Real Estate Market Report, May 2018.

One unit sold last month at The Bridgewater Condominium. Unit #1601, located on line 01, the biggest floor plan in the building. This unit sold cash, for $398,000, after 292 days of being on the market. That is, $77,000 less than the asking price. Units are being sold in the building this year, but they’re selling at discounted prices.

Two units were listed for sale last May. This is not the first time that both of these units reached the market. These are offered at an average list price of $339,000. Our active inventory now stands at 14 in total.

A total of four units were offered for rent last month at The Bridgewater. These units are offered for an average monthly price of $2,625. All are offered unfurnished. Unit #502 it is also offered for sale, a trend we have seen more often in Miami Beach condominiums. Owners list their units for sale and for rent, to see what happens first; however, they still leave their units active for sale, in many cases, affecting the inventory, when they just signed a year lease.

Only one unit was successfully rented last month. Unit #1404 rented after only 25 days of being in the market for $2,100. Our active inventory of units for rent is now at 6 in total.