December 14, 2008

On September 15th of this year we posted an article on the Brickell Key condominiums which included a graph of sales activity for the eleven buildings there (please see Diagram 1)

Building Name Total
Units
Units
For Sale
Percent Closed
Sales
Short
Sales
Avg List $
per SqFt
Avg Sold $
per SqFt
Year Built
Asia 123 17 13.8% 0 0 $973 TBD 2008
Brickell Key One 316 28 8.9% 7 1 $341 $294 1982
Brickell Key Two 397 33 8.3% 9 6 $399 $353 1991
Carbonell 284 51 18.0% 9 3 $485 $442 2005
Courts at Brickell Key 318 46 14.5% 10 15 $388 $356 2002
Courvoisier Courts 272 44 16.2% 5 15 $281 $260 1997
Isola 300 50 16.7% 8 20 $271 $261 1990
One Tequesta Point 288 23 8.0% 8 3 $420 $383 1995
St Louis 134 12 9.0% 0 3 $430 TBD 1995
Three Tequesta Point 237 22 9.3% 8 2 $498 $462 2001
Two Tequesta Point 268 18 6.7% 10 0 $526 $453 1998
Totals 2991 345 11.5% 74 68 $593 $445


Diagram 1

Here is an updated graph for sales from January through November for Brickell Key buildings. Interestingly enough, there are exactly the same number of units for sale (345) as there were back in August but the Closed Sales since then have almost doubled from 74 to 144. This means that as many properties were sold in the first eight months of 2008 as were sold in the last three. This is a large change and could in dictate that a bottom may be in. Please notice that the Avg Sold Price, while dropping through out the year has basically stabilized just below $300.00 per square foot.

Building Name Total
Units
Units
For Sale
Percent Closed
Sales
Short
Sales
REO Avg List $
per SqFt
Avg Sold $
per SqFt
Year Built
Asia 123 23 18.7% 0 0 0 $973 TBD 2008
Brickell Key One 316 17 5.4% 10 1 0 $355 $304 1982
Brickell Key Two 397 26 6.5% 15 4 1 $373 $365 1991
Carbonell 338 59 17.5% 13 17 0 $562 $459 2005
Courts at Brickell Key 318 46 14.5% 17 17 2 $396 $334 2002
Courvoisier Courts 272 51 18.8% 15 18 1 $319 $274 1997
Isola 300 38 12.7% 34 22 3 $247 $220 1990
One Tequesta Point 288 19 6.6% 13 3 1 $441 $365 1995
St Louis 134 11 8.2% 1 3 0 $430 TBD 1995
Three Tequesta Point 237 29 12.2% 14 2 0 $600 $472 2001
Two Tequesta Point 268 26 9.7% 12 2 0 $512 $443 1998
Totals 2991 345 11.5% 144 76 8 $670 $293


Diagram 2

There are eleven buildings on Brickell Key, several have become great buying opportunities for the serious investor. These include the Courts Brickell Key, Courvoisier Courts and the Isola. These Miami Condo buildings are struggling, they have a very large percentage of their units for sale (see chart above). They have many short sale offerings which will become bank owned foreclosures and they are probably not collecting all the maintenance fees which are due monthly. These buildings are very risky!

If you are an investor, with cash and a long time horizon for holding, now is the time to start buying. The banks are selling at record low prices and they will have more and more inventory as the short sales foreclose.

This tables shows all eleven Brickell Key buildings. To visit our pages for each building just click on the building name.

As you can see from the chart below the months of inventory has been dropping for the last several month in these buildings. This is because investors have been buying.

Brickell Key Condos Months of Inventory

Brickell Key Condos Months of Inventory

As you can see in the Average Price per Square Foot Chart below, the closed sales price in August was $445 and now it is $281. This probably explains the dramatic sales increase.

Brickell Key Condos Average Price per SqFt

Brickell Key Condos Average Sales Price (000′s)

Visit the community for Brickell Key condos here.

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