The first quarter Elliman Reports for Miami Beach/Barrier Islands are ready! As always, these market reports are produced in conjunction with Miller Samuel to provide you with the most comprehensive and neutral market insight available. Dottie Herman, President and CEO of Douglas Elliman reports the following,
Housing prices in the Miami Beach and Barrier Islands increased. Limited inventory and fewer distressed sales kept the pressure up. Higher prices and luxury new development brought more supply to the market, enabling more sales to occur.
The number of sales on the Miami Coastal Mainland increased as rising supply enabled more sales. Housing prices increased, especially within the condominium market as high quality newly developed units were sold off.
Unlike our hyper local real estate market reports that we share on a regular basis like Miami Shores homes, Surfside homes or even Azure Condo Reports in Surfside, these reports are useful because they provide overall numbers and give you a general idea of how our Miami and Miami Beach real estate markets are doing.
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Miami Real Estate Market Report – 1Q 2015
Quarterly Survey of Miami Coastal Mainland Sales for the first Quarter of 2015 show price indicators continued to rise at a double-digit pace. Inventory gains outpaced sales growth and days on the market fell, as listing discount moved higher.
Low inventory and a decline in lower priced distressed sales caused price indicators on Miami’s coastal mainland to surge. Median sales price for all property types jumped 18% to $242,000 from the prior year quarter. Condo price gains continued to outpace single family gains as new development product is absorbed. Condo median sales price surged 35.5% to $210,000 and single family median sales price increased 7.3% to $268,250 respectively over the same period.
Condo prices in the luxury market, defined as the top 10% of all sales, showed the largest gains of all property types.Luxury condo median sales price surged 76.1% to $1,250,000 from the prior year quarter, as the mix shifted towards higher end product. The rise in sales was largely attributable to the expansion of listing inventory, a by-product of rising prices.
There were 4,340 sales, up 12.6% from the prior year quarter. Listing inventory rose 22.6% to 11,017 over the same period.
Days on market, the number of days from the last price change to the sales date, fell 9.5% to 57 days.
Listing discount, the percentage difference between the listing price at time of sale and the sales price, edged 0.6% higher to 5.9%.
Miami Condos Report
Number of sales jumped despite large decline in distressed sales. Listing inventory expanded faster than sales. Price indicators surged as bigger gains occurred in larger sized units. Marketing time fell as negotiability expanded.
Miami Homes Report
Price indicators moved higher. Number of sales increased as listing inventory slipped. Marketing time and negotiability remained largely unchanged. Distressed sales fell sharply.
Miami Luxury Homes and Miami Luxury Condos Report
Condo price indicators surged as marketing time edged higher. Condo inventory increased despite decrease in listing discount. Single family price indicators moved higher as inventory increased. Single family marketing time slowed as listing discount stabilized.
DOWNLOAD PDF OF THE ENTIRE 1Q 2015 MIAMI COASTAL MAINLAND SALES HERE
This report will also include individual stats for cities of Aventura, downtown Miami, Coconut Grove, Coral Gables, Brickell, South Miami, Pinecrest and Palmetto Bay.
Miami Beach Real Estate Report – 1Q 2015
Quarterly survey of Miami Beach / Barrier Islands Sales for the first quarter of 2015 shows Negotiability tightened as marketing time stabilized. Continued double-digit growth of all price indicators. Number of sales declined as inventory expanded.
As seen in the past several quarters, rising housing prices in the Miami Beach and Barrier Islands pulled additional inventory into the market. Listing inventory increased 19% to 4,376 over the same period. Overall price indicators showed double-digit gains as both condo and single family moved higher. The median sales price for all property types increased 13% to $437,750 from the same period last year. Condo median sales price expanded 10.7% to $375,000 and single family median sales price rose 6% to $1,550,000 respectively over the same period. The overall number of sales declined 13.3% to 1,026 from the prior year quarter. A portion of increase in price indicators is attributable to the drop in the number of lower price distressed sales, namely foreclosures and short sales.
The number of distressed condo sales fell 48.7% and the number of distressed single family sales fell 71.4% respectively from the prior year quarter.
Like the overall market, the luxury market, defined as the top 10% of sales moved higher. The luxury condo median sales price increased 11.5% to $2,587,500 and the luxury single family median sales price rose 1.8% to $7,125,000 respectively over the same period.
Miami Beach Condos Report
Price indicators continued to rise. Sales declined as listing inventory increased. Days on market stabilized as listing discount fell.
Miami Beach Homes Report
Price indicators were mixed as sales mix shifted toward smaller homes. Number of sales declined as listing inventory expanded. Listing discount fell as days on market moved higher.
Miami Beach Luxury Homes and Miami Beach Luxury Condos Report
Sharp rise in price indicators for Miami Beach luxury condos as luxury price threshold surged and marketing time edged higher as negotiability fell.
Price indicators for Miami Beach luxury homes were mixed, but showed stability. Negotiability tightened despite rise in listing inventory.
DOWNLOAD PDF OF ENTIRE 1Q 2015 MIAMI BEACH / BARRIER ISLANDS SALES HERE
This report will also include individual stats for cities of Sunny Isles, Bal Harbour, Bay Harbor, Surfside, North Bay Village, Miami Beach Islands, North Beach, Mid-Beach, South Beach, Key Biscayne and Fisher Island.
**The Douglas Elliman Report series is recognized as the industry standard for providing the state of the residential real estate market. The report includes an extensive suite of tools to help readers objectively identify and measure market trends, provide historical context to current information and provide comprehensive analysis of the results. Prepared by Miller Samuel, Inc.
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We are honored and humbled by Web Marketing Today and their recent feature of Miamism.com and our business. One thing you may not know about us is that we believe in giving back. Not only do we go out of our way to mentor other REALTORS in Miami and in other cities on the U.S. and abroad, but we also teach and share about our marketing methods.
You may think it is counterproductive to give away our trade secrets, but we’ve learned that by sharing, we get back in ways we never imagined. We are also involved in the Miami and National Association of REALTORS. So please take a look at this article and let us know what you think.
For other media features, take a look at the “About” tab above under “Media Articles About Miamism” and you can also take a look at your Speaking Engagements.
Surfside Real Estate Market Report
There are currently 22 Surfside homes for sale (4 less than last month):
- Highest priced listing: $6,600,000 (waterfront contemporary estate at 1236 Biscaya Dr - reduced from $6.9 million) – see photo below
- Lowest priced listing: $550,000 (8745 Abbott Av- increased from $507,000)
- Pending Sales: 7 (2 more than last month)
- Closed sales in March: 2 (3 less than previous month)
The 2 Surfside homes sold in March were the following:
- 9032 Dickens Av – 4 bedrooms / 3 bathrooms with 1,783 sq.ft. of living space – originally listed for $846,000 in October of 2014, reduced to $819,000 in January, then to $799,000 in February and closing at $725,000 ($407/sq.ft.)
- 9057 Carlyle Av – 3 bedrooms / 1 bathroom with 1,613 sq.ft. of living space – listed for $548,000 in January and selling for $515,000 ($319/sq.ft.)
The average selling price per square foot for Surfside homes in March was $363, but keep in mind there were only 2 sales. This compares to averages in:
- February $316
- January $321
- 2014 - $324
Inventory continues to decrease in Surfside and demand continues to increase, which is extremely favorable for home owners. While there is question in the Miami condo market of how long the positive market will last, Surfside is nowhere near any negative news.
And for my favorite listing in Surfside right now, take a look at the water front home at 1236 Biscaya Dr. With 6 bedrooms, 7 bathrooms, 1 half-bath and 6,723 sq.f.t of living space. This contemporary home was built in 2009 and sits on a 15,000 sq.ft. lot with 75 feet of water frontage facing private island of Indian Creek. It was just reduced by over $1 million from $7.9 to $6.6 million.
Remember that we have some off market opportunities in Surfside and surrounding neighborhoods – contact us for more information.
Go to MiamismTRENDS.com to sign up for a monthly trends report. This is an automated system, different to this market report we prepare on a monthly basis but can send both of you without obligation and always keeping your information confidential.
Call us Today for a listing appointment!
If you are interested in getting a list of all properties currently for sale in Surfside, we will be happy to send you a digital copy at your request. We can also send you monthly market reports directly to your inbox. Feel free to email us at Surfside@miamism.com
I often get asked what the right type of roof is for a Mediterranean Revival home and it actually makes me happy to know that people who buy historic homes are interested in the correct way to restore these treasures.
The answer is a bit more complex than just saying “The correct type of roof for a Mediterranean House is barrel tile”. First, there are many types of barrel tiles and not all barrel tiles will be historically appropriate for a Mediterranean revival home. Historic Spanish-meds in South Florida, from the 20′s and even earlier, were built with Historic Cuban Barrel Tile. It’s one of the elements of a historic home that has a historic of its own.
Historic Cuban Barrel Tile
It is one of the key elements found in Mediterranean Revival Architecture. Key, because it is one of the most visible elements and because without it, a historic house can seem stripped from its roots. It is a handmade or hand processed barrel natural clay tile, either made in Cuba prior to the imposition of the U.S. Embargo, or manufactured in 18th Century Spain, salvaged from buildings in Cuba and imported to the United States during the 1920s and 30s. (hence the name ‘Historic Cuban Tile’).
If you have a home with Historic Cuban Barrel Tile and it’s time to replace your roof, it is KEY to hire a roofer that will know how to salvage the tile in order to reuse it for the new installation. (Not all the tile will be salvageable, but a roofer that specializes in historic homes will save a good portion of it and will be able to reuse the tile in the caps of the new installation, where it will be visible).
A new installation will include a mix of hand-made tiles (or tile that is made to look like it is hand-made), together with the salvaged historic tile. If your home’s roof was already replaced with another type of roof, you will also have the option to buy salvaged tile.
Replacing a Historic Cuban Barrel Tile Roof
Please note that if Historic Cuban Tile was not found on the property, there are many ways of building a historically appropriate roof. Historic Cuban Tile can be purchased, or when that is not financially possible, there are manufacturers of hand-made barrel tile that can be used to achieve the original look of the roof. There are also roofers that specialize in historic roofs, not only in salvaging original historic barrel tile, but doing installations that are historically appropriate like reapplying the tile correctly, and using double caps and/or pans on the edge of the roof line. (photo above is by ArteZano’s Sustainable Green Roofs – please check out their website since they are “Miamism endorsed”)
When in doubt, we recommend that you reference the Secretary of Interior’s Standards for Rehabilitation and contact your local historic preservation organizations. These 2 tools can be a wealth of information and prove to be valuable resources.
The overall look of a roof with Historic Cuban Tile is that of an ‘aged’ or ‘informal’ nature. These tiles, because of their porous clay material will accumulate mold and pressure cleaning is not recommended. There have been issues with many South Florida historic municipalities, including Miami Shores, asking for historic roofs to be pressure cleaned. My recommendation is to fight your battle and try to educate building officials. I am in the process of contacting the National Trust for Historic Preservation to see if there is anything they can do to help.
Miami Boat Charters
To experience Miami via boat is to REALLY experience Miami. There’s a reason why we are surrounded by beautiful bodies of water and why our Miami Lifestyle is defined not only by our ocean, but how we take full advantage of it. Our most luxurious Miami real estate is waterfront, plain and simple, and the toys we use to enjoy the water are endless.
But what if you don’t have a boat, or don’t have the desire to maintain and/or captain a marine vessel? Chartering is the perfect option, especially with Carbon Charters because their boats are top quality, they come with captain and you don’t have to worry about a thing!
Carbon Charter Boat – OTAM 60′
Their OTAM 60′ is my favorite. It is sleek and modern but most importantly, it’s FAST! So you are literally in a Yacht that looks like a fast boat and navigates like one. It has all the comforts and I couldn’t believe my eyes when I went inside – we’re talking 2 cabins and 2 bathrooms (heads in boat language), lounge space and dining area – so beautiful!
The beauty of Carbon Charters are their options. From a last-minute 4 hour charter inside the bay to 1 day or more to the Keys or Bahamas. Their pricing starts at $1600 for 4 hours, which includes Captain, Sodas and fuel at idle speed to $3000 for 8 hours. But talk to Captain Alain and I’m sure he can give you a deal.
Carbon Charter Boat – NOR-TECH 42′
Rick’s favorite happens to be their Nor-Tech 42. Leave it to “Aquaman” to like a center console, open fisherman. It’s the perfect diving boat, easy to take to the sandbar or to cruise inside the Miami River for a quick bite to eat, or go on a scuba adventure for hours. Pricing for the Nor-Tech start at $1000 for 4 hours (same specs as above).
Carbon Boat Charters – Options
Here are their charter options, but please contact Carbon Boat Charters directly to get more information. We’ll include their information on the bottom of this article.
We promise to take photos next time we charter Carbon…Now that boating season is here, I can’t wait! Tell them Miamism sent you!
Carbon Boat Charters – Contact Information
For more information, download CARBON CHARTER BROCHURE.
Take a look at the Carbon Facebook Page – or contact owner, Alain, for more information:
305 609 9839