Today’s real estate story is another request I received from a reader who’s owned a condo in 900 Biscayne Bay for quite some time. Due to her busy schedule, which keeps her out of the country, she’s used our blog for quite some time to stay in touch with the local market. This week, she’s asked for recent sales and an overall report of the area. Lucky for her, I managed to get this post published just in time for today!
As of June 13th, 900 Biscayne Bay has had 9 sales so far in the year. Compared to its neighbors along Park West, it has sold more units than Marquis (6 sales), and Ten Museum Park (7 sales) but less than Marina Blue (11 sales). A total 0f 85 units are currently available for sale (around 16% of all units in the complex).
The Recent Sales Were:
|Address||List Price||Sale Price||# of Beds||# of Baths|
|900 Biscayne #4106||$1,650,000||$1,585,000||3 + den||4|
|900 Biscayne #2302||$1,180,000||$900,000||3||3|
|900 Biscayne #3208||$699,000||$615,000||2||3|
|900 Biscayne #2012||$665,000||$640,000||2||2.5|
|900 Biscayne #4804||$560,000||$550,000||1||2|
|900 Biscayne #4607||$550,000||$512,000||1||2|
|900 Biscayne #3105||$515,000||$505,000||1||2|
|900 Biscayne #2903||$515,000||$490,000||1||2|
|900 Biscayne #2610||$415,000||$407,500||2||2|
Source: Miami MLS. Information deemed reliable but not guaranteed.
Regardless of the fact that sales are in the double digits. Or even that the development has fared better than others in terms of its recent sales, 16% of the building is a fairly high amount of inventory available. Looking at the graph below clearly shows that while inventory has risen over 23.5% since December, the amount of sold units decreased during the 1st quarter of 2015. The simplest way to add it up: The amount of inventory currently exceeds the market’s demands.
With more apartments to choose from, the amount of competition naturally increases. With summer now starting, I wouldn’t be surprised if I saw a few price reductions among owners looking to get a sale done before the end of the year. Nevertheless, I would add a certain emphasis on the word “some”. I hope that the latest numbers can help some sellers be realistic with their pricing.
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