Earlier today, I began working on next month’s sales report when I recognized a listing that looked familiar. When I saw that unit 2206, a 2 bed unit that sold in 50 Biscayne earlier this month sold in less than 100 days I stopped immediately. At that moment, I remembered that it was part of a list of units I had sent to one of my clients from out of town. I actually even remember adding the words “this one will sell quickly” to that e-mail. Funnily enough, although he went on to place an offer somewhere else, I remember he wrote back a note to the tune of “no it won’t, it’ll stay on the market the whole summer”
Well guess what Tim, it sold fast…just like I said it would 🙂
As part of the “06” line, which is one of the 2 bedroom plus den units of 50 Biscayne, it is one of the most popular options in the building.. It contains over 1300 sqft as well as a space that is versatile enough to be converted into an office/room. The fact that it faces east towards Bayfront Park and the water certainly helps. As one of the most coveted units in the area, facing the park guarantees a view of the water without obstructions.
The real trick to why it sold so quickly isn’t a trick at all: if you price it right, they will come. I wouldn’t even go as far as calling it a trick, just part of running a good real estate practice. I find it funny how it’s so easy it is to forget the fundamentals.
Originally listed for $610,000 in March, the price was dropped to $595,000 in April, and was already under contract before the end of that month. In summary, the listing went from active to sold within less than 100 days of being placed on the market, an amount that is at least 50% days less than the average in the area. I attached a graph below.
Since it now takes an average of 45 days to secure a condo loan, the unit was left pending for quite some time. In my opinion, it would’ve sold even sooner as a cash deal. The sale closed on June 10th for $585,000. It was listed by Barclay’s Real Estate Group.
In Conclusion: 50 Biscayne Unit 2206
From the moment I saw unit 2206, I knew this unit would sell fairly quickly. The listing was priced right, it was in great condition, and its balcony has an amazing view. Most importantly, it was priced at a point that reflects its current market. Its listing and selling price was always within less than 5% of the latest comparable units that sold.
In conclusion, unit 2206 serves to prove that demand for condos in Downtown Miami remains strong. This listing sold the way it did by playing to its strengths and lastly, by pricing and marketing the listing correctly.
Sorry Tim, but I hate to say I told you so.
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