Just over a month after the first closed condo resale at Biscayne Beach (read more about the transaction here), we are patiently awaiting more resale transactions, with 0 units currently listed as pending, or under contract. There are currently 88 available units for sale, or 22.5% of the building inventory, with an average list price of $722 per square foot, and a minimum of $466 per square foot for unit 301, a 2-bed, 2.5 bath northwest corner residence. Thanks to the one closed resale at Biscayne Beach thus far, the average sales price per square foot remains $597. A huge portion of sales listings have been reduced from their original asking price, so it will be very interesting to track the average list price per square foot over the next few months and into the real estate busy season. No doubt some lucky buyers will be securing Biscayne Beach condos at great prices over the course of the next year, as more Miami condo developments are completed. Make sure to contact us if you’re interested in buying, selling, or renting at Biscayne Beach – we are your building experts!
On September 22nd, 2017, unit 2307 at Biscayne Beach closed for $1.255M, becoming the first closed resale of the building at $597 per square foot. The condo is a 3-bedroom, 4 bath, southeast corner unit, with 1 parking space included. The 07 line is unquestionably the most coveted floor plan in the building, with a spacious living room, a generous den, and incredible bay views (check out another 07 line unit now for sale here) The original asking price for 2307 was $1.3M and the unit was first listed on June 21st. The residence was sold decorator-ready, just as it was delivered by the developer, without flooring, light fixtures, or molding.
According to Miami-Dade tax records, 2307 was purchased from the developer for $1,229,900, only $25,100 below the new sale price. Considering that commissions are typically 6% of the sale price and paid by the seller, it would be safe to say that the seller took a loss after closing costs and commissions. Based on the original asking price of $1.3M, the seller seems to have been very motivated to unload the condo, hoping to break even at best.
While we’ll never know the reason that the preconstruction buyer would sell the condo at a loss, other sellers and buyers for Biscayne Beach will find something positive in the first resale transaction. Sellers will be happy to see some movement in the resale market only 5 months after the building’s opening, and buyers will be happy to have some reference point of pricing for comparison. It will be very interesting to see if any other motivated sellers adjust their prices for similar units in the next few months, and also to track future sale prices as more transactions take place.