Miami Real Estate Monthly – Feb 2009
Summary - February 2009
For the month of February 2009 vs. January 2009, we experienced an 18% increase in the number of closed sales, and at the same time, the supply of properties for sale decreased by 19% over December 2008. This increase in closed sales was mostly due to the pent up demand for distressed properties and foreclosures. The percentage of overall sales that are either bank owned properties or short sales remains high at over 50% of total sales.
Many of our clients are curious to learn how many closed sales are cash buyers versus those obtaining purchase mortgage financing. According to the data available in the Southeast Florida Multiple Listing Service, the number of buyers that obtained a mortgage to purchase a single family residence in February 2009 is approximately 60-70% of all closed sales. Whereas in the condo market cash buyers account for 55% of total closed sales. With so many financially troubled condominium projects and tighter lending standards, it is encouraging to see that so many buyers are successfully obtaining a mortgage to purchase a condominium unit.
The average sale price continues to decline overall, however, in the downtown Miaimi / Brickell market we did experience an increase from $231,767 to $256,783 in the average closed sale price of condominiums.
Is this perhaps a sign that we have hit bottom in Brickell? Stay tuned for March’s results.
Featured Sale - 100 Lincoln Rd #746, Miami Beach
- Decoplage Studio with a Direct Ocean View!
This studio unit in the Decoplage consists of 520 square feet and it sold for a price of $330,000 or $637 per square foot. The unit is one of the most desirable lines in the large Decoplage condominium, located at 100 Lincoln Road, which sits right on the ocean and Lincoln Road. With maintenance fees of $363 per month plus an estimated annual real estate taxes of $7,006, I imagine that it was the balcony, view, and location that convinced this buyer to pay such a healthy price for this unit. The Decoplage South Beach has long been a favorite for investors or second home owners due to its excellent central South Beach location and flexible short-term rental policies for owners.
The data used to generate this chart/data is gathered from the Multiple Listing Service (“MLS”) and the Miami Dade Clerk of the Courts. The data in the MLS is deemed reliable but not guaranteed. This data is for February 2009 for single family homes, unless otherwise indicated as condominiums/townhomes. The prices are the actual sales prices of all single family or condos/townhomes that closed during the month of February 2009.
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