How did the Brickell Condo Market perform in Quarter 1 2017?

The Brickell Condo Market in Quarter 1 2017

This is a useful and quick update on the Brickell Condo Market for the first quarter of 2017. We provide you with simple tables and a narrative that will provide both sellers and buyers with an easy understanding of the Brickell real estate market.

Sold Brickell Condos per Price Range
Quarter 4 2016

Brickell % 2016

Sold Brickell Condos per Price Range
Quarter 1 2017

Brickell % 2017

Quarter 1 of 2017 saw slightly less sales (93 vs 104) than the last quarter of 2016. We see that in 2017 relatively less condos were sold in the $350K-$500K range. The $500K – $750K range saw an increase in sales compared to other ranges. Luxury condos between $1M- $1,5M dollar saw relatively more sales, while the $1,5M+ market saw relatively less sales than in Q4 2016.

The average sales prices per SF per Price range
Quarter 4 2016

The average sales prices per SF per Price range
Quarter 1 2017

Despite a very high amount of months of inventory (see table below right) we see that 3 of the 5 price ranges experienced a moderate increase in the price per SF. Properties that sold between $750K and $1,5M saw a decrease in prices per SF. It is also in this category that there is the highest amount of months of inventory and the highest discrepancy between the sales and listing prices. This means that especially in this price range, sellers need to be aware of the competition and price their units at market value. The Brickell condo market has experienced some challenging years with high inventory levels and a decreasing number of foreign investors flocking in. With that in mind one has to be cautious when selling a Brickell condo.

Selling your Brickell Condo

Selling in the current market is more of a challenge than in the last few years, but with a good agent this will be less difficult than often expected. If you have a good quality and well maintained unit and you are willing to sell your property at market price, then you will not experience any problems. To provide you with an example, the David Siddons Group just achieved the highest price per SF for a unit at Carbonell (ever), and at Brickell Key (Since this year). It was also one of the highest sales in all of Brickell since this year.

The Secret to this success in a buyer’s market:

  • David Siddons is a qualified agent and consistently belongs to the nation’s top half of 1% of realtors nationwide.
    • David knows the Brickell market, its prices (per area, per building and even per line) and he will advice you on the right price to sell your unit
    • David has the right marketing tools to put your unit in the spotlight with international buyers and agents. We will provide you with high-resolution pictures and a professional listing video.
  • As we know the market we try to list and sell as close to market value as possible.This is a correcting market and it is not advisable to “try the market” by listing above market value. Our process is very transparent and it has been proven that listing right away for the right price gets your unit sold faster than pricing it too high and constantly lowering the price.

 

Buying a Brickell Condo

Now might be a good time to buy a Brickell condo. We are experiencing a heavy buyer’s market and many owners need to sell their property. This is a great recipe for buyers looking for a deal. If you would like to buy and sell a condo (the so called flipping) then this market is not for you. Investors that purchase a Brickell condo at this moment will need to hold on to their units for several years in order to sell with a profit. Nonetheless you should always be careful when purchasing a Brickell condo. Use a professional Miami real estate agent to guide you through the proces. A good Brickell agent will tell you which buildings are financially sound and which not, what are the average prices per SF in the area and in the building and what will the unit rent for. With other words, use a good agent that will be able to get you the best deal.

Months of Inventory in Quarter 1 2017

The Difference in percentage between the average listing prices and sales prices

For more information on the above data or a more in-depth explanation of your market please call the David Siddons Group

David Siddons | +1.305.508.0899 | david@siddonsgroup.com

FAQ

These are the most commonly asked Google Real Estate Related questions

1. What are the Current Best New Condos in Miami?

If you want to hear in more details our opinions on the best new Miami new construction condos. Please read this article:Best New Construction Condos 2022-2023

2. What is the best New Construction Condo in Fort Lauderdale?

In our opinion, the Residences at Pier Sixty-six are certainly the most interesting and unique. Already well underway this 32 Acre project will be home to the first of its kind Marina where owners will be able to anchor up vessels up to a staggering 400 ft! For specifics of this project see our independent review of this project.

3. How can I compare the new luxury construction Condos to the best existing Luxury Condos in Miami? 

Our Best Luxury Condos in Miami article will prove to be very useful to those looking to compare the existing to the new. You may also want to watch this video which shows the performance of the best Condos in Miami over the last 15 years!

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