February 2012 Midtown Miami Housing Report

There are currently 20 Midtown Condos for Sale in The Multiple-Listing Service (MLS):

• The highest priced one is at 2 Midtown and it is unit H2601, listed for $625,000 (That’s a 1,577 sf corner residence with 3 bedrooms / 2 bathrooms and 1 half-bath and wrap-around balcony)
• The least expensive is also at 4 Midtown, a 1 bedroom / 1 bathroom foreclosure for $119,900 (unit L0306 with 711 sf ).
• 15 of the units are at Two Midtown and five at Four Midtown
• Pending Contracts (condos under contract):  12
• Closed Sales in February 2012:  4

The 4 Midtown Miami condos sold in February were the following:

• 2 Midtown – unit PH103 – short sale (3 bedroom / 3.5 bathroom) listed for $649,000 and selling for $620,000
• 2 Midtown – unit H2510 – 2 bedroom /2 bathroom residence listed for $345,000 and selling for $339,900
• 2 Midtown – unit H1101 – short sale (3 bedroom / 2.5 bathrooms) listed for $299,000 and selling for $275,000
• 2 Midtown – unit M0906 – 1 bedroom / 1.5 bathroom residence listed for $175,000 and selling for $165,000

Midtown continues to be hot and anything that comes on the market for under $200,000, sells in just days!  There are still a few distressed sales to be found, but that inventory is dwindling down.  Of the 20 properties listed for sale in the multiple listing service, only one is distressed (foreclosure) – that’s 5% of the total inventory!

What does this mean?  if you invested in Midtown, you should feel glad, because the investment will pay off.  If you live in Midtown now, just know that your residence will begin appreciating, which is a great feeling considering what other areas of Miami are still going through.

The median sale price in Midtown for the month of February was $307,000 with an average price per square foot of $214.9, which is a huge increase from the $161.4 figure we gave you in November of 2011.  Midtown Miami continues to give us a warm and fuzzy.
**all information obtained from the Southeast Florida Multiple Listing Service**