December 9th, 2008
Miami, Florida

Today, the Miami Condo Lifestyle team will start publishing a series of articles on the
changing dynamic in condo sales activity in Miami and Miami Beach, Florida.

Initially, we will focus on the distressed buildings with the highest percentage of closed sales for 2008. Our research shows that the Club at Brickell Bay, Vue at Brickell, Mark on Brickell, Skyline at Brickell and the Jade at Brickell are the top five buildings in terms of sales for 2008 in Miami.

Depending on one’s opinion about the Miami condo market, these buildings are either
tremendous opportunities or properties to be avoided.

Let’s take a closer look at the Club at Brickell Bay, which was completed and sold out in 2004. This property is located at 1200 Brickell Bay Drive and has been the poster child for distressed condos. With 642 available apartments this is a large, 43 story high-rise facing Biscayne Bay located at the heart of the Brickell Financial District.

The Club at Brickell Bay offers amenities including valet parking, attended front desk and 24 hour security, swimming pool, high speed elevators, covered garage parking, fitness center, cable TV and high speed internet access.

Club at Brickell Bay Condos

Club at Brickell Bay Sells Ten Percent

So far thru December 9th, 2008, sixty-three (63) apartments or ten percent have been sold. All but two of these were bank-owned foreclosure properties that had been reduced in price.

Of the sales, fifty two have closed and eleven are expected to close this month. Heres a chart of the sales activity.


Status Club at Brickell Bay Average
List Price
Average
Sale Price
Units
Sold
List Price
per SqFt
Sold Price
per SqFt
Closed Q1 One Bedrooms $314,900 $312,000 2 $382 $378
Closed Q2 One Bedrooms $202,127 $184,870 15 $245 $227
Closed Q3 One Bedrooms $157,535 $155,710 17 $210 $192
Closed Q4 One Bedrooms $147,450 $150,733 12 $182 $187
Closed All One Bedrooms $172,992 $167,478 48 $213 $206
Closed All Two Bedrooms $258,665 $237,100 3 $234 $215
Closed All Three Bedrooms $294,225 $288,500 1 $239 $234

The significant information here is that all but two of the sales in the Club at Brickell Bay this year have been bank-owned properties. Please note the descending prices from the Q1 data to the Q4 data and the rising sales number each quarter from two to twenty-three for the last quarter.

Currently, there are eleven pending sales which are expected to close this December. Please note the Average Prices are lower than the previously Closed sales.


Status Club at Brickell Bay Average
List Price
Pending List Price
per SqFt
Pending All One Bedrooms $156,917 9 $190
Pending All Two Bedrooms $185,400 2 $162
Pending Total Pendings $162,095 11 $185

There are ninety-six condos being offered for sale at the Club at Brickell Bay. Six (6) of them are bank owned,(see row 1 in the table below) and ninety are being offered as short sales.


Status Club at Brickell Bay Average
List Price
For Sale List Price
per SqFt
Price Range
Available Two Bedrooms- Bank Owned $214,559 6 $197 $199,900 to $219,900
Available Studios $143,833 8 $336 $99,000 to $235,000
Available One Bedrooms $281,902 51 $344 $139,000 to $620,000
Available Two Bedrooms $408,742 21 $367 $199,000 to $860,000
Available Three Bedrooms $494,878 9 $392 $325,000 to $720,000

Even though, fully fifteen percent or ninety-six apartments at the Club at Brickell Bay are currently for sale, the accelerating pace of bank foreclosure and bank owned offerings has pushed the sales turnover and eventually all the distressed properties will be cleared and the building can return to a healthy financial position.

If you are interested in purchasing at the Club at Brickell Bay, please contact us at 1-800-433-5960…TOLL FREE.

All data is from the Southeast Florida Multiple Listing Service and Miami-Dade county records.

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