With 6 closed sales in total, it’s safe to say that August was very good month for One Miami. In terms of dollar volume, the total result for both towers equaled to $2,288,000 during the 31 day period. With some owners thinking of placing their units for sale, many of which will be using these sales as comparables, I thought i’d break them down in today’s post. As always, I’m happy to sit down and discuss them personally for anyone looking to get a more precise analysis for a certain unit. You can always contact me directly.
The 6 Closed Sales Were:
|Tower||List Price||#BD||#FB||Unit #||Sale Price||DOM (Days On Market)|
|One Miami (W)||584900||3||2||#2626||545000||128|
|One Miami (W)||459000||2||2||#2008||455000||49|
|One Miami (W)||399900||2||2||#2522||400000||92|
|One Miami (E)||369900||1||1||#1203||338000||188|
|One Miami (E)||349000||1||1||#3603||340000||174|
|One Miami (E)||215000||0||1||#1106||210000||419|
Average price per sqft: $382
Source: Miami Multiple Listing Service. Information deemed reliable but not guaranteed.
At first glance, I immediately noticed how the sales during this particular month matches the analysis I posted on my last sales report. 4 of the 6 units were actually on the market for a particularly long time and ultimately sold once prices were adjusted. For further proof, I noticed how one unit in particular, #2008, sold in less than two months at a price that was very close to asking price. Any tricks involved to selling it within a reasonable period? Not really. Sometimes, it just comes down to being honest with the client from the get-go. The owners of that unit understood how the market currently is from the beginning and proceeded with the correct selling strategy.
With its outstanding location, gorgeous views, and incredible amenities, it’s never a surprise to me when I see One Miami have the month that it had. On a more personal note, I believe that the building should also attribute its reputation as part of its success. It’s no secret that the development has one of the lowest maintenance fees in the area, a fact often credited to its management. Being able to live the lifestyle of Downtown for less without sacrificing value? For many it’s a no-brainer and the results speak for themselves.
One Miami, at this time, continues to out perform many other developments around in the same area. Thanks to August’s activity, both towers currently have approximately 8 months of inventory and an absorption rate of roughly 12% based on closed sales. With 6 more pending sales in the current pipeline, I expect these numbers to remain steady. Price per sqft and comparables, as always, will be up to how the more recent sales pan out to be. I will continue to keep a close eye on these deals. If everything goes well, we may see 6 closed sales next month as well.
Interested in buying or selling in One Miami? please call us today at 305-305-3885 or e-mail us at firstname.lastname@example.org. As local specialists in the area, we strive to give you an advantage over the competition.
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