Miami Angel Properties » club at brickell bay

Brickell Bay Foreclosure

Ross — Tue, 15 Jun 2010 15:16:00 +0000

PRICE: $279,000 BANK OWNED CONDO

Description | The Club at Brickll Bay is located in the heart of the Brickell Financial District in downtown Miami. This bank owned condo is on a high floor and offers open views to the south of both the city and Biscayne Bay. The unit has been upgraded with marble flooring in the living areas and it is in move in condition. To view this foreclosure opportunity in the Brickell area - call 305-673-5300 or email us info@miamiangelproperties.com.

Address | 1200 Brickell Bay Dr., Unit 3123, Miami - map it

Download a full description (PDF):

1200 Brickell Bay Dr U3123 (Right click the link and choose “Save link as”)

South Beach vs. Brickell? Pricing Trends in Select Miami Condos

Ross — Thu, 20 May 2010 15:27:42 +0000

While real estate buyers or investors have the tendency to focus on macro real estate data, they often ignore the micro side of the equation in condominium projects. Are monthly maintenance fees exhorbitant for the size of the building and amenities offered versus the competitive set? Are maintenance fees trending upwards? Have there been any recent major assessments or are any planned in the near future? What is the percentage of distressed sales out of all closed sales?

These are just a few of the many questions that you should be asking your realtor and considering in your investment decision.

When an appraiser determines the market value of a condominium, it is standard practice to obtain two closed sale comparables from within the condo project and one from outside the project. The most weight is given to the most similar recent comparables within the project. Therefore, in addition to learning about the real estate market in general, it is very important to determine the current pricing trends and distressed level of a condo project.

We analyzed the trends within several condominium projects located in the South Beach, Brickell and downtown Miami areas. The following summary is based on the data provided in the local MLS as of the date of this post – to review the more detailed version click here Beach vs Brickell.

Pricing / Distress Trends in select Miami Condo Projects - YR 2009 and YTD 2010

There are certain basic trends in a condo project that are just common sense. The higher the percentage of overall sales that are distressed sales (ie: short sales and foreclosures), the more pressure on pricing which results in price depreciation. Additionally, the lower the percentage of overall sales that are distressed, the less pressure on pricing, which may result in either price appreciation or stabilization.

While the above chart is not always consistent with this analogy, this is where a more macro view is important to consider as well. In properties that are less “affordable” in today’s market, or where the total monthly carrying costs including real estate property taxes and maintenance fees are considered high, there is continued macro pressure on pricing. This is particularly evident in the Floridian and Waverly condo projects.

There are also other trends to pay attention to when analyzing this data. In the Mirador and Club at Brickell Bay condo projects, for example, there is a clear move to the upside in pricing. Why?

At a certain price point buyers or investors will recognize the overall value of purchasing into a condo project, and once this is realized, it will have the affect on setting a floor and pricing may actually begin to turn around.

Are you looking for a Miami or Miami Beach investment 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.

Miami Real Estate – September 2009

Ross — Mon, 26 Oct 2009 23:36:13 +0000

Summary - September 2009

For the month of September 2009, the Miami real estate market experienced a modest increase in closed sales, which was mostly due to the sale of single family homes. While the median price for single family homes increased slightly from $173,000 to $178,000, the median prices for condominiums and townhomes remained flat at $135,000.

The demand for “affordable” primary residences and investment properties remains strong. New foreclosure listings routinely command multiple offers and many achieve sales prices over and above the original listing price. We are encouraged this month to have experienced a decrease in the overall number of distressed sales in the condo market, which is also direcly correlated to the shrinking number of REO properties available.

Cash deals in the affordable price range continue to dominate the condo sales, with conventional financing either completely absent or limited to the usual suspects or condo projects. In Miami Beach, for example, the overwhelming majority of closed sales this past month, or 85 percent, were closed all cash. Additionally, as owner’s are increasingly pricing their units to market, the overall number of short sales and foreclosure or REO sales decreased as well.

In the Brickell / Miami Downtown District, we experienced a significant increase in the number of closed sales from 58 units sold in August 2009, to 83 units in September 2009. The condo project the Club at Brickell Bay continues to lead the pack with 9 distressed units changing hands last month. Equally as impressive in the Brickell area was the number of deals closed with conventional financing, which was over 20 percent of all units sold.

As reported last month, buyers appear to be having more success closing on short sales, with the number of closed short sales now close to 75 percent of all distressed sales. Although any short sale will test your patience to new levels, if you are willing to work through the thousands of short sales in the market, there are a number of attractive properties being bypassed by the foreclosure stampede.

September’s Featured Sales:

1200 Brickell Bay Dr, Unit 2701, Miami

The Club at Brickell Bay, a condominium project located in downtown Miami, has seen it’s fair share of distressed sales this year. According to the MLS records, 60 units have sold this year, of which 44 units were foreclosures and 9 units were short sales. In February 2009, the sale of unit 2414 for a price of $100,000 set the floor for one bedroom units, and then in July 2009, the sale of unit 2209 set the floor for two bedroom units. Unit 2701, which sold in September 2009, sold for a price of $215,000. This unit is comparable in size and condition to unit 2209, and even if one factors in a premium for the higher floor, corner and direct view of the bay, I think that the buyer of unit 2209 was the early bird catching the worm.

1400 W 28th St, Miami Beach – Sunset Islands

This Mediterranean waterfront estate with over 9,900 square feet of living area and an asking price of $15.9 million, was sold last month for $9.5 million in an all cash deal. According to public records, the seller, Michael R Kelly Trust of Kelly Capital in San Diego, sold this estate home in the Sunset Isles to Rex Real Estate LLC, owned by New York lawyer and real estate investor, Steven C. Witkoff. This property was originally placed on the market in July 2008 and had no price reductions.

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.

* 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 September 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 September 2009 and are published in the MLS as of the date of this post.

Miami Real Estate – January 2010

Brickell District Foreclosure

Julie — Wed, 04 Mar 2009 22:02:33 +0000

PRICE: $185,000 PENDING SALE

Description | If you are looking for a unit in the Brickell District of downtown Miami in a high rise building that is aggressively priced, then this is a perfect match for you. This two bedroom, two bathroom unit is situated in a new building and features panoramic views of Biscayne Bay. Take advantage and call us today to view this property and your Miami opportunity – please call us at 305.673.5300 or email us at info@miamiangelproperties.com.

Address | 1200 Brickell Bay Dr. #1615, Miami - map it

Download a full description (PDF):

1200_brickell_bay_dr__1615 (Right click the link and choose “Save link as”)

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