A certain Baghdad Bob of Miami Realtors® just loves to post closing rates for condo buildings every few months. He seems to have it ingrained in his warped mind that hitting the 70% sold mark somehow makes a condo building a safe “investment”. For your consideration, I present Miami Condo Forum Closing Rates:
The following price charts are of sales recorded by Miami-Dade County. Since it’s the government, it’s very slow to record sales and nothing has been updated since August. According to the MLS there have been many sales at significantly lower prices since.
The most recent MLS sales in Jade were $427, $333, $327, $274, and $240 per square foot. Currently, the three lowest priced Jade units on the MLS are asking $330, $329, $241 per square foot.
In the last month, One Miami MLS sales have been recorded at $305, $267, $246, $244, and $218 per square foot. Currently, the three lowest priced One Miami units on the MLS are asking $235, $230, $222 per square foot.
Since August sales have been recorded at $239, $232, $188, $180, $179, $159 per square foot. Currently, the three lowest priced Neo Vertika units on the MLS are asking $198, $198, and $145 per square foot.
Sales in the last month were at $178, $140, $136 per square foot. Asking prices include $133, $115, and $114 per square foot.
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Lucas is now running photos of how beautiful downtown Miami has become. I think he’s doubling up on his usual dose of ecstasy…
He should take some close ups of all the bums and trash in the city to give people a real idea of what’s going on.
Found your blog and really like it. I might consider living in S Fl one day after the smoke clears. Probably as a renter!
Keep up the great work.
Obama’s HOPEful thinking plan wont work. Home prices plus taxes, insurance, and HOA still need to drop until meeting rental values, or below. On the other hand, Obama’s loan modification plan contemplates lowering home-related costs to 31% of the total homeowners income. The problem is that greedy counties as Miami Dade wont admitt distressed sales as comparables within their tax assessment process. This results in most distressed home purchases getting hit by tax rolls corresponding to higher values than the actual sale cost. In other words, you can buy a distressed home for $200K but the county’s mafia impose a tax corresponding to a home they say is worth $400K, and let you fight in court. Until the sale price and distressed sales comparables are considered as the base for property tax assesments in Miami, I wont buy a home and you would be stupid if you do…Obama’s HOPEful intentions are doomed to failure due to the crooked County’s greediness.
The Big O is just trying to keep this leaky economy afloat. And the plan will fail due to a lot of crookedness at all levels of the government and housing industry. This hangover is not going to be solved by “a little hair of the dog that bit us”.
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