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:) GUYS I NEED YOUR HELP.... I AM ASKING IF ANYONE KNOWS WHAT IS THE AVERAGE PRICE PER SQ FT IN THE BRICKELL AREA FOR PRECONSTUCTION RESALE UNITS... MANY BUILDINGS HAVE BEGAN RESALE PROGRAMS FOR THEIR UNITS AND I AM INTRESTED IN SELLING/PURCHASING A UNIT... BASICALLY I DONT WANNA GET CHEATED... BUILDINGS SUCH AS 500 BRICKELL, PLAZA ON BRICKELL AND AXIS HAVE BEGAN SUCH PROGRAMS. WHAT ARE THEIR 1 BRMS GOING FOR IN THEIR RESLAE PROGRAMS .. THANKS ANY INPUT IS APPRECIATED!!!
 

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JEmanuel56 said:
:) GUYS I NEED YOUR HELP.... I AM ASKING IF ANYONE KNOWS WHAT IS THE AVERAGE PRICE PER SQ FT IN THE BRICKELL AREA FOR PRECONSTUCTION RESALE UNITS... MANY BUILDINGS HAVE BEGAN RESALE PROGRAMS FOR THEIR UNITS AND I AM INTRESTED IN SELLING/PURCHASING A UNIT... BASICALLY I DONT WANNA GET CHEATED... BUILDINGS SUCH AS 500 BRICKELL, PLAZA ON BRICKELL AND AXIS HAVE BEGAN SUCH PROGRAMS. WHAT ARE THEIR 1 BRMS GOING FOR IN THEIR RESLAE PROGRAMS .. THANKS ANY INPUT IS APPRECIATED!!!
Here is a bit of info that may help...my company handled sales in Brickell on the River and me an my friends & family bought about 8 apts there. I got out to soon! One of my friends closed from the developer and put his property on the market. In 15 days, it sold for a bit over $500,000. I handled this transaction and it closes Monday. Not bad for an apartment that cost $330k. That is a low floor 2/2 with river view for $458 per square foot. I still don't see where the slowdown is when you can sell a condo in 15 days...but hey, what do I know?
 
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Roark, everyone who bought at Brickell on the River pre-construction has made a great return, no doubt. How long ago did those units sell? 2 to 2.5 years ago? They have a lot of room to negotiate and drop their price to sell their unit. If you price your unit reasonably, i think the market is still strong, but there hasn't been a lick of appreciation in the last 6 to 8 months. I've been watching listings at BotR for the 1/1 units and a few months ago, the cheapest listings were at $320k to $330k. Now there are 5 or 6 units listed between $300k and $320k. Is $300k the floor? Dunno, I've checked the deeds a lot of 1/1s sold for $210 to $220k.

So are you buying 8 units in buildings being pre-sold now? Do you think you are going to make the same return when they deliver in 2 to 2.5 years as you made at BotR? Are buildings being presold now selling at the same pace as 18 months ago?

There is just a really high chance that people who have bought in the last 9 months won't see any appreciation in their holdings for years. People forget that real estate can be ver stagnant for a long time. Sure prices have doubled in the past few years, but from 1979 to 1999 real real estate values adjusted for inflation grew 0.0%. And over a much longer time horizon, real estate lags stocks by about 4% in real value increase. Finally because real estate is often highly leveraged... 4 to 1, 10 to 1 or even more, a small dip in prices (10.0%) might mean a 50% to 100+% loss.

Roark said:
Here is a bit of info that may help...my company handled sales in Brickell on the River and me an my friends & family bought about 8 apts there. I got out to soon! One of my friends closed from the developer and put his property on the market. In 15 days, it sold for a bit over $500,000. I handled this transaction and it closes Monday. Not bad for an apartment that cost $330k. That is a low floor 2/2 with river view for $458 per square foot. I still don't see where the slowdown is when you can sell a condo in 15 days...but hey, what do I know?
 

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i went against buying at brickell on the river a 1000sq ft unit on the 20th floor was about 420k when they had just began sales.

i bought in one miami instead for the same price and got a 1400sq ft unit for that price which is worth now 999k-1,299k if i decided to sell the unit on the market now.
 
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