Infinity At Brickell Discount Condos for Sale

Infinity At Brickell was built in 2008. This 56-story luxury condo & award winning design features the unique Sky-Loft concept with 459 residences, incorporates more than 42,000 square feet of office-condominium space and 6,000 square feet of high-end retail space.This tower is located in prestigious Brickell Financial District. We are now offering deep discounted units great for investors with a potential rental income and cash flow. Unit Features:Dramatic 10-to 20-foot windows (floor-to-ceiling)spacious walk-in closets,mpact-resistant windows and sliding glass doors to meet hurricane codes,pre-wired for cable television, telephone and high-speed internet,gourmet kitchens with imported custom Italian cabinetry.Penthouse residents enjoy access to private rooftop (50th level)including landscaped sundeck, service bar, whirlpool spa and Sheltered gazebo for entertaining or relaxation.

Carbonell at Brickell Key Real Estate Market Update 2011

Carbonell at Brickell Key Photo taken across the Brickell Key Island

Brickell Key in Miami has many condo buildings among them is the elegant modern style condo building: Carbonell at Brickell Key located at 901 Brickell Key Dr Miami FL 33131.

Carbonell at Brickell Key was built in the year 2005 and suffered from the real estate boom era, however Carbonell at Brickell Key is recovering and its coming back as strong as ever with only one property REO on the market right now, a one bedroom offered for sale at $349,000 out of 34 units for sale in the building and no short sales at all. Carbonell is a building that is very desirable to those buyers seeking to buy a condo inside the Brickell Key island also known as Claughton Island. This private island of Brickell Key offers its residents a quite ambiance, sofisticated and save enviroment to live, dine, work and excercise or simply enjoy life with the convenience of having downtown miami and Brickell financial district at only steps away.

Condos for sale at Carbonell at Brickell Key range from $329,000 for the smallest units all the way to over 3.5 Millions USD. The square meter of these units are between 1,000 sq ft (92 square meters) and 3,400  Sq Ft (315 square meters) make sure to visit our inventory of condos for sale at Carbonell at Brickell Key since many go off and on the market. Closed sales in Carbonell at Brickell Key indicate that in the last 6 months 2 and 3 bedrooms have been more popular than 1 and 4 bedrooms. Two bedrooms sold at Carbonell at an average of $600,000 and 3 bedrooms have sold between $750,000 to $1.2 Millions USD, a four bedroom condo was sold for 1.4 Millions USD.

As far as financing, most of condos sold at Carbonell in Brickell were purchased using cash transactions however lending is back to Carbonell at Brickell Key with some of the purchased made using mortgages from lenders such as Northern Trust, WCS Lending and TransSouth Mortgage Corporation. A lending comeback shows that stability is back to Carbonell and Brickell Key and hopefully its here to stay.

Another good news is that Carbonell at Brickell Key has decreased its risk level in the last 12 months with now only 7.5% of its homeowners in default or behind their mortgage payments. Recovery is way underway!

For buyers looking to purchase a condo at Carbonell at Brickell Key for investment purposes please note that Rentals at Carbonell for the last 60 days have been pretty active and have rented within 45 days as an average. One bedrooms are renting at Carbonell between $1,800 and $2,000 and two bedrooms are renting between $3,000 and $3,700. See all Condos For Rent at Carbonell on Brickell Key

Carbonell at Brickell Key is a very desirable building in the island with a guard gate, excellent security, concierge services, swimming pool overlooking the waters of the bay and the new Icon on Brickell, it has a two story gymnasium with cardio and weights section, interior and covered playground for kids, bike storage, tennis, community room among many others. Carbonell at Brickell Key is located on the corner side of the island positioned on the north-west section and most units look north towards downtown miami and east to the mouth of the Miami River Towards the Port of Miami and Miami Beach, these residences have the door facing south. Residences looking towards the south of the island have views of Brickell Key, Brickell buildings and the waters of Biscayne Bay. These residences at Carbonell have a main entry door facing and opens North for those who beleive in Vaastu Shastra.

Brickell Key Condos in which building is more solid to buy

Not sure in which building you should buy a condo in Brickell Key Miami? Where is more solid and secure your investment in the Brickell Key Real Estate market?. Maybe i could be of help.

Brickell Key is the man made island east of famous Brickell avenue south of Downtown Miami.Real estate is all about location everyone knows that and Brickell Key is no exception to the rule, an island with scarcity of land, close to mainland and adjacent to Brickell Financial District and Downtown Miami attracts many investors just like yourself, however finding the right building in where to invest your money it could be confusing and challenging.

There are different condo building in Claughton Island alson known as Brickell Key. To me you have two options the affordable market and the luxury market nothing in between. Affordable market are those condo buildings such as Isola and Courvosier Courts that were built as rental communities which were converted to condos during the real estate boom.

Tequesta Condo Buildings at Brickell Key: This section covers all Tequestas, One Tequesta, Two Tequesta and Three Tequesta in Brickell Key. As i mentioned in another blog The Tequestas are the most solid and save investment for a condo purchase on Brickell Key Island, solid association, lowest default rate great quality and location, let me explain to you why. The Tequestas at Brickell Key are a total of Three buildings mostly occupied by owners that use it as a second home or vacation home, condo units here are larger in size and the buildings were built with a different end user in mind. The Tequestas at Brickell Key did not sufferred the flipping effect during the real estate boom as other buildings since they were not built during these madness fast paced years. The Tequestas are positioned in the Luxury segment market of Brickell Key Real Estate.

Condos for sale prices at  The Tequestas Brickell Key ranges between $225,000 – $625,0000 for one bedroom units, $400,000 - $999,999 for two bedrooms,  $790,000 –   $1,750,000 three bedrooms and over $3 millions for four bedrooms condos. Closed sales condos at The Tequestas Brickell Key range between $250,000 – $400,000 for one bedroom condo, $400,000 – $900,000 for two bedrooms condos and $900,000 – $1.2 Million for three bedrooms condos. Condos at The Tequestas Brickell Key rent at an average of 60, 45 and 80 days accordingly. Rental condo prices at the The Tequestas Brickell  Key in the past 60 days rented as follows: 1 bedrooms have rented between$1,500-2,400 ;  two bedrooms condos were rented between $2,000-$3,500; three bedrooms were rented between $3,300-$4,700 USD. Pricing varies depending on condo view, furnishing and condition of the condo unit. You may explore all condos for rent  at One Tequesta, Two Tequesta and Three Tequesta. If you would like to have a better idea of how much your condo could rent for at any of the condo buildings in Tequesta Point Brickell Key contact us for a free market evaluation at no cost to you.

Condo association fees at Tequestas Brickell Key varies depending on the square feet of each condo unit and in the case of Tequesta Two and Tequesta Three both buildings share a Homeowner association fee that covers amenities used by both buildings in addition to their condo fee for the unit and services paid by the condo association such as utilities and maintenance. Brickell Key Association fee is not included in the montlhy cost and must be paid separatelty. However an average of 0.50 cents per square feet is estimated, to have an acurate pricing the condo association must confirm the current dues associated to an individual unit. At The tequestas the smaller one bedroom condo units condo association and homeowners association fee are approximately $600 per month and up and two bedrooms from $900 a month and up.

The Tequestas enjoy a low default rate by it’s property owners with only a 5% default rate on One Tequesta 3% default rate on Two Tequesta and 5% on Three Tequesta. This default rate is calculated on those owners behind their mortgage payments and is not necessarily a repossed condo by the lender. At the time of writing this article there were no REO, Bankowned properties or Foreclosures available for sale at any of the Tequestas in Brickell Key. Only seven short sales condo were listed for sale in the MLS (Multiple Listing Service). In a building with a low risk like the Tequestas at Brickell Key the purchase price may look high in comparision to the other buildings on the island but considering the location, quality, the views, the amenities and the financial health of these buildings a real estate investment is more solid than in any of the Tequestas at Brickell Key also known as Claughton Island.

One Tequesta condos  for sale varies each day, make sure to visit our One Tequesta Inventory of ALL Condos For sale to select your next condo in One Tequesta at Brickell Key, as of today a total of  16 properties were available for purchase. One Tequesta is located on the north portion of the Brickell Key island with the address: 888 Brickell Key Drive Miami FL 33131 and it was the first one built in 1995.

Two Tequesta Condos For Sale in Brickell Key ranges between $365,000 and over a Million. Make sure to view ALL condos for sale at Two Tequesta to explore their photos, orientation, interior condition, incentives and more. Two Tequesta is located at  808 Brickell Key Drive Miami Fl 33131. Two Tequesta is positioned mystically by the interchange of waters from the Miami River and Biscayne Bay a mix of salt water and fresh water where you can spot dolphins and manatees. Beautiful sunrises filled with magic on this beautiful building in Brickell Key island in Miami, the energy is magical for a new begining.

Three Tequesta Condos for Sale are updated on a daily basis on our website currently there were 27 condos for sale ranging from $389,000 to  over 3 Millions. Make sure to visit our Three Tequesta Inventory of ALL Condos for Sale to view photos and descriptions. Three Tequesta is located on the east side of the Brickell Key Island with direct water views of Biscayne Bay, Port of Miami, Fisher Island and South Beach with address 848 Brickell Key Drive Miami FL 33131. Three Tequesta was built in the year 2001, condo units here are larger in size than One Tequesta and are very desirable.

Isola at Brickell Key condos prices for sale are between $130,000 and $224,000, closed sales condos at Isola Brickell Key in the last 60 days have been between $120,000 and 175,000 USD for a one bedroom condo and two bedrooms have been between  $175,000 and $337,000 . If you are looking to purchase a condo at Isola Brickell Key for investment purposes and looking for rental revenue must look into the rental market in the building.Rented units at Isola Brickell Key for the last 60 days have been as follows: 1 bedrooms have rented between$1,300-$1,600, 2 bedrooms have rented between $1,700a and $2,000 the highest two bedroom rented was for $2,400 because it was furnished. Condos for rent at Isola Brickell Key  have been on the market for an average of  30 and 60 days accordingly.

When looking at investing in a condo in Brickell Key you must also look into expenses associated to the condo purchase. Condo maintenance fees at the Isola Brickell Key varies per square feet however is approximately 0.66 cents per square feet. This fee covers the condo association fees, common areas expenses, management, insurance, water, sewer, trash removal among other services and in this case Isola at Brickell Key includes the Brickell Key Master Association Fee into its monthly payments. The Brickell Key Master Association fee is paid once a year and convers all expenses related to the common areas of the island, street lights, roads, landscaping etc. At Isola one bedroom condo maintenance fee may range from $450 per month and up and two bedrooms from $700 a month and up. Isola Brickell Key Condo low price tag comes with a high risk. Isola has the highest default rate of all residential condo buildings on Brickell Key Island with a 20% of owners behind their mortgage payment which are either in short sale status, condo units repossessed by the lender, in auction status or sellers might be applying for a loan modification.

Available condos  for sale at Isola varies each day and there are still bankowned properties and foreclosures available for purchase, contact us for a list of available condos for purchase at Isola Brickell Key and request your Market update for any isola Brickell Key property owner.Isola Brickell Key is located on 770 Claughton Island Drive Miami FL 33131 behind the Mandarin Hotel and towards the east side of the island of Brickell Key.

Courvoisier Courts Brickell Key is another building in the affordable market segment in Brickell Key. Condos for sale prices ranges between $170,000 one bedrooms and $850,000 for the largest units. Closed sales condos at Courvosier Courts in Brickell Key range between $180,000 and $220,000 USD for a one bedroom condo, $200,000 and $3000,000 for two bedrooms condos and $400,000 – $530,000 for three bedrooms, these are sales that have occurred during the last 60 days. Condos at Courvoisier Courts Brickell Key rent at an average pace of 60 days on the market. Rental condo prices at the Corvoisier Courts in Brickell Key for the last 60 days have been for  1 bedrooms  between$1,400-$1,700, two bedrooms condos were rented between $2,000 and $2,300 a little bit higher than Isola at Brickell Key. Three bedrooms were rented between $3,500–3,800 USD

Condo association fees at Courvoisier Courts Brickell Key are varies depending on the square feet of each condo unit however an average is 0.66 cents per square feet, you must make sure to confirm this information with the condo management office before making a decision to buy. At the Courvosier Courts Brickell Key monthly association dues covers the condo association fees, common areas within the building such as common areas expenses, management, insurance, water, sewer, trash removal among others and also the annual fee for Brickell Key Master Association. One bedroom condo units may range from a $550 per month and up and two bedrooms from $800 a month and up. Courvosier Courts Brickell Key low price tag comes also with a high risk. Even though Courvosier Courts had a higher risk level before during 2009 and portion of 2010 is still one of the most riskiest condo buildings within the Brickell Key island with a 16% property owner’s default rate on mortgage which may also be behind condo association dues. Only a few condos are REO or bankowned properties available for sale or listed on the MLS at this time, most of the units are beign sold as a short sale or traditional sale.

Available inventory of condos  for sale at Courvosier Courts varies each day, even though foreclosures and pre-foreclosures have decreased there are still some condo units available for purchase.  Contact us for a list of available condos for purchase at Courvosier Courts Brickell Key and a free no-obligation Market update for Courvosier Courts Brickell Key property owners. Courvosier Courts Brickell Key is located at 701 Brickell Key Blvd, Miami FL 33131 on the west side of the island next to The Court at Brickell Key.

Brickell Key 2010 Home Values Report a close look at Three Tequesta Condo Sales

As promised here is the 2010 First Market Values Report for properties in Brickell Key, Miami Florida. In this article i will take a closer look at the performance of one building in particular, Three Tequesta Luxury Condo located at 848 Brickell Key Drive Miami Florida 33142. You may also see the 2010, 1st Quarter Brickell Key Market Analysis and House Value Trends on my other article. Here you will find condos sold in 2010 only in this building until June 1st, 2010, also a comparison on sold condos from previous year 2009, financing used to purchase, median purchase price, days on the market that a condo took to get sold, the reduction percentage amount from listed price to sales price, number of distressed sales, recently sold units within the last 30 days.

Many will think that i must be crazy to list a median average  original listed price and then the reduced price and finally the sold price. I wanted to share a mental image of how in today’s market a seller must be committed to list, revise the listed price, reduce and then willing to negotiate to get the property sold, many condos not only at Tequesta Point at Brickell Key for instance but around Miami Dade County are getting price revisions more than one time to meet buyer’s expectations. Here you see a comparison between 2009 and 2010 (First months) negotiation trends and price reductions at Three Tequesta.

As you can see in 2009 original listed price was very close to the reduced price if any and was more aggressive in negotiating to agree on a sales price.

Looking at the chart you may think that depreciation is playing a role here however its not the case, Three Tequesta looks pretty solid compared to other buildings in the same category and geographical location on Brickell Key. The average size of condos sold during 2009 was 1,694 square feet while condos sold year to date in 2010 have an average living area of 1,293 smaller than the ones sold during 2009. Price per square foot during 2009 was a median of $374.85 compared to 2010 (year to date) a buyer is paying $397.48 per square feet, in essence buyers are paying more per square feet in 2010 than what it paid during 2009 at Three Tequesta in Brickell Key.

What’s the average discount rate at Three Tequesta in Brickell Key in today’s market?

Statistics show that during 2009 a median original listed price was $780,000 and the median sales price was reduced to $635,000 a 23% discount from original listed price to sales price. The trend on 2010 is very different,  sellers with the assistance of Realtors are now understanding better the flow of the market and listing properties more aggressively, so far in 2010 we are seeing a median listed price of $624,000 and a sales price of $562,500 only 11% discount.

Its too early to predict how the market will continue to perform at Three Tequesta in Brickell Key and if a reduction on price will stabilized however due to an inventory of condos on the market today of a total of 26 units with no sold properties during the month of May 2010, also the average days on the market its taking for a condo to get sold is higher than in 2009. It may quite likely be the closer to the same rate of 2009 or greater.

Distressed Sales at Three Tequesta. How Healthy is this building?

Different from many in the area Three Tequesta was free of distressed sales during 2009 with no REO (bank owned sales) or short sales, however we are seeing 1 sold short sale during the first months or 2010, regardless is not an alarming situation considering 25% of Brickell sales are short sales in today’s market. The average sales price during 2009 for larger units average 1,694 square feet was $635,000 compare to 2010 first month a median sales price of $562,500 for smaller units in the average of 1,263 square feet which are a less desirable floor-plan at Three Tequesta.

How did buyers purchased condos at Three Tequesta using cash or financing?

Let’s take a look at financing availability in this building. During 2009 Three Tequesta had a in influence of cash buyers. Most sold condos used this method 7 out of a total of 11 sales that occurred during 2009. The trend so far in 2010 is completely the opposite, out of 6 sold condos YTD at Three Tequesta purchased using conventional loan financing. This is a great factor considering lenders are not extending credit to most of Brickell Condos since they consider condo financing a high risk and the exit of Mortgage Insurance companies from Miami Dade County in general a Big NO to condo financing by local Banks is very common in the region. Also is in indication that Three Tequesta is a Healthy Building, remember that in order to extend financing lenders gather a lot of key information such as percentage of delinquent condo owners in the building (meaning those owners that are behind association dues or delinquent on mortgage payments) also lenders look at insurance coverage, owner occupancy ratio vs rental ratio and many other factors. Considering this building is mostly second home for many owners in an averge of 75% non owner occupied and leaving 25% of full time residents (let’s call it like that) owner occupied condos, the association has managed to handle the building in very good standards thru all this housing crisis. Who is lending at Three Tequesta is now the question which i will discuss in a separate article.

Conclusion:

Three Tequesta is a healthy building allowing financing for purchases over $500,000 is a big plus for buyers in today’s market. It’s also a big selling point even though there is enough inventory and poor sales during the last months Tequesta Three is performing better than last last year with a total of 6 sales in the first quarter of 2010 ending on April 2010. Pricing is a big factor for buyers and is reflected on the purchase price even though larger units are more desirable today.Three Tequesta is a great building to buy and to sell if priced competitively since a buyer’s market is still dominating today’s real estate market in Brickell Key Miami Florida.

Data obtained from the Southeast MLS System

Miami Sellers Notice Short Sales Process Changed New HAFA Process

Today started the new short sale process which is believe to standardize, speed up and simplify the short sale nightmare we have been dealing with for sometime now. The major problem is that many lenders don’t know about the process and neither to say homeowners, its out duty as Realtors to spread the word and cooperate with this process and hope it will work as fast and as effective as it was meant to be.

Due to the complexity of this process and its guidelines i have decided to post here some Frequently asked questions and Video to help you understand in plain english what is HAFA about and how will affect the short sale process and the benefits for Homeowners, Buyers and Realtors.

STEP 1: – APPLY FOR A LOAN MODIFICATION

STEP 2:  – REQUEST A SHORT SALE

STEP 3:  – CLOSE ON THE SALE OF YOUR HOME

DOWNLOAD BORROWER FORMS HERE:

Request for Loan Modification

Tax Form 4506 must be sign and completed by Borrower and presented with the loan modification form

Short Sale Agreement (Exhibit A) – Last updated: March 26, 2010

Request for Approval of Short Sale (Exhibit A1) – Last updated: March 26, 2010

Alternative Request for Approval of Short Sale (Exhibit B) – Last updated: March 26, 2010

FREQUENTLY ASKED QUESTIONS FOR NEW SHORT SALE PROCESS HAFA (Home Affordable Foreclosure Alternatives Program)

WHAT’S HAFA?
HAFA was created as a extension or complement to the existing HAMP program (Home Affordable Modification Program) providing other alternatives to homeowners that do qualify for Loan Modification Programs but are unable or don’t want to keep their homes.
The HAFA program may make a short sale or a deed-in-lieu of foreclosure an option to help homeowners avoid foreclosure. The HAFA Program, which will start on 04/05/2010, gives banks and servicers, 1st loan holders, 2nd loan holders, etc and sellers incentives for these transactions, it was also created to streamline the process by using standard forms and processing. HAFA program ends on December 31, 2012.

$$ WHAT ARE THE INCENTIVES $$
The HAFA Program gives $3,000 to homeowners for relocation assistance, $1,500 to servicers = banks for administrative and processing costs, and up to $2,000 to investors who allow up to $6,000 in short sale proceeds to be distributed to subordinate lien= 2nd and 3rd loans holders.

ELIGIBILITY AND NOTIFICATION
Each Lender/Bank or Servicer follows its own own policies and determines if the homeowners/borrower is eligible for this program. The Servicer usually the Bank will listen to a short sale request if the borrower qualifies as shown below

TIME TABLE
1 STEP – THE BORROWER MUST QUALIFY OR DO ONE OF THE FOLLOWING:
TIME FRAME: 30 DAYS – LENDER OR SERVICER MUST CONSIDER IF THE BORROWER IS ELIGIBLE FOR HAFA

-Does not Qualifies for a HAMP trial period plan
-Does not succesfully complete a HAMP trial period plan
-Is delinquent of a HAMP Modification (misses at least 2 consecutive payments)
-Requests a short sale or DIL

If a servicer has not already discussed a short sale or DIL with the borrower, it must notify the borrower in writing of these options and give the borrower 14 calendar days to respond, orally or in writing. If the borrower does not respond, that ends the servicer’s duty to give a HAFA offer. If the borrower asked for consideration but a short sale or DIL is not available, the servicer must inform the borrower with an explanation and provide a toll-free number.

WHO IS ELIGIBLE FOR HAFA?
-Principal residence.
The property may be vacant up to 90 days before the date of the Short Sale Agreement (SAA), Alternative Request for Approval of Short Sale, or DIL but only if the borrower documents they were required to relocate at least 100 miles from their home for purposes of employment and they have not purchased another property in the 90 day period.
-Got the first mortgage on the home before 2009
-Mortgage delinquent or default is reasonably foreseeable.
If the borrower is not delinquent then it must show that it could become delinquent soon like used up savings.
-Cannot be a luxury home.
Unpaid principal balance no more than $729,750 (higher limits for two- to four-unit dwellings)
-Borrower’s total monthly payment exceeds 31% of gross income

2ND STEP – SHORT SALE AGREEMENT
TIME FRAME: 14 DAYS – BORROWER HAS TO SIGN IT AND RETURN TO THE BANK OR SERVICER
The borrower has 14 calendar days from the date of the Short Sale Agreement (SSA) to sign and return it to the servicer. The SSA must give the borrower an initial period of 120 days to sell the house (servicers may extend up to a total of 12 months, if agreed to by the borrower).

3RD STEP – PURCHASE OFFER
TIME FRAME: 3 BUSINESS DAYS – BORROWER OR REALTOR MUST SUBMIT THE PURCHASE AGREEMENT AND THE COMPLETED REQUEST FOR APPROVAL OF SHORT SALE (RASS) TO THE BANK OR SERVICER.

Within 3 business days of receiving an executed purchase offer, the borrower (or agent) must submit a completed Request for Approval of Short Sale (RASS) to the servicer, including A copy of the sale contract and all addenda Buyer documentation of funds or pre-approval/commitment letter from a lender All information on the status of subordinate liens and/or negotiations with subordinate lien holders.

4TH STEP - SERVICER OR BANK APPROVAL
TIME FRAME: 10 BUSINESS DAYS – SERVICER HAS TO APPROVE OR DECLINE THE SHORT SALE

Within 10 business days after the servicer receives the RASS and all required attachments, the servicer must approve or deny the request and advise the borrower (with a statement of the reasons in the case of disapproval).

5TH STEP – CLOSING AND LIEN RELEASE
TIME FRAME: 45 DAYS OR SOONER DEPENDING ON THE BORROWER

The servicer may require the closing to take place within a reasonable period after it approves the RASS, but not sooner than 45 days from the date of the sales contract unless the borrower agrees. The servicer must follow local or state laws to time the release of its first mortgage lien. If local or state law does not require release within a specified time, the servicer must release its first mortgage lien within 30 days. Investors must waive rights to seek deficiency judgments and may not require a promissory note for any deficiency. Rules also apply to participating junior lien holders.

Many Lenders are already participating and have implemented the process even before today’s date. Over 100 lenders are participating and some of them are Bank of America, Citi Bank, Wellsfargo. The program reportedly covers servicers handling more than 90 percent of all mortgages.

Some homeowners who are behind mortgage payments have received notification thru mail of this new implementation.
Call me today to explain you more in detail how the process works.

VALUABLE LINKS WITH ADDITIONAL INFORMATION:

Participating Lenders

Understanding New HAFA Process and Eligibility Video

Miami Real Estate: 2009 Brickell Condo Market Statistics

I am sharing today our Exclusive look at Brickell Condo Market Statistics covering only condos that closed in 2009.

I have selected only those condo towers that have sold more than 30 apartments during 2009.  These are The Club at Brickell Bay, The Vue at Brickell, Jade Residences at Brickell Bay, Skyline at Brickell, Isola at Brickell Key and  Brickell on the River North Tower.  These charts and statistics will helps us measure how the real estate market is reacting to today’s trends of supply and demand, financing and other factors. This data has been obtained from the South East Florida MLS system.

Analyzing this chart we can see that the average sales price for these 6 buildings was $250,000 with the exception of Jade at Brickell Bay since its a Luxury Building and the average unit was sold for $621,886. Incredible bargains lure investors to purchase at Jade on Brickell Bay, considering that a few years ago a 1 bedroom unit on this building was going for half a million and was considered a low price. Today Jade continues to be one of the most favorite buildings in Brickell due to its location, amenities, unit size and finishes. Even though the amount of REO(s) has decreased tremendously at this building some bargains remain. Most of the time condos are sold above the asking price, supply vs demand makes this happen specially at Jade on Brickell were financing is almost not an option unless you go with a private lender.
On the other hand  the average days on the market was 120 days, this is due to conditions on the market place, lack of financing and the vast inventory buyers have to choose from makes it a tough choice. Brickell has more than 70 towers and many are comparable on size, amenities and location..

Bank Owned sales dominated the marketplace in 2009 specially in Brickell were most of these condo buildings such as Brickell on the River, The Club at Brickell & Skyline at Brickell were built during the real estate boom. The Club at Brickell was one of the most affected during this year as well as Vue at Brickell which is a condo conversion. Units were sold and flipped also during this period. Short Sales also begin to emerge however due to  lack of an efficient processing system  by the lenders the vast majority ended up as a Foreclosure repossession leading to a REO inventory of over 50 units at The Club at Brickell Bay alone.Today’s this is not the case, REO are scarce in the region however foreclosures filing keep stacking up at the Miami Dade Court House.

Cash became king in Brickell, since banks released an incredible amount of foreclosure inventory to local real estate firms it was easier for buyers to purchase using their own Realtor. However it was frustrating for many when an offer was presented to the seller (in this case the Bank) and it was outbid by another cash offer sometimes even above the listed price. The idea of financing as convenient as it was before quickly became an obstacle to obtain such juicy discounts. Today the trend continues since lending guidelines and buyer requirements are very strict specially in condos. Nowdays REOs has decreased and short sales has taken its place, again a lender will be more favorable to cash purchases that financing, this is due to condo association delinquencies, rentals vs owner occupied percentage, absence of Mortgage Insurance coverage and default ratio that prevents Banks to lend in this type of properties considering it a high risk loan.

Come back to our blog in the future to get the latest information on Miami – Brickell Real Estate Market Trends, Statistics, Financing and much more. If you need a market evaluation on your property, contact us and we will meet and present it to you for Free no strings attached.

Brickell Condo Value for Zip Code 33129 Market Trends

Here we will analyze where the market is heading in the area of Brickell for the last 90 days. Which will cover December 2009, January and February 2010. Brickell Area in Downtown Miami are covered by zip codes 33131, 33130 and 33129.

The “older” section of brickell covered by zip code 33129, it runs from the Key Bicayne Toll entrance to  SW  13 Street

As we can see and analyzing this data and charts, as of the 2nd week of February 2010 the median price for condo/townhouse was around $349,000 in this area of the city of Miami. Due to the absence of new construction building in this area other than the Lofts at Brickell and Skyline on Brickell the rest of Condominium buildings were not built during the real estate boom of recent years. Even though we have seen a reduction of prices according to the chart its not significant compared to other nearby markets.

The Average days on the market of  condo units its almost 1 year an average of about 241 days. This is mostly due to the financing restrictions in the condo market. Half of the property listings have come newly to the market in the past 168 days.

As you can see inventory in the area has been falling in recent months however this factor does means that the market is stronger, its an indication to consider. We would need to continue monitoring this trend whether buyers interest is changing with available supply or not. However days on the market contradicts the theory of fast recovery. see chart above.

Price per square feet remains steady at  around $300.00 per square foot. Median size for a condo in this area is a 2 beds 2 baths with approximately 1,665 square feet. The percentage of properties with price decrease was 29% and percentage of re-listed properties was 8%.

Supply and Demand:

There is still a buyer’s market in this area with several months of inventory available at current sales pace so there are still great bargains for buyers  who should expect to find plenty of inventory and price reductions.

Pricing Segments Activity

Analyzing price segments we can see that the lowered priced properties sold at around $175,000 with an average square feet of 881 however it took about the same days on the market to sell around 225 days compared to the upper tier properties above $400,000, its curious to see that properties that sold faster were in the $285,000 pricing range for an average of 1,060 square feet and less than 200 days on the market.

Downtown Miami Condo Association Phone Numbers and Management Office

DOWNTOWN MIAMI PHONE DIRECTORY FOR CONDOMINIUM ASSOCIATION & MANAGEMENT OFFICE RESIDENTIAL REAL ESTATE

50 Biscayne Condominium Association & Management
50 Biscayne Blvd, Miami Florida 33132
Phone: 305.
Fax : 305.

Condos For Sale  – Floor Plans – Condo Review – Building Info & Map

900 Biscayne Condominium Association & Management
900 Biscayne Blvd , Miami. Florida 33132
Phone: 305.
Condos For Sale – Floor Plans – Condo Review – Building Info & Map

Marina Blue Condominium Association & Management
888 Biscayne Blvd , Miami. Florida 33132
Phone: 305.
Condos For Sale – Floor Plans – Condo Review – Building Info & Map

Ten Museum Park Condominium Association & Management
1040 Biscayne Blvd , Miami. Florida 33132
Phone: 305.
Condos For Sale – Floor Plans – Condo Review – Building Info & Map

Marquis Condominium Association & Management
1100 Biscayne Blvd , Miami. Florida 33132
Phone: 305.
Condos For Sale – Floor Plans – Condo Review – Building Info & Map

Everglades on the Bay Condominium Association & Management
244 Biscayne Blvd , Miami. Florida 33132
Phone: 305.
Condos For Sale – Floor Plans – Condo Review – Building Info & Map

Loft Downtown I Condominium Association & Management
234 NE3rd Street, Miami. Florida 33132
Phone: 305.
Condos For Sale – Floor Plans – Condo Review – Building Info & Map

Loft Downtown II Condominium Association & Management
133 NE 2nd Avenue, Miami. Florida 33132
Phone: 305.
Condos For Sale – Floor Plans – Condo Review – Building Info & Map

Epic Miami Condominium Association & Management
300 Biscayne Blvd Way , Miami. Florida 33132
Phone: 305.
Condos For Sale – Floor Plans – Condo Review – Building Info & Map

One Miami Condominium Association & Management
325 & 335 S. Biscayne Blvd , Miami. Florida 33132
Phone: 305.
Condos For Sale – Floor Plans – Condo Review – Building Info & Map

Quantum on the Bay Condominium Association & Management
1900 N Bayshore Dr,  Miami. Florida 33132
Phone: 786.314.7459 – Front Desk
Phone: 786.314.7457 – Management Office
Web: www.quantumonthebay.org

Condos For Sale – Floor Plans – Condo Review – Building Info & Map

1800 Club Condominium Association & Management
1900 N Bayshore Dr,  Miami. Florida 33132
Phone: 786.314.7459 – Front Desk
Phone: 786.314.7457 – Management Office
Web: www.quantumonthebay.org

Condos For Sale – Floor Plans – Condo Review – Building Info & Map

Key Biscayne Condos Market Value at Towers of Key Biscayne

Key Biscayne Home Values at Key Colony January 2010

Here is a snapshot of how the market is performing at Key Colony in Key Biscayne Florida. If you have any questions or suggestions, please contact us and we will help you with your particular need. Also we could provide you with a personalize market report for your property.