Miamism

This is a Miami Real Estate Market Report for the months of January, February, March and April 2008. It is obvious that some real estate markets are seeing more movement but others remain quiet. If you are thinking of buying Miami real estate, make sure you work with a Miami Realtor that knows the area and the market fluctuations. If you are selling, May should be a great month right before the slow Summer months.

Miami Shores Real Estate Market Report

There are currently 239 listings in Miami Shores: (6 more from last month)

• Highest priced listing is $2,999,000
  
• Lowest priced listing is $199,900
  
• Pending Sales (Properties under contract):12
  
• Closed sales in 2008: 25 (5 of these in April as opposed to 12 in March)

14 of those 25 sales were under $500,000 and the highest sale was $860,000 at 490 NE 96th Street. And as I said last month, 'this particular house was purchased for $1,508,000 in September 2005¦.talk about a big OUCH for those sellers!!

Bay Harbor Islands Real Estate Market Report

There are currently 19 single-family home listings in Bay Harbor Islands: (one more from last month)

• Highest priced listing is $5,200,000
  
• Lowest priced listing is $575,000
  
• Pending Sales (properties under contract):1
  
• Closed sales in 2008: 0
  

No sales this year in Bay Harbor Islands. That has to be tough for those people that HAVE to move.

Surfside Real Estate Market Report

There are currently 87 single-family home listings in Surfside:(1 less than last month)

• Highest priced listing is $8,000,000
  
• Lowest priced listing is $349,000
  
• Pending Sales (properties under contract): 4 (3 more than last month)
  
• Closed sales in 2008: 8 (1 of them in April)
  

7 of those sales were under $600,000 and the highest at $3.2 million of a bayfront home (1356 Biscaya Drive) purchased in 2002 for $2.2 million.

There are currently 239 condo listings in Surfside: (as compared to 231 last month)

• Highest priced listing: $2,600,000 a 3/3 at Azure
  
• Lowest priced listing: $153,000 a 1/1 at Seaside Terrace Condo
  
• Pending Sales (properties under contract):10 (1 less than last month)
  
• Closed sales in 2008: 12 ( 6 closed sales in the month of April with highest sale at $1,250,000 for a 3/2 at Champlain Towers East and the lowest sale at $173,000 for a 1/1 at 9140 Collins Ave Condo)
  

I love Surfsides density and the 12 story max allowed on the oceanfront condos. If you dont like high-rises, Surfside may be for you. It also has a great close community with shopping and restaurants as well as Bal Harbour Shops within walking distance.

Fisher Island Real Estate Market Report

There are currently 138 listings in Fisher Island: (4 more than last month)

• Highest priced listing: $30,000,000 for an exclusive Oceanside 5/5.5 home with artwork and all!
  
• Lowest priced listing: $275,000 for a 1/1 at Marina Village
  
• Pending Sales: 1 (as compared to 2 last month)
  
• Closed sales in 2008: 4 (1 closing in April - $750,000 for a 1/1 at Seaside Villas)
  

Fisher Island is Fisher Island…no explanation needed.

Aventura Real Estate Market Report

There are currently 2237 condo listings in Aventura: (88 less than last month)

• Highest priced listing: $6,000,000 for a 4/6 at Porto Vita
  
• Lowest priced listing: $81,888 for a 1/1 at Biscayne Lake Gardens
  
• Pending sales: 182 (compared to 134 last month)
  
• Closed sales in 2008: 195 (55 closings in April alone)
  

The highest closed sale this year in Aventura was at Porto Vita for $3,600,000 and the lowest was $59,000 at Commodore Plaza which is a 55 and over community.

Biscayne Park Real Estate Market Report

There are currently 54 single-family listings in Biscayne Park: (4 less than last month)

• Highest priced listing $975,000
  
• Lowest priced listing $190,000
  
• Pending sales (properties under contract):2
  
• Closed sales in 2008: 4 (3 sales in April)
  

The closed sales in Biscayne Park have been $275,000, $300,000, $310,000, $353,000

El Portal Real Estate Market Report

There are 62 listings in El Portal: (1 more than last month)

• Highest priced listing is $925,000
  
• Lowest priced listing $215,000
  
• Pending sales (properties under contract):0 (compared to 2 last month)
  
• Closed sales in 2008: 1
  

The only closed sale this year in El Portal was for $259,000 for a 2 bedroom / 2 bathroom house located at 465 NE 89th Street.

**all information obtained from the SouthEast Florida Multiple Listing Service**

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Ines.Hegedus-Garcia Send feedback »

This is a Miami Real Estate Market Report for the months of January, February and March 2008. The question of the day is, "Has the Miami real estate market picked up?". I'm glad to report that the answer is YES! Of course I'm not counting the eggs before they hatch. Spring is historically HOT for sales here in Miami and most closings occur right before the hot Summer months, but it definitely is a nice change seeing people in open houses and actually buying real estate.

Miami Shores Real Estate Market Report

There are currently 233 listings in Miami Shores:

• Highest priced listing is $3,250,000
  
• Lowest priced listing is $222,000
  
• Pending Sales (Properties under contract):11
  
• Closed sales in 2008: 20 (12 of these in March as opposed to 8 in both January and February combined)

13 of those 20 sales were under $500,000 and the highest sale was $860,000 at 490 NE 96th Street. This particular house was purchased for $1,508,000 in September 2005....talk about a big OUCH for those sellers!!

Bay Harbor Islands Real Estate Market Report

There are currently 18 single-family home listings in Bay Harbor Islands: (one more from last month)

• Highest priced listing is $5,200,000
  
• Lowest priced listing is $575,000
  
• Pending Sales (properties under contract):1
  
• Closed sales in 2008: 0
  

No sales this year at all.......let's see if this changes next month. Bay Harbor Islands remains a stable community with no transient traffic (now the lack of sales really reflects that).

Surfside Real Estate Market Report

There are currently 88 single-family home listings in Surfside:(6 more than last month)

• Highest priced listing is $8,000,000
  
• Lowest priced listing is $359,000
  
• Pending Sales (properties under contract): 1 (3 less than last month)
  
• Closed sales in 2008: 7 (4 of them in March)
  

6 of those sales were under $600,000 and the highest at $3.2 million of a bayfront home (1356 Biscaya Drive) purchased in 2002 for $2.2 million.

There are currently 231 condo listings in Surfside: (as compared to 237 last month)

• Highest priced listing: $2,600,000
  
• Lowest priced listing: $168,000
  
• Pending Sales (properties under contract):11 (1 more than last month)
  
• Closed sales in 2008: 6 ( 3 closed sales in the month of March with highest sale at $1,250,000 at Champlain Towers East - purchased for $470,000 in 1999)
  

Most of you know that my beachfront condo preference is Surfside because of the density (12 story buildings on the beach side). It's also close enough to South Beach to join in the action as needed. There are some great deals now like a 6th floor 3 bedroom beachfront condo at The Waverly for $749,000.

Fisher Island Real Estate Market Report

There are currently 134 listings in Fisher Island: (37 more than last month)

• Highest priced listing: $15,000,000
  
• Lowest priced listing: $299,000
  
• Pending Sales: 2 (as compared to 0 last month)
  
• Closed sales in 2008: 3 (2 closings in March - $12,360,000 at Villa del Mare and $7,200,000 at Palazzo del Mar)
  

Fisher Island is Fisher Island.....no explanation needed.

Aventura Real Estate Market Report

There are currently 2325 condo listings in Aventura: (37 less than last month)

• Highest priced listing: $6,000,000
  
• Lowest priced listing: $94,900
  
• Pending sales: 134 (compared to 136 last month)
  
• Closed sales in 2008: 140 (56 closings in March alone)
  

The highest closed sale this year in Aventura was at Porto Vita for $3,600,000 and the lowest was $59,000 at Commodore Plaza which is a 55 and over community.

Biscayne Park Real Estate Market Report

There are currently 58 single-family listings in Biscayne Park: (3 more than last month)

• Highest priced listing $975,000
  
• Lowest priced listing $249,000
  
• Pending sales (properties under contract):2
  
• Closed sales in 2008: 1 for $353,000 (no closings in February nor Mach)
  

The last 2 months we said "There has not been a lot of movement in Biscayne Park and the inventory is slowly increasing every month", exactly the same applies this month.

El Portal Real Estate Market Report

There are 62 listings in El Portal: (1 more than last month)

• Highest priced listing is $925,000
  
• Lowest priced listing $215,000
  
• Pending sales (properties under contract):0 (compared to 2 last month)
  
• Closed sales in 2008: 0
  

Still no closed sales this year in El Portal - it is a tough market for those selling there, but you can be sure to find some great deals as well as motivated sellers.

**all information obtained from the SouthEast Florida Multiple Listing Service**

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Ines.Hegedus-Garcia Send feedback »

This is a Miami Real Estate Market Report for the months of January and February 2008. I can personally say that I've seen more movement, a lot more showings and more pending sales, but let's see what the numbers say.  I'm using the same form I used last month, since it was such a big hit.

Miami Shores Real Estate Market Report

There are currently 228 listings in Miami Shores: (keep in mind that a lot of agents are keeping their Pending Sales on Active.....not good for these studies)

• Highest priced listing is $3,250,000
• Lowest priced listing is $227,000
• Pending Sales (Properties under contract):13
• Closed sales in January & February 2008: 8 (5 of these in February)
  

The highest closed sale was $700,000, then $668,470 and the rest under $500k - next month's number should be impressive, taken into consideration the amount of pending sales that are not appearing on the MLS.

Bay Harbor Islands Real Estate Market Report

There are currently 17 single-family home listings in Bay Harbor Islands: (one more from last month)

• Highest priced listing is $5,200,000
• Lowest priced listing is $575,000
• Pending Sales (properties under contract):2
• Closed sales in January and February 2008: 0

There may not be much movement in Bay Harbor Islands real estate, but it remains one of the most stable communities because of the minimal transient traffic.

Surfside Real Estate Market Report

There are currently 82 single-family home listings in Surfside:

• Highest priced listing is $8,000,000
• Lowest priced listing is $379,000
• Pending Sales (properties under contract): 4 (same as last month)
  
• Closed sales in January & February 2008: 3 (for $415,000 and $365,000 and $508,000).

Surfside real estate is pretty stagnant at this point, but still remains a "walkable community" where the beach is your backyard.

There are currently 237 condo listings in Surfside: (as compared to 238 last month)

• Highest priced listing: $2,600,000
• Lowest priced listing: $168,000
• Pending Sales (properties under contract):10
• Closed sales in January & February 2008: 3 ($173,000 at 9140 Collins Ave Condo - $688,500 at The Waverly and $744,000 at Solimar)

If you gave me a choice of beachfront condos, I would buy in Surfside.  The density of the buildings is comfortable (12 stories max) and the beach is superb.  Only 3 sales this year means you would be able to buy for a good price.

Fisher Island Real Estate Market Report

There are currently 97 listings in Fisher Island: (no change)

• Highest priced listing: $13,500,000
• Lowest priced listing: $449,000
• Pending Sales: 0
• Closed sales in January & February 2008: 1 ($4,000,000 at Bayview at Fisher Island - no sales in February)

Fisher Island is still one of the wealthiest zip codes in the US. - sellers know to be patient and their market remains very stable.

Aventura Real Estate Market Report

There are currently 2362 condo listings in Aventura: (10 less than last month)

• Highest priced listing: $36,500,000 <----this is a funny typo (I wonder how long it will take the agent to sell that listing)  the highest listing is $6,000,000
  
• Lowest priced listing: $97,500
• Pending sales: 136 (22 more than last month)
  
• Closed sales in January & February 2008: 84 (more than double from previous month - ranging from $3,600,000 to $59,000)

There's something for every budget in Aventura - from fabulous The Point to smaller 55+ communities. Aventura's real estate market remains HOT and its residents love the proximity to the ocean and central location. There are a lot of new condos just obtaining their certificate of occupancy which means more inventory for the area.

Biscayne Park Real Estate Market Report

There are currently 55 single-family listings in Biscayne Park: (4 more than last month)

• Highest priced listing $975,000
• Lowest priced listing $249,000
• Pending sales (properties under contract):1
• Closed sales in January & February 2008: 1 for $353,000 (no closings in February)
  

Last month we said "There has not been a lot of movement in Biscayne Park and the inventory is slowly increasing every month", exactly the same applies this month.

El Portal Real Estate Market Report

There are 61 listings in El Portal: (5 more than last month)

• Highest priced listing is $945,000
• Lowest priced listing $248,000
• Pending sales (properties under contract):2
• Closed sales in January & February 2008: 0

El Portal is suffering one of the most difficult real estate markets with no sales and a lot of inventory.  To think that you can see peacocks walking around at times.

**all information obtained from the SouthEast Florida Multiple Listing Service**

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Ines.Hegedus-Garcia 2 feedbacks »

This is the first Miami Real Estate Market Report I prepare this year and there has not been much movement, so I decided to pack all the different neighborhoods in Miami together for you to get an idea of how the year started off.

Miami Shores Real Estate Market Report

There are currently 222 listings in Miami Shores:

• Highest priced listing is $3,250,000
• Lowest priced listing is $229,500
• Pending Sales (Properties under contract): 14
• Closed sales in January 2008: 3
  

The closed sale pricing were: $668,470, $339,000 and $375,000 (The price range under $500k is the one that is moving the most and evident with the 2 $300k sales). If Miami Shores stays at a pace of 3 sales per month, it will take 6 years to sell its inventory.......let's just say that January was a slow month).

Bay Harbor Islands Real Estate Market Report

There are currently 16 single-family home listings in Bay Harbor Islands:

• Highest priced listing is $6,200,000
• Lowest priced listing is $575,000
• Pending Sales (properties under contract): 1
• Closed sales in January 2008: 0

Although there were no sales in January in Bay Harbor Islands, there is also a low number of homes on the market. Bay Harbor Islands remains a desirable place to live with one of the lowest crime rates per capita in Miami-Dade County and Florida (according to the Bay Harbor Police website).

Surfside Real Estate Market Report

There are currently 83 single-family home listings in Surfside:

• Highest priced listing is $3,100,000
• Lowest priced listing is $449,000
• Pending Sales (properties under contract): 4
• Closed sales in January 2008: 2 (for $415,000 and $365,000).

Surfside prices have seen a slight decline and it's obvious by looking at the lowest priced listing at $449,000 and seeing 2 sales below that). Surfside's proximity to the ocean make it a great place to live with a great community atmostphere.

There are currently 238 condo listings in Surfside:

• Highest priced listing: $2,600,000
• Lowest priced listing: $188,000
• Pending Sales (properties under contract): 7
• Closed sales in January 2008: 1 ($173,000)

Oceanfront condos are not getting hit as hard by the down-market, but with no sales in January in Surfside, it may be the perfect time to get a property right on the beach with warm sand under your toes.

Fisher Island Real Estate Market Report

There are currently 97 listings in Fisher Island:

• Highest priced listing: $10,900,000
• Lowest priced listing: $449,000
• Pending Sales: 0
• Closed sales in January 2008: 1 (property priced at $4.7 million sold at $4 million - nice $700,000 reduction from the asking price!)

Fisher Island is seeing a slight increase in inventory, but not a decrease in pricing - although the average price on the market has increased. Most sellers can afford to wait for the right buyer without loosing their patience. Fisher Island is still one of the wealthiest zip codes in the US.

Aventura Real Estate Market Report

There are currently 2372 condo listings in Aventura:

• Highest priced listing: $6,000,000
• Lowest priced listing: $99,000
• Pending sales: 114
• Closed sales in January 2008: 40 (ranging from $3,600,000 to $112,000)

There's something for every budget in Aventura - from fabulous The Point to smaller 55+ communities. Aventura's real estate market remains HOT and its residents love the proximity to the ocean and central location. There are a lot of new condos just obtaining their certificate of occupancy which means more inventory for the area.

Biscayne Park Real Estate Market Report

There are currently 51 single-family listings in Biscayne Park:

• Highest priced listing $975,000
• Lowest priced listing $249,000
• Pending sales (properties under contract): 2
• Closed sales in January 2008: 1 for $353,000

The price range that is moving the most in Biscayne Park, similar to the rest of the single-family home neighborhoods, is under $400,000. There has not been a lot of movement in Biscayne Park and the inventory is slowly increasing every month.

El Portal Real Estate Market Report

There are 56 listings in El Portal:

• Highest priced listing is $890,000
• Lowest priced listing $248,900
• Pending sales (properties under contract): 1
• Closed sales in January 2008: 0

El Portal remains an untapped secret where you can still find affordable and charming properties. Prices had dropped and Inventory has increased - because of the very few amount of sales, there are some distressed properties that would make great purchases.

**all information obtained from the SouthEast Florida Multiple Listing Service**

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Ines.Hegedus-Garcia 4 feedbacks »

Biscayne Park Real Estate Market Condition Summary for 2007

38.39% drop in home sales - 38.67 % in condo sales

Biscayne Park Real Estate is comprised of single-family homes except for an occasional condo.

You can see by the graph that there was a 44% decrease in sales in 2007 from the previous year. This number is higher than Miami-Dade County�s 38%. We have noticed that smaller communities like Biscayne Park, do get hit the hardest during down markets.

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