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.

Miami Beach Condo Sales

In November 2009, the Miami Beach market experienced a noticeable uptick in sales. There were 136 closed sales compared to 117 in October. In the November prior, there were only 72 sales. The proportion of cash deals was down slightly, as they accounted for 94 of the 136 sales (69%). There were 21 REO transactions and 32 Short Sales during the period. This was the first time I can remember there being significantly more closed short sales than REO's. The increase in short sale transactions (from 14 to 32) explains the jump in sales seen from October to November. Luxury condo sales ($1mm+) seem to be doing ok as well, with 9 sales taking place during the month. The median sales price for a condo in Miami Beach during November 2009 was $240,000 compared with a median sales price of $260,000 in November 2008. It appears as though the lower prices are helping to attract buyers.

In Miami Beach, there are currently 2,984 active listings, a slight decrease from the 2,989 in October, as inventory remains about the same. The inventory of short sales did drop however, with 566 properties listed compared to 592 in October. There are only 44 REO properties listed, as REO's do not stay on the market long.

Notable transactions:

• The Setai #1802 - 3 bed / 2 bath, 1331 sq ft, Sold for $1,290,000 ($969/sq ft) on 11/23/2009.
• Regatta at Indian Creek #604 - 3 bed / 3 bath, 1712 sq ft, Sold for $829,000 ($484/sq ft) on 11/24/2009.
• Icon South Beach #1604 - 2 bed / 2 bath, 1536 sq ft, Sold for $685,900 ($447/sq ft) on 11/17/2009. REO.
• Portofino Tower #906 - 1 bed / 2 bath, 1160 sq ft, Sold for $351,000 ($302/sq ft) on 11/13/2009. REO.
• The Floridian #1610 - 2 bed / 2 bath, 1125 sq ft, Sold for $320,000 ($284/sq ft) on 11/9/2009. Short Sale.
• Casablanca Villas #518 - 1 bed / 1.5 bath, 772 sq ft, Sold for $205,000 ($266/sq ft) on 11/4/2009.

Downtown Miami / Brickell Condo Sales

In November 2009, there were 81 closed sales in Downtown Miami / Brickell, an increase from the 71 condos sold in October and the 62 sold in November 2008. There remains a significant amount of developer inventory that is not getting reported in the MLS sales numbers. Buyers continue to chase bargains on distressed properties, as there were 22 REO transactions as well as 15 short sales. If you are looking to buy a property Downtown, it is imperative that you are prepared to close with cash, unless the unit is in a building that you know is on the Fannie Mae approved list. Cash sales accounted for 58 of the 81 transactions on the MLS. The median sales price for a unit was $235,000 in November. There were 3 luxury sales (1mm+) in Epic West -- a hotel condo development on the Miami River. The deals closed with cash even though the building is Fannie Mae approved. Currently, there are 1,910 active listings in Downtown Miami / Brickell, a slight decrease from the 1,919 in August. 491 of these listings were short sales and there were 25 REO's.

Notable transactions:

• Epic West #309 - 2 bed / 2.5 bath, 1635 sq ft, Sold for $1,075,000 ($657/sq ft) on 11/2/2009.
• The Plaza at Brickell #2306 - 2 bed / 2 bath, 1192 sq ft, Sold for $300,000 ($252/sq ft) on 11/30/2009. Short Sale.
• Ten Museum Park #4105 - 1 bed / 1 bath, 791 sq ft, Sold for $215,000 ($272/sq ft) on 11/25/2009. Short Sale.
• Brickell on the River #3109 - 1 bed / 1 bath, 775 sq ft, Sold for $160,000 ($206/sq ft) on 11/9/2009. Short Sale.

Sunny Isles Beach Condo Sales

In November 2009, there were 57 closed sales in Sunny Isles Beach, an increase from the 46 condos sold in October and the 38 sold during November 2008. The market seems to be picking up. 46 of the 57 sales closed with cash, a trend that is continuing. Only 6 sales were REO's and there were 18 short sales. Luxury sales (1mm+) continued to plod along with 5 transactions during the period. The most notable sale took place in Jade Beach -- a stunning new oceanfront development. The median sales price in Sunny Isles for November 2009 was $230,000. Currently, there are 1,131 active listings compared with 1,132 in August. 211 of the listings were short sales and there are 20 REO's.

Notable transactions:

• Jade Beach #3601 - 4 bed / 4.5 bath, 3211 sq ft, Sold for $1,370,000 ($427/sq ft) on 11/9/2009.
• Ocean Four #3504 - 2 bed / 2.5 bath, 1886 sq ft, Sold for $650,000 ($345/sq ft) on 11/2/2009.

North Bay Village Condo Sales

In November 2009, there were 9 closed sales in North Bay Village, an increase from the 6 condos sold during November 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. 6 of the 9 transactions were paid for in cash. Of the 9 transactions, 2 were short sales and another 5 were REO's, further echoing my point. Currently, there are 240 active listings, down from the 257 in October. 90 of the listings were short sales and there were only 8 REO properties listed.

Notable transactions:

• The Lexi #2003 - 2 bed / 2 bath, 1458 sq ft, Sold for $315,000 ($216/sq ft) on 11/16/2009.
• Space 01 #1602 - 2 bed / 2 bath, 1815 sq ft, Sold for $233,400 ($129/sq ft) on 11/23/2009.

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.

Miami Beach Condo Sales

In October 2009, there were 117 closed sales in Miami Beach, a slight increase from the 107 condos sold during October 2008, and consistent with the number of closed sales in September. Again, the overwhelming majority of transactions were paid for in cash, as they accounted for 89 of the 117 sales (76%). There were 21 REO transactions and 14 Short Sales during the period. The majority of REO sales were of properties under $250,000. Compared with September, luxury condo sales ($1mm+) dipped a bit with only 6 sales taking place during the month. Most buyers seem to be searching for cash deals under $250,000, as they accounted for 49 of the 117 sales. Still, its impossible to find something spacious at this price in a new oceanfront building. The median sales price for a condo in Miami Beach during October 2009 was $285,000 compared with a median sales price of $270,500 in October 2008. Encouraging, but it's likely a function of the small dataset.

In Miami Beach, there are currently 2,989 active listings, a slight decrease from the 3,017 in September, as inventory continues to decrease. Short sales continue to make up a significant amount of the listed properties, with 592 of the 2,989 listings being short sales. However, there were only 45 REO properties listed, as REO's do not stay on the market long.

Notable transactions:

• The Setai #THB - 2 bed / 2.5 bath, 2300 sq ft Townhouse, Sold for $2,700,000 ($1174/sq ft) on 10/12/2009.
• Icon South Beach #3005 - 2 bed / 2 bath, 1750 sq ft, Sold for $920,000 ($526/sq ft) on 10/30/2009.
• Akoya #1607 - 2 bed / 2 bath, 1322 sq ft, Sold for $575,000 ($435/sq ft) on 10/20/2009. REO.
• 1500 Ocean Drive #1210 - 1 bed / 1.5 bath, 940 sq ft, Sold for $450,000 ($478/sq ft) on 10/8/2009. REO.
• Spear at Aqua #201 - 1 bed / 1.5 bath, 1380 sq ft, Sold for $300,000 ($217/sq ft) on 10/15/2009. Short Sale.

Downtown Miami / Brickell Condo Sales

In October 2009, there were 71 closed sales in Downtown Miami / Brickell, a slight decrease from the 81 condos sold during October 2008. These sales figures are a bit misleading since the majority of inventory selling downtown is developer owned which does not get reported in the MLS sales numbers. Due to drastic price reductions in developer inventory, actual sales numbers are also much higher on a year over year basis. Buyers continue to chase bargains on distressed properties, as there were 17 REO transactions as well as 18 short sales. If you are looking to buy a property downtown, it is imperative that you are prepared to close with cash, unless the unit is in a building that you know is on the Fannie Mae approved list. Cash sales accounted for 56 of the 71 transactions on the MLS. The median sales price for a unit was $210,000 in October, compared with $250,000 a year earlier. Currently, there are 1,919 active listings in Downtown Miami / Brickell, a slight increase from the 1,978 in August. 517 of these listings were short sales and there were 24 REO's.

Notable transactions:

• Santa Maria #2506 - 2 bed / 2.5 bath, 2100 sq ft, Sold for $815,000 ($388/sq ft) on 10/30/2009. REO.
• Jade Residences #608 - 2 bed / 2 bath, 1460 sq ft, Sold for $362,000 ($248/sq ft) on 10/30/2009. REO.
• Brickell on the River North #1605 - 1 bed / 1 bath, 757 sq ft, Sold for $140,100 ($185/sq ft) on 10/29/2009. REO.
• The Club at Brickell Bay #3020 - 1 bed / 1 bath, 825 sq ft, Sold for $135,000 ($164/sq ft) on 10/28/2009. Short Sale.

Sunny Isles Beach Condo Sales

In October 2009, there were 46 closed sales in Sunny Isles Beach, an increase from the 37 condos sold during October 2008. 38 of the 46 sales closed with cash, a trend that is continuing. Only 9 sales were REO's and there were 11 short sales. There was a slight uptick in luxury sales -- 4 sales vs. 2 the month prior. A more interesting note is that 22 of the 46 sales were under $150,000. Ouch! As a result, the median sales price in Sunny Isles for October 2009 was $169,750, compared with $278,000 a year earlier. Currently, there are 1,132 active listings compared with 1,149 in August. 221 of the listings were short sales and there are 20 REO's.

Notable transactions:

• La Perla #4002 - 2 bed / 2.5 bath, 1602 sq ft, Sold for $675,000 ($421/sq ft) on 10/15/2009.
• Oceania III #1136 - 2 bed / 2.5 bath, 2020 sq ft, Sold for $515,000 ($255/sq ft) on 10/28/2009. REO.

North Bay Village Condo Sales

In October 2009, there were 13 closed sales in North Bay Village, an increase from the 2 condos sold during October 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. All but 1 transaction was paid for in cash. Of the 13 transactions, 3 were short sales and another 7 were REO's, further echoing my point. Currently, there are 257 active listings, up from the 254 in September. 106 of the listings were short sales and there were only 9 REO properties listed.

Notable transactions:

• 360 Condo #1526 - 3 bed / 2 bath, 1552 sq ft, Sold for $369,000 ($238/sq ft) on 10/20/2009.
• Treasures on the Bay #10A - 1 bed / 1 bath, 825 sq ft, Sold for $98,100 ($119/sq ft) on 10/29/2009.

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.

Miami Beach Condo Sales

Notable transactions:

• Continuum North Tower Loft 1 - 2 bed / 3.5 bath, 2322 sq ft Townhouse, Sold for $1,700,000 ($732/sq ft) on 9/29/2009.
• Courts at South Beach #1804 - 3 bed / 3.5 bath, 2160 sq ft, Sold for $620,000 ($287/sq ft) on 9/09/2009.
• Spear at Aqua #702 - 2 bed / 2.5 bath, 1755 sq ft, Sold for $520,000 ($296/sq ft) on 9/17/2009.
• The Floridian #1112 - 2 bed / 2 bath, 1147 sq ft, Sold for $320,000 ($279/sq ft) on 9/29/2009. Short Sale.
• The Waverly #614 - 2 bed / 2 bath, 1262 sq ft, Sold for $320,000 ($253/sq ft) on 9/15/2009.

Downtown Miami / Brickell Condo Sales

Notable transactions:

• Carbonell #3404 - 3 bed / 3.5 bath, 2591 sq ft, Sold for $1,180,000 ($455/sq ft) on 9/30/2009.
• Jade Residences #1201 - 2 bed / 2.5 bath, 1878 sq ft, Sold for $675,000 ($359/sq ft) on 9/30/2009. REO.
• Brickell on the River South #608 - 2 bed / 2 bath, 1402 sq ft, Sold for $308,489 ($220/sq ft) on 9/1/2009.
• Marina Blue #2302 - 1 bed / 1.5 bath, 843 sq ft, Sold for $190,000 ($225/sq ft) on 9/30/2009. Short Sale.

Sunny Isles Beach Condo Sales

Notable transactions:

• Oceania II #1626 - 2 bed / 2.5 bath, 2020 sq ft, Sold for $530,000 ($262/sq ft) on 9/18/2009. Short Sale.
• La Perla #1704 - 2 bed / 2.5 bath, 1715 sq ft, Sold for $500,000 ($292/sq ft) on 9/8/2009.

North Bay Village Condo Sales

Notable transactions:

• 360 Condo #1101 - 2 bed / 2 bath, 1274 sq ft, Sold for $340,000 ($267/sq ft) on 9/24/2009. Short Sale.

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.

Since June, over 160 units have sold in 500 Brickell -- an amazing rate compared to the frozen market for condos that existed at the beginning of this year.  At 1060 Brickell and Brickell on the River, the developer is completely sold out.  Another important factor driving sales is the fact that many condo buildings are now on Fannie Mae's approved project list, meaning that buyer's can now get financing.  Some of the better deals that I've found in Fannie Mae approved buildings are the following:

• The Ivy
  • 1 bed / 1 bath, 814 sq ft, $185,000 or $227/sq ft
  • 2 bed + den / 2 bath, 1172 sq ft, $246,000 or $210/sq ft
• Quantum on the Bay
  • 1 bed / 1 bath Loft, 861 sq ft, $200,000 or $232/sq ft
  • 2 bed / 2.5 bath, 1243 sq ft, $276,875 or $223/sq ft
• 500 Brickell
  • 1 bed / 1 bath, 811 sq ft, $194,000 or $239/sq ft
  • 2 bed / 2 bath, 1289 sq ft, $276,900 or $214/sq ft

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

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

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

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

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.

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:

• Miami Beach
• Downtown Miami / Brickell
• Aventura & Sunny Isles Beach

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.

Miami Beach Condo Sales

In July 2009, there were 110 closed sales in Miami Beach, a decrease from the 130 condos sold during July 2008.  Cash continues to be king, as 75 of the 110 closed sales were cash transactions.  REO's and Short Sales made up 33% of the transaction volume, with 21 and 15 transactions respectively.  The luxury condo market ($1mm+) continues to move slowly as only 6 sales took place.  On the flip side, condos under $150,000 continue to be the center of activity with 29 of the 110 sales.  About half of the condos sold for less than $150,000 were in the 33141 zipcode.  The $1mm+ and <150k price brackets look vastly different when comparing July '08 and '09 sales.  In July 2008, there were 16 condos sold of $1mm+ as opposed to only 9 condos sold under 150k.  Currently, buyers are opting to buy the much cheaper condo units.

In Miami Beach, there were 3,143 active listings at the end of July.  Short sales continue to make up a significant amount of the listed properties, with 587 of the 3,143 listings being short sales.  However, there were only 38 REO properties listed, as REO's do not stay on the market long.

Notable transactions:

• Mirador 1000 #924 - 1 bed / 1-1/2 bath, 962 sq ft, Sold for $120,000 ($125/sq ft) on 7/28/2009.  Short Sale.
• The Waverly #1109 - 2 bed / 2 bath, 1127 sq ft, Sold for $255,000 ($226/sq ft) on 7/2/2009.  REO.
• The Floridian #1609 - 2 bed / 2 bath, 1078 sq ft, Sold for $376,000 ($349/sq ft) on 7/10/2009.  REO.
• Apogee #1201 - 4 bed / 3-1/2 bath, 4154 sq ft, Sold for $5,450,000 ($1312/sq ft) on 7/23/2009.

Downtown Miami / Brickell Condo Sales

Notable transactions:

• The Club at Brickell Bay #2223 - 2 bed / 2 bath, 1105 sq ft, Sold for $175,600 ($159/sq ft) on 7/16/2009. REO.
• The Sail #2901 - 2 bed / 2 bath, 1090 sq ft, Sold for $250,000 ($229/sq ft) on 7/10/2009.  Short Sale.
• Jade#4503 - 2 bed / 3 bath, 1730 sq ft, Sold for $720,000 ($416/sq ft) on 7/24/2009.  REO.

Sunny Isles Beach Condo Sales

Notable transactions:

• Ocean Three #2407 - 3 bed / 4-1/2 bath, 2649 sq ft, Sold for $900,000 ($340/sq ft) on 7/23/2009.
• Trump Palace #3801 - 3 bed / 3 bath, 2435 sq ft, Sold for $1,120,000 ($460/sq ft) on 7/13/2009.
• Turnberry Ocean Colony#3004 - 4 bed / 6-1/2 bath, 3735 sq ft, Sold for $2,000,000 ($535/sq ft) on 7/2/2009.

North Bay Village Condo Sales

Notable transactions:

• Treasures on the Bay #8C - 1 bed / 1 bath, 825 sq ft, Sold for $89,000 ($108/sq ft) on 7/10/2009.
• Grandview Palace #2024 - 2 bed / 2 bath, 1030 sq ft, Sold for $145,000 ($140/sq ft) on 7/3/2009.

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.

If a short sale agreement cannot be reached between buyer and seller, the property heads to a foreclosure auction.  Buying a property at a foreclosure auction can be an intimidating and confusing process.  There is no guarantee that you will be able to inspect the property prior to bidding and there are no guarantees you will have clean title to the property if you win the bid.

In today's market, it's likely that no sale will happen at auction, and the property will end up back on the books of the lender.  At this time it is called a REO (Real Estate Owned) property -- also referred to as "bank owned". When the lender takes possession of the property, the title is "cleansed," meaning any problems or claims that may hassle a buyer are removed.  You can once again inspect a property after it becomes an REO.   When a lender decides to sell a REO, they are normally priced aggressively, as the lender wants to move the property off their books quickly.

Currently in Miami Beach, the condo market is saturated with short sales from owners who were hoping to cash in on the condo boom.  As of 7/13, out of the 3,438 condos listed for sale on the MLS, 665 or 19% were short sales.  However, only 45 REO condos were listed for sale.

If you are a buyer that is deciding to purchase a REO or short sale property, it is important to remember that many short sales have been on the market for a long time, whereas REO properties are quickly scooped up by all-cash buyers.  Looking at condo sales data from 7/1/08 to 6/30/09, we see that 160 short sales were purchased compared with purchases of 251 REO condos.  If you looked at the current listings, you would expect the opposite .  To me this is clear evidence that short sales are not moving and REO's are flying out the door.

As a realtor, I try and target REO properties for my clients as they are easily accessible and represent great value.  If I'm going to look at a short sale opportunity, it's my preference to look at an approved short sale.  In an approved short sale, the months of legwork have already been completed and the bank has already indicated the price at which it is willing to part with the property.  When putting in an offer on an unapproved short sale, I tell my clients "be prepared to wait".

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:

• Apogee #2001/2
• Portofino Towers #PH4001
• Continuum South Tower #1804

The market for luxury condos in SoFi, and in the Miami area in general is broken.  As I alluded to in an earlier post, When Buying a Condo in Miami, Cash is King, financing for condo properties is hard to get, and in the luxury market it is virtually non-existent.  With the wheels of securitization on Wall Street having ground to a screeching halt, there are no buyers for mortgages over $423,750 originated in Miami-Dade County.  Its much harder to find buyers for a million dollar condo when the buyer has to commit over $500,000 of their own money instead of $100,000 or $200,000, as was the case previously.

Looking at recent sales data for condos in Miami Beach, the numbers tell the same story.  During the 1 year from 7/1/2008 to 6/30/2009, 1,395 condos were sold in Miami Beach at a median sales price of $283,000.  133 of these (9.5%) were sold for 1 million dollars or more.  Of the 133 $1mm+ condo sales, 92 of them (69%) were all-cash deals. The remainder were completed with conventional loans or seller financing.  However, in a couple of rare instances, buyers were able to get financing from JP Morgan or Bank of America, both whom just started originating "Jumbo" mortgages again.

The table below summarizes the Miami Beach condo sales data from 7/1/08 to 6/30/09.

The 3,437 condos listed for sale on the MLS in Miami Beach as of 7/12 represent 2.46 years worth of inventory at the current sales rate of 1,395 per year.  In the table above, you can see how condos priced under 150k are moving fairly quickly compared with condos costing $1mm+.  Additionally, the more expensive condos are staying on the market much longer.  The dashed line represents the approximate cutoff for traditional financing and it's clear how the market is much worse for properties costing over 500k.