New Miami Condos – Closing Rates for April 2008

April 4, 2008

It has been a while since my last post regarding the closing rate of various Miami condo developments. The last update was provided on February 20, 2008. As with the February post, the first graph below reveals the closing rate of those Miami condo developments that began closings prior to November 1, 2007. The condo developments are ordered, from left to right, according to when closings began.

Below you will find the date that each condo development began closings:

• Ten Museum Park – June 14, 2007
• Star Lofts on the Bay – June 20, 2007
• Latitude on the River – July 27, 2007
• Onyx on the Bay – July 31, 2007
• Loft Downtown 2 – September 26, 2007
• 50 Biscayne – October 1, 2007

I’m quite impressed with the closing rate of Loft 2. Their closing rate has improved roughly 13.5 percentage points since the last update and is within 6 percentage points of reaching the 100 percent mark. Great job!

The rest of the condo developments in this group have not changed much since the February update. The closing rate of 50 Biscayne has improved about 6 percent while the closing rate of Onyx on the Bay has improved a little more than 4 percent. The rest of the condo developments have improved 1.5 percent or less. You may notice that the closing rate of Star Lofts on the Bay has actually gone down since the February update. Well, obviously, two closings weren’t rescinded. I discovered two deeds that were re-recorded. I hadn’t caught these in the February post. No additional units have closed at Star Lofts on the Bay since November 8, 2007.

The following graph shows the closing rate of various condo developments in Miami that began closings after November 1, 2007.

Below you will find the date that each condo development began closings:

• 1800 Club – November 27, 2007
• Brickell on the River South – December 17, 2007
• Opera Tower – December 28, 2007
• Quantum on the Bay – January 3, 2008
• Plaza on Brickell – January 7, 2008
• Apogee South Beach – January 16, 2008
• 1060 Brickell – January 23, 2008

For the most part, a lot has changed with this group since the February closing rate update. Of this group of condo developments, I must say that Apogee South Beach has done a remarkable job! Apogee was the second to last condo development in this group to begin closings, yet it has far surpassed the success of the others. The high closing rate of condos at Apogee proves once again that the ultra-luxury condo market in Miami Beach is still doing quite well.

The 1800 Club has pushed well through the 50 percent mark and has improved roughly 16 points. Quantum on the Bay is hovering right at 50 percent which is good considering that they received the TCO on the second tower around the beginning of March. I can definitely see it hitting the 75 percent mark within the next two months. I also want to note that Plaza on Brickell and 1060 Brickell are both comprised of two towers. I’ve heard that closings for condos in the 851 tower of Plaza on Brickell recently began. The condo units in the 851 tower represent 60 percent of the overall development. I also know a few people who have contracts on condos in the 901 tower who are still waiting to receive a closing date. I’m not sure if only one or both of the towers at 1060 Brickell have begun closings yet.

Next month, I plan to include Marina Blue, Wind and Midtown 4, which each began closings recently.

Disclaimer: The above closing rate information was derived from public County records. There can be a 2-3 week delay from the time that a closing occurs and the time that the closing is recorded.