John, Home Buyer in Miami, FL

price declines in KB

Asked by John, Miami, FL Mon Mar 9, 2009

Seems as if prices in the ocean club are coming down. I heard that a 3/3 in the Ocean tower 2500 sq ft was offered at 1.375mm and sold for 1.1mm or 1.2mm. Which makes that 440-480 a sq ft....do you think prices will continue to decline, if so, by how much?

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4
A high floor Club Tower unit with 2500 sq ft sold recently for 1,900,000.00. (great ocean and bay views)
which was a really good sales price. Now a same unit with a garden view could very well go for much less.
But 1,1mm or 1.2mm sounds not real. I have not seen anything in the MLX or in any closed transactions.

There are currently 10% of all Ocean Club units available (80 units out of 801). That is not a higher number than in some recent Years,
Most of the units for sale are 3 bedrooms with an average of 2500 sq. ft. So there is quite a bit of competition among sellers. On the other hand, there are very few large 4 bedrooms or in general units of 3500 sq. ft./+
for sale. The last two 4 bedroom units in the Ocean Towers have sold in the last few month both for above 800/sq.ft.
The Ocean Club has 11 Bldgs. Purchase prices are many times based on recent sales in same Bldg. and compared w/similar views and similar sizes. Especially if the purchaser seeks financing, banks will look closely at the recent sales.


the most recent sales.
1 vote Thank Flag Link Sun Mar 15, 2009
1.2mm is where the last 3 bed 3 bath in the Ocean Towers sold. Ran into the new owner the other day.
0 votes Thank Flag Link Tue Apr 21, 2009
Is any town immune? March 31 (Bloomberg) -- Home prices in 20 U.S. cities fell
19 percent in January from a year earlier, the fastest drop on
record, as demand plummeted and foreclosures rose.
The S&P/Case-Shiller index’s decrease was more than
forecast and compares with an 18.6 percent decrease in December.
The gauge has fallen every month since January 2007, and year-
over-year records began in 2001.
A glut of unsold properties may keep prices low, shrinking
household wealth and damping spending. Still, sales of new and
previously-owned homes rose in February, indicating the housing
slump, now in its fourth year, may ease as policy efforts to
unclog credit and aid borrowers begin to take hold.
0 votes Thank Flag Link Tue Mar 31, 2009
I love that the "recent sale" at a decent price of 1.9mm occured in July 2008. The stock market is down OVER 35% since July and getting a jumbo loan for this type of property is more difficult not less. I love the fact that some proerties in the ocean towers are offered 40% above where they were sold in 2005 and some are offered below. Differences of 500k-700k for similar properties and the lower priced properties aren't selling.
0 votes Thank Flag Link Mon Mar 16, 2009
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