One of the agents in our office just concluded a transaction where he represented the buyer of a one bedroom, one and a half bath condo in the Brannan. The Brannan is a full service, premier condo building in a great South Beach location with lots of amenities.
This most recent sale closed at $850,000., 6% over asking.
The property had been listed back in 2010 asking $679,000 and, after 160 days on the market with no buyer, the property was withdrawn.
The most recent previous sale of the unit was in early 2007 when it closed escrow with a purchase price of $729,000.
The number of days on market went from an average of 46 in 2002, down to 19 in 2007, up to 85 in 2010 and now we're back down to 34.
We're seeing this scenario duplicated in all parts of the city.