Copy
Is this the right time to buy a condo?
View this email in your browser

Miami Condo Distressed Properties

When I started talking about Miami Condo Distressed properties the cap rates in Brickell area were between 1.5% to 3.5% , in the past year the cap rates have started to climb to ~5% and above in Class B buildings. The rental market is still strong given the influx of young people moving to Brickell. Brickell is 4th Fastest growing neighborhood in the US. 

38% of Q2 2017 Brickell Sales Resulted in a Loss. The overall market has over 28 months of supply of existing resale condos listed for sale on the MLS. As more preconstruction units are completed by 1Q 2018 and as condo flippers continue to take large losses on resale transactions the overall market will likely continue to suffer downward pricing pressure.
 
Distressed Deal in the Market
Infinti Brickell : Studio | City view | Large balcony | Class B Building 
Current Listed Price: $195,00 | Total Sqft: 642 ( including balcony )
Taxes : 
$3,615 / year
HOA : $345/month
Est Rent : $1,500/ month
Current Net Cap Rate : 5.25% at the listed price

Cheapest Studio in Brickell Area and with the current market conditions we can push the net cap rate to ~5.7%



 
 
Brickell City Center : 1BD + 1.5 BR | Class A building
Current Listed Price: $499,900 | Total Sqft: 1,040
Taxes : 8000 / year
HOA : $800/month
Current Rent : $2,550/ month
Current Net Cap Rate : ~2.6% at the listed price


Cheapest 1BR for the best building in Brickell, Developer is selling units in other tower  ~600 - to ~700 sqft
Unit was initially listed at $587,000 initially



 
ICON - Brickell  : 2BD + Den + 2BR | Water View | Class A Building
Current Listed Price: $679,000 | Total Sqft: 1,313
Taxes : 13,215 / year
HOA : $1,241/month
Estimated Current Rent : $3,750/ month
Current Net Cap Rate : ~2.5% at the listed price


Similar units sold for high 500's since it is a buyer's market 



 
Spread The Distress Word
Share
Tweet
Forward
Share

Varun Hemraj

Real Estate Advisor
Keller Williams Realty
varunhemraj@kw.com
 
Copyright © 2017 TheBrickell.com. All rights reserved.

Disclaimer: The information contained in this report was obtained from sources deemed to be reliable. Every effort was made to obtain accurate and complete information; however, no representation, warranty or guarantee, express or implied, may be made as to the accuracy or reliability of the information contained herein.


Want to change how you receive these emails?
You can update your preferences or break my heart and unsubscribe from this list
 






This email was sent to <<Email Address>>
why did I get this?    unsubscribe from this list    update subscription preferences
Real Estate · 55 SE 6th St. · Apt. 4202 · Miami, Florida 33131 · USA

Email Marketing Powered by Mailchimp