Sales pace speeds as distressed market dries up in Miami’s Brickell

Brickell’s residential condominiums are seeing high demand, driving up prices as distressed units exit the market, Miami Today reported. Of the 737 condos that were on the market in Brickell at the end of June, only 54, or 7 percent of those listings, were short sales or foreclosures. That is a big change from a year ago in January when 21 percent of 1,142 listings were distressed. Inventory in Brickell has decreased in that same period to seven months to 15 – indicating that the market is now balancing.  “Many domestic buyers who depended in part on mortgages for financing have been sitting on the fence,” said Philip Spiegelman, founder and chair of International Sales Group. “But now there is some liquidity, and there is enough buzz that the last group of fence-sitters are jumping in. [Miami Today] — Christopher Cameron