Brickell Key March 2013 Condo Update

April 11th, 2013 Written By

If you have been following our blog, you may be saying to yourself, “How high can it go?”.   That’s exactly what we are saying. Month after month we are seeing double digit increases in listing prices and sale prices.  In fact, Brickell Key condos are selling on average for approximately 95% of list price.  But the number of days on the market has increased slightly since March of last year. What does it mean? It means that it is a seller’s market. Inventories are low, seller’s are asking for more and buyers are paying it. Closing are taking a little longer because although most deals are not contingent upon the buyer getting financing, they are getting it anyway, just because money is still cheap. They want to be sure they have enough time to secure it. Appraisals by the way are still lagging behind. This is why the deals are happening without the contingencies in place. And don’t expect to borrow 80% of the sale price. You are looking at 70% or less because of the appraisals being behind.

Brickell Key Update March

Inventory is steady, with 112 condos actively for sale on Brickell Key. The same number as last month.

Pending Sales are up though. 60 in March versus 51 in February.

The most expensive condo for sale on Brickell is a five bedroom unit at ASIA for $9,000,000. The least expensive is a studio at Brickell Key One for $190,000.

We have the analysis for all individual buildings and would be happy to share them with you at your request. Please let us know what you need.

*Data provided by the SEF MLS

We know the numbers and track the Brickell real estate market.  If you would like to schedule a buyer or seller consultation, please feel free to contact us at 305-960-5317 or send us a note here. 

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