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.

The Setai South Beach

PRICE : $4,200,000 **BANK OWNED**

Description | Just when you thought you would never have a foreclosure opportunity in The Setai South Beach!! This 17th floor unit features 3 bedrooms, 4.5 bathrooms, two living rooms, media room, a formal dining room and much more. The Setai offers three heated lap pools, full service spa, gym, concierge, sommelier, pool towel service, world renowned restaurants, bars and service. To view this property today, please contact us at -305.673.5300 or info@miamiangelproperties.com.

Address | 101 20th St #1701    map it

Property Type | Condominium
Year Built | 2004
Living Area | 3,691 SF or 343 m2
Bedrooms | 3
Bathrooms | 4.5
Waterfront | Y

Download a full description (PDF):

the_setai_unit_1701 (Right click the link and choose “Save link as”)

Miami Beach Rock Star Cribs

Recently, these four rock star properties traded in Miami Beach. Two homes, two condos. New and old, ocean and bay. Just as I always say to clients, it is all about the location.

> The Residences at the Bath Club -5959 Collins Ave #1103, Miami Beach – a 3 bedroom, 3,640 square feet oceanfront unit – acquired from the developer in 2005 for $2.28 million -  sold for $2.29 million or $629 per square foot.

> The Setai – 101 20th St #1705, Miami Beach – one bedroom, 821 square feet, oceanfront condo – acquired in 2004 for $550,000, generates $110,000 in net rental income - sold for a $1.2 million OR $1,462 per square foot – impressive!

 

> North Bay Road – 5004 N Bay Rd, Miami Beach – a 4 bedroom single family home built in 1950, half an acres, 100 feet of waterfront – listed in Feb 2007 for $6.5 million, closed 9/29/08 for $3,075,000 or $747 per square foot.

> Venetian Islands – 122 E San Marino Drive, Miami Beach – a five bedroom home built in 2003 – active on the market 8/12/08, asking $1,799,000 - SOLD in less than 60 days on 10/29/08 for $1.7 million or $428 per square foot.

These recent Miami Beach sales just go to show that buyers continue to recognize the tremendous value of Miami Beach real estate, even in times of major economic instability.

SoBe Home ~ Call 305.673.5300

RENT: $6,750 / month **RENTED** $6,400 / month

Description | Escape to your own private gated home on the Venetian Islands, and just a stones throw to South Beach, the Design District or Adrienne Arsht Performing Arts Center.  With your own pool, spa, gourmet kitchen, and a cleaning service; your family will live like the superstars you’ve always dreamed of.

Address | 114 1 Rivo Alto Terrace

Property Type | Single Family Home
Year Built | 1941
Living Area | 2,088
Bedrooms | 4
Bathrooms | 2.5
Waterfront | N

Download a full description (PDF):

114 1 Rivo Alto Terrace (Right click the link and choose “Save link as”)