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.

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