Published by Peter Zalewski
10/15/2013 
12:32:34 PM Buyers achieved an average discount of nearly nine percent off of the original asking price for Greater Downtown Miami’s priciest luxury condo resales in the third quarter of 2013, according to a new report from CondoVultures.com.
Between July and September of 2013, buyers – in unrelated transactions – paid a combined $27.7 million – an average of more than $800 per square foot – for the 10 priciest luxury condo resales in the Greater Downtown Miami market that stretches from the Julia Tuttle Causeway south to the Rickenbacker Causeway, and Biscayne Bay west to Interstate 95, according to an analysis by the licensed Florida brokerage CVR Realty™.
Prior to the transactions, these luxury condo units were originally put on the resale market for a combined $30.4 million for an average of about $881 per square foot, according to an analysis based on Florida Realtors association data.
CondoVultures.com is scheduled to profile condo trends in the third quarter of 2013 in the 10 largest coastal markets in the tricounty South Florida region of Miami-Dade, Broward, and Palm Beach counties beginning the week of October 14, 2013.
The Condo Vultures® Market Intelligence Report™ is scheduled to publish a 10-part weekly series that analyzes the markets of Greater Downtown Miami, South Beach, Bal Harbour / Surfside / Bay Harbor Islands, Sunny Isles Beach, Aventura, Hollywood / Hallandale Beach, Downtown Fort Lauderdale and the Beach, Pompano Beach, Boca Raton / Deerfield Beach, and Downtown West Palm Beach and Palm Beach Island.
This is a ranking of Greater Downtown Miami’s 10 priciest condo resales – with a minimum asking price of $1.7 million – to transact between July and September of 2013:
| RANK | PROJECT | AREA | BEDS | RESALE PRICE | DISCOUNT |
| 1 | Asia |
Brickell Area | 5 | $6,633,000 | -22% |
| 2 | Santa Maria |
Brickell Area | 5 | $4,650,000 | -3% |
| 3 | Jade Residences |
Brickell Area | 4 | $2,520,000 | -3% |
| 4 | Jade Residences | Brickell Area | 4 | $2,345,000 | 23% |
| 5 | Santa Maria |
Brickell Area | 3 | $2,200,000 | -7% |
| 6 | Vizcayne | Downtown | 3 | $2,133,900 | -4% |
| 7 | Asia | Brickell Area | 3 | $2,100,000 | -12% |
| 8 | Carbonell |
Brickell Area |
4 | $1,800,000 | -4% |
| 9 | Epic | Downtown |
3 | $1,787,500 | -10% |
| 10 | Onyx On The Bay | Biscayne Corridor | 3 | $1,550,000 | -11% |
As of October 15, 2013, less than 10 luxury condo resales – with a minimum asking price of $1.7 million – are under contract in Greater Downtown Miami waiting to transact at an average of nearly $750 per square foot, according to the data.
More than 85 additional condo resales are actively available – at a minimum asking price of at least $1.7 million – on the market at an average of nearly $970 per square foot, according to the data.
The luxury condo resales do not reflect any deals that may have transacted without being marketed on the Multiple Listing Service.
It is important to note there are various stages to a residential real estate transaction in South Florida.
A transaction begins when a property is made available for sale and ends when a title is conveyed from one party to another party as a result of the recording of a deed with the local government.
As part of the process, a property typically goes under contract and into a due diligence phase by which a deal can be canceled.
The CondoVultures.com new condo sales report is based on completed transactions where a deed is recorded and taxes paid as a result of the sale.
Condo Vultures® LLC is a real estate consultancy and marketing company based in the 225 Midtown Building at 225 NE 34th St., Suite 209B, Downtown Miami, Florida, 33137. Condo Vultures® LLC can be reached at 800-750-0517.
Don’t forget to sign up for our weekly Market Intelligence Report™ for detailed condo reports to stay informed on the latest market trends and to find out about our various Condo Vultures® Seminars. Looking for a property at a deep discount? Take a peek at the Vultures Database™ or view our Video Library. Looking for bulk projects direct from developers or lenders? Visit the Condo Vultures® Bulk Deals Database™. Our new books, the Official Condo Buyers Guide to Miami™, Official Condo Buyers Guide To South Beach™, Official Condo Buyers Guide to Sunny Isles Beach™, Official Condo Buyers Guide to Downtown Fort Lauderdale and the Beach™, Official Condo Buyers Guide to Hollywood / Hallandale Beach™, Official Condo Buyers Guide to Downtown West Palm Beach™, and Official Condo Buyers Guide to Boca Raton / Deerfield Beach™, are now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure Database™.
© Copyright 2013. Condo Vultures® LLC. All Rights Reserved.
Condo Market Inventory Tracker
A Snapshot Of Tricounty South Florida Region Of Miami-Dade, Broward And Palm Beach
| Databases | Active Listings | Months Of Supply |
|---|---|---|
| Condos | 24,016 | 10.2 |
| Luxury Condos | 3,740 | 15.1 |
| Shortsales | 30 | 15.0 |
| REOs | 126 | 6.6 |
| Rentals | 21,476 | 3.9 |
Peter Zalewski is a licensed real estate broker and consultant focused on the South Florida condo market. Zalewski is a former special contributor to the Miami Herald and a former real estate columnist for The Real Deal magazine. Zalewski now hosts the Miami Real Estate Investing Podcast that is available in audio and video wherever you get your podcasts.
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