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Greater Downtown Miami's Priciest Condos Trade At 24% Discount In 2012
Greater Downtown Miami's Priciest Condos Trade At 24% Discount In 2012
Published on 1/14/2013 10:21:00 PM

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Buyers achieved an average discount of nearly 24 percent off of the original asking price for Greater Downtown Miami's priciest luxury condo resales to transact in 2012, according to a new report from CondoVultures.com

Between January and December of 2012, buyers - in unrelated transactions - paid a combined $31 million - an average of more than $750 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 $40.6 million for an average of about $985 per square foot, according to an analysis based on Florida Realtors association data. 

CondoVultures.com is scheduled to profile condo trends in the fourth quarter of 2012 in the 10 largest coastal markets in the tricounty South Florida region of Miami-Dade, Broward, and Palm Beach counties beginning the week of Jan. 14, 2013.

The Condo Vultures® Market Intelligence Report™ is scheduled to publish a 10-part weekly series that analyzes the markets of Greater Downtown MiamiSouth BeachBal Harbour / Surfside / Bay Harbor IslandsSunny Isles BeachAventuraHollywood / Hallandale BeachDowntown Fort Lauderdale and the BeachPompano BeachBoca Raton / Deerfield Beach, and Downtown West Palm Beach and Palm Beach Island.

This is a ranking of Greater Downtown Miami's 10 priciest condo resales - with a minimum asking price of $2.5 million - to transact between January and December of 2012: 

 RANK   PROJECT   AREA   BEDS   RESALE PRICE   DISCOUNT 
 1  Santa Maria
 Brickell Avenue   4   $4,250,000   -6% 
 2   Four Seasons Residences  Brickell Avenue   3   $3,400,000   -21% 
 3    Four Seasons Residences 
 Brickell Avenue   3   $3,350,000   -11% 
 4   Asia   Brickell Key  6   $3,300,000   -63% 
 5   Four Seasons Residences
 Brickell Avenue   3   $3,000,000   -12% 
 5    Santa Maria   Brickell Avenue   4   $3,000,000   -9% 
 7   Santa Maria   Brickell Avenue   4   $2,950,000   -9% 
 8   Bristol Tower 
 Brickell Avenue 
 5   $2,600,000   -19% 
 8   Carbonell   Brickell Key 
 3   $2,600,000   -10% 
 10   Asia    Brickell Key   4   $2,581,000   -14% 

As of Jan. 14, 2013, less than five luxury condo resales - with a minimum asking price of $2.5 million - are under contract in Greater Downtown Miami waiting to transaction, according to the data. 

More than 30 additional condo resales are actively available on the market in Greater Downtown Miami with a minimum asking price of at least $2.5 million, 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.

Don't forget to sign up for our weekly Market Intelligence Report™ for detailed condo reports to stay informed on the latest market trends and to find out about our various Condo Vultures® Seminars. Looking for a property at a deep discount? Take a peek at the Vultures Database™ or view our Video Library. Looking for bulk projects direct from developers or lenders? Visit the Condo Vultures® Bulk Deals Database™. Our new books, the Official Condo Buyers Guide to Miami™Official Condo Buyers Guide To South Beach™Official Condo Buyers Guide to Sunny Isles Beach™Official Condo Buyers Guide to Downtown Fort Lauderdale and the Beach™Official Condo Buyers Guide to Hollywood / Hallandale Beach™Official Condo Buyers Guide to Downtown West Palm Beach™, and Official Condo Buyers Guide to Boca Raton / Deerfield Beach™, are now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure Database™.

© Copyright 2013. Condo Vultures® LLC. All Rights Reserved.  


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