Brickell Condo Sales Report – October 2016

October 2016 Brickell

Welcome to our October sales report for Brickell. This report covers every sale in Brickell during October 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 October 1st to October 31st, 2016.

If I were to summarize October 2016 in one word, the word I would use would be ” peculiar”. It wasn’t peculiar because the numbers, as expected, weren’t going to be favorable for Sellers. It also wasn’t peculiar when I noticed that the months of inventory are still high and there’s too much inventory in some towers. It’s definitely also not peculiar to see some listings drop their prices after sitting for months without offers or showings.

I found it peculiar because I expected the numbers to be much lower and they weren’t that bad after all. They weren’t the best but they also weren’t a disaster. For me, that somehow made it all right in some manner.

Everything was against the market last month. In addition to the elections, a lengthy process i’m not particularly fond of. we also became part of the hype of a hurricane that never came close in the first place. Having so many exterior forces are never good for anyone looking to make a purchase. Not only has this affected Miami but I could see it affecting other major markets in the country.

And despite everything, it wasn’t that bad. 

Out of the 58 units that sold, 7 of them were listings in the million plus range. Four of them, most noticeably, came from Santa Maria and Jade, two of several developments that have still done very well this year. There was also a substantial amount of sales in the market above half a million (one of the toughest price points in Brickell at the moment), and still relatively strong sales at the bottom of the market. It was a month that was useful to evaluate. I suggest Sellers looking to sell to look at the comparables below for research.

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!)

October 2016 Sales Report – Brickell

Total Transactions: 58

($) Volume: $32,470,734

Highest Priced Sale: Santa Maria #2602 – $3,050,000

Santa Maria Brickell October 2016
Santa Maria had two sales during October, one of which was the most expensive for the month.
BuildingList Price#BD#FB#HBUnit #Sales Price
Santa Maria$3,299,000341#2602$3,050,000
Jade Residences$2,695,000331#BL48$1,930,000
Santa Maria$2,245,000341#1002$2,246,000
The Mark$1,390,000330#PH-210$1,260,000
Carbonell$1,300,000321#706$1,150,000
Jade Residences$1,299,90023 #803$1,225,000
Brickell Key One$1,125,000321#ABH23$1,000,000
Carbonell$895,000221#1703$850,000
The Palace$799,000321#C1108$680,000
Two Tequesta Point$765,00022 #3506$730,000
Brickell Bay Club$750,00033 #PH212$700,000
The Mark$750,00022 #PH111$750,000
Icon - W Miami$699,90022 #4408$673,000
Courvoisier Courts $685,200321#2212$646,109
Icon$640,00022 #BY1006$623,700
Imperial $599,000321#1104$590,000
Brickell Place$585,00022 #A1414$570,000
Courvoisier Courts$555,000221#1402$545,000
Skyline on Brickell$515,00022 #712$533,000
Axis$475,90022 #PH4016$450,000
Icon $470,000110#2109$435,000
The Plaza$469,000220#3005$450,000
500 Brickell$464,90022 #1210$435,000
The Plaza$437,000220#2507$435,000
The Mark$435,000220#3009$420,000
Brickell On The River$429,00022 #3001$405,000
Axis$415,000220#2320-N$400,000
Brickell On The River$413,90022 #1709$407,000
500 Brickell $405,000220#2007$389,000
Mayfield Condo$399,00011 #2712$360,000
Brickell Bay Club$395,000220#1810$380,000
Jade Residences$390,00011 #904$358,000
500 BRICKELL $380,000220#1501$370,000
Fortune House$379,00022 #1906$365,000
Brickell On The River$371,17422 #1604$382,000
The Palace$369,000111#406C$320,000
Brickell On The River$359,900111#3206$340,000
Bayshore Place$359,000220#1508B$352,000
Icon$355,000110#5506$350,000
1060 Brickell$335,000111#1007$310,000
One Tequesta Point$324,900111#1801$320,000
500 Brickell$305,000110#3306$285,000
Neo Vertika$298,900111#1507$290,000
500 Brickell$298,00011 #1808$275,000
Brickell Townhouse Condo$296,00011 #PHN$289,000
1060 Brickell$295,000120#810$275,000
Brickell On The River$289,000111#1514$289,000
Fortune House$284,00022 #2510$269,000
Latitude On The River$280,00011 #4410$280,000
Fortune House$279,000220#706$250,000
1060 Brickell$260,000010#2106$255,000
The Sail $260,00011 #2002$250,000
Alice & George Condo$250,00022 #1$250,000
Brickell View$245,00021 #502$232,500
Four Ambassadors$234,900111#801$218,925
Brickell Terrace$230,000111#202$212,500
Brickell Bay Tower$221,90011 #212$210,000
The Club At Brickell Bay$179,00001 #1816$155,000

Source: Miami Multiple Listing Service (MLS). Information deemed reliable but not guaranteed

In the overall scheme, Brickell currently stands at 34 months of inventory, a very similar amount we saw earlier this year during the first quarter. As nice as it looks to see 58 sales on paper, it’s simply not enough when compared to 2300+ properties on the market (also without including pre-construction). Another clear distinction, the list/sale price differential, currently at -10%, is a giveaway on how much power is currently on buyers’ hands. 

Just like its neighboring developments further north, a subdued month in Brickell such as the one we saw in October could’ve been an indirect result of Hurricane Matthew and the elections. In my humble opinion, those factors probably affected the market but it’s not the only factor. When it comes to certain price points, there’s simply too much inventory to choose from for interested buyers.

Despite everything that happened, October 2016 showed that even while dodging a hurricane, people are still buying in Miami. I’ll continue to monitor as we go towards the end of the year, in case anything else happens that’s “peculiar”.

We are dedicated to providing the best information about Brickell Real Estate. Touch base with 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.

Thanks for reading The Miami Observer.

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