MiamiFlorida.com

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

Our New Offices at ”Mary Brickell Village”

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