The Blue Condo has been an interesting story this year to say the least. The 329 waterfront development is currently not only among the top selling in Edgewater, but also in all of Downtown Miami. It’s a pleasant story to share with others but for someone who studies this building, it’s also not a story that couldn’t have been predicted long ago.
In the midst of an election year and a shortage of foreign action in our local condo market, most of the Buyers we’ve spoken to over the last few months have shifted their focus on finding properties where the value of the building can be felt the moment you step foot inside, rather than placing their cash on risky power plays and speculation. With its unobstructed water views, affordable prices, and a firm presence in the sought after neighborhood of Edgewater, units at The Blue Condo simply offer more for the money than competing units in the same area.
The activity of The Blue Condo is a lot different and almost unique if compared to our current market. I was surprised to discover that so far this year, the demand for larger units as well as penthouses is a lot greater than the 1 bedroom floor plans. Of the 8 total units that sold, 5 of them were 2 bedroom and two of those 5 were penthouse units on the 34th floor.
On a price per square foot basis, most of the units currently ask or have sold in the between the $370 – $500/sqft range, a much lower amount compared to other buildings with the same amenities. In my humble opinion, the spontaneous rise in interest in the building comes down to this: Blue as a whole offers the opportunity to live in the city and have a unit facing the water at a much more attractive price.
This as a whole, has allowed The Blue’s prices to go up over time.
Currently, 20 units are still for sale (6% of the building) and 4 pending sales are set to close soon. Price ranges begin at $319,900 for a 1 bedroom unit on 08 line to up to $1,300,000 for a 31st floor 2 bedroom unit on the 12 line.
The 8 units that have sold this year were:
- PH #3407, 2/2.5 – Sold on 4/20 for $905,000 (full story on this sale available on this earlier post)
- PH #3202, 2/2 – Sold on 3/22 for $495,000
- #2603, 2/2.5 – Sold on 1/20 for $435,000
- #2502, 2/2.5 – Sold on 4/29 for $417,000
- #1301, 2/2.5 – Sold on 5/05 for $390,500
- #2108, 1/1.5 – Sold on 1/05 for $342,000
- #1111, 1/1.5 – Sold on 3/22 for $325,000
- #3011, 1/1.5 – Sold on 2/24 for #313,000
Click here for additional details on the units that sold so far this year.
Average Days On The Market
Average days on the market are among the lowest around and have actually decreased over time. Although the median based on the closed sales is 98 days on the market, it’ worth noting that 3 of the last 9 sales sold in less than 60 days. Why are they selling faster? There’s no sole reason as to why but most of the data reflects once again on the overall price per square foot compared to other units in Edgewater, a balanced amount of inventory, and the generous amenities and views that are part of living here as a whole.
As a matter of fact, the months of inventory reflected below show that The Blue Condo is one of the few developments around where its apartments are taking less time to sell.
- Although the current reports show that 2 bedrooms units are currently selling far more than the smaller units, this may not be the norm for long. Of the 20 units currently for sale, there are only two 1 bedrooms available. Do you own a 1 bedroom at The Blue and are thinking of selling this year? Summer looks like a good time to get a deal done.
- The most distinctive feature of this development will always come down to the water views that can be seen from the floor to ceiling windows. If you haven’t done any maintenance to them, it wouldn’t hurt to invest in Windex and doing some cleaning.
- There’s a happy hour today at the lobby between 6 – 8 pm where champagne will be served along other refreshments. The association should do these once a month 😉
Update Summary – Blue Condo:
- % of Units For Sale: 6%
- Sold (as of May 12th, 2016): 8
- Average $ per sqft: $478
- Currently For Sale: 20 Active
- Currently Under Contract: 4 Pending
Click here to view condos for sale currently available at The Blue
Interested in other information on the building? 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!