Archive for the ‘Stats and Trends’ Category
December 9th, 2009 · No 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 | No Comments »
November 9th, 2009 · No 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 | No Comments »
October 13th, 2009 · No 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 · No 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 | No Comments »
September 7th, 2009 · No 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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August 29th, 2009 · No Comments
We've just launched a new feature at MiamiCondoShop designed to give you the most in-depth information about what is happening in the market for Miami Condos right now. Our condo market reports update daily and provide details on information such as median price, inventory, days on market, price per square foot, and year-over-year price changes. You can even see what is happening in different segments of the market, as we have divided our data into quartiles by price. Currently, we have online market reports for the following areas:
In addition, you can also receive our market reports via email as well. If you
subscribe to our market reports, you will receive an update on your target market on a weekly basis. The weekly reports contain additional information compared with what you can find on the online site.
Posted in Stats and Trends | No Comments »
August 11th, 2009 · No 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 the condo boom Downtown Miami / Brickell and Sunny Isles Beach were flooded with new luxury condo construction. Miami Beach had some new construction as well, but most of the activity there was focused on condo conversions. Keep reading for a summary of what happened in each market in July 2009. The data used in this summary has been provided courtesy of the Southeast Florida MLS.
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July 16th, 2009 · No Comments
Nowadays, many buyers are interested in purchasing "distressed" properties hoping to get a great deal. My definition of a "distressed" property is a property where the owner has fallen behind on their payments to either their mortgage company or the homeowners association and a lien has been filed with the courts, initiating foreclosure proceedings.
Of the properties available on the market, short sales are those that are in the earliest stage of distress or "pre-foreclosure". In a short sale, the property owner is behind on their mortgage payment and wants to sell the property, but can't find a buyer willing to pay enough money for the property to cover the remaining principal on the mortgage. The property owner then asks their lender if it is willing to accept less than what is owed on the mortgage.Short sales can take months to complete as lenders try to figure out how big of a loss they are willing to take. In some cases, even after months of analysis, a lender may decide it doesn't want to do one at all.
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Posted in Distressed Properties, Stats and Trends | No Comments »
July 13th, 2009 · No Comments
I happen to live in a nice area of Miami Beach commonly known as "South of Fifth or SoFi". It's full of some of the nicest condo towers you can find anywhere in Miami offering wonderful amenities and offering great views of Biscayne Bay, Government Cut, and the Atlantic Ocean. In SoFi, you'll find a high concentration of luxury condos, and when I say luxury, I mean those priced over 1 million dollars. The following exclusive SoFi properties are available and have been for a while:
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Posted in Financing, Stats and Trends | No Comments »
