Considering the Brickell Condo Market?
In a sign that the Brickell Condo Market is improving, properties are taking less time to sell than a year back. The first quarter of the year for the Brickell Condo Market is shaping up to be a time of rebounding sales and prices.
Brickell condo sales are up by a slight margin from a year back rising to a level of 206 closed sales to date, up from 200 in the first quarter of 2010. Average sales prices have also improved to $259 per square foot, up from $253 the previous year. Obviously being a full time Brickell realtor who resides in Brickell, I have personally experienced this trend and I am seeing a return to a healthy market.
Unfortunately, the Brickell Condo Market isn’t that simple! Buildings in the Brickell market, just like specific neighborhoods throughout Miami, are performing at their own pace. For example 1060 Brickell, located at 1060 & 1050 Brickell Avenue. Sales have slightly increased as compared to a year ago, from 3 sales in the first quarter to 4 sales year to date. Average sales prices have also improved up to $257 per square foot from a previous level of $235 in the first quarter of 2010. In an unusual trend for the current Brickell Condo Market, units in 1060 & 1050 Brickell are taking considerably longer to sell.
The Plaza, one of the newer prominent buildings on Brickell Avenue, is a tale that has a brighter outlook. The Plaza on Brickell has shown signs of improvement in all aspects from a year ago. Sales are up from 2 to 12 closed sales year to date, average sales prices have increased from $277 per square foot to $312 per square foot and units are also taking less time to close with an average of 85 days down from 132 days.
All in all, the Brickell Condo market is and has been showing signs of improvement. Despite the varying pace each building is exhibiting, as a community, it is moving towards stabilization. With prices leveling or rebounding, more condo units closing, and condo units selling off faster it’s a win win situation for buyers and sellers alike!
For a live feed to available Brickell Condos visit www.eddielarosa.com and search the search properties feature.
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