Ever heard of the phrase “better late than never”? For unit #4108 at Epic Miami, I can’t think of a better quote that summarizes this unit’s year long sale odyssey. I don’t think Drake was referring to real estate when he quoted the term on his 2010 hit “Fancy”, but it fits this case very well.
Listed by Cervera Real Estate, the condo was originally listed for $1,290,000 in May 2015. It was then dropped in price to $1,170,000 later that year only to have it finally dropped to $950,000 in March. Final sale price? $850,000/$566 sqft. Not a bad deal given the fact that smaller units have sold for more in the last 6 months.
By the time unit #4108 sold earlier this month, it was by far one of the least expensive units in the 08 line that was available. A favorite among those familiar with the building, the 08 line also happens to be a personal favorite of mine because of its southern exposure, with its amazing views of the Miami River and Brickell. It’s perfect for those looking for a view that’s spectacular both in the daytime and also after dark. The 2 bedroom, 2 1/2 bath unit also came with a den as well as premium porcelain finishes and built out closets.
#4108 should provide a picture of the price corrections currently happening in the Downtown Miami market. With more units sitting on the market for longer (in this case a year), a trend has begun to take shapes on units selling for less. In this property’s case, a sale price of $850,000 it’s certainly not bad if compared to some of the units that are currently for sale. I did a quick search online and was surprised to see that the next “least expensive unit” is #3908, currently on the market for $1,050,000. The prize baffles me, particularly because no 2 bedroom unit has sold at Epic for over $900,000 in 2016. Remember all the articles I’ve posted about not following the comparable sales? listing units without following the sales data is the reason why we can’t have nice things anymore.
With over 75 units for sale or approximately 21% of the whole building currently for sale and only 7 properties sold since the beginning of 2016, it’s clear that units are not selling faster not because there aren’t buyers interested in living at Epic, but because they don’t want to pay above market price in a market with as many options as Miami’s.
It’s true that late is better than never, but it’s much better to not be late in the first place. For everyone else still trying to sell their unit, it’s still not too late to get it sold for top dollar this year.
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