Jun 01, 2009
To those who follow the Miami Dade condo market, names like The Club at Brickell Bay, The Vue at Brickell, Blue Lagoon and Parc Central are not new. In 2008, these buildings topped the charts for the most foreclosures. Now they are among the most active selling buildings showing significant sales activity in the first quarter of 2009 according to a recent study by CondoReports.com.
“It is no coincidence that many of last year’s top foreclosure buildings are among the most active in 2009. Many banks have taken ownership of units in these buildings and are looking to get out. Banks, either through short sales or units they own as a result of foreclosures, are the most active sellers in today’s market as they are willing to accept market prices,” says Adam Cappel, President of CondoReports.com.
“It is no coincidence that many of last year’s top foreclosure buildings are among the most active in 2009. Many banks have taken ownership of units in these buildings and are looking to get out. Banks, either through short sales or units they own as a result of foreclosures, are the most active sellers in today’s market as they are willing to accept market prices,” says Adam Cappel, President of CondoReports.com.
Activity among the ten most active selling buildings in the first quarter of 2009 averaged more than 29 sales per building – or one sale every three days. These top selling buildings, which account for only one half of one percent of the building tracked in the study, accounted for over 11 percent of all condominium sales activity in Miami Dade County.
“This kind of sales activity concentrated into a few buildings is truly remarkable. It also shows that these buildings are going through a normal cleansing process where banks are foreclosing on owners that aren’t paying and selling the units after they get control. These buildings are moving towards stability as speculative investors and thinly capitalized owners are being replaced with either owner occupant or well capitalized, patient investors buying in at a much lower cost,” says Cappel.
Joining these foreclosure buildings as one of the most active in terms of unit sales is Brickell on the River South. Unlike the other buildings on the list, Brickell on the River South is a new building that has not suffered from the wave of foreclosures the other have.
“The sales activity seen in Brickell on the River South is evidence of an astute developer that is willing to cut prices to achieve sales velocity after pre-construction buyers have backed out. The developer is sitting on inventory and is accepting market prices to get sales,” says Cappel.
To view free reports on these buildings or any of nearly 2,000 other buildings or markets in Miami-Dade County, please visit www.CondoReports.com.
“This kind of sales activity concentrated into a few buildings is truly remarkable. It also shows that these buildings are going through a normal cleansing process where banks are foreclosing on owners that aren’t paying and selling the units after they get control. These buildings are moving towards stability as speculative investors and thinly capitalized owners are being replaced with either owner occupant or well capitalized, patient investors buying in at a much lower cost,” says Cappel.
Joining these foreclosure buildings as one of the most active in terms of unit sales is Brickell on the River South. Unlike the other buildings on the list, Brickell on the River South is a new building that has not suffered from the wave of foreclosures the other have.
“The sales activity seen in Brickell on the River South is evidence of an astute developer that is willing to cut prices to achieve sales velocity after pre-construction buyers have backed out. The developer is sitting on inventory and is accepting market prices to get sales,” says Cappel.
To view free reports on these buildings or any of nearly 2,000 other buildings or markets in Miami-Dade County, please visit www.CondoReports.com.
TOP SELLING BUILDINGS ‐ FIRST QUARTER 2009
Rank Condo Building CondoReports.com Submarket Sales
1 Shoma at Keys Cove Homestead/Florida City 50
2 Mandarin Lakes South Miami Heights/Richmond West 32
3 Bluewaters Subdivision Country Walk / Hammocks 32
4 The Club at Brickell Bay Plaza Brickell North 31
5 The Greens at Doral Doral / Medley 27
6 Shoma Townhomes at Keys Cove Homestead/Florida City 26
7 Vue at Brickell Brickell North 25
8 Parc Central Aventura South Aventura South 22
9 Brickell On The River South Tower Brickell North 21
10 Blue Lagoon Miami Airport South 21
Total Sales 287
Source: CondoReports.com
About the Study
The study is an analysis of closed sales in the first quarter sales. The study analyzes closed sales in nearly 2,000 condominium buildings with 50 units or more throughout Miami Dade County. The study specifically excludes 2008 and 2009 construction condominiums as it is likely that many of the sales closing in these buildings are from pre-construction contracts and do not represent recent activity.
About CondoReports.com
CondoReports.com provides reports on nearly 2,000 condominium and townhome buildings and 90 submarkets in Miami Dade County from Homestead to Aventura. CondoReports.com’s mission is to empower all condominium market participants by providing access to the best and most useful information on buildings and markets.
CondoReports.com provides reports on nearly 2,000 condominium and townhome buildings and 90 submarkets in Miami Dade County from Homestead to Aventura. CondoReports.com’s mission is to empower all condominium market participants by providing access to the best and most useful information on buildings and markets.
