In this year’s List of America’s Most Expensive ZIP Codes, published by Forbes on an annual basis, FIVE South Florida neighborhoods make the top 100!! This is huge, considering only Fisher Island has been a regular on the infamous list.
Last year Miami had 3 neighborhoods included and here are the 5 that made the cut in the 2016 list:
11. ZIP code 33139 – Miami Beach
Better known as South Beach – 33139 had a median price of $5.7 Million, an average days on the market of 300 and inventory of 109 units for sale.
24. ZIP code 33109 – Fisher Island
Fisher Island has always been known to be on this list, but dropped from in rank from #6 to 24, with a median price of $4.6 Million, average days on the market of 167 and inventory of 6 units for sale.
32. ZIP code 33156 – Pinecrest
ZIP code 33156, shown by Forbes as Coral Gables, is actually the area of Pinecrest and Matheson Hammock. Median price of $3.9 Million, average days on market of 251 and inventory of 54 units for sale. Pinecrest dropped in rank from 28 to 39.
49. ZIP code 33143 – South Miami
ZIP code 33143, shown by Forbes as Coral Gables, is actually the area of South Miami. Median Price of $3.5 Million, average days on market of 216 and inventory of 61 units for sale. Last year’s rank for the area was 35.
88. ZIP code – 33154 – Bay Harbor Islands, Bal Harbor, Surfside and Indian Creek
ZIP code 33154 is not just Bay Harbor Islands, like Forbes claims, it includes Surfside, Bal Harbour and Indian Creek as well. Indian Creek alone would take the price, over Fisher or South Beach, if it had its own ZIP code. The median price coming in at $2.6 Million, average days on market of 76, and inventory of 19. Last year, this same ZIP code ranked 470 … now THAT’s an improvement!
We thank Altos for the heads up on the article, they actually work with Forbes on the calculations and also provide our REAL-TIME MARKET REPORTS which are available to our clients HERE.
Altos calculated the median home prices for more than 28,500 U.S. ZIP codes (covering 95% of the U.S. population) using asking prices for single-family homes and condominiums listed for sale. To account for any blips that might occur when an unusually high-priced property comes on the market, Altos used a rolling average for the 90-day period ending November 18. The goal is to provide a snapshot of current activity.
For the Forbes full list of ZIP codes, click HERE.
My job as a Miami Realtor is to always try to paint a pretty picture about our city, that’s a given. But as a Realtor, my goal is also to create relationships for life, not just single transactions. This means that it will not be unusual for us to recommend against buying or selling a property because we are always looking for our clients’ best interests. Some people consider that a poor business practice, but to us is simply honest business that will come back for years to come.
With that said, Miami is evolving right before our eyes and not only have we seen incredible changes in the past 10 years, but we continue to witness its growth and transformation. Our list of why we love Miami continues to grow and although we will always be Miami’s best advocates, please remember that real estate is hyper local and very personal. Each transaction needs to be carefully analyzed in order to fit your own needs, never using general set of rules but personalized set of criteria.
We attended the presentation of The Miami Report by ISG World today and will certainly be reporting that information soon, in the meantime, here’s a visual analysis of why Miami is important and always a smart investment.
1. Miami as a Financial Hub
2. Miami as a Tech Hub
Photo credit: Robert Holmes at www.robertholmesphoto.com
3. Miami has lower taxes
4. Miami Shopping / Gastronomy / Culture
5. Miami as Top City in Wealth
6. Miami’s Infrastructure
Port of Miami, Tunnel, Dept. of Transportation, All Aboard Florida, Miami Central Station, Miami International Airport, Miami 21
7. Starchitects in Miami
Architects building in Miami get hotter by the minute, from Frank Gehry, Zaha Hadid, Rem Koolhaas, Rafael Viñoly, Renzo Piano, Herzog & de Meuron …
8. Miami’s Weather and Beaches
photo credit: Josh Bousel
9. Miami’s Education is ranked Top Notch
10. MLS Soccer coming to Miami
11. Miami’s Exponential Population Growth
So please stay tuned for The Miami Report – it will help put yellow journalism news in the back burner, where they belong. In the meantime, fee free to contact us for great opportunities, including the very little inventory remaining at The W Residences in Fort Lauderdale.
How is the Miami Shores Real Estate Market Doing?
There are currently 113 Miami Shores homes for sale: (compared to 104 in October)
- Highest priced listing is $5,400,000 for the bay front house we sold back in 2014, located at 9275 N Bayshore Dr
- Lowest priced listing is $153,000 for the foreclosure and tear down, labeled as “unsafe structure” by city, located at 200 NW 111th Ter.
- Pending Sales (Properties under contract): 24 (compared to 30 in October)
- Median Sales Price in October: $549,000(compared to $542,500 in October)
- Closed sales in November: 14 (compared to 12 in October)
The 14 Miami Shores homes sold in November were the following:
- 940 NE 95 St – 5 bedrooms, 4.5 bathrooms, Colonial estate on 1/2 acre, with 3,928 SF of living space – listed for $1.25 million in August and selling for $1.25 million ($318/SF)
- 1569 NE 104 St – 5 bedrooms, 3.5 bathrooms, 3,296 SF of living space on 8,925 SF lot – canal-front home designed by Carson Bennett (fixer upper) – originally listed for $1,595,000 in April of 2015, reduced several times and finally selling for $1,050,000 ($319/SF)
- 10007 NE 4th Ave – 4 bedrooms, 3.5 bathrooms, 2,746 SF of living space on 17,250 SF lot – listed for $899,000 in June of 2016 and selling for $705,000 ($257/SF)
- 398 NE 100 St – 4 bedrooms , 3 bathrooms, 2,734 SF of living space on 11,838 SF lot – listed for $875,000 in April of 2015 and selling, after several price reductions, for $725,000 ($265/SF)
- 88 NW 111 St – 4 bedrooms, 2.5 bathrooms, 2,500 SF of living space on 9,150 SF lot – listed for $679,900 in June of 2016, reduced to $599,000 on the same month, and selling for $575,000 ($230/SF)
- 262 NE 98 St – 3 bedrooms, 2 bathrooms, 1,914 SF of living space on 8,625 SF lot – listed for $637,000 in July, reduced several times, selling at $572,000 ($299/SF)
- 10634 NE 10th Pl – 3 bedrooms, 2 bathrooms, 2,202 SF of living space on 9,750 SF lot – listed for $550,000 in August and selling for $532,500 ($242/SF)
- 26 NE 109 St – 3 bedrooms, 2 bathrooms, 1,897 SF of living space on 9,225 SF lot – listed for $549,000 in September and selling for $549,000 ($289/SF)
- 1060 NE 92 St – 3 bedrooms, 2 bathrooms, 1,776 SF of living space on 9,440 SF lot – listed for $515,000 on November 4th and selling for $515,000 in less than one month ($290/SF)
- 94 NW 94 St – 3 bedrooms, 2 bathrooms, 1,850 SF of living space on 9,783 SF lot – listed for $489,000 in July, had several price reductions and selling for $422,500 ($228/SF)
- 114 NE 106 St – 3 bedrooms, 2 bathrooms, 1,683 SF of living space on 9,225 SF lot – listed for $419,000 in October and selling for $390,000 ($232/SF)
- 815 NE 91 Ter – 2 bedrooms, 1 bathroom, 1,404 SF of living space on 10,500 SF lot – listed for $439,000 in July, with several price reductions, and selling for $395,000 ($281/SF)
- 435 NW 111 St – 3 bedrooms, 2 bathrooms, 1,288 SF of living space on 7,500 SF lot – this property sold for $213,000 in October of 2015, was relisted for $349,500 in February of 2016, had a few price reductions and sold for $295,000 ($229/SF)
- 101 NW 100 St – 3 bedrooms, 2 bathrooms, foreclosure with 2,156 SF of living space on 9,220 SF lot, in need of repairs – originally listed for $227,900 in August of 2014, showing several pending contracts and finally selling for $287,674 ($133/SF)
The average sold price per square foot in Miami Shores in November was $253 compared to:
- October average was $304
- September average $281
- August average $268
- July average $287
- June average $255
- May average $275
- April average $281
- March average $308
- February average $319
- January average $249
- 2015’s average $264
There was one waterfront home sold in November, on a canal, considered a fixer upper, selling for $319/SF.
We are showing a slight increase in inventory this month which is not really an indication because the increase is not considerable. However, if inventory continues to increase, it will be a sure sign that we have finally transitioned into a buyer’s market.
It is not a buyer’s market yet thought, so don’t get confused. Prices are still increasing and demand still is stronger than supply. We are in that very strange in-between, transitioning market that can benefit both buyers and sellers because neither has the upper hand. The only time this changes is with luxury properties and completely remodeled homes – when the product is top notch (location and condition), then sellers will still have the upper hand.
This may be good information for you since small projects to update your home, may not only make the property more marketable, but will ultimately help you get a better return. Contact us to find out what updates are worth it and which you shouldn’t even consider.
Miami Shores House of The Month
The Miamism Sales Team recommends the house at 1053 NE 94th Street – charming home, built in 1946, priced at $270/SF, which is great for location, style and condition.
Spacious home with 3,150 SF of living aprea, 4 bedrooms, 3.5 bathrooms, open beamed ceilings, new kitchen and great details throughout.
It’s being offered at $849,000
Please contact us for more information and to coordinate a showing appointment.
Search for Miami Shores Homes For Sale
I love rehashing old articles that remain relevant even after 9 years of publishing – EMOTIONS is one of those. (note the original article was written on July 7, 2007).
Do you think there is room for emotions in a real estate transaction?
Some people think that adding emotions to real estate could be a formula for disaster but I totally disagree. Emotions are the core of real estate, without them, transactions would be equal to buying a gallon of milk at the grocery store.
How can you ignore those feelings of elation when you walk into a home that you love, the rush of adrenaline and the excitement you feel…and the fact that you can imagine yourself living there?
As Miami Realtors, we deal with customers emotions on a daily basis and we help people identify the reasons they feel good about a property, as well as help them negotiate the right price for that property always keeping those emotions in mind.
One example of this was a couple we were working with not long ago. After 3 weeks of looking at properties they fell in love with a Miami Shores home. I did a price analysis and they decided to place an offer. The sellers were not very flexible and made a ridiculous counter offer and made the experience unpleasant and our customers decided to pull away from the transaction. Two weeks later we received a call from the sellers agent saying the sellers would now consider our customers original offer. The whole experience had been so negative that they decided not to entertain it.
This example teaches us two lessons one lesson is for buyers to let their emotions flow when looking and finding a property, but not to let emotions get in the way when negotiating. The lesson for the seller is to be careful how you counter an offer because you may turn people away and loose out on great opportunities. In today’s buyer’s market is it of the utmost importance to be able to identify serious buyers and to be able to negotiate and make deals happen.
Knowing that people are emotional by nature is critical. Working with the right real estate professional is even more important. One that can guide you and let you know when emotions are appropriate and when they are getting in the way.
The real estate market is going through a rough patch (this should not be news to anyone), which means understanding the process and the ins and outs of emotions involved is crucial for a successful transaction. Make sure you work with a Miami Realtor that has your best interest in mind and understands the emotional side of Real Estate.
Keystone Point Real Estate Market Report
There are currently 56 Keystone Point homes for sale: (compared to 49 in September)
- Highest priced listing: $5,895,000 (open bay home with over 200′ of frontage at 12600 Biscayne Bay Dr)
- Lowest priced listing: $459,000 for the fixer upper at 1965 Alamanda Dr.
- Pending Sales (properties under contract): 7
- Closed sales in October 2016: 3 (compared to 3 in September)
- Median Sales Price in October: $950,000
The Keystone Point homes that sold in August were the following:
- 2235 Arch Creek Dr – 3 bedrooms / 2 bathrooms, 2,387 SF of living space on 9,375 SF lot with 75′ of water frontage with new sea wall – showing pending and sold the same day in the MLS – listed for $1,125,000 and selling for $950,000 ($398/SF)
- 2320 Arch Creek Dr – 3 bedrooms / 2 bathrooms, 2,171 SF of living space on 9,375 SF lot with 75′ of water frontage – originally listed in June for $1,199,000, with several price reductions and selling for $975,000 ($449/SF)
- 2006 S Hibiscus Dr – 3 bedrooms / 3 bathrooms, 1,804 SF of living space on 10,272 SF lot with 100′ of water frontage – originally listed for $1.3 Million in September of 2015, several price reductions, selling for $830,000 ($460/SF)
The Average price per square foot for Keystone Point Homes on the water in October was $436 compared to previous months:
- September $491
- August $386
- July – no waterfront sales
- June – $344
- May – $452
- April – no sales
- March $411
- February $572
- January $528
- 2015’s average $441
The Keystone Point real estate market is officially in transition. It’s strange to buy and sell in a transitional market because it’s not yet a buyer’s market nor a seller’s market. The comfort is that neither party to the transaction has more power so both tend to cooperate equally.
Prices are remaining steady and so is inventory in Keystone Point. The luxury market remains unchanged because those homes tend to be larger, bay-front properties that require a distinct type of buyer that recognizes the value of the location.
Remember that houses are taking a bit longer to sell, if you are a seller that wants a quick transaction, you will need to drop the price.
We have introduced Real-Time Market Reports that give you a quick snapshot of the market and includes historical views of home prices – staying informed about your real estate market will ultimately help you stay “ahead of the curve”.
Click on this link to see our North Miami, FL 33181 Market Report
You will also be able to check other areas once you follow the link.
If you are interested in getting weekly real-time reports, just email us and we’ll be glad to sign you up (without obligation, of course and you’ll be able to unsubscribe any time).