Archive for the ‘Stats and Trends’ Category
December 9th, 2009 · View Comments
Right now there are some amazing opportunities to purchase condos in Miami Beach, Downtown Miami / Brickell, North Bay Village, or Sunny Isles Beach. During November 2009, there was a noticeable increase in sales compared with October. It was primarily driven by an increase in completed short sale transactions. The banks may have finally gotten their act together and realize that short sales are the most efficient way to deal with the foreclosure crisis. I'm very interested to see how this plays out over the next few months. As a result, short sale inventory dropped across all areas. During November, some cheap bank owned condos changed hands in the South of Fifth area of Miami Beach. There was one at the Icon and another at the Portofino Tower -- details are below. A couple of notable short sales were completed in Downtown Miami as well. The data used in this summary has been provided courtesy of the Southeast Florida MLS.
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Posted in Downtown Miami / Brickell, Miami Beach, Stats and Trends | View Comments
November 9th, 2009 · View Comments
Right now there are some amazing opportunities to purchase condos in Miami Beach, Downtown Miami / Brickell, North Bay Village, or Sunny Isles Beach. During October 2009, condo inventory continued to decrease across all areas. Sales have been running at the same pace for the last couple months, but have improved from 2008 levels. The majority of sales and REO inventory have been of condos priced under $250,000. Sales in Sunny Isles Beach seem to be struggling. Half the sales were for under $150,000 even though the area is full of new luxury condo buildings. The data used in this summary has been provided courtesy of the Southeast Florida MLS.
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Posted in Downtown Miami / Brickell, Miami Beach, Stats and Trends | View Comments
October 13th, 2009 · View Comments
Right now there are some amazing opportunities to purchase condos in Miami Beach, Downtown Miami / Brickell, North Bay Village, or Sunny Isles Beach. During September 2009, condo inventory continued to decrease across all areas. In Downtown Miami / Brickell, some developers sold out of inventory in buildings like 1060 Brickell and Brickell on the River after price reductions. The market for luxury ($1mm+) condos is starting to improve in Miami Beach and Downtown Miami / Brickell, but luxury sales fell off in Sunny Isles Beach. The data used in this summary has been provided courtesy of the Southeast Florida MLS.
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September 23rd, 2009 · View Comments
It's hard to believe, but condos in Downtown Miami are selling fast. After a few bulk sales to institutional investors, many developers have substantially reduced prices on their remaining inventory. The magic number driving many of these condo purchases is slightly north of $200/sq ft. At those prices, many units make sense as an investment if they are cashflow positive when occupied by a tenant. Because many developers have had rental programs in place, it is possible to even purchase a unit already occupied by a tenant.
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Posted in Downtown Miami / Brickell, Stats and Trends | View Comments
September 7th, 2009 · View Comments
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.
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