Vizcayne is an awesome luxury tower in the heart of Downtown Miami but wasn’t immune to the ups and downs of the Miami Real Estate market! We love just about everything Vizcayne has to offer and really feel that it shines in the little details such as having a doorman at the front entrance, spin and boot camp classes in the gym, poolside water and towel service, and much more! This article we will take a look at the selling statistics and compare 2016 to 2015!
Let’s begin by taking a look at the number of transactions that took place at Vizcayne in 2015 and 2016.
Number of Transactions
|Studio||1 Bedroom||2 Bedroom||3 Bedroom||Total|
The good news is that the total number of sales at Vizcayne held pretty steady. 2015 only had 1 more sale than 2016. However, you can see that in 2016 buyers skewed towards studios which saw a 200% increase in transaction volume. One bedroom sales have held steady. The biggest decline came in two and three bedroom units.
Let’s take a look at pricing trends.
Vizcayne Average Price
|Studio||One Bedroom||Two Bedrooms||Three Bedrooms||Total|
|2015|| $202,500.00 || $300,166.67 || $435,500.00 || $877,000.00 || $363,826.09
|2016|| $235,000.00 || $259,450.00 || $402,000.00 ||N/A|| $278,700.00
The clear winner is studio sales which saw a 16% price increase from 2015. However, one and two bedroom sales declined in price. The higher priced units took a discount and we believe this was mainly due to early financing issues from banks. For the most part, Vizcayne needed to be purchased in cash as financing for Vizcayne was scarce for most of 2016.
Lastly, let’s take a look at average days on the market.
Days On Market- Vizcayne
|Studio||1 Bedroom||2 Bedroom||3 Bedroom||Total (Average)|
Studios continue to shine with 28% less days on the market! One bedroom units are taking longer to sell but two bedroom units were the fastest selling in the building!
Overall, the bright point of Vizcayne was it’s studios. There were more sales, higher prices, and decreased days on the market. The low entry point into a luxury building make the studios very appealing. The biggest hindrance that we saw through most of 2016 was the lack of financing. There was a lawsuit (now settled) that restricted financing in Vizcayne. Now that financing is more fee flowing we expect prices to go up! Vizcayne is priced at par with buildings that are inferior in regards to luxuriousness. This makes Vizcayne a great value going forward!