I found a total of 30 distressed condo sales that closed in the month of October in the MLS located in Brickell, Brickell Key, Downtown Miami and the Arts District.  The following are, in my opinion, the five best deals that took place along with one worth mentioning.

1. Skyline on Brickell - unit 2505 - 1 bedroom/1 bath (791 square feet) - This unit sold for $200,000, or $253 per square foot, on October 28, 2008.  Foreclosure
2. Vue at Brickell - unit 1501 - 2 bedroom/2 bath (1,255 square feet) - This unit sold for $170,000, or $135 per square foot, on October 17, 2008. Foreclosure
3. Jade - unit 504 - 1 bedroom/1 bath (895 square feet) - This unit sold for $220,000, or $246 per square foot, on October 24, 2008.  Foreclosure
4. Solaris at Brickell Bay - unit 1607 - 1 bedroom/1 bath (730 square feet) - This unit sold for $146,000, or $200 per square foot, on October 24, 2008.  Foreclosure
5. Courvoisier Courts - unit 704 - 2 bedroom/2.5 bath (1,230 square feet) - This unit sold for $290,000, or $236 per square foot, on October 22, 2008.  Foreclosure

Runner-up: Jade - unit 3509 - 2 bedroom/3 bath (1,730 square feet) - This unit sold for $710,000, or $410 per square foot, on October 13, 2008. Foreclosure

This past week I was able to tour not only the amenities and common areas at Icon Brickell but also a few condos.  Below, you will find the pictures that I took of a few two bedroom condos.  Keep in mind that these are model units.  Condos at Icon Brickell are delivered by the developer “decorator-ready”.  However, as an incentive to buy now, the developer is offering either a 3 percent decorator credit or flooring installed throughout your condo.

The first condo I saw was a 2 bedroom/2 bath plus den.  It has 1,503 square feet of interior space and 218 square feet of balcony.

The hallway leading to the condos at Icon Brickell.

A shot of the kitchen and dining area.

The living room and dining area.

A close-up of the kitchen with natural stone countertops and appliances by Sub-Zero, Wolf and Bosch.

The den area of this condo.

The master bedroom.

The master bathroom with French limestone flooring.

Another shot of the master bathroom with matching limestone vanity top and porcelain sinks.

A third shot of the master bathroom.

The second bedroom.

The view of Brickell Key, Biscayne Bay and Key Biscayne from this 2 bedroom condo.

The second condo I viewed was a 2 bedroom/2 bath with 1,314 square feet of interior space and 133 square feet of balcony.

The kitchen and dining area.

The living room.

The master bedroom.

The master bathroom.

The second bedroom.

The view of the Miami River and Biscayne Bay.

Yesterday, I had the opportunity to tour Icon Brickell.  I’ve decided to write two separate posts to encompass the thorough tour that I was given.  This first post will include pictures and my thoughts about the common areas found at Icon Brickell.  The second post, which should be published within the next couple of days, will focus on two model units that I was able to see.

The valet area is grand to say the least.  The large columns that greet you as you enter the property resemble the stone heads on Easter Island called Moai.  $10M was spent on these monstrous columns.

The windows of each lobby has a yellow film on them to distinguish the room from the rest of the building.  It felt a bit like a haunted house to me.  Above, you see the concierge desk with an over-sized armoire behind it.

The fireplace located in the lobby of Icon Brickell is surrounded by classical furniture and large, frameless Renaissance portraits.

Another shot of the lobby.

Another look at some of the artwork in the lobby of Icon Brickell.

The hallway leading to the mail room and elevators creates a sharp contrast from the lobby.

The mail room at Icon Brickell.

The Icon Brickell Cafe serves food and beverages to the pool area and makes deliveries to all of the residences.

The Icon Brickell pool deck has a Delano-style to it.

Over-sized chessboard located off the Icon Brickell pool deck.

Outdoor dining table with room for 50 people.

Outdoor gas fireplace and furniture located off the pool deck.

The theater room was locked but I was able to a shot of it through the doors.  We were told the room will be filled with beds instead of leather recliners.

The Icon Brickell club room.

Another shot of the Icon Brickell club room.  Although I did not get a chance to see them, I was told that there is a separate billiards room and poker room.

Above, you’ll find the thermal spa room which is reminiscent of an ancient Roman bath.

Spinning room at Icon Brickell.

The fitness center at Icon Brickell has free weights, machines, cardio equipment with personal TV screens and two boxing bags.

The locker room at Icon Brickell.

The men’s spa.  We were told that the men’s and women’s spas are identical.

The steam room.  There is also a separate sauna room.

A treatment/massage room in the Men’s spa at Icon Brickell.

Icon Brickell was different to say the least.  It is very over-the-top with an Alice in Wonderland type feel and a hint of South Beach flare to it.  The 2 acre pool deck was incredible with its lengthy dining room table, large fireplace, over-sized chessboard and Delano-style Infinity-Edge pools.  Most will also appreciate the extensive collection of artwork that fill the various rooms throughout Icon Brickell.  My favorite room was the thermal spa room with plunge pools and floor-to-ceiling bookcases on each end.  Although it may not appeal to some, it is still a sight to see in person.  The Icon Brickell Cafe is definitely an amenity that most will appreciate.  There will also be two signature restaurants located at Icon Brickell.  I did feel, however, that the fitness center was a bit small to accommodate 1700+ units.  Overall, the development may not conform to the tastes of some but I think everyone will agree that it is unlike any condo development that we have seen in Miami.

Icon Brickell has a total of 1,783 units in the three towers that comprise the development.  Closings are scheduled to begin next week.  Our tour guide notified us that 90 percent of the units had been presold.  It will be interesting to see how Icon Brickell fares with their closings in the months ahead.

I found a total of 25 distressed condo sales that closed in the month of September in the MLS located in Brickell, Brickell Key, Downtown Miami and the Arts District.  The following are, in my opinion, the five best deals that took place.  This will hopefully give everyone a sense for where prices are for similar units in these buildings and neighborhoods.  This is not an indication of where prices may or may not ultimately settle.

1. Jade - unit 1706 - 1 bedroom/1 bath (895 square feet) - This unit sold for $215,000, or $240 per square foot, on September 5, 2008.  Foreclosure
2. Blue Condominium - unit 3101 - 2 bedroom/2.5 bath (1,651 square feet) - This unit sold for $385,000, or $233 per square foot, on September 16, 2008.  Short-sale
3. Neo Vertika - unit 3119 - 2 bedroom + den/2 bath (1,255 square feet) - This unit sold for $225,000, or $179 per square foot, on September 5, 2008.  Foreclosure
4. Vue at Brickell - unit 2204 - 2 bedroom/2 bath (1,023 square feet) - This unit sold for $173,000, or $169 per square foot, on September 16, 2008.  Foreclosure
5. Parc Lofts - unit 208 - 1 bedroom/1 bath (1,255 square feet) - This unit sold for $220,000, or $174 per square foot, on September 9, 2008.  Foreclosure

Below, you will find the Miami-Dade County condo inventory and months of supply figures for October 2008. The first box to the left reveals the total number of condos that are currently available for sale on the MLS throughout Miami-Dade County. The second box discloses the total number of closed sales that occurred in the month of September 2008. The third and fourth boxes show the months and years of condo supply in Miami-Dade County. As you can see, the figures are also subdivided into various price ranges to reveal which part of the condo market has been most affected.  The % change box will show you how the inventory levels have changed since my last update in May 2008.

The overall supply of condos listed in the MLS in Miami-Dade County has dropped from 25,461 to 24,788 since May 2008. On the flip side, the number of closed sales in the previous month has gone up from 474 to 527 creating a 12.51 percent drop in the years of inventory in Miami-Dade County since the last update. It’s once again surprising that inventory levels have dropped despite the thousands of new condos that have been completed and delivered in 2008.

The following statistics encompass only those condos located throughout Miami (not other areas of Dade County such as Miami Beach, Aventura, Sunny Isles Beach, etc.):

The supply of condos in the MLS in Miami has dropped from 10,281 to 9,903 since May 2008. The number of closed sales in the previous month has gone up from 161 to 192 creating a 19.21 percent drop in years of inventory in Miami since the last update.  As you can see, a large portion of these closed sales occurred in the $0-$249,999 price range.  The inventory levels of the $500,000+ categories, however, have increased.

The following statistics encompass only those condos located throughout Miami Beach:

The supply of condos in the MLS in Miami Beach has dropped from 4,109 to 3,949 since May 2008. However, the number of closed sales in the previous month has also dropped from 113 to 98 creating a 10.82 percent increase in years of inventory in Miami Beach since the last update.  In fact, with the exception of the $500,000-$999,999 price range, the years of inventory has risen for each category.