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.
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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