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

In September 2009, there were 116 closed sales in Miami Beach, a slight increase from the 110 condos sold during September 2008. It seemed like almost every sale was a cash transaction, as they accounted for 91 of the 116 sales (78%). REO's and Short Sales are still a significant portion of the market, with 19 and 24 transactions, respectively. The luxury condo market ($1mm+) continues to do better with 13 sales taking place during the month. That is comparable with the amount sold during the same month a year earlier. Condos priced under $200,000 continue to be the center of market activity and accounted for 42 of the 116 sales with units only staying on the market for around 100 days. The median sales price for a condo in Miami Beach during September 2009 was $310,000 compared with a median sales price of $337,500 in September 2008. In Miami Beach, there are currently 3,017 active listings, a slight decrease from the 3,115 in September, as inventory continues to decrease. Short sales continue to make up a significant amount of the listed properties, with 589 of the 3,017 listings being short sales. However, there were only 52 REO properties listed, as REO's do not stay on the market long.

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

In September 2009, there were 76 closed sales in Downtown Miami / Brickell, a increase from the 68 condos sold during September 2008. The actual number of closings in Downtown Miami / Brickell is higher than 76, as there is a significant amount of developer inventory that was sold that 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 20 REO transactions as well as 22 short sales. Cash continues to be king as it accounted for 2/3 of the total transactions. The median sales price for a unit was $203,000 in September, compared with $225,000 a year earlier. Currently, there are 1,978 active listings in Downtown Miami / Brickell, a slight increase from the 1,942 in August. 556 of these listings were short sales and there were 25 REO's.

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

In September 2009, there were 47 closed sales in Sunny Isles Beach, a decrease from the 54 condos sold during September 2008. 41 of the 47 sales closed with cash, a truly incredible number. Only 10 sales were REO's and there were 11 short sales. There were only 2 units that sold for more than 1 million dollars. Ouch! It looks like that market shut down this month with sellers in denial and buyers only able to close with cash. Quite surprising, considering the luxury market seems to have improved in Miami Beach and Downtown Miami / Brickell. Overall, the median sales price in Sunny Isles for September 2009 was $235,000, compared with $230,000 a year earlier. Currently, there are 1,149 active listings compared with 1,159 in August. 231 of the listings were short sales and there are 20 REO's.

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

In September 2009, there were 10 closed sales in North Bay Village, an increase from the 4 condos sold during September 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. In all likelihood, you will have to pay cash, as 6 of the 10 closed transactions were cash deals. Of the 10 transactions, 4 were short sales and another 5 were REO's, further echoing my point. Currently, there are 254 active listings, down from the 267 in August. 106 of the listings were short sales and there were only 7 REO properties listed.

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.

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