The picturesque skyline that defines Miami to the rest of the world, and known locally as Miami’s Brickell area, is one of the hottest neighborhoods in South Florida right now. Investors wanting bargains have their eye on Brickell. For some reason, we are getting increasingly more inquiries from international buyers, looking to purchase luxury waterfront condos particularly along Brickell … and a high percentage of them are cash buyers expecting to strike it rich, for a song and a dance.
So here’s the question of the day: “Can you really find condos for under $20o,ooo in Miami?” Yes… you can find property to buy in Brickell for under $200,000 (and some that even offer waterviews)… but … (THERE IS a disclaimer here!)…Those priced the lowest though tend to be in buildings where “cash talks” … If you are willing to roll the dice on a short sale or foreclosure property, you may well find a delicious investment. But pricing is inching upward, interestingly enough, even in the somewhat overly saturated Brickell condo market.
The newer-built, luxury highrise condo buildings with waterfront views do tend to sell at a premium.
The average sales price in Brickell of about $325,000.oo correlates to a price per square foot SOLD of $295.00 without putting any limit on the apartment size or the type of building (or financial stability) of the condo itself.
Looking back over last year’s sales, in 2010 the average price per square foot for studios and one bedrooms definitely fell below the $200 per square foot mark. In 2011, one bedroom condos in and around the Brickell area sold between$200,000 to $250,000 on average per unit, which comes out to about $210.00 per square foot ( and let me specify that this for units measuring less than 1100 square feet).
Ousting short sales and foreclosures from the mix, and then averaging NON DISTRESSED one-bedroom condos CLOSED SALES, the average price per square foot SOLD has been hovering around $260.00 a square foot from January 2011 and the end of April 2011 – across Brickell.