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Miami Real Estate Market Presentation – Just Updated as of Jan. 2009

Monday, March 9th, 2009

We just updated our Miami Real Estate Market Presentation! and we have great news to report!

The number of Residential properties listed for Sale in Miami-Dade County continues the downward trend it began last June 2008 when it seems to have peaked at 41,924.

As of January 2009 the number of Residential properties listed for Sale in Miami-Dade County was 36,418. The following chart shows every December since 2002, but it also includes January 2009:

In addition to what is listed for sale, we also need to look at the number of properties sold each year.

And although the number of properties sold in Miami-Dade County has declined every year since 2005, the change from 2007 to 2008 has raised expectations for a positive change in 2009. See the following chart:

More and more bargain hunters are asking for properties listed for sale as bank owned properties (REO’s) or Short Sales (SSL’s).

Traditional sellers (non REO’s and non SSL’s) also have become more realistic about their asking prices. Those sellers who truly need to sell, are discounting more aggressively in order to compete with REO’s and SSL’s.

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

Foreclosures at the island of Brickell Key, Brickell Area, Miami FL

Saturday, November 29th, 2008

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

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