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

Tags: 500 brickell, brickell, condo, downtown miami, inventory, investors, quantum, the ivy