The Santa Maria On Brickell – 5 Year Trends

December 11th, 2012 Written By

Even the extreme high end of condo buildings was not completely immune to market fluctuations over the past five years. Here is a look at the past five years of sales at The Santa Maria on Brickell. Developed and built in 1997 by Ugo Columbo and still considered to be one of the finest addresses in Miami, The Santa Maria is located on the bayfront at 1643 Brickell Avenue.

Year # Closed Sales Average Sale Price/Square Foot Average Days on Market
2008 9 $640 123
2009 11 $587 216
2010 14 $660 217
2011 18 $649 293
2012* 12 $649 297

We always tell customers that every building is its own economy. If you have been following our analyses of condo buildings in the Brickell neighborhood you will understand what we mean. The Santa Maria occupies the top spot on any list of Miami’s luxury residential buildings. It has only 173 units and even these residents were not completely immune to the economic turmoil that affected market values over the last five years.  We are happy to report however, that values have recovered and are currently 1% higher than they were in 2008.

Current Status of condos in The Santa Maria on Brickell:

  • 13 condos for sale out of 173 – less than 10%. This is a very healthy ratio.
  • One condo is currently under contract and waiting to close.
  • None of the condos for sale is a short sale and there are no foreclosures
  • Seller’s should be prepared to wait 9-12 months to sell at fair market value

*2012 data is through 12/7/12. All data is from the SEF MLS.

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