Greater Downtown Miami's Priciest Condos Trade At 9% Discount In Q3 2013 Published on 10/15/2013 3:01:00 PM
Buyers achieved an average discount of nearly nine percent off of the original asking price for Greater Downtown Miami's priciest luxury condo resales in the third quarter of 2013, according to a new report from CondoVultures.com.
Between July and September of 2013, buyers - in unrelated transactions - paid a combined $27.7 million - an average of more than $800 per square foot - for the 10 priciest luxury condo resales in the Greater Downtown Miami market that stretches from the Julia Tuttle Causeway south to the Rickenbacker Causeway, and Biscayne Bay west to Interstate 95, according to an analysis by the licensed Florida brokerage CVR Realty™.
Prior to the transactions, these luxury condo units were originally put on the resale market for a combined $30.4 million for an average of about $881 per square foot, according to an analysis based on Florida Realtors association data.
CondoVultures.com is scheduled to profile condo trends in the third quarter of 2013 in the 10 largest coastal markets in the tricounty South Florida region of Miami-Dade, Broward, and Palm Beach counties beginning the week of October 14, 2013.
| 1 || Asia |
| Brickell Area || 5 || $6,633,000 || -22% |
| 2 || Santa Maria |
| Brickell Area || 5 || $4,650,000 || -3% |
| 3 || Jade Residences |
| Brickell Area || 4 || $2,520,000 || -3% |
| 4 || Jade Residences || Brickell Area || 4 || $2,345,000 || 23% |
| 5 || Santa Maria |
| Brickell Area || 3 || $2,200,000 || -7% |
| 6 || Vizcayne || Downtown || 3 || $2,133,900 || -4% |
| 7 || Asia || Brickell Area || 3 || $2,100,000 || -12% |
| 8 || Carbonell |
| Brickell Area |
| 4 || $1,800,000 || -4% |
| 9 || Epic || Downtown |
| 3 || $1,787,500 || -10% |
| 10 || Onyx On The Bay || Biscayne Corridor || 3 || $1,550,000 || -11% |
As of October 15, 2013, less than 10 luxury condo resales - with a minimum asking price of $1.7 million - are under contract in Greater Downtown Miami waiting to transact at an average of nearly $750 per square foot, according to the data.
More than 85 additional condo resales are actively available - at a minimum asking price of at least $1.7 million - on the market at an average of nearly $970 per square foot, according to the data.
The luxury condo resales do not reflect any deals that may have transacted without being marketed on the Multiple Listing Service.
It is important to note there are various stages to a residential real estate transaction in South Florida.
A transaction begins when a property is made available for sale and ends when a title is conveyed from one party to another party as a result of the recording of a deed with the local government.
As part of the process, a property typically goes under contract and into a due diligence phase by which a deal can be canceled.
The CondoVultures.com new condo sales report is based on completed transactions where a deed is recorded and taxes paid as a result of the sale.
Condo Vultures® LLC is a real estate consultancy and marketing company based in the 225 Midtown Building at 225 NE 34th St., Suite 209B, Downtown Miami, Florida, 33137. Condo Vultures® LLC can be reached at 800-750-0517.
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