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Brickell Key 2010 Home Values Report a close look at Three Tequesta Condo SalesWednesday, June 16, 2010 | Miami Home Value, Uncategorized | Posted by Miami real estate agentAs 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 Real Estate: 2009 Brickell Condo Market StatisticsWednesday, February 17, 2010 | Miami Home Value | Posted by Miami real estate agentI 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.
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.
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 TrendsTuesday, February 16, 2010 | Miami Home Value | Posted by Miami real estate agent
The “older” section of brickell covered by zip code 33129, it runs from the Key Bicayne Toll entrance to SW 13 Street
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. 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. Data provided by Altos Research Tags: brickell condo values, home values, market trends, miami, statisticsKey Biscayne Condos Market Value at Towers of Key BiscayneWednesday, February 3, 2010 | Miami Home Value | Posted by Miami real estate agent
Key Biscayne Home Values at Key Colony January 2010Wednesday, February 3, 2010 | Miami Home Value | Posted by Miami real estate agent
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. Tags: key biscayne condo market value, Key Biscayne Key Colony Condo, key biscayne real estate market, key biscayne sold condos Brickell Home Value Report January 2010Wednesday, February 3, 2010 | Miami Home Value | Posted by Miami real estate agent
In this post i will discuss and explain the real estate market trends in Miami Florida, also brickell condo values, sold condos and homes, demand and supply, charts, average days on the market for condominium properties in Miami Florida specifically in the Brickell area of Miami Zip code 33131. For those who are not yet familiar with this area, let me introduce you to Brickell a Miami Neighborhood that belongs to the City of Miami and its not an independent city although many would agree it should be in the future since it looks quite different from the rest of the City. The upscale residential towers and office buildings makes it unique, also its proximity to Biscayne Bay, fine restaurants and shopping make is a class destination for executives and families. Brickell Real Estate Market Trends Charts and Home Values Evaluation ReportThe first Chart explains homes sold in January 2010 average sales price vs the original listed price as you can see the average discount between the original listed price and the sales price is 25.68%.
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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..
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.
