Is this the right time to buy a condo?
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so is, Miami Condo Distress

With Hurricane IRMA not causing any major damage to City of Miami, we are extremely lucky and pray for the people in Florida Keys for a speedy recovery.

Winter is Coming theme from GOT could not have had come at a better time,  . . . welcome back to learning more about the Miami condo market. In this newsletter I am going to talk about the distress that has been brewing in the  especially in  Miami Brickell/ Downtown condo market and we should see it's full effect this winter. The good news is rental market remains strong and will adsorb the additional units. 

Brickell Condo Market Update

38% of Q2 2017 Brickell Sales Resulted in a Loss .In Q2 2017 62% of Brickell condo sales resulted in a gain and 38% of sales resulted in a loss.The average resale resulted in a 1.02% annualized gain for the seller not including carrying costs.The average holding period for a condo in this analysis was 7.8 years. Source : & MLS

Hurricane IRMA update

All the new BRICKELL construction held up really good with buildings not losing power or water supply and all the buildings were up and running in less than 48 hours to full capacity. Regarding the market we will see more units coming to the market due to the hurricane, especially people owning more than 2 homes trying to reduce their risk and this will create more buying opportunities.
Distressed Deal in the Market

ICON Brickell : 1BD + 1 BR | Spectacular view | Large balcony
Current Listed Price: $320,000 | Total Sqft: 816
Taxes : 
$7,882 / year
HOA : $800/month
Current Rent : $2,200/ month
Current Net Cap Rate : 2.8% at the listed price


500 Brickell : 1BD + 1 BR | Water view
Current Listed Price: $295,000 | Total Sqft: 754
Taxes : 
$6,222 / year
HOA : $575/month
Current Rent : $2,050/ month
Current Net Cap Rate : 3.2% at the listed price


IVY : 3BD + 3 BR | Cheapest 3BR in Brickell  | Large balcony
Current Listed Price: $525,000 | Total Sqft: 1,662
Taxes : 
$10,381 / year
HOA : $1,088/month
Estimated Rent : $3,600/ month
Est Net Cap Rate : 3.2% at the listed price

More New Condos on the Way in 2017 1,700 new preconstruction units will be completed in Brickell during the second half of 2017. These units could put additional stress on a market already facing significant headwinds.

Read more here:

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Spread The Distress Word

Varun Hemraj

Real Estate Advisor
Keller Williams Realty
Copyright © 2017 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.

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