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November 2011 Downtown Miami Housing Report

Ines Hegedus-Garcia
ines@miamism.com

Before you decide to chew my ear off and tell me what the real boundaries for downtown Miami are, let's just say I picked anything South of I-395 and East of I-95, only for our real estate market reports. This will include Brickell's Financial District, Brickell Key, The Miami River on both sides, the real downtown Miami as well as The Miami Heat Condos. It's a big area to cover and includes zip codes 33128, 33129, 33130, 33131, part of 33132 and part of 33136. If you don't like the boundaries, give us a good reason for your objection on the comments section of this article and we may modify these. There are currently 1074 downtown Miami condos for sale in The Multiple Listing Service (MLS):

  • The highest priced condo is in Brickell Key at Asia.  A 4 bedroom / 5 and a half bathroom, 5,359 sf penthouse listed for $8,830,000.
  • The lowest priced condo is at Madison Downtown - a 2 bedroom / 2 bath short sale with 903 sf of living space, listed for $94,000.  Madison Downtown is located at 800 N Miami Avenue in zip code 33136
  • Pending Sales (properties under contract):  385
  • Closed Sales in November 2011:  96

The 96 Downtown Miami Condos sold in November range from a $1.95 Million Condo at 900 Biscayne Bay, to $58,000 1 bedroom short sale at Madison Downtown.  Out of the 96 condos sold, 33 were distressed sales (short sales and foreclosures), that's 34% of the sales.  The Median sale price for November Downtown Miami Condos was $259,000. Of course you've heard me say not to generalize real estate areas.  There's no way you can compare sales at 50 Biscayne to Ten Museum Park, for example.  So here's the breakdown by condo building.

BRICKELL AREA CONDOS

  • The Sail Condo - 3 sales:  $220,000, $185,000 and $155,000
  • The Plaza on Brickell - 3 sales:  $272,052,  $283,000 and $375,000
  • The Palace Condo - 2 sales:  $504,000 and $372,000
  • The Metropolitan - 1 sale at $$230,000
  • The Mark on Brickell - 2 sales at $275,000 and $300,000
  • The Club at Brickell Bay - 2 sales at $168,000 and $180,000
  • Skyline on Brickell - 2 sales at $348,000 and $500,000
  • Plaza on Brickell - 2 sales at $300,000 and $400,000
  • Mayfield Espirito - 1 sale at $295,000
  • Jade Residences - 4 sales:  $950,000 $1.25 Million $1.265 Million and $1 Million
  • Imperial at Brickell - 1 sale at $329,000
  • Icon Brickell - 6 sales:  $330,000 $276,000 $498,000 $562,600 $740,000 and $637,000
  • Four Ambassadors - 1 sale at $70,000
  • Bristol Towers - 1 sale at $415,000
  • Brickell Place Condo - 2 sales at $250,000 and $185,000
  • Brickell Park Condo - 4 sales at $110,000 $149,000 $160,000 and $210,000
  • Brickell Harbour - 1 sale at $105,000
  • Brickell East Condo - 1 sale at $244,000
  • Brickell Condo Forest - 1 sale at $225,000
  • Brickell Bay Tower Condo - 1 sale at $235,000
  • Brickell Bay Club - 1 sale at $205,000
  • Bayshores Co Op - 1 sale at $95,000
  • Axis on Brickell - 1 sale at $315,000
  • 500 Brickell - 2 sales at $345,000 and $520,000
  • 25 Bay Tower Condo - 1 sale at $130,000
  • 1060 Brickell Condo - 3 sales:  $215,900 $240,000 and $402,800

BRICKELL KEY CONDOS

  • One Tequesta in Brickell Key - 1 sale at $750,000
  • Two Tequesta in Brickell Key - 2 sales each at $595,000
  • Three Tequesta in Brickell Key - 1 sale at $1.9 Million
  • St Louis Condo - 2 sales at $325,000 and $750,000
  • Isola - 1 sale at $215,000
  • Brickell Key II Condo - 1 sale at $299,000
  • Brickell Key I Condo - 1 sale at $265,000
  • Asia Condo - 1 sale at $1.4 Million

DOWNTOWN AREA CONDOS

  • The Loft Downtown - 3 sales:  $125,000, $107,500 and $140,000
  • The Ivy - 1 sale at $209,000
  • One Miami - 3 sales:  $225,000, $320,000 and $199,000
  • Met 1 - 1 sale at $205,000
  • Madison Downtown Condo - 5 sales:  $65,000, $78,000, $58,000, $60,000 and $113,000
  • 50 Biscayne - 3 sales:  $210,000 $220,000 and $866,000

MIAMI RIVER CONDOS

  • Neo Vertika - 2 sales at $235,000 and $115,000
  • Mint - 1 sale at $230,000
  • Latitude on The River - 2 sales at $173,200 and $210,000
  • Brickell on The River - 5 sales:  $225,000 $180,000 $245,500 $199,000 and $230,000

MIAMI HEAT CONDOS

  • Marquis Residences - 2 sales at $1.85 Million and $360,000
  • Marina Blue Condo - 4 sales at $360,000, $252,000, $297,000 and $316,500
  • 900 Biscayne Bay - 2 sales at $670,000 and $1,925,000

It's always good to know how the distressed market is doing overall, it's a sure indicator of how buildings are performing and how different areas are improving.  Out of the 1074 condos currently listed for sale, 90 are short sales and 15 are foreclosures, that's a total of 105 condos and equivalent to less than 10% distressed inventory in such a large area.  This percentage was above 40% just one year ago and in some cases over 50% of the inventory was distressed.  It doesn't take a genius economist to tell you that there is a major improvement in our downtown Miami housing market. **all information obtained from the Southeast Florida Multiple Listing Service**


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