Miami Real Estate Market Summary – September 2008

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Summary – September 2008

For the month of September vs. August 2008, we did not see any significant changes in the Miami real estate market, other than to report that the number of either foreclosure or short sales by lenders continues to increase, particulary in the Brickell/Downtown Condos and Greater Miami market. For example, 32 of the 59 closed sales in Downtown/Brickell Condos, or 54%, were either foreclosure or short sales. Additionally, I think that it is pretty clear that the properties that are selling are in the less than $500,000 range, and this is further evident by a sizeable decrease in the number of pending sales in September vs. August for the $500,000 and over categories.

September’s Featured Sale

This month’s Featured Sale, is a one bedroom condominium on the 33rd floor of The Club at Brickell Bay, with a living area of 818 square feet (81 sq. metres), located in downtown Miami. The condo was purchased from the developer in August 2005 for $315,000. The owner, Cristina Rodriguez, then sold the property a few months later, in February 2006, to Francisco Grande for a whopping $600,000. Yes, that’s correct. Then in August 2007, The Bank of New York foreclosed on the owner and took title to the property. Practically one year later, on September 23, 2008, this bank owned condo sold to an all cash buyer for $125,900 or $153.91 per square foot.

For additional information on Miami real estate, short sales or bank owned properties, please contact us at info@miamiangelproperties.com or call 305.673.5300.

The data used to generate this chart is gathered from the Multiple Listing Service (“MLS”). The data in the MLS is deemed reliable but not guaranteed. This data is for September 2008 for single family homes, unless otherwise indicated as condominiums.

Homes that are pending sales have had offers made on them, and those offers have been accepted by the seller, however the sale has not yet closed. The prices are the actual sales prices of all single family or condos that closed during the month of August. Please note that the areas that have the most foreclosures and distressed sellers, also have the largest disparity between asking and sale prices.

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