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.

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