A couple of days ago there was a price reduction in Carbonell that caught my attention. I saw the asking price on a 1 bedroom 1 1/2 bathroom unit on the seventh floor go down to $295,000; over $100,000 below any other listing in the building.
When I looked closer, I realized it was the same unit that sold in December 2008 for an unbelievable $215,000, one of the best deals in Brickell Key so far. The buyer re-listed the property immediately after closing for $325,000 and has been steadily reducing the price. Believe it or not, this is a case of real estate flipping in Brickell Key!
I decided to go back and analyze closings in the last three months to see what buyers are doing. I saw that roughly 21% of buyers that have closed on a condo in Brickell Key in the last three months have either already rented the property or listed it for rent. I think this is an interesting observation, and see it as an indication that the numbers are starting to make sense for many buyers.
Looking to buy or sell a property in Brickell Key? Please contact me at 786-301-1054 or send me a note here.
Want to receive my posts directly to your inbox? Click here to subscribe to The Key Insider.