There are ten completed buildings along the Miami River near Brickell area. Several have become great buying opportunities for the serious investor. There are two different situations developing in this neighborhood.
One affects the early buildings like One Miami, Neo Lofts, Neo Vertika and Brickell on the River North. These have a high number of foreclosures and short sales which will become foreclosures. The opportunity here is to get a bank-owned unit. These buildings are struggling, they have a very large percentage of their units for sale (see chart below) and they are probably not collecting all the maintenance fees which are due monthly. These buildings are very risky!
The second group are the newer buildings like 500 Brickell, Brickell on the River South, Ivy at Riverfront and Wind by NEO, which have no foreclosures or short sales because most of the speculators who contracted to buy in these buildings decided not to close and walked away from their deposits. I have seen units go for fully twenty (20) percent off the original pricing. The developers have not yet sold enough units to pay out their banks so they are making “deals”. The risk here is to know what the units should be selling for as there are no “comps” in the Multiple listing Service”!
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. The developers are motivated.
This tables shows all ten Miami River Brickell condo buildings. To visit our pages for each building just click on the building name.
| Building Name | Total Units |
Units For Sale |
Percent | Closed Sales |
Short Sales |
Avg List $ per SqFt |
Avg Sold $ per SqFt |
Year Built |
|---|---|---|---|---|---|---|---|---|
| Neo Lofts | 210 | 23 | 11.0% | 6 | 4 | $219 | $222 | 2003 |
| Brickell on the River North | 708 | 62 | 8.8% | 1 | 13 | $288 | $288 | 2005 |
| One Miami East | 450 | 68 | 15.1% | 3 | 14 | $328 | $302 | 2005 |
| Neo Vertika | 443 | 76 | 17.2% | 5 | 21 | $252 | $240 | 2006 |
| One Miami West | 450 | 73 | 16.2% | 5 | 20 | $304 | $290 | 2006 |
| Latitude on the River | 427 | 50 | 11.7% | 4 | 1 | $346 | $312 | 2007 |
| 500 Brickell | 633 | 6 | 0.9% | see note | see note | $462 | TBD | 2008 |
| Brickell on the River South | 319 | 25 | 7.8% | see note | see note | $378 | $353 | 2008 |
| The Ivy Riverfront | 500 | 20 | 4.0% | see note | see note | $485 | TBD | 2008 |
| Wind by Neo | 489 | 20 | 4.1% | see note | see note | $408 | TBD | 2008 |
| Total | 4839 | 447 | 9.2% | 30 | 78 | $335 | $279 |
As you can see from the chart below the average price has started back up in the last two months while the asking prices continue to drop. This is because savvy investors have been buying.
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Brickell Miami River Condos Average Selling Price (000’s)
To see which residences are currently available for sale or rent contact the Miami Condo Lifestyle team at 800-433-5960 for up to the minute information. Join us in Paradise, live life with a view and enjoy the Miami Condo Lifestyle!
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