Happy New Year friends and this will be post #1 of 2010. Here’s a shocking new thought for 2010… Just because it sold for that price in 2008 & 2009, does it mean you can buy it for that price today? It seems to be happening again and again as inventory decreases.. Will there be a tough time understanding & coping just opposite to the seller reluctancy seen in 2007 as the Miami Beach real estate market came to a standstill?
The buying window of opportunity in “catching the bottom” may be leaving in 2010. My 2010 forecast will be coming in the next few posts as I discuss market stats, trends and the direction this year could go in as relay that NOW is the time to find the bottom of South Beach to Sunny Isles Beach. Sale to List Price Ratio have jumped from 88% to 92%.
On the flipside, we will always find opportunities so if you wait this year to watch I am certain you can find the “deal.” Some buildings are already seeing appreciation. Space 01 for example went up 23% in the last 90 days! 11 Island Avenue has gone up 13% in the last 6 months. Roney Palace is on the direction up and more (FNMA Financing now Approved) to come..
Many would consider condo deals to be under ie) $250k but from $150 to $5.5M, here are my top choices for January 2010 in which I expect sales to occur within the next 60-90 days. I have previewed the majority with customers and these have been the top choices.. these links are LIVE so we’ll all soon find out once the Status changes from Active to Pending to Closed.
- #1 $199k – Indian Creek Club Marina #6F (Short Sale)
- #2 $299k – Bay View Loft #206 (Approved Short Sale)
- #3 $439k – Roney Palace #1539
- #4 $445k – Oceania V #1852 (Corporate Owned)
- #5 $480k – La Perla #3406 (Approved Short Sale)
- #6 $649k – Trump Palace PH5103
- #7 $1.350M – Trump Palace #4902
- #8 $1.399M – Ocean Four #1101
- #9 $3.690M – Jade Ocean D2 (Flow Through only 1 of 2) Penthouse
- #10 $5.395M – Il Villaggio #1405
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