Brickell Condo Market Update for June 2013

July 8th, 2013 Written By

The June 2013 numbers are in! Where possible we’ve compared them with June 2012 to show trends. As expected there weren’t as many sales of condos in Brickell as there were in May, but the gains that did happen in value are amazing. Have a look:

Brickell June Update

For the third month in a row, inventory is up slightly, 34 more condos for sale this month than in May. There are now 660 condos actively for sale in Brickell. They range from a one bedroom/one bath at the Four Ambassadors complex for $184,900 up to $27,000,000 for a 9,000 square foot residence in the sky at the Millenium Towers, also known at the Four Seasons.

The big news about the numbers is that while the actual number of sales is almost exactly the same year over year, the total value of those sales is up over $10 million dollars. That is an increase of 27%. Average Sale Price per Square foot is also up 26%. But, Average numer of Days on the Market is also up over 20%. This is new. And indicates that Sellers are very confident about their asking prices. They are waiting a little longer and getting higher prices. On average, sales prices in June were within 5% of asking prices. That does not leave much room for negotiation for buyers.

Of course, we believe the data is the most important news, but if you have been paying attention to the Celebrity Real Estate News then you already know that the asking price on Pharells Penthouse at the Bristol has been chopped to $10,900,000 from the original asking price of $16,800,000. If it sold at the current price he’d be taking a hit. He paid $13,950,000 in March of 2007. Not that he can’t handle the hit.

If you are thinking of selling now is the time to get your property on the market. If you are a buyer in the market and you see something you like, do not wait.

*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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