New Miami Condos – Closing Rates for December 2008

December 14, 2008

It’s been almost three months since my last Miami condo closing rate update.  The last one was published on September 22, 2008.  Unfortunately, there has not been a lot of progress in closings for most of the condo developments below since that time.

Below, you will find the date that each condo development began closings followed by the number of closed units in each condo development:

• Ten Museum Park – June 14, 2007 – (165)
• Latitude on the River – July 27, 2007 – (374)
• Onyx on the Bay – July 31, 2007 – (73)
• Loft Downtown 2 – September 26, 2007 – (444)
• 50 Biscayne – October 1, 2007 – (528)

Latitude on the River had three new closings since the last update, Onyx on the Bay had three new closed condos and 50 Biscayne had two.  Ten Museum Park and Loft Downtown 2 were both unchanged since the last update.

• 1800 Club – November 27, 2007 – (322)
• Brickell on the River South – December 17, 2007 – (171)
• Opera Tower – December 28, 2007 – (235)
• Quantum on the Bay – January 3, 2008 – (552)
• Plaza on Brickell – January 7, 2008 – (706)
• Apogee South Beach – January 16, 2008 – (65)

Quantum on the Bay and Plaza on Brickell each had an impressive number of closings, since the last update, considering how long ago closings began.  Quantum on the Bay had 28 new condo closings while Plaza on Brickell was able to close 46.

• 1060 Brickell – January 23, 2008 – (232)
• Midtown 4 – February 15, 2008 – (339)
• Marina Blue – February 27, 2008 – (369)
• Wind – February 28, 2008 – (213)
• Asia – April 4, 2008 – (64)

On Friday, the Miami Herald reported that the developer of 1060 Brickell is looking to sell around 60 percent of its condos in bulk.  Closings at 1060 Brickell recently reached the 40 percent mark meaning that this represents the developer’s remaining inventory.

• Met 1 – April 30, 2008 – (143)
• 900 Biscayne Bay – May 5, 2008 – (210)
• 500 Brickell – May 14, 2008 – (196)
• Axis – May 19, 2008 – (161)
• Ivy – June 12, 2008 – (205)

900 Biscayne Bay and Ivy have now each reached the 40 percent mark.  I’m actually quite surprised that not one of the condo developments in this last group has been able to hit the 50 percent mark.  Enough time has certainly gone by.  To rev up sales, 500 Brickell recently held a 4-day promotion offering a free Mini Cooper with any condo purchase from the developer’s inventory.

The next update will include Icon Brickell, Everglades on the Bay (now known as Vizcayne) and Infinity at Brickell which recently began closings.

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.