condo, downtown miami, miami beach condo sales, north bay village, REO, short sale, Sunny Isles Beach