About Miami's Brickell Key

Brickell Key Condo Names and Address
Condo Address

Asia	900 Brickell Key Blvd.
Brickell Key One Condo	520 Brickell Key Dr
Brickell key Two Condo	540 Brickell Key Dr
Carbonell Condo	901 Brickell Key Blvd
Courts Condo	801 Brickell Key Blvd
Courvoisier Courts condo	701 Brickell Key BLVD
Isola Condo	770 Claughton Island Dr
St Louis Condo	800 Claughton Island Dr
Tequesta One Point Condo	888 Brickell Key Dr
Tequesta Three Point Condo	848 Brickell Key Dr
Tequesta Two Point Condo	808 Brickell Key Dr

Isola in Brickell - Few luxury communities offer in-town convenience & the utmost in seclusion & privacy. That's what makes Isola Island Residences so special. The Brickell Key location is just minutes from the business centers of Brickell Avenue & downtown Miami. When it's time to unwind, shopping, clubs, entertainment, sports, & recreation are just around the corner.Isola's 300 one- and two-bedroom residences - each with a private balcony offering spectacular city or bay views - offer that sought-after waterfront lifestyle. Luxurious appointments abound, & world-class amenities such as a resort style pool, state-of-the-art fitness center, tennis courts & even a fully-equipped business center offer the ultimate in convenience. Enclosed covered parking • 24 hour controlled access entry system • Gated Entrance • Fully equipped bayfront fitness center • Junior Olympic sized heated pool & spa • Lighted tennis courts • Panoramic observation deck & outdoor bar • Huge entertainment center with lounge - multimedia/video area • On-site convenience store • 24-hour on-site maintenance • Maid & dry cleaning services available

Isola in Brickell Unit 2106- 1/1 - $139,900 - Foreclosure

Isola in Brickell Unit 716- 2/2 - $269,000 - Short Sale

Isola in Brickell Unit PH-31 - 3/3 - $775,000

Recent Sales in Isola in Brickell

Unit#	#Beds/ Baths	Square Feet	Price	Price/ Sqft	Sale Date	Distressed
1002	2/2	1065	193,500	182	2/7/2011	Foreclosure
1814	2/2	985	221,000	224	12/10/2010	Foreclosure
1816	2/2	1065	337,000	316	9/10/2010
815	2/2	1065	222,000	208	8/30/2010	Foreclosure
1511	1/1	682	155,000	227	2/4/2011	Foreclosure
PH-12	1/1	682	175,000	257	12/22/2010
2110	1/1	735	152,000	207	11/24/2010	Foreclosure
1708	1/1	671	153,000	228	11/15/2010	Short Sale

Learn more about Isola in Brickell

Asia is arguably the most prestigious condo building on Brickell Key. It features a unique Feng Shui inspired design and offers additional security and privacy to its residents.

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Let's take a look at the first quarter sales and home values report for Brickell Key Miami Florida. Here i will analyze closed sales, market trends, financing, distress sales such as REO Bank Owned foreclosures and short sales impacting the real estate market in Brickell key. Also Average days on the market for a condo to get sold, median sales price, percentage of listed price reduced, percentage of cash purchase and all of this on 4 price segments affordable market (less than $300,000), Mid range ($300,000 to $500,000) Luxury Condo Market ($500,000 to $1M) and Ultra Luxury (1Million up).

As shown on the chart, affordable sales did not get a price reduction and in some cases purchase price was higher than listed price a huge impact on this market segment is the availability of short sales and REO (bank owned properties or foreclosure sales.

In condos in the Mid Price Range a reduction was light only an average of 4.6% from listed price this indicates that sellers with the assistance of Realtors are pricing properties in Brickell Key in response to a buyer's market.

In the Luxury market however a deeper discount was given with an average of 13% from listed price. The median sales price on this segment was $415,000.

The Ultra Luxury Market however was the most affected on the first quarter of 2010. sellers agree to an average discount of 39% to get their Brickell Key Condo Sold. The median sales price on this segment was $1.3M.

How much sellers had to reduced the Listing Price to get it sold?

Sellers had nothing or very little to discount on the affordable market and many were sold over the asking price, again we see the influence of distress property sales such as short sales and foreclosures.

Mid range price category reduced only 4.6%

Luxury only 13% and ultra luxury 39% as discussed above.

How long did it take to sell a condo in Brickell Key?

In the first quarter of 2010 ending on April we can see how long properties are taking to sale in all different price segments.

The affordable and mid price range were very close with 146 and 148 days on the market respectively. This is almost 5 months of marketing efforts to get it sold not closed.

Luxury properties were very desirable and well priced with half the time it took to affordable and mid range properties. Luxury Condo Market had an average of 86 days on the market approximately 3 months to get it sold.

The Ultra Luxury market took the longest time with 203 days almost 7 months which at the end is not bad at all considering is a buyer's market and these properties are over $1milliion dollars.

How much was the sales price for closed sales condos in Brickell key during the first quarter of 2010?

The affordable market had a median sales price of $215,000 these are all condos for less than $300,000

The Mid price range condos had a median sales price of $415,000. This price segment is between$300,000 and $500,000

The luxury market had a median sales price of %555,000. These properties are between $500,000 and 1 Million.

The Ultra luxury market had a median sales price of $1,385,000. These properties are those for 1Million and up.

How many condos were sold during the first quarter of 2010 in Brickell Key?

Affordable market was without a doubt the most sold price segment in Brickell Key again influenced by bargains such as short sales and bank owned foreclosure sales. with a total of 23 condos sold in the first quarter of 2010.

Mid range condos and luxury condos were also sold at almost the same amount 11 and 10 respectively.

Ultra Luxury on the other hand is for those very few, only 4 sold in the first quarter however not bad at all.

How buyers purchase condos in Brickell Key. Did they use financing or purchase cash?

Affordable market was the King in cash deals. Buyers were competing with other buyers and lenders favored cash deals over financed purchases. With more than half of all cash transactions in Brickell Key, the affordable market was influenced by investors. What's next a lot of rentals in this price segment market in the near future. Tenants will have an edge in getting good rental deals in the affordable Brickell Key condo market.

The Mid Range condo market also saw a share of distressed sales and reflected the same with competition between investors, 22% of all cash sales were done in this price range. We are talking about a median sales price of $415,000. Brickell Key is very desirable between investors from all over the world!

The Luxury market also got its share of cash buyers with a 15% however financing was more predominant in this price segment.

Only 7% cash buyers purchase a ultra luxury condo on Brickell Key, Which is great after all buyers had to pay more than a million in cash.

How many foreclosures and Short sales dominate the Brickell Key Condo Market?

Affordable market is the most affected with 74% of short sales and foreclosure sales which lure the majority of investors.

The Mid Rang Market also had a 19% of short sales and bank owned sales. Almost 1 quarter of all sales in the beginning of 2010.

The luxury market had only 7% of all sales were distressed sales

Ultra Luxury Market was free of distressed sales.

Data obtained rom the South East MLS System

Brickell Key Building Market Values Report - Three Tequesta 2010 here.

Photos of Brickell Key and Map Location

As promised here is the 2010 First Market Values Report for properties in Brickell Key, Miami Florida. In this article i will take a closer look at the performance of one building in particular, Three Tequesta Luxury Condo located at 848 Brickell Key Drive Miami Florida 33142. You may also see the 2010, 1st Quarter Brickell Key Market Analysis and House Value Trends on my other article. Here you will find condos sold in 2010 only in this building until June 1st, 2010, also a comparison on sold condos from previous year 2009, financing used to purchase, median purchase price, days on the market that a condo took to get sold, the reduction percentage amount from listed price to sales price, number of distressed sales, recently sold units within the last 30 days.

Many will think that i must be crazy to list a median average original listed price and then the reduced price and finally the sold price. I wanted to share a mental image of how in today's market a seller must be committed to list, revise the listed price, reduce and then willing to negotiate to get the property sold, many condos not only at Tequesta Point at Brickell Key for instance but around Miami Dade County are getting price revisions more than one time to meet buyer's expectations. Here you see a comparison between 2009 and 2010 (First months) negotiation trends and price reductions at Three Tequesta.

As you can see in 2009 original listed price was very close to the reduced price if any and was more aggressive in negotiating to agree on a sales price.

Looking at the chart you may think that depreciation is playing a role here however its not the case, Three Tequesta looks pretty solid compared to other buildings in the same category and geographical location on Brickell Key. The average size of condos sold during 2009 was 1,694 square feet while condos sold year to date in 2010 have an average living area of 1,293 smaller than the ones sold during 2009. Price per square foot during 2009 was a median of $374.85 compared to 2010 (year to date) a buyer is paying $397.48 per square feet, in essence buyers are paying more per square feet in 2010 than what it paid during 2009 at Three Tequesta in Brickell Key.

What's the average discount rate at Three Tequesta in Brickell Key in today's market?

Statistics show that during 2009 a median original listed price was $780,000 and the median sales price was reduced to $635,000 a 23% discount from original listed price to sales price. The trend on 2010 is very different, sellers with the assistance of Realtors are now understanding better the flow of the market and listing properties more aggressively, so far in 2010 we are seeing a median listed price of $624,000 and a sales price of $562,500 only 11% discount.

Its too early to predict how the market will continue to perform at Three Tequesta in Brickell Key and if a reduction on price will stabilized however due to an inventory of condos on the market today of a total of 26 units with no sold properties during the month of May 2010, also the average days on the market its taking for a condo to get sold is higher than in 2009. It may quite likely be the closer to the same rate of 2009 or greater.

Distressed Sales at Three Tequesta. How Healthy is this building?

Different from many in the area Three Tequesta was free of distressed sales during 2009 with no REO (bank owned sales) or short sales, however we are seeing 1 sold short sale during the first months or 2010, regardless is not an alarming situation considering 25% of Brickell sales are short sales in today's market. The average sales price during 2009 for larger units average 1,694 square feet was $635,000 compare to 2010 first month a median sales price of $562,500 for smaller units in the average of 1,263 square feet which are a less desirable floor-plan at Three Tequesta.

How did buyers purchased condos at Three Tequesta using cash or financing?

Let's take a look at financing availability in this building. During 2009 Three Tequesta had a in influence of cash buyers. Most sold condos used this method 7 out of a total of 11 sales that occurred during 2009. The trend so far in 2010 is completely the opposite, out of 6 sold condos YTD at Three Tequesta purchased using conventional loan financing. This is a great factor considering lenders are not extending credit to most of Brickell Condos since they consider condo financing a high risk and the exit of Mortgage Insurance companies from Miami Dade County in general a Big NO to condo financing by local Banks is very common in the region. Also is in indication that Three Tequesta is a Healthy Building, remember that in order to extend financing lenders gather a lot of key information such as percentage of delinquent condo owners in the building (meaning those owners that are behind association dues or delinquent on mortgage payments) also lenders look at insurance coverage, owner occupancy ratio vs rental ratio and many other factors. Considering this building is mostly second home for many owners in an averge of 75% non owner occupied and leaving 25% of full time residents (let's call it like that) owner occupied condos, the association has managed to handle the building in very good standards thru all this housing crisis. Who is lending at Three Tequesta is now the question which i will discuss in a separate article.

Conclusion:

Three Tequesta is a healthy building allowing financing for purchases over $500,000 is a big plus for buyers in today's market. It's also a big selling point even though there is enough inventory and poor sales during the last months Tequesta Three is performing better than last last year with a total of 6 sales in the first quarter of 2010 ending on April 2010. Pricing is a big factor for buyers and is reflected on the purchase price even though larger units are more desirable today.Three Tequesta is a great building to buy and to sell if priced competitively since a buyer's market is still dominating today's real estate market in Brickell Key Miami Florida.

Data obtained from the Southeast MLS System

PHOTOS OF THREE TEQUESTA AND MAP LOCATION