Short-Sale Opportunity in Brickell

There’s a good short-sale opportunity in Brickell in a development known as Brickell on the River. The building is fairly new, having been completed in 2006, and has amenities which include: valet parking, a tri-level state-of-the-art fitness center, business center, 24-hour security, concierge, swimming pool, hot tub and club room. The monthly association fees also covers basic Cable TV, DSL, water, sewer and garbage.

I took a look at the unit in question last night and was very impressed with what I saw. Click on the thumbnails above to see full-size pictures of the actual unit. The 1 bedroom/1 bathroom condo located on the 27th floor has 775 square feet of living space, a balcony, stackable washer/dryer, stainless steel appliances, track lighting, blackout blinds, marble floors in the bathroom and hard wood floors throughout the rest of the unit. The unit faces West and has great views of the sunset and the boats passing by along the Miami River.

The current owner is in the foreclosure process and the bank has decided to accept short-sale offers. The owner paid $341,000 for the unit in September 2006 and it is currently listed at $280,000. I took a look at the closed sales in the building for the past six moths for 1 bedroom units with the same floor plan. There were only two closings for 1 bedroom units with the exact same floor plan as the unit in question. Both units were sold “decorator-ready” which means that the unit was sold without any flooring, light fixtures or window treatments. The first unit is located on the 12th floor and sold for $290,000 in February of this year while the second unit is located on the 16th floor and sold for $325,000 in December 2006. Keep in mind that the foreclosure unit is fully decorated and doesn’t require any additional money to make the unit complete. I am relatively confident that the bank would accept an offer in the ballpark of $240,000 to $250,000.

The unit is currently occupied by a tenant who is paying $1,650 per month. The lease ends at the end of July but the tenant has stated the he would be willing to terminate the lease if the buyer of the unit was also willing. The maintenance fee is $440 per month.

Feel free to call or email me with any questions that you might have. Click the play button below to see a short video of the unit.