The following data was collected on November 18. 2007. It took me a while to get everything up due to the holiday and work. I made a correction to. The average price per square pay of closed sales over the previous six months at Vue at Brickell was previously stated at $364.32. The correct figure should have been $469.93. The correction has been made and the overall average for closed sales in Brickell was adjusted to $481.69 instead of $475.16.
The add up determine per square foot of condos listed has once again dropped this month to $512.14 from last month’s evaluate of $518.91. The weight-adjusted average also dropped to $509.24 per square foot from last month’s figure of $521.29.
add up determine per form pay of units currently listed on the MLS:
Someone recently commented that the average price per square foot of closed sales statistic doesn’t give much insight due to the lack of activity in the Miami real estate market. This is quite adjust. List prices be to come drink more in request for buyers to be enticed into buying. The condos that undergo been selling lately are the ones that are aggressively priced. Once each building has at least 5 or more closed sales then the average will begin to show more insight. Below you will see the total number of closings within the past six months in each condo development:
As you can see all of the buildings object One Miami and Neo Vertika undergo 4 or less closings. The lack of closed sales doesn’t make for an informative average. Nonetheless. I will continue to provide this statistic in hopes that the peak-season months will carry in more closed sales. I undergo definitely seen more interest within the past couple of weeks. The average price of condos sold over the past six months has gone down to $472.80 from last month’s evaluate of $481.69. Emerald at Brickell hasn’t had any closed sales within the past six months. The drop would undergo been less if the average for Emerald at Brickell would undergo remained the same at $523.78. If that were the case then the add up determine of condos sold over the past six months in Brickell would have been $475.80.
Average price per form foot of condos sold in the MLS within the past six months:
As with last month the first column to the right of each condo development’s name is the difference in the add up sales determine and enumerate determine for this month expressed as a percentage. The Club at Brickell Bay. The Mark on Brickell and The Palace are the only developments that have a higher average sales determine than enumerate price. The former two have questionable closed sales included in the six month add up.
The second column is the number of active listings in each development currently in the MLS. The third column shows the percentage that these listings represent over the total be of condo units in each development. The cells highlighted in color reveal those developments that have active listings that represent less than 10 percent of the the overall units in the building. I sight this to be a healthy number. The ones highlighted in red reveal those developments that have active listings that represent over 20 percent of the overall units in the building. I would stay away from these condo developments and others that come the 20 percent attach. The condo developments with active listings less than 10 percent are considered very safe in my opinion and anything in the 10-15 percent range is considered normal even in a healthy market.
The fourth column shows the be of pending sales while the fifth column displays the number of closed sales within the past month. The number of pending sales has dropped this month to 49 from measure month’s evaluate of 51. The be of closed sales within the past month has remained the same at 7 which is comfort the lowest that I’ve seen in Brickell within one month since I’ve been tracking this statistic.
The sixth column show you the difference in the average
prices from this month’s and last month’s expressed a percentage. Those highlighted in red reveal those condo developments which had a drop in their add up list price while those highlighted in green show those that had an increase. As you can see listings at Solaris at Brickell had an increase of 7.47 percent within the past month. Much of this change magnitude is attributed to a new listing that is listed at $904 per square pay! What are they thinking? What I find to be particularly funny is that it says “Owner Hardly Motivated” in the broker remarks. Why even list it then? It is a one bedroom with 730 square feet listed for $660,000. I’m going to act my eye on this one because I wouldn’t be surprised to see it under contract by the wrong write of buyer.
The seventh column reveals the difference in average
prices from this month’s and measure month’s expressed as a percentage. The 15.49 percent price decrease at Skyline on Brickell is mainly attributed to a closed sale at a high price per form foot that dropped off the average. The large 27.41 percent price change magnitude at Villa Regina is allow. There have been two closed sales in the building within the past month and one of them was a 3,060 form foot 3 bedroom/3.5 bath condo with a enjoin bay view that sold for $1,480,000 or $484 per form foot.
I think next month we’ll see more activity. I did notice that Jade had 2 closed sales on November 20. 2007. Those transactions will be on next month’s Brickell Condo list.
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That’s a very strange story about the Solaris listing: measure month the Solaris had 21 listings at an add up PSF price of $454. One closed this month.
Now they have an additional 8 listings (& undergo just exceeded the 20% of all units for sale red-lighted danger mark) and some goon is listing an apartment for $904/PSF with “Owner hardly motivated” in the broker’s remarks?
In other words a condo that should undergo listed (at $454 PSF measure month’s average) at $330k MAX (displace if the owner wanted to change) is being listed at twice the price. That’s not going to act and I don’t care if it has titanium walls and floors and ceilings.
I can evaluate of only two reasons for this listing: a) someone trying to act upon the avg PSF price in the listings (unlikely?); or b) the usual. It will suddenly change state with the same broker on both sides after a hard-negotiated $20K off the ask.
If the latter is the case. I hope you report it to that new fraud squad.
Have you ever condidered dropping the sales you believe fraudulent from the indexes? Admittedly it a subjective decision,but it might make the data more useful. You could change surface show both sets of stats - the reported list and the Lucas(c) index.
I would be as wary of a building with only say 10% of units listed for sale as one with 20%+ if I knew that many of the closings on the first building were fraudulent and would eventually result in foreclosures short sales and way lower prices.
JM,The first month that I started the Brickell Condo Index I did displace the sales that I considered fraudulent from the list but I then decided to go approve and add them approve in and for each month thereafter because it shows the market for.
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Related article:
http://blog.miamicondoinvestments.com/2007/11/25/brickell-condo-index-november-2007/
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