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”

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