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Miami Beach (33139) has had 40 closed condominium sales in the first 2 weeks of March!  Interestingly enough, the most expensive condo sold was a forclosure (REO), at THE SETAI!!!!!   The amazing thing is that this 3 bedroom, 4.5 bathroom, 3,691 square foot condominium had a list price of $4,200,000.00, and sold for $2,500,000.00!!!!  That is $677.00 per square foot.  In 2007 this unit, 1701, sold for $5,500,000.  What a  deal!

What does this tell us?  Don’t be scared of the LIST price.  You never know what a bank, or an owner is going to accept.  I always advise my clients to make offers.  What’t the worst that can happen, they say no?  At least you are putting your offer out there, at fair market value, at a price you are willing to pay.

I absolutely love The Setai.  It is located at 20th and Collins, directly on South Beach, and it’s neighbors include W hotel, The Shore Club, and Delano.  This is one of the most exclusive and expensive properties on Miami Beach, so at $677.00 per square foot for a unit of this size, is a record low per square foot, for several years.  Here are the sales for the past 12 months at The Setai:

Portofino Tower, unit 3101, 4 bedrooms, 6 bathrooms, 5,450 square feet, was listed at $3,500,000 and sold for $2,900,000.  That’s $532.00 per square foot.   Again, don’t be afraid of the LIST price.  I always say “you never know,” what a seller or a bank will accept.

The Third most expensive to close in Miami Beach since March 1, was at The Continuum.   Unit 3705, 2 bedrooms, 2.5 bathrooms, totalling 1,793 square feet closed for… drum roll please…  $752.00 per square feet, or $1,350,000.

That’s right! 23 Condos have closed on Brickell during the month of February. 7 were foreclosure and 7 were short sales.

The most expensive condominium that sold was at The Four Seasons. This 4 bedroom, 4 bathroom, 3,357 square foot condo sold for $2,600,000.00 and spent 229 days on the market.

The least expensive condo, a 580 sq. ft. studio at The Four Ambassadors, a short sale, sold for $69,000.

To view these properties please click here:  February Closed Sales for 33131

Last year the same zip code saw 52 closed sales, of which 27 were foreclosures, and 6 were short sales. This is good news! Foreclosures are slowing down.