Here are the official 2008 Brickell Key Real Estate numbers. It usually takes a couple of days for all transactions that close at the end of December to be entered into the system and be available for review.
In 2008, there were 130 condos sold in Brickell Key. That is 35 more units than were sold in 2007, when the total number of condos sold in Brickell Key was 95.
Between 2007 and 2008, the average selling price of a condo in Brickell Key went from $593,484 to $485,982 a decrease of roughly 18%. This decrease in prices is slightly lower than that seen in other areas of Miami like Coral Gables and Pinecrest where average home prices dropped 21% and 23% respectively.
2008 BRICKELL KEY MARKET ANALYSIS REPORT
- Average condo listing price: $535,121
- Average condo sale price: $485,982
- Average price per square foot: $341
- Average sale price vs. listing price: 91%
The highest recorded sale price in 2008 was that of a 4 bedrooms 4 baths, 3,212 square foot unit in Carbonell Condo. It had a listing price of $1,600,000 and a selling price of $1,430,000 or $445.21 per square foot. The lowest sale price was that of a 1 bedroom 1 bath, 640 square foot condo at Isola. The unit sold for $140,000 for a price per square foot of $218.75.
There were 55 closed sales during the first six months of 2008 and 75 in the second half. Interestingly enough, there was a spur of activity during the last three months of the year, when 53 of the total 130 sales were recorded. Of the 130 condos that sold in 2008, 83 had a selling price under $500,000, 33 had a selling price between $500,000 and $1,000,0000 and 14 had a selling price over $1,000,000.
Many of the sales that took place in Brickell Key during 2008 were distressed. Of the 130 sales in Brickell Key, 35 were foreclosures, which constitutes almost 27% of total sales.
Note: Data taken from Multiple Listing Service (MLS) is deemed reliable but not guaranteed.
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