Miami Real Estate – October 2009

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Summary - October 2009

During the month of October 2009, the Miami real estate market experienced  a decrease in the median sales price for single family homes from $173,000 to $167,500, and the median sales price for condominiums and townhouses also decreased from $135,000 to $130,000.

The number of closed sales that are distressed properties continues to shrink on a month-to-month basis. However, we experienced a dramatic month-over-month increase in the number of short sales that closed. In the Miami Beach sub-market, for example, the percentage of distressed sales dropped to 39 percent, of which, the number of short sales practically equaled the number of foreclosure sales. This was also the case in the downtown Brickell area.

In the luxury condominium market, financing continues to be a major issue with very few deals closing with financing. In Miami Beach, 25 out of the 29 closed sales of luxury condos were all cash transactions. Only four deals closed with conventional financing. These units were located in the Mosaic, Murano Grande, Blue Diamond and Canyon Ranch condo projects.

With few distressed properties available, real estate in the Coral Gables and Coconut Grove areas continues to show some resiliency. The same should be noted for the Miami Beach condo market versus that of the downtown Brickell market. What is encouraging is that the number of non-distressed transactions continues to increase as sellers are forced to adjust to the distressed prices in the market.

October’s Featured Sales:

101 20th Street #THB, Miami Beach – The Setai

This unique residence in The Setai is one of the most extraordinary condominium residences in Miami Beach. With 20 foot floor-to-ceiling windows, a 500 square foot terrace, Balinese garden, and incredible ocean views, this unit sold for an impressive $1,141 per square foot. According to public records, the buyer, R Scott Handel out of Washington DC, paid $2,625,000 in an all cash transaction.

1330 West Ave #709, Miami Beach -  The Waverly

This two bedroom, two bathroom unit on the seventh floor in the Waverly at South Beach sold in a short sale transaction for $186 per square foot, or a price of $210,000. The former owner paid a price of $850,000, or $754 per square foot, in February 2007. The previous purchase was financed by subprime mortgage lender, Novastar, that provided the buyer with a mortgage in the amount of $807,500 at 95 percent loan-to-value.

Are you looking for a Miami or Miami Beach property at a deep discount? Are you looking for a discounted short sale or bank owned property? Ross Milroy of Miami Angel Properties, LLC may be reached at 305-673-5300 or info@miamiangelproperties.com.

Copyright © Miami Angel Properties, LLC

* 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 October 2009 for single family homes, unless otherwise indicated as condominiums/town homes. The prices are the actual sales prices of all single family or condos/town homes that closed during the month of October 2009 and are published in the MLS as of the date of this post.

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