Welcome to our latest monthly sales report for July 2016! Our reports take pleasure in including all the sales of each individual building in the Downtown Miami 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 July 1st to July 31st, 2016.
Summer this year has certainly been interesting for Downtown Miami real estate. After a huge surge of sales as seen in June’s report, July dialed the action down a bit. Compared to last month, July 2016 had 22 sales with a total dollar volume of around $8.4 million dollars in total. This may seem like a lot but as I said before, summer months are often less active than the winter months in our market. Nevertheless, I do want to point out that there are 59 units listed as pending as of today’s date. There’s a good chance that July could’ve been a lot more active than it seems on paper and some of these units have simply not closed yet. I will make updates to this post if any of these units actually closed beforehand.
Despite the figures and the statistics, there’s a silver lining to having a slow summer. Sellers still looking to sell before the end of the year should take advantage of this time to make any price corrections now rather than later. I’m ashamed to admit that as of late, the amount of overpriced inventory I’ve seen is quite high, which makes those units impossible to sell to buyers looking to finance a purchase. My advice is simple: Price your homes where they should be priced.
Doing the right corrections now will definitely help sell the unit by the end of the year if not before. My phone has continued ringing with many prospects from all around the world who would love to buy.
Please see the table below for the breakdown in sales (buildings with no sales for the month are not included on the list, better luck next month!).
July 2016 Sales Report – Downtown Miami
Total Transactions: 22
($) Volume: $8,455,500
Highest Priced Sale: Ten Museum Park #1602 – $840,000
|Complex Name||List Price||#BR||#FB||#HB||Unit #||Sale Price|
|900 Biscayne Bay||699000||2||3||#3308||680000|
|900 Biscayne Bay||520000||1||1||1||#2707||500000|
|Ten Museum Park||495000||2||2||1||#2607||467000|
|The Loft II Downtown||275000||2||2||#902||240500|
|50 BISCAYNE CONDO||255000||0||1||#705||250000|
|Quantum On The Bay||255000||1||1||#4610||250000|
|Flagler First Condo||172000||1||1||#902||155000|
Source: Miami Association of Realtors. Information deemed reliable but not guaranteed
Finally, we hope this information is useful for your real estate search. Our August sales report is already in the works. We look forward to hearing from you again soon! We’re also open to any questions about any of the deals mentioned above. You can contact us directly at the information below.
Downtown Miami real estate is our expertise. As local specialists, we strive to give you a superior advantage over the competition. Email us today or call us at 305-305-3885 if you’re looking to buy or sell in Miami!
Lastly, thanks for reading The Miami Observer!