Let's take a look at the first quarter sales and home values report for Brickell Key Miami Florida. Here i will analyze closed sales, market trends, financing, distress sales such as REO Bank Owned foreclosures and short sales impacting the real estate market in Brickell key. Also Average days on the market for a condo to get sold, median sales price, percentage of listed price reduced, percentage of cash purchase and all of this on 4 price segments affordable market (less than $300,000), Mid range ($300,000 to $500,000) Luxury Condo Market ($500,000 to $1M) and Ultra Luxury (1Million up).
As shown on the chart, affordable sales did not get a price reduction and in some cases purchase price was higher than listed price a huge impact on this market segment is the availability of short sales and REO (bank owned properties or foreclosure sales.
In condos in the Mid Price Range a reduction was light only an average of 4.6% from listed price this indicates that sellers with the assistance of Realtors are pricing properties in Brickell Key in response to a buyer's market.
In the Luxury market however a deeper discount was given with an average of 13% from listed price. The median sales price on this segment was $415,000.
The Ultra Luxury Market however was the most affected on the first quarter of 2010. sellers agree to an average discount of 39% to get their Brickell Key Condo Sold. The median sales price on this segment was $1.3M.
How much sellers had to reduced the Listing Price to get it sold?
Sellers had nothing or very little to discount on the affordable market and many were sold over the asking price, again we see the influence of distress property sales such as short sales and foreclosures.
Mid range price category reduced only 4.6%
Luxury only 13% and ultra luxury 39% as discussed above.
How long did it take to sell a condo in Brickell Key?
In the first quarter of 2010 ending on April we can see how long properties are taking to sale in all different price segments.
The affordable and mid price range were very close with 146 and 148 days on the market respectively. This is almost 5 months of marketing efforts to get it sold not closed.
Luxury properties were very desirable and well priced with half the time it took to affordable and mid range properties. Luxury Condo Market had an average of 86 days on the market approximately 3 months to get it sold.
The Ultra Luxury market took the longest time with 203 days almost 7 months which at the end is not bad at all considering is a buyer's market and these properties are over $1milliion dollars.
How much was the sales price for closed sales condos in Brickell key during the first quarter of 2010?
The affordable market had a median sales price of $215,000 these are all condos for less than $300,000
The Mid price range condos had a median sales price of $415,000. This price segment is between$300,000 and $500,000
The luxury market had a median sales price of %555,000. These properties are between $500,000 and 1 Million.
The Ultra luxury market had a median sales price of $1,385,000. These properties are those for 1Million and up.
How many condos were sold during the first quarter of 2010 in Brickell Key?
Affordable market was without a doubt the most sold price segment in Brickell Key again influenced by bargains such as short sales and bank owned foreclosure sales. with a total of 23 condos sold in the first quarter of 2010.
Mid range condos and luxury condos were also sold at almost the same amount 11 and 10 respectively.
Ultra Luxury on the other hand is for those very few, only 4 sold in the first quarter however not bad at all.
How buyers purchase condos in Brickell Key. Did they use financing or purchase cash?
Affordable market was the King in cash deals. Buyers were competing with other buyers and lenders favored cash deals over financed purchases. With more than half of all cash transactions in Brickell Key, the affordable market was influenced by investors. What's next a lot of rentals in this price segment market in the near future. Tenants will have an edge in getting good rental deals in the affordable Brickell Key condo market.
The Mid Range condo market also saw a share of distressed sales and reflected the same with competition between investors, 22% of all cash sales were done in this price range. We are talking about a median sales price of $415,000. Brickell Key is very desirable between investors from all over the world!
The Luxury market also got its share of cash buyers with a 15% however financing was more predominant in this price segment.
Only 7% cash buyers purchase a ultra luxury condo on Brickell Key, Which is great after all buyers had to pay more than a million in cash.
How many foreclosures and Short sales dominate the Brickell Key Condo Market?
Affordable market is the most affected with 74% of short sales and foreclosure sales which lure the majority of investors.
The Mid Rang Market also had a 19% of short sales and bank owned sales. Almost 1 quarter of all sales in the beginning of 2010.
The luxury market had only 7% of all sales were distressed sales
Ultra Luxury Market was free of distressed sales.
Data obtained rom the South East MLS System
Photos of Brickell Key and Map Location