Now that we’re getting close towards the middle of 2016, I wanted to post an update this week on how 50 Biscayne condos have been selling since the beginning of the year.
One of the reasons I keep such a close eye on this building is purely a sentimental reason. One of the first units I ever sold in Downtown Miami was a studio unit located on the 53rd floor of 50 Biscayne. The buyer, who was originally from Europe and was moving to Florida after a stint on the West Coast, contacted me through my Zillow profile and asked me to help him find a unit after not being able to connect with two other agents. It was an incredible deal to accomplish not only because of the negotiations that took place, but also because the whole transaction was done sight unseen (the first one I ever did!). Since I wanted to make sure the buyer was well represented, I spent a lot of time educating him on the building and the neighborhood by sending him photos, videos, and local articles via e-mail. It’s been a while since then but even as I write this update I haven’t forgotten 🙂
Even though I’ve gone on to show and sell other units in other buildings, covering the sales activity on the first building I ever sold a unit on feels like going back to my roots. For quite some time, I’ve enjoyed selling condos in this building.
Sales activity on most condos has remained steady and very close to the data seen since the 3rd and 4th quarters of 2015, with more movement still occurring among the lower priced units and a moderate amount throughout $500,000+ and above market. With 45 properties currently on the market, or approximately 10% of total units in the building, anyone interested in purchasing has a good variety of properties available to choose from. Although price per square foot has shown variations depending on the floor plan, sales overall still average the $400 – $430 per sqft range.
As of today, the 9 units that have sold since the beginning of the year are:
- #4102, 3/2 – Sold on 3/11 for $790,000
- #5204, 2/2 + Den – Sold on 1/15 for $620,000
- #1506, 2/2 + Den – Sold on 3/31 for $606,000
- #4501, 2/2 – Sold on 4/11 for $425,000
- #703, Studio – Sold on 2/11 for $245,000
- #1509, Studio – Sold on 5/2 for $228,000
- #4503, Studio – Sold on 2/25 for $220,000
- #4309, Studio – Sold on 3/31 for $226,000
Additional details and information on these sales can be found here.
Average Days On The Market
Due to the steady rise of inventory in most neighborhoods, average days on the market have risen since last year, with the average listing now lasting for 4-5 months. As easy as it is to blame the rise of supply to the competition from other developments, it is worth mentioning in this update that some of the buyers I spoke with, particularly end-users, mentioned an abundant supply of tenant occupied listings and a lack of units that would enable them to move in immediately after closing. One person in particular, a relocation client who was looking to live close to where he’d work decided to purchase in a different building only because all the units that matched his criteria were tenant occupied properties.
Since many of the floor plans (particularly lines 03,04, 06 and 09) are also popular for end users looking for a primary home, one of the biggest recommendations I’ve said to Sellers with tenant occupied units is to either have an exit clause with their tenants or a month to month arrangement.
Either options will enable the apartment to attract the end user pool of buyers, a key demographic during the summer months of the year.
Update Summary – 50 Biscayne:
- % of units for sale: 8.5% of all units in the building
- Sold (as of May 6th, 2016): 9
- Average $ per Sqft: $430
- Currently For Sale: 45 Active
- Currently Under Contract: 10 Pending Sales
- Average Selling Price/Listing Price Ratio:94% as of January 1, 2016 sales
Click here to view a list of 50 Biscayne condos for sale.
Interested in other stories? Be sure to visit our Archives
Marcelo Steinmander of EWM Realty International are real estate specialists who work on providing the best local information possible. If you would like to buy or sell in Downtown Miami contact us today at 305-305-3885 or send us a message here.Thank you for reading the Miami Observer!