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I just updated the following; “Jade Residences Market Analysis Report” 

Noticed that from the 71 condos active for sale, 36 are foreclosures and 35 are regular listings.

From the 71 condos active for sale, the average foreclosure listing has been discounted 42.7% vs a 27.4% discount for the average regular listing (listings not in foreclosure).

You would guess that Buyers are snapping foreclosures first because of the attractive discounts. Well guess again! From the 14 condos that have sold so far in 2008, only 6 have been condos in foreclosure. The remaining 8 have been regular sales. In fact the 3 most recent recorded sales have been regular sales.

As far as the Jade Residences is concerned, so far in 2008 we are seen somewhat of a balance in the number of condo sales between those in foreclosure and those not in foreclosure.

If you have any questions or comments, please send me an e-mail to: michael.schnabel@mac.com or call me at 305.450.0036

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Our “Miami Real Estate Market as of June 2008″ presentations is now available.

The goods news is that residential sales have increase an average 4.9% every month since Jan. 2008 as inventories of unsold properties have also increase - but at a smaller pace - 1.5% monthly since Jan. 2008.

Although inventory keeps rising every month, the monthly percentage increase is a far cry from the double digit percentages experienced two years ago.

Clearly we are seeing more and more bargain hunters asking for bank owned properties (REO’s) like there is no tomorrow.

Traditional sellers are not staying behind either. Those sellers who truly need to sell, are forced to discount somewhat aggressively if they intend to sell in this market.

Take a good look at our “Miami Real Estate Market as of June 2008″ presentation and if you have any questions or comments, please send me an e-mail to: michael.schnabel@mac.com or call me at 305.450.0036

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Since foreclosures are the subject of many headlines, I decided to search for foreclosures in the Brickell Area neighborhood, which as you now covers several key addresses. For the purpose of this specific posting, I have focused my search on the Brickell Ave. address only. On upcoming blog postings, I will cover South Bayshore Dr., Brickell Bay Dr. and others.

According to the REALTOR® Association of Miami and the Beaches - IMAPP service, for those buildings with a Brickell Ave. address (east side or west side of Brickell Ave.) we have 89 properties reported as foreclosures, and not all are listed for sale.

Lets review them in descending order by year built.

# of Foreclosures - Building Name - Building Address - Year Built

1 - Lofts on Brickell I Condo - 1528 Brickell Ave. - Built in 2006

3 - Mayfield Condo - 1395 Brickell Ave. - Built 2004

23 - Skyline on Brickell Condo -  2101 Brickell Ave. - Built in 2004

1 - Millennium Tower - 1435 Brickell Ave. - Built in 2003

3 - Millennium Tower Residences - 1425 Brickell Ave. - Built in 2003

5 - The Metropolitan Condo - 2475 Brickell Ave. - Built in 2001

1 - Santa Maria on Brickell Condo - 1643 Brickell Ave. - Built in 1997

2 - Bristol Tower Condo - 2127 Brickell Ave. - Built in 1993

6 - Imperial at Brickell Condo - 1627 Brickell Ave. - Built in 1983

2 - Atlantis on Brickell Condo - 2025 Brickell Ave. - Built in 1982

5 - Villa Regina Condo - 1581 Brickell Ave. - Built in 1982

2 - The Palace Condo - 1541 Brickell Ave. - Built in 1981

2 - Brickell Park - 2501 Brickell Ave. - Built in 1981

4 - Brickell Place Condo Phase II - 1925 Brickell Ave. - Built in 1980

2 - Brickell Place Condo Phase II - 1915 Brickell Ave. - Built in 1980

1 - Brickell Forest Condo - 2410 Brickell Ave. - Built in 1980

3 - Brickell Place Condo - 1901 Brickell Ave. - Built in 1975

3 - Brickell Place Condo - 1865 Brickell Ave. - Built in 1975

10 - Brickell Bay Club Condo - 2333 Brickell Ave. - Built in 1974

1 - 1110 Brickell Condo - 1110 Brickell Ave. - Built in 1971

3 - The Brickell Inn Condo - 1950 Brickell Ave. - Built in 1968

6 - Brickell Townhouse - 2451 Brickell Ave. - Built in 1963

If you have any questions or comments, please send me an e-mail to: michael.schnabel@mac.com or call me at 305.450.0036

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The Santa Maria on Brickell located on 1643 Brickell Ave., with 174 units, recently recorded the sale of one of its ultra-luxury units.

Unit #2403 sold on May 27th, 2008 for $1,365,000.00 or $626/SqFt. This unit is an original 2 bedroom 2.5 bathroom upgraded to a 3 bedroom 3 bathroom with 2,180 SqFt of living area.

The Schnabel Team from EWM Realtors acted as a transaction broker for both the Seller and the Buyer.

Unit #2403 was listed for sale 3 1/2 months ago for $1,495,000.00 and is one of only six units that have sold during the past 9 months as of the date of this post.

If you have any questions or comments, please send me an e-mail to: michael.schnabel@mac.com or call me at 305.450.0036

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The Bath Club located on 5959 Collins Ave. Miami Beach, with 108 units plus 6 Beach Villas, recently recorded the sale of one of its ultra-luxury units.

Unit #1603 sold for $2,000,000.00 or $549/SqFt. This unit has 3 bedrooms 4.5 bathrooms with 3,640 SqFt of living area.

The Schnabel Team acted as a transaction broker for both the Seller and the Buyer.

Unit #1603 was listed for sale 16 months ago for $2,750,000.00 and is one of only four units that have sold during the past 11 months as of the date of this post.

As of May 26th 2008, 32 units or 28% remained listed for sale from a total of 114 units in the complex.

If you have any questions or comments, please send me an e-mail to: michael.schnabel@mac.com or call me at 305.450.0036

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NEWS ALERT from The Wall Street Journal published last May 16, 2008

“Housing Starts Post Unexpected Increase. Home Construction turned up unexpectedly in April and showed surprising vigor, making the biggest increase in two years, while building permits also rose, a sign of optimism for the sickly housing sector. Housing starts increased 8.2% to a seasonally adjusted 1.032 million annual rate, driven higher by a surge in apartment building construction, the Commerce Department said. Starts plunged by a revised 13.8% in March to 954,000. Economists expected April starts to drop by 1.4% to a 934,000-unit annual rate.”

This is the kind of good news that Wall Street likes to hear simply because the housing sector plays a big roll in the economic recovery. After all, the GDP (Gross Domestic Product) has barely increased 0.6% for the past two consecutive quarters (4Q07 and 1Q08) and many argue the numbers don’t reflect the reality and in fact we are living in an economic recession.

If a depressed housing market, a credit crisis, excessive commodity prices and extremely high energy prices don’t pull us into a recession, please tell me what will…

Going back to the housing numbers released this morning, what do national statistics really mean for South Florida Buyers and Sellers.

The short answer is “Not Much”.

From a headline only point of view and because it is delivered with a positive punch, we somehow feel relief because we perceived that things are getting better. But what you really need to focus on is “what is selling or not around your neighborhood, in your building and others close to you”. Remember, real estate is all about location, location, location. What is happening with your location?

If you have any questions or comments, please send me an e-mail to: michael.schnabel@mac.com or call me at 305.450.0036

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The following chart shows “Housing Starts” from 1972 to present time.

You be the judge!

If you have any questions or comments, please send me an e-mail to: michael.schnabel@mac.com or call me at 305.450.0036

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Under the headlines “The Housing Crisis Is Over”, The Wall Street Journal published an article on May 6th, 2008 in which it suggest that April 2008 marked the bottom for the U.S. housing market and quote “… it is very likely that April 2008 will mark the bottom of the U.S. housing market. Yes, the housing market is bottoming right now.” and goes to add… “a bottom does not mean that prices are about to return to the heady days of 2005. That probably won’t happen for another 15 years. It just means that the trend is no longer getting worse, which is the critical factor.”

Read the complete article here “The Housing Crisis Is Over” and reach your own conclusions.

If you have any questions or comments, please send me an e-mail to: michael.schnabel@mac.com or call me at 305.450.0036

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The following presentation was prepared from information gathered from the Multiple Listing Service (MLS) for Miami-Dade County and from Trendgraphix.

Miami Real Estate Market Presentation as of April 2008

If you have any questions or comments, please send me an e-mail to: michael.schnabel@mac.com or call me at 305.450.0036

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