The Waverly Condo of South Beach with 399 units has historically averaged sale inventory of about 10% of the total units (40ish). From the time The Waverly sold out in 2004 it was common to find 38-42 units for sale.
Buyer’s market to Seller’s market; In the third quarter of 2008 as we experienced the collapse of financial giants and huge swings in the stock market, the condo sale inventory in South Beach and The Waverly grew and grew. In the first quarter of 2009 the Waverly of South Beach had 58 condo units for sale and prices fell hard. The majority of those units were distressed sales, either buyers just in over their heads or the fraud mortgage units where the Owners disappeared (with pockets full of cash). 2009 was the year that Buyers tried to time the market and find its bottom. Many played the waiting game, believing condo units that were already discounted at 40% would fall further. Those who realized the opportunity started buying and within the first four months of 2009 a total of sixteen Waverly Condo units went into contract. As compare with only six condo units going into contract the prior quarter (2008). The amount of units for sale at The Waverly started to lower and before the end of 2009 The Waverly was back near 10% (about 40 condo units for sale).
Coming into 2010 we continued to see the amount of Waverly Condo units for sale lowering as Buyers were now realizing they missed the bottom. Anything that was a decent price was going into contract quickly and multiple offers were being made, bidding up the prices. By the end of 2010 there were twelve condo units for sale at Waverly and the short sale and distressed sales were gone. Some of those units now going into contract were “flips”, purchased within the prior twelve months and now being sold for as much as 30%.
Today The Waverly Condo has only 8 units listed for sale it has become a Seller’s market again.
For more information on The Waverly Condo or other South Beach Miami properties visit Live Realty located in the lobby of the Waverly Condo at 1330 West Ave, Miami Beach or call Robert at Live Realty 786-286-6960