Here’s our second episode of Elliman Reports for Miami Homes, Miami Condos, Miami Beach homes and Miami Beach condos – showing figures for the 3rd quarter of 2014. Unlike our hyper local real estate market reports that we share on a regular basis like Miami Shores homes, Surfside homes or even Paramount Bay Condo reports, 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.
Nothing replaces a personally prepared market analysis for your own property, one that compares properties in the near vicinity of your home or condo. Or you can even request an automatic home value report here (by providing an email address):
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If you want to know how your particular area is doing, please email us at email@example.com.
Miami Real Estate Market Report – 2Q 2014
Quarterly Survey of Miami Coastal Mainland Sales for the 3rd Quarter of 2014 shows housing prices were mixed as distressed market share declined. Miami real estate inventory continued to increase from prior year lows and sales edged higher as marketing time declined.
Median sales price slipped 3.3% to $212,750 from the prior year quarter. Reflecting both a shift in the mix towards the luxury market and a decline in distressed sales, average sales price and average price per square foot jumped 14.3% and 17.4%. The luxury market, specifically condos, posted large gains above year ago levels. The median sales price of a luxury condo surged 34.9% to $1,150,000 while luxury single family homes increased 10% to $1,210,000. Listing inventory jumped 42.7% to 10,695 across all property types from near record lows in the prior year. Single family sales declined because the market pace remained brisk. The single family absorption rate, the number of months to sell all listings at the current pace of sales, was 4.9 months, considerably faster than the 7.2 month regional average of the past four years.
Miami Condos Report
All price indicators show large gains over prior year levels – listing inventory continued to rise as sales increased. Marketing time declined as negotiability expanded. Sales increased despite decline in distressed sale market share.
Miami Homes Report
Overall housing price indicators saw double-digit gains. Sales edged higher as the number of listing expanded. Marketing time and negotiability declined. Distressed sales decreased as non-distressed sales increased.
Miami Luxury Homes and Miami Luxury Condos Report
Increase in all price indicators across both property types. Marketing times for condo and single family sales remained essentially unchanged. Condo and single family listing inventory surged. Absorption rate for condos slowed more than for single family.
DOWNLOAD COPY OF ENTIRE 3Q 2014 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 Market Report – 2Q 2014
Quarterly survey of Miami Beach / Barrier Islands Sales for the 3rd quarter of 2014 shows price indicators increased, pulling in more inventory. Marketing times declined as negotiability stabilized. Fewer distressed sales.
Housing prices continued to rise along Miami Beach and the Barrier Islands, drawing more inventory into the market. Median sales price for condos and single family homes increased 9.8% to $405,000 from the same period last year. The luxury market, reflecting the top 10% of all sales, outpaced the overall market. The median sales price of luxury condos jumped 29.7% to $2,400,000, while luxury single family homes surged 44.7% to $6,500,000 respectively from the prior year quarter. The shift to higher priced sales was reflected in the 17% and 66.2% higher entry thresholds for both luxury categories. The frenetic pace of the market is easing. The absorption rate, the number of months to sell all inventory at the current rate of sales, increased by 4.6 months to 10.9 months over the past year. The number of condo and single family sales fell 26.7% to 1,057 from the prior year quarter, including a 35% drop in distressed sales. Reacting to lower sales volume, listing inventory expanded 26.9% to 3,852 from record lows in the prior year. Listing inventory remained 12% below the three-year quarterly average.
Miami Beach Condos Report
Price indicators for Miami Beach condos increased across the board. Inventory continued to rise as sales declined. Three quarters of purchases made with cash.
Miami Beach Homes Report
Price indicators for Miami Beach homes continued to rise. Sales decreased as inventory increased. 57% of purchases made with cash.
Miami Beach Luxury Homes and Miami Beach Luxury Condos Report
Price indicators for Miami Beach luxury condos continued to outpace the overall market. Days on the market and negotiability stabilized.
Price indicators for Miami Beach luxury homes surged as larger homes sold. Marketing time slowed, reflecting shift towards larger sized sales.
DOWNLOAD COPY OF ENTIRE 3Q 2014 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 Miami REALTORS specializing in historic homes and architecturally significant real estate. We provide these informational articles in order to pass on our expertise and gain your trust so you hire The Miamism Sales Team on your next home sale or purchase. Historic Homes is our niche! Call us today for a listing appointment.
There are several key factors or elements seen in Mediterranean Revival Architecture. I have told you about the style and what makes it special, I have also gone into detail about Historic Cuban Tile. Now I will describe the type of paint that is most appropriate for these homes – LIME-BASED PAINTS.
I don’t know about you, but when I think Mediterranean, I think of Venice (OK, it’s the Adriatic sea…..let’s not get technical here…..but I’m doing this to make a point about COLOR).
In the Mediterranean (and surrounding areas), it was customary to paint stucco facades with lime based paints. Lime, being an organic material was often mixed into the stucco and plaster surfaces with different hues and these surfaces would not have to be painted again. The organic nature of these paints or aggregates is what gives these building exteriors such depth and personality.
The surfaces are ever changing depending on the intensity of the sun or rain. When studying facades painted with lime, you may see darker lines, or wear-patterns, you will also see discolorations and an uneven nature to the surface. This is what makes lime so beautiful. There is a rustic, aged look that goes hand in hand with painting with lime and if you want a clean and uniform look, lime based paints are NOT for you!
In Miami Shores, while serving in the Historic Preservation Board, I often recommended lime-based paints to home owners of Mediterranean Revival homes. This ended up turning into a very controversial subject because the city did not agree with strong hues customary to the style (ochre yellow, terracotta orange, and olive green), nor did they want a “weathered look” to these homes. Anyone wanting to restore a historic home should first check with each city to make sure they agree with the correct historic restoration process.
There is a local painter, by the name of Emilio Cianfoni who has the perfect product when it comes to Lime-Based Paints. He has developed a registered product called Calcem Lime Paint and is known for painting Miami luxury homes like The Vizcaya Mansion and also Ca’ Ziff, as well as Fairchild Tropical Gardens. Lime paints are not cheap and the application is not easy, so make sure your painter knows what it entails (especially the prep work involved).
It is important to note that although used for historic homes, lime paints are also popular in the modern world because of its organic nature, and are also used for interior applications. I personally find that lime paints add not only character to historic facades, but also that perfect finishing touch that completes a project.
**article originally published on August 13th, 2007 – please read comments for second source of lime-based paints in Miami recommended by a reader**
UPDATE on RIVA Bay Harbor! The project is now 70% SOLD! The remaining inventory varies between models and designer-ready residences and range in price between $1.31 and $1.699 Million. All units have water views and are flow-through. This is not a pre-construction building – it is ready for you to occupy today.
Contact us today to schedule a showing appointment, you will be in complete awe of this building!
Miamism.com would like to present one of our favorite new condos in Miami. This one is a small-scale, boutique building in Bay Harbor Islands with perfect features and amenities, but most importantly, understated elegance that will make you fall in love.
Riva Bay Harbor design
Riva Bay harbor is a 7-story development with 25 residential units, featuring 3 and 4 bedroom residences that range in size from 2,300 to 3,400 square feet (230-340 square meters). All units are flow through facing east and west and have wrap-around balconies ranging from 400 to 2,700 square feet. All residences, without exception, have water views.
It was designed by Frankel Benayoun Architects, Inc., who I confess I did not know before this, but was impressed by the distribution and flow of space. The facade is modern and understated and interior design of the common areas was done by Sam Robin with a unique nautical theme that is so appropriate for Miami.
Riva Bay Harbor location
If you are not familiar with The Town of Bay Harbor Islands, you should be. It has a central location with easy access to both Miami and Fort Lauderdale International Airports. It is walking distance to the beach as well as easy access to the mainland through the Broad Causeway Toll Plaza. It is a dynamic community of fine homes, luxury condos and apartments with a popular downtown area with offices, restaurants and shops.
But my favorite things about Bay Harbor Islands are:
Riva Bay Harbor is located on the southwest corner of the east island with views of luxury residences across the canal and exclusive Indian Creek Island and golf course to the south. You can literally walk across the street to the school and will have views of both sunsets and sunrises from your own residence.
Riva Bay Harbor Amenities
- State-of-the-art fitness center
- 24-hour security
- 24-hour concierge services
- private boat slips available
- secure garage with valet parking
- rooftop pool and jacuzzi with panoramic views of
- the atlantic ocean
- downtown Miami
- indian creek country club
- AND Biscayne Bay
- private entry elevators foyers
Riva Bay Harbor pricing
Riva Bay Harbor is a finished building ready for you to move in – so no need to wait months with current pre-construction projects. You can purchase a designer ready residence waiting for you to apply perfect finishes that fit your needs, or you can also purchase some model units with interiors by Steven G, SOJO and/or Artefacto.
Prices of left over inventory range from $1.1 to $3 Million with maintenance fees of approximately $.70 per square foot which include all amenities (valet parking, 24-hr security, common areas and concierge services).
Contact us for floor-plans, specific information or to schedule an appointment. Or you can also email us at RivaBayHarbor@miamism.com
Condo Name: Riva Bay Harbor
Architecture: Frankel Benayoun Architects
Interior Design: Sam Robins
Location: 9400 W. Bay Harbor Drive, Bay Harbor Islands, FL 33154
There are currently 21 Surfside homes for sale: (same as last month)
- Highest priced listing: $4,450,000 (waterfront estate at 1292 Biscaya Dr)
- Lowest priced listing: $465,000 for a 3 bedroom / 2 bathroom home at 8811 Emerson Av.
- Pending Sales: 9 (2 less than last month)
- Closed sales in September: 6 (1 more than last month)
The 6 Surfside homes sold in September were the following:
- 9344 Bay Dr – waterfront Mediterranean style residence listed for $2,350,000 and selling for $2,250,000 ($491/sq.ft.)
- 9364 Bay Dr – waterfront foreclosure listed for $1,512,500 and selling for $1,700,000 ($367/sq.ft.)
- 9041 Froude Av – originally listed in April of 2014 for $659,000, reduced to $649,000 in July and selling at $616,000 ($331/sq.ft.)
- 8975 Abbott Av – listed for $510,000 and selling for $470,000 ($315/sq.ft.)
- 8866 Abbott Av – bank owned foreclosure listed for $465,900 and selling for $465,900 ($241/sq.ft.)
- 9532 Abbott Av – listed in August for $440,000 and selling for $460,000 ($313/sq.ft.)
The average selling price per square foot for Surfside homes in September was $300 which is considerably lower than August’s average of $328 but in tune with the $287/sq.ft average this year and 2013′s average of $270.
Surfside remains to be in high demand with conservative appreciation of home values. There are driving condo projects on the ocean side that are clearly affecting condo values in a positive way – projects like The Surf Club by Richard Meier and Fendi Chateau Residences are clear examples.
We are Surfside REALTORS, ready to list and market your property! Call us for a listing appointment.
We are now also providing these quick services to help with your real estate needs – your email address will be necessary to get the reports.
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To sell or buy your Surfside home, please contact us at Surfside@miamism.com
We totally expected this, just didn’t know when it would happen and for how much. Ex-Miami Heat, LeBron James, is officially selling his Miami home for $17 Million. His last words to Miami, before leaving to go back to his home town were:
Miami, for me, has been almost like college for other kids. These past four years helped raise me into who I am. I became a better player and a better man. I learned from a franchise that had been where I wanted to go. I will always think of Miami as my second home. Without the experiences I had there, I wouldn’t be able to do what I’m doing today.
So here’s the dirty details on the home (and they are not at all dirty):
- It is located in the 33133 zip code just north of Coconut Grove – address provided only to serious interested parties for privacy reasons.
- Crystal View subdivision
- Built in 2010
- 12,178 sq.ft. of living space
- 19,941 sq.ft. lot
- 6 bedrooms / 8 bathrooms / 1 half-bath
- open bay location with 85′ of water frontage
- chef’s kitchen
- wine cellar
- custom theater
- guest quarters
- rooftop sun deck
- summer kitchen
- infinity pool
- private dock
- state-of-the-art security system
The listing description reads:
Overlooking the open bay, the King’s palace is the most opulent estate in Miami. The contemporary compound features chef’s kitchen,
sommelier’s wine cellar, office, custom theater, generator, guest home & private master rooftop sun deck. Glass doors open to covered
terraces throughout. Luxurious outdoor living; summer kitchen, 4500 sf entertainment space, infinity edge pool & concrete dock for two 60′
yachts. Walled, gated private estate with state-of-the-art security system, security quarters & more.
LeBron bought the house in 2010 for $9 Million and we do understand the market has appreciated a bit and we also understand that the home now has “celebrity standing”, but that’s an $8 Million profit in 4 years! Good Luck Mr. and Mrs. James, your neighbors will miss you but will love you more when you sell for that much!
Contact us for a showing appointment – pre-qualified buyers only, you know the drill.
Here are some photos courtesy of Realtor.com