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Miami’s supply of Condos for sale continues to drop as indicated by statistics published by “Facts & Trends” Trendgraphics.com

CONDO INVENTORY

At of the end of May 2009, Miami-Dade County had 19,923 Condos listed for sale. This represents the lowest number of Condos for sale since the inventory peaked at 24,905 in May 2008. The May number of 19,923 also represents a drop of 5.5% from April 2009.

Lower inventory levels is good news for Sellers and Developers and a strong warning to undecided Buyers who seem to be waiting for X price before they decide to buy.

CONDO SALES

As of the end of May 2009, Miami-Dade County recorded 757 sales of Condos which represents a 99.7% increase in sales from the lowest monthly sales number recorded which was December 2007.

This is another welcome sign for Sellers and Developers who are unloading inventory at fire-sale prices.

AVERAGE PRICE PER SQ FT

Average Price per square foot (SF)  is a better indicator of the state of Miami’s real estate market.

As of the end of May 2009, Miami-Dade County recorded an average price of $205/SF. Although this number is 15.8% higher than the April 2009 number, it is still 44.7% lower than the highest number recorded on May 2007.

SUMMARY

The above Inventory and Sales figures, combined with the attractive average price/sf numbers – certainly an improved picture from several months ago – continues to attract buyers to the unique deals available today.

And although some argue that an increased number of foreclosures could temporarily derailed this recovery – a possibility more evident in properties valued under $300,000.00 – the real estate sales outlook for the remainder of 2009 and into 2010 still favors a Buyers market.

Finally, smart money continues to chase investment opportunities with Developers, its Lenders and their respective unsold Condo inventory.

Don’t miss out on 2009 buying opportunities!

If you have any questions or comments, please send me an e-mail to: michael@miamiflorida.com or call me at my mobile 305.450.0036

Miami parece ser el centro del universo en lo que se refiere a las oportunidades de inversión disponibles hoy día en bienes raíces, al menos para aquellos que residen en el Caribe, Centro y Sur América.

Si usted ha estado siguiendo las noticias de la caída de los precios de las propiedades en Miami y se inclina a invertir en el mercado residencial de Miami, pero por una razón u otra todavía no se decide, le sugiero que lea detenidamente nuestro breve y mas reciente estudio titulado “Oportunidades de Compra en el Mercado Residencial de Miami“. Los datos están actualizados al 31 de marzo del 2009.

Si usted esta interesado en identificar que oportunidades existen de acuerdo a sus intereses particulares, envienos un e-mail a: michael@miamiflorida.com y/o ana@miamiflorida.com

También nos puede llamar al 305.450.0036 cel de Michael P. Schnabel o al 786.210.6578 cel de Ana M. Schnabel (Margare Báez).

The following is a brief update on Brickell Key condos, what is listed in Foreclosure according to Dade county records and how many condos are listed for sale.

2,432 Condo folios

119 units of the 2,432 are in some stage of Foreclosure

334 units of the 2,432 are listed for sale on the Multiple Listing Service

45 units of the 334 listed for sale show remarks related to Foreclosure

CONDO PRICES IN FORECLOSURE range from:
$150,000 to $650,000 or from $214 to $598 in Sq. Ft.

Highest Priced Foreclosure Unit for Sale

$650,000 ($435 sf) is the highest asking price which corresponds to unit #2204, a 3 bedroom 3 bathrooms with 1,493sf at the COURTS on 801 Brickell Key Blvd.

Highest Price Foreclosure Unit for Sale per Sq.Ft.

$598 sf ($579,000) is the highest asking price per Sq.Ft which corresponds to unit #1703, a 2 bedroom 2 bathrooms with 968sf at the ISOLA on 770 Claughton Island Dr.

Lowest Priced Foreclosure Unit for Sale

$150,000 ($214 sf) is the lowest asking price which corresponds to unit #602, a 1 bedroom 1 bathroom with 700sf at BRICKELL KEY CONDO II on 540 Brickell Key Dr.

Lowest Priced Foreclosure Unit for Sale per Sq.Ft.

$214 sf ($150,000) is the lowest price per Sq.Ft. which corresponds to unit #602, a 1 bedroom 1 bathroom with 700sf at BRICKELL KEY CONDO II on 540 Brickell Key Dr.

CONDO PRICES NOT IN FORECLOSURE range from:
$144,000 to $9,000,000 or from $204 to $2,023 in Sq. Ft.

Highest Priced Unit for Sale

$9,000,000 ($1,800 sf) is highest asking price which corresponds to unit PH3402, a 6 bedroom 5 bathrooms and 2 half bathrooms with 5,000sf at the ASIA on 900 Brickell Key Blvd.

Highest Priced Unit for Sale per Sq.Ft.

$2,023 sf ($7,750,000) is the highest price per Sq.Ft. which corresponds to unit PH4501, a 4 bedroom 3 bathrooms 1 half bathroom with 3,830sf at THREE TEQUESTA POINT on 848 Brickell Key Dr.

Lowest Priced Unit for Sale

$144,000 ($204 sf) is the lowest asking price which corresponds to unit #905, a 1 bedroom 1 bathroom with 708sf at THE ISOLA on 770 Claughton Island Dr.

Lowest Priced Unit for Sale per Sq.Ft.

$179.79 sf ($178,000) is the lowest price per Sq.Ft. which corresponds to unit #404, a 2 bedroom 2 bathroom with 968sf at THE ISOLA on 770 Claughton Island Dr.

If you have any questions or comments, please send me an e-mail to: michael.schnabel@mac.com or call me at 305.450.0036

Investors looking for buying opportunities in the Brickell Area Condo Market, can look no further than the the following report; click on this link => “Miami Brickell Condos – Buying Opportunities on 0/1 and 1/1 as of 30oct08″ . This first report covers studios and one bedrooms in buildings built since 1990 in the Brickell area. A separate upcoming report will focus on 2 bedrooms and another one on 3 plus bedrooms. 

From a total of 71 units for sale (of which 37 are foreclosures), 55 are one bedrooms (of which 31 are foreclosures) and 16 are studios (of which 6 are foreclosures) 

One (1) bedroom prices per SqFt range from $171 at The Club to $317 at The Sail.

Studio prices per SqFt range from $220 at The Club to $443 at Latitude on the River.

Notice on line 10 of the report, to the extreme right, the numbers 90% (assumes a 90% occupancy rate), 90% (assumes the unit is purchased at 90% of the asking price) and 4% (assumes a 4% annual expenses between property taxes and association fees).

Clearly, Cash Buyers have the advantage. 

Please note that the net returns do not take into account financing cost, price appreciation and/or taxes when sold.

The buildings covered in this report and sorted by the year they were built:

YEAR
BUILT    BUILDING NAME
2007     Latitude on the River on 7th St., west of Brickell Ave.
2006     Neo Vertika on 7th St., off Brickell. west of Brickell Ave.
2006     Emerald on 14th St. east of Brickell Ave.
2006     Sail on 14 St. east of Brickell Ave.
2006     Solaris on 12 Te. east of Brickell Ave.
2005     The Club on Brickell Bay Dr., east of Brickell Ave.
2004     Skyline on Brickell Ave.
2004     The Vue on South Miami Ave., west of Brickell Ave.
2001     The Mark on Brickell Bay Dr., east of Brickell Ave.
1998     Fortune House on 14 Te., east of Brickell Ave.
1991     Brickell Key II on Brickell Key, east of Brickell
1990     Isola on Brickell Key, east of Brickell

If you have any questions or comments, please send me an e-mail to: michael.schnabel@mac.com or call me at 305.450.0036

There is no “one size fits all” respond. My answer will depend on your particular circumstances. Will it be your homestead (primary home), secondary home or simply an investment property that you plan to rent.

No matter what your interests are, I guess at the end we all want to know if a condo purchased today at the Jade Residences will appreciate over the next 3 to 5 years and for how much.

My hunch is it will appreciate over the next 5 to 10 years and for an average annual percentage growth rate in the mid single digits. I’m a believer in demographic growth over time and its impact in the local economy. Want to read more about demographics, look up the economist Harry Dent.

I just updated the following; “Jade Residences Market Analysis Report” 

Noticed that from the 71 condos active for sale, 36 are foreclosures and 35 are regular listings.

From the 71 condos active for sale, the average foreclosure listing has been discounted 42.7% vs a 27.4% discount for the average regular listing (listings not in foreclosure).

You would guess that Buyers are snapping foreclosures first because of the attractive discounts. Well guess again! From the 14 condos that have sold so far in 2008, only 6 have been condos in foreclosure. The remaining 8 have been regular sales. In fact the 3 most recent recorded sales have been regular sales.

As far as the Jade Residences is concerned, so far in 2008 we are seen somewhat of a balance in the number of condo sales between those in foreclosure and those not in foreclosure.

If you have any questions or comments, please send me an e-mail to: michael.schnabel@mac.com or call me at 305.450.0036

Since foreclosures are the subject of many headlines, I decided to search for foreclosures in the Brickell Area neighborhood, which as you now covers several key addresses. For the purpose of this specific posting, I have focused my search on the Brickell Ave. address only. On upcoming blog postings, I will cover South Bayshore Dr., Brickell Bay Dr. and others.

According to the REALTOR® Association of Miami and the Beaches – IMAPP service, for those buildings with a Brickell Ave. address (east side or west side of Brickell Ave.) we have 89 properties reported as foreclosures, and not all are listed for sale.

Lets review them in descending order by year built.

# of Foreclosures - Building Name – Building Address – Year Built

1 – Lofts on Brickell I Condo – 1528 Brickell Ave. – Built in 2006

3 – Mayfield Condo – 1395 Brickell Ave. – Built 2004

23 – Skyline on Brickell Condo –  2101 Brickell Ave. – Built in 2004

1 – Millennium Tower – 1435 Brickell Ave. – Built in 2003

3 – Millennium Tower Residences – 1425 Brickell Ave. – Built in 2003

5 – The Metropolitan Condo – 2475 Brickell Ave. – Built in 2001

1 – Santa Maria on Brickell Condo – 1643 Brickell Ave. – Built in 1997

2 – Bristol Tower Condo – 2127 Brickell Ave. – Built in 1993

6 – Imperial at Brickell Condo – 1627 Brickell Ave. – Built in 1983

2 – Atlantis on Brickell Condo – 2025 Brickell Ave. – Built in 1982

5 – Villa Regina Condo – 1581 Brickell Ave. – Built in 1982

2 – The Palace Condo – 1541 Brickell Ave. – Built in 1981

2 – Brickell Park – 2501 Brickell Ave. – Built in 1981

4 – Brickell Place Condo Phase II – 1925 Brickell Ave. – Built in 1980

2 – Brickell Place Condo Phase II – 1915 Brickell Ave. – Built in 1980

1 – Brickell Forest Condo – 2410 Brickell Ave. – Built in 1980

3 – Brickell Place Condo – 1901 Brickell Ave. – Built in 1975

3 – Brickell Place Condo – 1865 Brickell Ave. – Built in 1975

10 – Brickell Bay Club Condo – 2333 Brickell Ave. – Built in 1974

1 – 1110 Brickell Condo – 1110 Brickell Ave. – Built in 1971

3 – The Brickell Inn Condo – 1950 Brickell Ave. – Built in 1968

6 – Brickell Townhouse – 2451 Brickell Ave. – Built in 1963

If you have any questions or comments, please send me an e-mail to: michael.schnabel@mac.com or call me at 305.450.0036