This is a Miami Real Estate Market Report for June 2012. Amount of for sale inventory as a whole has been decreasing all over Miami. Common law of Demand tells you that when there is less supply and more demand, prices will go up. The beauty of South Florida is that we have learned our lesson and will be more careful about how real estate prices are managed. There will always be the overpriced condo and home with that avaricious seller that refuses to be realistic. You have a choice to walk away or be enamored by that real estate. Ultimately, prices are set by willing buyer and willing seller.
There are currently 54 Miami Shores homes for sale:
- Highest priced listing is $3,399,000 (Short Sale listing at 1680 NE 104th St)
- Lowest priced listing is $75,000 (Short Sale at 279 NW 109 St)
- Pending Sales (Properties under contract): 44
- Closed sales in June: 17
The 17 Miami Shores homes sold in June ranged from $765,000 for a canal front, 4 bedroom / 2.5 bathroom home located at 1515 NE 104th Street, to a 2 bedroom / 1 bathroom short sale at 169 NW 97th Street selling at $99,000.
The Median price for Miami Shores homes sold in June was $358,500 with an average price of $346,000. 4 out of the 17 sold homes were distressed, with 3 short sales and 1 foreclosure. It’s interesting to point out that most of the distressed inventory is now on the West side of Miami Shores with 24% of all homes for sale being either short sales and one foreclosure. The inventory of homes for sale keeps decreasing on a monthly basis.
There are currently 14 Bay Harbor Island Homes for sale:
- Highest priced listings is for $4,900,000 (10140 W Broadview Dr)
- Lowest priced listing is $699,000 (1250 95 St)
- Pending Sales (properties under contract): 2
- Closed sales in June: 1
The Bay Harbor Island Home sold in the month of June was located at 1331 98 St. It sold for $735,000 and was listed for $819,000 – with 3 bedrooms / 2 bathrooms, 1,859 sf of living space and 10,000 sf lot. The home was built in 1954 with updated gourmet kitchen and pool.
There is no distressed inventory in Bay Harbor Islands, making the area very desirable, and not to mention the lowest crime rate per capita in South Florida according to their police website.
There are currently 35 Surfside homes for sale:
- Highest priced listing is $5,500,000 (1332 Biscaya Dr)
- Lowest priced listing is $435,000 (9233 Carlyle Av)
- Pending Sales (properties under contract): 12
- Closed sales in June: 2
The 2 Surfside homes sold in June were the following:
- 8934 Emerson Av – listed for $519,000 and selling for $490,000
- 8851 Hawthorne Av – listed for $399,500 and selling for $370,000
The Surfside homes inventory for sale continues to decrease and so does the distressed inventory. Can you believe there is only 1 short sale out of all the homes for sale right now and no foreclosures? This is HUGE news for the Surfside real estate market, It’s beyond the “recuperating” stage and already completely out of the woods.
There are currently 67 Surfside Condos for sale:
- Highest priced listing: $1,750,000 for a 3/3/1 at Azure, PH 1107
- Lowest priced listing: $149,500 for a 1/1/1 at Ocean 91 Condo
- Pending Sales (properties under contract): 25
- Closed sales in June: 5
The 5 Surfside condos sold in June were the following:
- Azure Condo – 9401 Collins Ave – unit 406 – listed for $1,650,000 and selling for $1,550,000.
- Champlain Towers South Condo – 8777 Collins Ave – unit 707 – listed for $315,000 and selling for $285,000.
- Seaway Villas Condo – 9149 Collins Ave – unit 111 – listed for $249,000 and selling for $195,000.
- Manatee Condo – 9273 Collins Ave – unit 211 – listed for $225,000 and selling for $187,500.
- Surfside Palms Condo – 8888 Collins Ave – unit 208 – short sale listed for $115,000 and selling for $132,000.
Less than 3% of the existing Surfside condos for sale are distressed. The Condo real estate market in Surfside is following the single-family home market and can already wave a white flag because the worst is behind them. The few properties that come on the market with great pricing are sold in days and sometimes before they are even listed. Kudos to Surfside for setting the pace for the rest of South Florida.
There are currently 93 Fisher Island Condos for sale:
- Highest priced listing: $14,000,000 for an exclusive Oceanside 6/6/1
- Lowest priced listing: $93,200 for a foreclosed studio at Marina Village
- Pending Sales: 3
- Closed sales in June: 7
The 7 Fisher Island Condos sold in June were:
- Palazzo Del Mar – 7100 Fisher Island Dr #7124 – listed for $4,000,000 and selling for $4,000,000.
- Oceanside at Fisher Island – 7431 Fisher Island Dr #7431 – listed for $3,895,000 and selling for $3,650,000.
- Seaside Condo – 19251 Fisher Island Dr #19251 – listed for $2,850,00 and selling for $2,350,000.
- Bayview at Fisher Island – 4942 Fisher Island Dr #4942 – listed for $1,499,000 and selling for $1,100,000.
- Bayside Village – 2026 Fisher Island Dr #2026 – foreclosure listed for $1,274,000 and selling for $1,280,000.
- Bayview at Fisher Island – 4943 Fisher Island Dr #4943 – listed for $1,200,000 and selling for $1,205,000.
- Seaside Condo – 19116 Fisher Island Dr #19116 – listed for $825,000 and selling for $950,000.
The median listing price in Fisher Island is still $2.475 Million. Distressed properties continue to make up less than 10% of current for sale inventory, and this remains constant in the past few months. The lower end listings in Fisher Island (with are just below and above $1 million, are selling above listing price). Fisher Island continues to fill the gap of exclusivity and privacy when it comes to Miami Beach real estate and prices reflect that.
**all information obtained from the Southeast Florida Multiple Listing Service**
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