Miami Condo Sales a Notch Above Dismal

Could Miami's condo canyon be filled with people at last?

The Miami Herald reported Sunday that there were some bright lights in the once darkened multimillion-dollar condos that line Biscayne Boulevard in downtown Miami. In fact, real estate agents are reporting that units are finally moving thanks to the recent price chops in condo prices, some by nearly half.

Newer buildings in the area have started selling units for $200 to $230 per square foot, when sellers were hoping to make nearly $100 more per square foot a year ago. Older units or resales go for about $180 per square foot.
Brickell on the River South, 41 SE Fifth St., dropped it's prices from $310 a square foot to $220 a square foot early this year. By May, the prices dropped another $10 a square foot. A 981-square-foot unit that was listed at $304,000 went for $206,000. The drop in prices helped the project sell out, according to Miami Real Estate Group, which represented the building.

Sales are definitely up throughout the greater downtown Miami area. In the fall, developer-held inventory dropped to 8,486 units when the start of the year there were 10,126 on their list. Closings on developer held properties topped out at 300 a month in the fall. Earlier this year, 82 closings were the average, according to Condo Vultures, a real estate marketing intelligence company.

But not everything is a bargain. Condo Vultures reports that buyers have bought 11 developer-held units at $771 per square foot in the Four Seasons building at 1435 Brickell Ave., for a total of $21 million.
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