Miami Real Estate – September 2009

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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.

October 26, 2009 by Ross · Leave a Comment

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Filed Under Hot Picks, Hot Picks - Condos ·

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