Although the Miami market still remains deeply troubled, sales have recently picked up which shows that the market is on the rebound .  From May through December last year, 1,000 new units sold in downtown Miami (Brickell Avenue to Julita Tuttle Caseway).  You can see the report here.  However, the majority of buyers were investors from South America.  And though occupancy in newly constructed buildings in downtown has substantially increased, more than half of the new residents were renters, and 7,000 of the 22,000 new condo units built since 2003 still remain unsold. Most which are in the Brickell area.

The majority of buyers who intend use their unit as a primary/secondary residence are primarily interested in top properties in the best locations.  A big chunk of these sales were made at the Icon Brickell.  By the end of the last quarter in 2009, only 125 condos had sold, with an average price of $543 a square foot.

Over all, condo prices in Miami-Dade County have declined by 51 percent since 2007, when the median price was $275,000.  Last month, 2,381 condos in the county went to contract (twice as many as in March 2009) but the median price had slipped to $135,000, he said.

Still I don’t think the increase in sales may translate into higher prices. With so many investment sales, I believe many units will come back to the market when prices begin to rise, which will keep prices down.  I would say we still have a minimum of 5 years before the market reaches equilibrium

The good thing is that the influx of renters has meant that downtown no longer looks like a ghost town and is bringing a vibrancy that we have never felt here. More lights are on at night, and new shops and restaurants have opened.

The sales have gone up due to the slashing of prices.  A year ago developers and lenders were still asking for $300/sf for a new condo whereas now they are asking in the $200/sf range which has triggered a buying frenzy.

Greater Downtown Miami is comprised of the Brickell Avenue Area (starting from the Rickenbacker Causaway), the Downtown Area, and the Biscayne Boulevard Corridor.

The project to experience the most sales activity of any condominium is the ICON Brickell which has sold 164 units between January and March of 2010.  Sales picked up after the prices were lowered as low as $216/sf.

In second place, Wind by Neo sold 154 at an average price over $200 per square foot.   Prior to the projects fire sale, the average closed sales price in the project was more than $370/sf.

Other projects that experienced large sales were 500 Brickell condominium with 72 sales,  and 900 Biscayne condominium with 46 sales.

On a submarket-by-submarket basis, 79 percent of all of the new condos in the Biscayne Boulevard Corridor have sold. In Brickell,  70 percent of the new Brickell Avenue condos have sold.  In Downtown Miami, about 65 percent of the new condos have sold.

The opening of the park is coming at a crucial time, as more and more people begin to move into Downtown Miami condos and Brickell condos.  Nearly three-quarters of the 22,079 condos units built in Brickell and Downtown since 2003 are occupied.

The park will most likely  feature a dog park, a tot lot, shaded rest areas, and walkways.  So far $271,000 has been raised for  the park  from bonds.  The commissioner (Sarnoff) is trying to reach out to Brickell residents in order to match that same amount from the private sector.  The funds will be used for improvements and maintenance.

]]> http://brickell.com/2010/04/07/brickell-residents-will-soon-get-a-new-park/feed/ 2 http://brickell.com/2010/03/27/foreclosures-still-rampant-in-2010 http://brickell.com/2010/03/27/foreclosures-still-rampant-in-2010#comments Sat, 27 Mar 2010 23:50:49 +0000 brickell http://brickell.com/2010/03/27/foreclosures-still-rampant-in-2010/ The First American Core Logic mortgage data firm has stated that the foreclosure market does not look good for a recovery in 2010.  3% of home owners who have a mortgage have filed for foreclosure or their homes have already been repossessed by their lender and are now considered REO’s (Real Estate Owned).  The national average of foreclosures are up 2.2% from 2009 and are up to six times that amount in certain cities.

There is an abundant amount of homeowners who are in at least a 90 day delinquency and heading towards foreclosure. Out of the 3.5 million mortgages in the country, around 2 million are in a 180 day delinquency. Being realistic, our foreclosure industry is on the rise this year.

Miami, Fl is by far the worst in the country with a delinquency rate of 28.8%, while th rest of Florida has an average of 16% delinquency rate.  What does this mean?  Inventory is up and available and even the banks are releasing the REO’s (Bank owned real estate) into the market.   The good deals are starting to be released into the market and this is great time to take advantage of Short Sales today.

While the government is making efforts to keep many of these foreclosures from going into REO’s and have tried to help the distressed homeowners try to keep their homes. Great news for the real estate investors was the announcement from HUD that the 90 day title seasoning requirement on FHA, Fannie Mae and Freddie Mac loans was waived which started February 1, 2010 and will continue for one year.

Additionally there are 3,546 unsold Brickell condos which make up 51% of the entire inventory of unsold condos in Miami-Dade county.  The interesting thing is that most of the remaining units are concentrated in only a couple buildings, most notably Icon Brickell condos, Infinity condos, and Mint at River Front condos.

]]> http://brickell.com/2010/03/27/foreclosures-still-rampant-in-2010/feed/ 3 http://brickell.com/2010/03/16/brickell-com-launches http://brickell.com/2010/03/16/brickell-com-launches#comments Tue, 16 Mar 2010 14:33:01 +0000 brickell http://brickell.com/?p=9 Brickell.com is pleased to announce the launch of its new website.  The website offers an easy to navigate and a comprehensive list of all of the available condos for rent and for sale in Brickell and Downtown Miami.  Accompanied with a customer service that is rendered to meet your every need, Brickell.com is a one-stop-shop solution to meeting your real estate goals.

Why Use Us?

The website embodies the forward–thinking vision and commitment to the growing needs of its customers.  While most Realtors strive to cover as many neighborhoods as possible at the expense of not being familiar with their product, our business model is to specialize in the most active real estate market in Miami: Brickell and Downtown.

Our vision is to become the largest real estate portal containing condos for rent and for sale in the Brickell and Downtown neighborhoods as well as provide in-depth information on the community such as news, events, and entertainment.  We have listings from every building such as Icon Brickell, 500 Brickell, Axis, and many more.

We know that looking for a condo to buy or rent in Brickell can be an all-consuming chore leading to a lot of frustration. Brickell.com genuinely wants to help you find or sell a condo with minimal stress and hassle.

We’re not your average crusty real estate agents either; we’re young, dynamic and cutting-edge!  We pride ourselves at offering a customer service that brings you results. Take a gander at our comprehensive and most up-to-date list of condos for rent and for sale in Brickell.

Did you know..

• 87% of homebuyers used the Internet as an information source
• 77% of Internet homebuyers drove by or viewed a home they saw online
• 32% of buyers first found their home on the Internet
• 25% of Owners used the Internet to help sell their home

The site is currently in beta stages (meaning that it is still under development) but when fully completed the site will be the source for not only condos for rent and for sale in Brickell, but also anything having to do with Miami’s up-and-coming, vibrant Brickell and Downtown Miami areas!