Welcome to our November sales report for Brickell. This report covers every sale in Brickell during November 2016. Our reports take pleasure in including all the sales of each individual building in the area. If you’re interested in a personal copy or would like an extensive report on any of the featured developments call us today at 305-305-3885 or send us a message here. Don’t see your community? Let us know and we will have it featured for you! The properties seen here were listed and sold by various South Florida MLS participants from November 1st to November 3oth, 2016.
Holiday season is upon us! The buildings of Brickell Ave, already gleaming with its seasonal decorations, show that Miami is more than just palm trees and sand. Despite this, our weather continues to remain warm, leading some of our younger members in the city to wonder whether winter even exists here. Am I complaining? Absolutely not. Some may call the lack of cold mundane or disproportionate. Personally, I think it’s the opposite. But since I enjoy spending most of my small amount of free time at the beach, some may find my views a bit biased at best.
Despite our warm temperatures in the air, the same can’t be said with our current condo inventory.
Looking at the numbers overall, Brickell’s November 2016 trends shows a wide degree of frost in its thermometer. Despite the fact that there were 42 sales and great overall consistency, the amount of supply, at 41 months, is still much higher than our current demand. The average list/sale price ratio continues to trend downward, currently at 87% while average days on market are still beyond 100+ days. Winter is here and even if we don’t need to wear sweaters, you can feel the chill.
Most importantly, however, is the average price per sqft. Based on the numbers right now, we’re currently at an average of $372/SF which is approximately 10% less than what we saw last year. With this number in mind and with more listings beginning to adjust their prices, I wouldn’t be surprised if I saw a wave of new buyers coming back, hoping to find a deal. We may begin seeing this as early as the first quarter of 2017.
If you’re a Seller that’s looking to put your unit for sale, be prepared to:
- In most cases, wait longer than typical to sell
- Face competition among other listings in the same building and others as well
- Price your unit correctly from day one
Please see the table below for the breakdown in sales (buildings with no sales for the month are not included on the list, better luck next month!)
November 2016 Sales Report – Brickell
Total Transactions: 42
Highest Priced Sale: Jade Residences #3307 – $1,647,000
|Building Name||List Price||# Beds||# Baths||Unit #||Sale Price|
|Three Tequesta Point||$885,000||2||2.5||#3905||$822,000|
|Brickell Key II||$740,000||3||3||#1523||$650,000|
|Icon - W Miami||$660,000||2||2||#2310||$635,000|
|Imperial at Brickell||$660,000||3||2.5||#2504||$640,000|
|Two Tequesta Point||$439,000||1||1.5||#2007||$432,000|
|Brickell On The River||$310,000||1||1.5||#2214||$299,500|
|The Plaza On Brickell||$307,300||1||1||#1902||$280,000|
|Brickell On The River||$302,500||1||1||#2505||$288,000|
|Brickell Key II||$269,000||1||1||#1614||$253,000|
|Latitude On The River||$179,000||0||1||#2106||$174,000|
|Four Ambassadors Condo||$167,800||0||1||#1023||$159,139|
Get ready for our end of the year sales report coming soon! We will be doing an overall breakdown on how 2016 was for Brickell and Downtown as well as what to expect next year. It will be a must read for anyone looking to buy or sell in the area!
Last but not least, we are dedicated to providing the best information about Brickell Real Estate. Call us today at 305-305-3885 or send us a message here if you’re interested in buying or selling in the area. Our local knowledge of the market, combined with our experience will enable us to provide you with the best possible results