Miami Real Estate – October 2009

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.

Miami Real Estate – September 2009

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.

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 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.

Downtown Miami Penthouse

PRICE : $869,900 **PENDING SALE**

Description | This Bank Owned penthouse is located in the up and coming downtown district of Miami and offers luxurious amenities including fine dining restaurants, just steps from the elevator.  With views from every window, this four bedroom, flawless unit, is offered direct from the bank for a steal with multimillion dollar views!!

Call or email us today to view this property -305.673.5300 or info@miamiangelproperties.com.

Address | 325 Biscayne Blvd #4226    map it

Property Type | Condominium
Year Built | 2006
Living Area | 3,200 SF or 297 m2
Bedrooms | 4
Bathrooms | 4.5
Waterfront | Y

Download a full description (PDF):

352-s-biscayne-unit-4226 (Right click the link and choose “Save link as”)

Miami Real Estate Market Summary – September 2008

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.