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Jul
22

Paramount Bay Condos – Market Report for June 2014

By: Ines Hegedus-Garcia on July 22, 2014

Paramount Bay Condos - location

Paramount Bay Condos Real Estate Market Report

There are currently 35 Paramount Bay Condos for sale: (3 more than last month)

  • Highest priced listing is unit PH4602 for $4,899,000 (4 bedrooms / 4.5 bathrooms) **developer unit
  • Lowest priced listing is unit 705 for $679,000 (2 bedrooms / 2 bathrooms)
  • Pending Sales (properties under contract): 4 (2 less than last month)
  • Closed sales in June: 2 (same as last month)

The 2 Paramount Bay Condos sold in June 2014 were the following:

  • Residence 4005 – 4 bedrooms / 4 bathrooms, 2694 sq.ft., decorator ready.  Originally listed in June of 2013 for $4.65 million, reduced to $4.2 M in September 2013, again in December 2013 to $3.95 M and finally selling for $3,100,000 ($1,151/sq.ft.)
  • Residence 2004 – 1 bedroom / 2 bathrooms, 1,240 sq.ft. finished floors and tenant occupied until August 2014.  Originally listed for $765,000 in November 2013, reduced to $749,000 in March 2014 and again in May to $715,000, finally selling at $700,000 ($565/sq.ft.)

The average price per square foot at Paramount Bay has been:

  • June – $858
  • May – $696
  • March 2014 – $603
  • February 2014 – $599
  • January 2014 – $602
  • 2013′s average for whole year = $596

Paramount Bay continues to be a top choice for buyers interested in Edgewater Miami.  We are talking just steps from Midtown Miami and Miami’s Design District as well as Miami’s Entertainment District and Downtown Miami.  Paramount Bay will always have direct bay views and every unit is flow-through in which to experience sunsets and sunrises.  The finishes and amenities are top-notch and other buildings in pre-construction around it only aspire to be like Paramount Bay.

The Miamism Sales Team specializes in Paramount Bay and can represent you in the sale or purchase of a condo.  Please contact us ParamountBay@Miamism.com.  We prepare monthly market reports to keep you informed of sales stats at Paramount Bay.

We are now also providing these quick services to help with your real estate needs:

CHECK YOUR CURRENT HOME VALUE

GET A FREE SELLER GUIDE

NAME YOUR SELLING PRICE

For more information about this Miami condo building, take a look at  Paramount Bay Condos written after my visit in September of 2012.  You can also visit www.Paramount-Bay-Condos.com to go straight to source of information.

For further information, please email us at ParamountBay@miamism.com

Condo Name:  Paramount Bay
Architecture:  Arquitectonica
Interior Design:  Lenny Kravitz
Location:  2020 N Bayshore Dr – Miami, FL 33137
Contact:  paramountbay@miamism.com

Jul
18

Miami and Miami Beach 2Q Elliman Reports

By: Ines Hegedus-Garcia on July 18, 2014

You know we are not fans of compiling real estate market reports for whole cities because of the local nature of pricing and marketing.  But we also know it is helpful to look at overall numbers to see how the Miami and Miami Beach real estate markets are behaving.  We have shared Realtor.com market reports in the past and now we will share Elliman Reports for Miami Homes, Miami Condos, Miami Beach homes and Miami Beach condos.

We cannot stress enough the importance of requesting a comparable market analysis for your own property, one that compares properties in the near vicinity of your home or condo.  Localized market reports also help focus in your particular area, we prepare those on a monthly basis according to our readers’ needs.  If you want to know how your particular area is doing, please email us at marketreports@miamism.com.

Elliman Reports

Miami Real Estate Market Report – 2Q 2014

Quarterly Survey of Miami Coastal Mainland Sales for the 2nd Quarter of 2014 shows housing prices increased as sales slipped.  Inventory increased from last year’s low and more than half of all sales were cash transactions.

Elliman Report - Miami 2Q 2014 sales

Median sales price in Miami increased 11.9% to $235,000 from the same period last year.  Average sales price and average price per square foot followed same pattern, rising 9.9% and 8.3% respectively over the same period. Listing inventory was up 34.5% to 9,082 from the same period last year.  Overall sales slipped 2.3% from prior year quarter, largely from the decline in distressed property sales.  Non-distressed condo sales were up 3.7% and non-distressed single-family sales increased 9.3%.  The median sales price of a luxury condo increased 2.6% to $872,500 and the median sales price of a luxury single-family increased 13.5% to $1,362,500 respectively from the prior year quarter.

Miami Condos Report

Prices above prior year levels as average square footage remained unchanged.  Listing inventory increased from last year’s level, but remained low.  Decline in sales attributable to fewer distressed sales.  Marketing time declined as listing discount edged higher.

Miami Homes Report

Overall housing price indicators saw double-digit gains.  Sales edged higher as the number of listings expanded.  Marketing time and negotiability declined.  Distressed sales decreased as non-distressed sales increased.
DOWNLOAD COPY OF ENTIRE 2Q 2014 MIAMI COASTAL MAINLAND SALES HERE2Q 2014 MIAMI ELLIMAN REPORT

 

 

 

 

 

Miami Beach Real Estate Market Report – 2Q 2014

Quarterly survey of Miami Beach / Barrier Islands Sales for the 2nd quarter of 2014 shows price indicators were higher than prior year levels.  Rising prices have brought more re-sale inventory into the market.  Average marketing times continued to decline.

Elliman Report for Miami Beach 2Q 2014

The Miami Beach/Barrier Islands region was characterized by rising housing prices, an increase in inventory off of year ago lows and decline in distressed sales.  Listing inventory has jumped 34.3% to 3,681 from the year ago “bottom.”  Sellers have been pulled into the market by rising housing prices.  Median sales price increased 5.4% to $390,000 from the same period a year ago.  Average sales price and average price per square foot followed the same pattern, rising 8.7% and 9.7% respectively.  As a result, sales activity fell 15.1% to 1,334 raising the absorption rate, the number of months to sell all listing inventory at the current rate of sales, to 9.3 months.  The luxury condo market, representing the highest 10% of all sales, began at $1,600,000 in the second quarter.  The median sales price of the luxury single family market had an entry threshold of $5,750,000 and increased 5.1% to $8,935,000 from the same period last year.  Luxury inventory for condos and single-family properties expanded 12.9% and 47.5% respectively from the same period last year.

Miami Beach Condos Report

Price indicators were above prior year levels, distressed prices rose faster.  Sales volume fell as inventory climbed higher from prior year lows.  Negotiability and marketing times declined.

Miami Beach Homes Report

Prices generally higher, non-distressed prices surged.  Inventory expanded from year ago “bottom.” With higher supply and lower sales, pace of market has eased.

DOWNLOAD COPY OF ENTIRE 2Q 2014 MIAMI BEACH / BARRIER ISLANDS SALES HERE elliman report 2q 2014 miami beach sales

**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.

CHECK YOUR CURRENT HOME VALUE

GET A FREE SELLER GUIDE

Jul
16

Riva Bay Harbor Condos

By: Ines Hegedus-Garcia on July 16, 2014

riva bay harbor condos

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

riva bay harbor locationIf 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 interiors

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 Harborriva bay harbor
Architecture: Frankel Benayoun Architects
Interior Design:  Sam Robins
Location:  9400 W. Bay Harbor Drive, Bay Harbor Islands, FL 33154
Contact:  rivabayharbor@miamism.com

 

 

 

*03/18/14

Jul
13

Surfside Real Estate Market Report for June 2014

By: Ines Hegedus-Garcia on July 13, 2014

Surfside Real Estate Market Report

Surfside real estate market 2012

There are currently  26  Surfside homes for sale: (1 less than last month)

  • Highest priced listing: $6,750,000 for a waterfront estate at 1236 Biscaya Dr.
  • Lowest priced listing: $465,000 for a 3 bedroom / 2 bathroom home at 8811 Emerson Av.
  • Pending Sales: 10 (1 less than last month)
  • Closed sales in June: 3 (3 less than last month)

The 3 Surfside homes sold in June were the following:

  • 9432 Bay Drive – water front home originally listed for $1,487,500 in January of 2014, reduced to $1,395,000 and finally selling for $1,280,000 ($528/sq.ft.)
  • 9140 Dickens Av – foreclosure listed for $500,800 and selling for $462,000 ($250/sq.ft.)
  • 9473 Carlyle Av – short sale originally listed for $599,000 in September of 2008 with several listing expirations and a few contracts that fell through.  It was listed again for $325,000 in February of 2014  and sold for $425,000 (that’s $100,000 over listing price!! at $200/sq.ft.)

The month of June is not a fair month to even look at average price per square foot.  The 2 sold homes on dry lots were both distressed sales which is rare for the area and not fair comparisons for the rest of the transactions in the area.  The average Surfside sold price per square foot in previous months has been the following.

  • May price per sq.ft. $271
  • April price per sq.ft. $300
  • March price per sq.ft. $322
  • February price per sq.ft. $311
  • January price per sq.ft. $307
  • 2013 Average price per sq.ft. $270/sq.ft.

We have not been reporting on the Surfside condo market but can tell you that a lot of excitement from Richard Meier’s design of The Surf Club is starting to drive traffic to the area.  We have a penthouse listing just 2 building north, at The Waverly, located on the beach with direct ocean views, for $1,100,000.   It’s a 3 bedroom / 2 bathroom condo with wrap-around balcony and 10′ ceilings.

Waverly 1225 - surfside condo for sale on the ocean

Please give us a call to schedule a showing for this property, it’s vacant and the views will take your breath away.

As far as how Surfside condos are doing – There have been 52 Surfside condos sold this year ranging in price between $165,000 and $5.1 Million at the new Ocean Seven Residences.  The average price per square foot coming in at $378 but this not being a helpful number at all since there is a huge disparity in age and condition of buildings as well as views of particular sold residences.

If you grab the following criteria:  condos built after the year 2000, residences with direct ocean views, you will find that only 3 condos have sold this year, with an average price per square foot of $824 – a big difference between the $378 number.  When comparing, you need to take into consideration floor height, year built, amenities and condition.

Remember we don’t just provide these market reports for your information and enjoyment, we are Surfside REALTORS, ready to list and market your property!  We are now also providing these quick services to help with your real estate needs:

CHECK YOUR CURRENT HOME VALUE

GET A FREE SELLER GUIDE

NAME YOUR SELLING PRICE

To sell or buy your Surfside home, please contact us at Surfside@miamism.com

Jul
11

Miamism Fridays – Good bye Lebron James

By: Ines Hegedus-Garcia on July 11, 2014

lebron james leaves Heat Nation

You should have already heard that LeBron James is leaving The Miami Heat, but before you judge and let your feelings get in the way of his decision, I urge you to read his essay to Sports Illustrated, it shows heart, camaraderie and most of all, class.

LeBron: I’m coming back to Cleveland

Best of Luck to LeBron and his family and I’m sure we’ll be seeing more of him, since Miami will always be his second home:

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.

Photo Credit:  UK’s Mail Online