This is a Miami Real Estate Market Report for November 2011.  Although November was still a slow month for these neighborhoods, it showed an improvement from the exceptionally low sales in October.  Each neighborhood is showing great signs including reduced number of houses and condos for sale, reduced number of distressed inventory, higher number of sales, increasing median sales and price per square foot.  Some sellers are getting a false sense of security and are overpricing homes, but thankfully, we are not seeing a lot of this.  The great news is that buyers with “low ball offers” are getting no where, time to realize that they need to pay market value to get into great neighborhoods.

Miami Shores Real Estate Market Report

There are currently 76 Miami Shores homes for sale (15 less than last month):

• Highest priced listing is $2,990,000 (totally remodelled bay front home located at 1480 NE 103 St)
• Lowest priced listing is $99,000 (Short Sale at 169 NW 97th St) with 1 bad image and still no description by listing agent.
• Pending Sales (Properties under contract):39  (2 less than last month)
• Closed sales in November: 17 (9 more than last month)

The 17 Miami Shores homes sold in November ranged from a $85,000 foreclosure with a long list of of violations (listed in the MLS in excess of $200,000 in fees and fines) to a $1.4 Million bay front.  The median sale being $299,000 and average price of $429,000.   Five of the 17 sales were above $500,000 and shows that October was a low month, but November made up for it.

Bay Harbor Islands Real Estate Market Report

There are currently 13 Bay Harbor Island Homes for sale: (3 more than last month)

• Highest priced listings is for $3,290,000 (9520 W Broadview Dr)
• Lowest priced listing is $805,000 (1230 96 St)
• Pending Sales (properties under contract): 1 (same as last month)
• Closed sales in November: 0 (same as last month)

There were no Bay Harbor Island Homes sold in the month of November either, but the inventory is still low and Bay Harbor Islands already did its part this year to show major improvement in its housing market.

Surfside Real Estate Market Report

There are currently 46 Surfside homes for sale: (3 less than last month)

• Highest priced listing is $5,500,000 (1332 Biscaya Dr)
• Lowest priced listing is $329,000 (9432 Abbott Av)
• Pending Sales (properties under contract): 9 (2 less than last month)
• Closed sales in November: 4 (3 more than last month)

The Surfside homes sold in November were the following:

• 9216 Byron Av – listed for $499,000 and selling for $480,000
• 9249 Dickens Av – listed for $458,000 and selling for $390,000
• 8827 Emerson Av – Short Sale listed for $449,000 and selling for $350,000 (MLS shows a few contracts falling through).
• 9141 Harding Av – Short Sale listed for $260,000 and selling for $260,000 (listed in August 2011, sold in 8 days and got bank approval in 3 months).

Surfside shows a similar trend as Miami Shores with a slow month of October and sales picking up again in November.  It’s similar to life, we’re allowed a bad day, the housing market is allowed a bad month (as long as numbers back it up).  The median sales price was $370,000 with an average sales price of $370,000 as well.

There are currently 70 Surfside Condos for sale: (4 more than last month)

• Highest priced listing:  $2,500,000 for a 3/3/1 at Solimar, unit N10A
  

• Lowest priced listing: $180,000 for a 1/1 foreclosure at Ocean 91 Condo

• Pending Sales (properties under contract): 19 (1 less than last month)

• Closed sales in November: 5 (2 less than last month)

The Surfside condos sold in November were the following:

• Champlain Towers at 8855 Collins Av #12J – a 3/2/1 PH listed for $950,000 and selling for $875,000.
• Marbella Condo at 9341 Collins Av #208 – a 3/2/1 listed for $439,000 and selling for $380,000.
• The Waverly at Surfside located at 9201 Collins Ave #924 – a 2/2 listed for $435,999 and selling for $400,000.
• Spiaggia Condo at 9499 Collins Av #806 – a 2/2 short sale listed for $280,000 and selling for $300,000.
• The Waverly at Surfside located at 9201 Collins Av #421 – a 2/2 short sale listed for $250,000 and selling for $220,000.

The Median sales price for a Surfside Condo in November was $400,000 and the average sales price was $435,000.  The Surfside housing market is showing a real improvement with only 5 short sales and 1 foreclosure in its current for sale inventory – that’s less than 9% of distressed inventory left in Surfside Condos!

Fisher Island Real Estate Market Report

There are currently 105 Fisher Island Condos for sale: (1 less than last month)

• Highest priced listing: $30,000,000 for an exclusive Oceanside 5/5.5 home with artwork and all!
• Lowest priced listing: $180,000 for a 1 bedroom / 1 bathroom residence at Marina Village (short sale)
• Pending Sales: 4 (1 less than last month)
• Closed sales in November: 2  (same as last month)

The 2 Fisher Island Condos sold in November were:

• Seaside – 19223 Fisher Island Dr – listed for $1,699,000 and selling for $950,000.
• Bay View – 5211 Fisher Island Dr – Foreclosure listed for $1,663,600 and selling for $1,810,000.

Many will say that Fisher Island is back but most will agree that it was never gone.  Of course the luxury real estate market gets hit, but it doesn’t ever get hit as badly as the rest.  We will continue seeing some fluctuation in sales on the island since there’s still a 12% distressed inventory with 8 short sales and 4 foreclosures.

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

Related Articles:

November 2011 Housing Market Report for Miami Shores, Bay Harbor Islands, Surfside and Fisher Island originally appeared on Miamism on December 5, 2011.

More positive data about Miami from Realtor.com!

• Miami, FL was the #19 most searched market in the country in October 2011

• Median list prices for homes in Miami, FL hit $249,999 in October 2011, a 25.06% increase from one year ago this month, and 0.00% increase from September 2011.  The national median list price in October 2011 was $189,900, a 2.65% increase compared to October 2010.

• Active for sale inventory of homes in Miami, FL in October 2011 leveled out at 13,457, a -49.23% decrease compared to October 2010.  National inventory counts for October 2011 were 2,116,794, a -20.77% decrease as compared to a year ago.

• The median age of inventory in Miami, FL in October was 90 days, a -5.26% decrease compared to September 2011.  Nationally, the median age of inventory was 110 days, a 2.80% increase compared to September.

I also asked them to break down those numbers by zip code, based on the fact that I don’t like generalized data.  Just look at my housing report for Miami Shores, Bay Harbor Islands, Surfside and Fisher Island for October, and you’ll see that the data above does not apply to those areas.

• For zip code 33138 which includes most of Miami Shores, but goes beyond to Miami’s Upper East Side as well as Davis Harbor and Shorecrest, The Median List Price is $289,000 with a 28.44% increase from a year ago, and a 40.03% decrease in inventory from one year ago.

• For zip code 33154 which includes Bay Harbor Islands, Surfside and Bal Harbor, the Median List Price was reported at $520,000 with a 13.29% increase from one year ago, and 43.48% decrease in inventory.

• Zip code 33109, which is Fisher Island, reports a Median list price of $2,290,000 with a 9.05% increase from a year ago, and 30.63% decrease in inventory.

In my opinion, it is crucial to pull areas away from the generalized data if you are scrutinizing the local housing market.  Remember that an appraiser will use comparable properties in the proximity of the subject property and will only go back a certain amount of time and never more than 6 months.

And to know how Realtor.com arrives at its numbers:

Each month, Realtor.com surveys up to 250 Metro Service Areas (MSA) throughout the nation and monitors real estate trends including consumer search behavior, median list prices on for sale homes, active inventory counts and median age of inventory. The information is released to local markets to help consumers and real estate professionals as they work together to successfully navigate their local market.

And to top off the good news,Dr. Lawrence Yun, chief economist and senior VP of research for the National Association of REALTORS, reported at The NAR Annual Convention that Florida is one of the markets to watch in 2012, with regards to recovery.  No surprise that when you hit rock bottom, the only direction to go is up!

Related Articles:

Miami Real Estate Search Porn by Realtor.com – October 2011 originally appeared on Miamism on November 17, 2011.

This is a Miami Real Estate Market Report for October 2011.  This Halloween month was not a scary one for these cities, but did show a slow down in “improvement” in the housing market for each.  Miami Shores and Surfside showing lower than usual sales, Bay Harbor Islands back to no movement and Fisher Island showing a foreclosure selling above asking price.  Historically, the real estate market slows down in November, so I foresee similar numbers in the next 2 months.  Just hold on to your hat in January though…sales will be hot in 2012.

Miami Shores Real Estate Market Report

There are currently 91 Miami Shores homes for sale (3 more than last month):

• Highest priced listing is $2,990,000 (totally remodelled bay front home located at 1480 NE 103 St)
• Lowest priced listing is $99,000 (Short Sale at 169 NW 97th St) with no images or description yet by listing agent.
• Pending Sales (Properties under contract):41  (1 less than last month)
• Closed sales in October: 8 (4 less than last month)

The 8 Miami Shores homes sold in October ranged from a $85,500 short sale located on the NW side of The Shores (fixer upper with city fines and code violations) to a $370,000 home East of The Boulevard that was listed for only 3 months.  The median sale being $145,000, quite a bit lower than last month’s $400,000.  We can interpret this data to mean that Miami Shores had a slow month in October and not showing the previous price increases from past months.

Bay Harbor Islands Real Estate Market Report

There are currently 10 Bay Harbor Island Homes for sale: (1 less than last month)

• Highest priced listings is for $3,290,000 (9520 W Broadview Dr)
• Lowest priced listing is $805,000 (1230 96 St)
• Pending Sales (properties under contract): 1 (1 same as last month)
• Closed sales in October: 0 (1 less than last month)

There were no Bay Harbor Island Homes sold in the month of October, but this shouldn’t alarm anyone based on the fact that with sales up to date on the island, there is already a significant improvement evident in Bay Harbor Island’s housing market.

Surfside Real Estate Market Report

There are currently 49 Surfside homes for sale: (4 less than last month)

• Highest priced listing is $5,500,000 (1332 Biscaya Dr)
• Lowest priced listing is $258,500 for a short sale at 8927 Froude Av.
• Pending Sales (properties under contract): 11 (3 more than last month)
• Closed sales in October: 1 (3 less than last month)

The Surfside homes sold in October as located at 8911 Byron Av.  It was originally listed for $625,000 in February of 2010, lowered to $499,000 in August of 2011, and finally sold at $460,000.

Surfside also shows a slow down in sales this past month, but it’s common for the end of the year.  We should see a further drop until January.

There are currently 66 Surfside Condos for sale: (8 more than last month)

• Highest priced listing:  $2,500,000 for a 3/3/1 at Solimar, unit N10A
  

• Lowest priced listing: $139,000 for a short sale studio at Spiaggia unit 805

• Pending Sales (properties under contract): 20 (6 less than last month)

• Closed sales in October: 7 (1 more than last month)

The Surfside condos sold in October ranged in price between $100,000 for a 450 sf studio at The Four Winds Condo, to $200,000 for a 1 bedroom / 2 bathroom unit at The Manatee.  We are seeing a lot of the pending short sales finally closing giving us a false sense of the market.  What this means is that there were distressed units under contract for a long time that are finally closing, does not mean that you can still find those deals in the area.

Fisher Island Real Estate Market Report

There are currently 106 Fisher Island Condos for sale: (6 less than last month)

• Highest priced listing: $30,000,000 for an exclusive Oceanside 5/5.5 home with artwork and all!
• Lowest priced listing: $81,500 for a studio at Marina Village Gardens (short sale) << in heart of commercial sector (perfect for crew or visitors)
• Pending Sales: 5 (3 more than last month)
• Closed sales in October: 2  (1 less than last month)

The 2 Fisher Island Condos sold in October were:

• 2426 Fisher Island Dr #5206 – Bayside Village condo listed for $1,590,000 and selling for $1,450,000.
• 2435 Fisher Island Dr #5305 – Bayside Village foreclosure condo listed for $699,900 and selling for $735,000.

Fisher Island is definitely reaching normalcy with the regular cold months with no real estate activity and the random multi-million dollar sales.  The 2 types of buyers for Fisher Island are those looking for privacy for their second home destinations and those that want to live there year round because of the island amenities, family feel of the island and unparalleled security.

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

Related Articles:

October 2011 Housing Market Report for Miami Shores, Bay Harbor Islands, Surfside and Fisher Island originally appeared on Miamism on November 6, 2011.

This is a Miami Real Estate Market Report for September 2011.  Glad to report that most of the areas we service as REALTORS are completely out of the hole and seeing and upward trend in pricing (moderate one….not a crazy price increase).  But unfortunately, Miami in General is not quite out of the glut completely with some areas still seeing a great number of foreclosures and short sales and prices still looking grim for those having to get out of their properties.  On a positive note, those generalized numbers and data that I despise too much because they make stereotypical assumptions about our huge city, are all seeing an improvement! Miami Real Estate Search Porn by Realtor.com

I love how mainstream media is starting to report the numbers I have been giving you for months – maybe it’s not that they are behind, maybe they are conservative?  or cynics?

Miami Shores Real Estate Market Report

There are currently 88 Miami Shores homes for sale (3 more than last month):

• Highest priced listing is $1,795,000 million (bay front home located at 1550 NE 103 St)
• Lowest priced listing is $99,000 (Short Sale at 169 NW 97th St) with no images or description yet by listing agent.
• Pending Sales (Properties under contract):42  (5 less than last month)
• Closed sales in September: 12 (8 less than last month)

The 12 Miami Shores homes sold in September ranged from a $210,000 home located on the NW side of The Shores to a $670,000 home on main road, Shoreland Boulevard, that had been listed since December of 2010 with a starting price of $749,900.  The median sale being $400,000 and the average sale coming in at $365,492. (both media and average prices increasing from the previous month).

Bay Harbor Islands Real Estate Market Report

There are currently 11 Bay Harbor Island Homes for sale: (1 less than last month)

• Highest priced listings is for $3,290,000 (9520 W Broadview Dr)
• Lowest priced listing is $800,000 (1311 97 St)
• Pending Sales (properties under contract): 1 (1 same as last month)
• Closed sales in September: 1 (1 less than last month)

The Bay Harbor Island Home that sold in September was located at 10040 E Broadview Dr.  It sold for $795,000 and was originally listed in December of 2009 for $1,125,000.  That’s a 30% discount for a 3,000 square foot home with a pool (that was not quite updated, but in great condition).

You’ve read it from us time and time again that we are ecstatic about Bay Harbour Island Real Estate finally moving, but please also realize it’s moving with a price.  There has been a significant price drop and obvious flexibility from sellers that has opened up this stagnant market.

Surfside Real Estate Market Report

There are currently 53 Surfside homes for sale: (6 more than last month)

• Highest priced listing is $5,500,000 (1332 Biscaya Dr)
• Lowest priced listing is $325,000 for a short sale at 8850 Dickens Av
• Pending Sales (properties under contract): 8 (9 less than last month)
• Closed sales in September: 4 (1 more than last month)

The 4 Surfside homes sold in September were the following:

• 700 95th St –  foreclosure listed for $774,200 and selling for $760,710
• 9064 Byron Av – listed for $539,000 and selling for $456,856 (<numerology anyone?)
• 9417 Byron Av – listed for $425,000 and selling for $370,000
• 9157 Abbott Av – foreclosure listed for $419,900 and selling for $411,502

The Median Sales price for Surfside homes in september increased to $415,000 and average price also increased to $500,000.  Notice that there is no inventory under $300,000 and the number of homes for sale is decreasing slowly.

There are currently 58 Surfside Condos for sale: (7 less than last month)

• Highest priced listing:  $3,915,000 for a 4/3/1 at Majestic Towers unit 1606
  

• Lowest priced listing: $139,000 for a short sale studio at Spiaggia unit 805

• Pending Sales (properties under contract): 26 (4 less than last month)

• Closed sales in September: 6 (2 less than last month)

The Surfside condos sold in September ranged in price between $130,000 for a 2 bedroom / 2 bath short sale at The Surfside Palms, to $370,000 for a 2 bedroom / 2 bathroom short sale at Champlain Towers.  Notice that 3 out of the 6 sales were distressed – this inventory is decreasing, and a lot of the short sales we are finally seeing closed have been under contract for a few months.

Fisher Island Real Estate Market Report

There are currently 106 Fisher Island Condos for sale: (6 less than last month)

• Highest priced listing: $30,000,000 for an exclusive Oceanside 5/5.5 home with artwork and all!
• Lowest priced listing: $81,500 for a studio at Marina Village Gardens (short sale) << in heart of commercial sector (perfect for crew or visitors)
• Pending Sales: 5 (3 more than last month)
• Closed sales in September: 3  (2 more than last month)

The 3 Fisher Island Condos sold in September were:

• 7852 Fisher Island Dr – Oceanside condo listed for $5,750,000 and selling for $5,000,000
• 2036 Fisher Island Dr – Bayside condo listed for $1,495,000 and selling for $1,350,000
• 19123 Fisher Island Dr – Seaside Village Condo listed for $775,000 and selling for $685,000

The Median sales price for September in Fisher Island was $1.3 Million and the average sales price was $2.345 Million.  And just in case you missed it, please read Fisher Island is America’s Richest Place according to Forbes.

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

Related Articles:

September 2011 Housing Market Report for Miami Shores, Bay Harbor Islands, Surfside and Fisher Island originally appeared on Miamism on October 8, 2011.

This is a Miami Real Estate Market Report for August 2011.  Please stop calling us to buy prime real estate for $100,000 in Miami Beach, it doesn’t exist!  And if it did, we would jump at the opportunity ourselves!  Rant aside,  good and reputable neighborhoods in Miami are all seeing an upward trend in pricing already so if you find an obscure ad in some on-line newsletter that gives you unbelievable information, it will be just that…. UNBELIEVABLE.  If it sounds, smells and looks too good to be true, it will DEFINITELY be too good to be true.

Miami Shores Real Estate Market Report

There are currently 85 Miami Shores homes for sale (7 less than last month):

• Highest priced listing is $1,795,000 million (bay front home located at 1550 NE 103 St)
• Lowest priced listing is $115,000 (Short Sale at 200 NE 110 Ter)
• Pending Sales (Properties under contract):47  (3 less than last month)
• Closed sales in August: 20 (9 more than last month)

The 20 Miami Shores homes sold in August ranged from an $87,700 foreclosure to a $750,000 mid-century modern home East of Biscayne Boulevard.  The median sale being $373,000 and the average sale coming in at $321,610.

Miami Shores is one of those neighborhoods in Miami that is already seeing a huge improvement in real estate.  Only 10% of August sales were distressed, compared to a constant 40-50% a year ago.  Homes under $400,000 are selling for top dollar and quickly, so keep that in mind if you are in that price range to buy or sell a Miami Shores home.

Bay Harbor Islands Real Estate Market Report

There are currently 12 Bay Harbor Island Homes for sale: (2 less than last month)

• Highest priced listings is for $3,290,000 (9520 W Broadview Dr)
• Lowest priced listing is $699,000 (1250 103 St)
• Pending Sales (properties under contract): 1 (1 less than last month)
• Closed sales in August: 2 (1 more than last month)

The 2 Bay Harbor Island Homes that sold in August were the following:

• 9525 E Broadview Dr – short sale listed for $750,000 and selling for $720,000.  This home was originally listed for $2.45 Million in 2008 with several obvious price reductions and Brokerage changes along the way.
• 1210 98 St – listed for $659,000 and selling for $595,000.  This home was originally listed for $850,000 in 2009 also with several price reductions and brokerage changes.

We can’t emphasize how happy we are that Bay Harbor Islands is finally out of the hole!  This year’s 10 sales already surpass the last 3 years. This was puzzling to anyone in the business due to the fact that the Bay Harbor Islands are distinct within the South Florida housing market – due to location, water frontage and low crime rate.   it!

Surfside Real Estate Market Report

There are currently 47 Surfside homes for sale: (1 less than last month)

• Highest priced listing is $6,500,000 (1249 Biscaya Dr)
• Lowest priced listing is $259,000 for the home located at 9516 Abbott Av
• Pending Sales (properties under contract): 17 (4 more than last month)
• Closed sales in August: 3 (5 less than last month)

The 3 Surfside homes sold in August were the following:

• 9472 Carlyle Av – listed for $429,900 and selling for $400,000
• 9532 Carlyle Av – listed for $420,000 and selling for $405,000
• 9125 Bay Dr – listed for $385,000 and selling for $379,150

Don’t mean to sound like a broken record, but Surfside is a great  area for first time home buyers, although the media sale price last month was in the $400,000′s.  Less than 10% of the inventory is distressed, which is a good sign for a recuperating area.

There are currently 65 Surfside Condos for sale: (12 less than last month)

• Highest priced listing:  $3,915,000 for a 4/3/1 at Majestic Towers unit 1606
  

• Lowest priced listing: $139,000 for a short sale studio at Spiaggia unit 805

• Pending Sales (properties under contract): 30 (5 more than last month)

• Closed sales in August: 8 (2 more than last month)

The Surfside condos sold in August ranged in price between $129,000 for a 1 bedroom / 1 bath at Regent Palace, to $405,000 for a 2 bedroom / 2 bathroom short sale at The Waves Condo.  Distressed sales made up 38% of the total Surfside Condo sales in August and out of the active inventory, less than 10% is distressed.

Fisher Island Real Estate Market Report

There are currently 106 Fisher Island Condos for sale: (6 less than last month)

• Highest priced listing: $30,000,000 for an exclusive Oceanside 5/5.5 home with artwork and all!
• Lowest priced listing: $81,500 for a studio at Marina Village Gardens (short sale) << in heart of commercial sector (perfect for crew or visitors)
• Pending Sales: 5 (3 more than last month)
• Closed sales in August: 1  (2 less than last month)

The Fisher Island Condo sold in August was located at Oceanside at 7765 Fisher Island Drive.  It was listed for $4,299,000 and sold for $3,900,000.  This condo was originally listed for $4.95 Million in June of 2010 with several price reductions.

There are still 12 distressed Fisher Island condos available for sale right now – but making up only 11% of the total inventory for sale in the island.  The median price in Fisher Island this year being $2.7 Million and showing that Fisher Island is still as exclusive as ever.

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

Related Articles:

August 2011 Housing Market Report for Miami Shores, Bay Harbor Islands, Surfside and Fisher Island originally appeared on Miamism on September 3, 2011.

This is a Miami Real Estate Market Report for July 2011.  Trends don’t lie and the numbers are here to prove it.  Better neighborhoods in THE 305 (that’s Miami in local talk), not only are selling, but prices are already increasing.  This doesn’t mean we will go back to the crazy highs of a few years back, it means that homes are appreciating in value and distressed home inventory is decreasing and in many areas non-existent.  The housing market can even be described as normal now, wow! isn’t that a change from previous years!

Miami Shores Real Estate Market Report

There are currently 92 Miami Shores homes for sale (same as last month):

• Highest priced listing is $1,795,000 million (bay front home located at 1550 NE 103 St)
• Lowest priced listing is $115,000 (Short Sale at 200 NE 110 Ter)
• Pending Sales (Properties under contract):50  (1 less than last month)
• Closed sales in July: 11 (2 more than last month)

The 11 Miami Shores homes sold in July were the following:

• 9215 N Bayshore  – listed for $1,795,000 and selling for $1,700,000 on 7/18/11 (this house had been listed since 06 with starting price of $4.6 Million and ended up selling as a short sale)
• 502 NE 94th St – listed for $749,000 and selling for $730,000 on 7/15/11 (had been listed for $799,000 on 11/10/10)
• 424 NE 103 St – listed for $639,000 and selling for $598,340 on 7/15/11
• 465 NE 96 St – listed for $525,000 and selling for $515,000 on 7/23/11
• 112 NE 93 St – listed for $499,000 and selling for $499,000 on 7/14/11
• 842 NE 99 St – listed for $439,000 and selling for $430,000 on 7/27/11
• 42 NE 107 St – listed for $385,000 and selling for $350,000 on 7/15/11
• 85 NE 97 St – bank owned foreclosure listed for $299,900 and selling for $292,000 on 7/18/11
• 10674 NE 11 Ave – listed for $299,000 and selling for $265,000 on 7/1/11
• 372 NE 98 St – short sale listed for $299,000 and selling for $175,000 on 7/15/11  (this house was originally listed for $550,000 in January of 2009)
• 9500 NE 6 Av – listed for $275,000 and selling for $240,000 on 7/19/11

Miami Shores homes priced between $300,000 and $650,000 are moving quickly!  This year we have seen a lot of homes in that price range selling in just 1 or 2 months, but they are not necessarily fixer uppers.  This means that homes that are ready to move in are in demand and buyers are pulling the trigger quickly, and without hesitation.  Just make sure your home is staged and properly marketed in order to get top dollar.

Bay Harbor Islands Real Estate Market Report

There are currently 14 Bay Harbor Island Homes for sale: (1 more than last month)

• Highest priced listings is for $3,290,000 (9520 W Broadview Dr)
• Lowest priced listing is $659,000 (1210 98 St)
• Pending Sales (properties under contract): 2 (same last month)
• Closed sales in July: 1 (2 less than last month)

The Bay Harbor Island Home that sold in July was located at 1211 97 St, listed for $1,150,000 and sold for $950,000 on 7/29/11.  The home was listed for $1,250,000 on 9/15/2010 with one price reduction and a fairly quick sale considering the inventory in Bay Harbor Islands.

That makes 8 Bay Harbor Island homes sold this year!! This makes me very happy because Bay Harbor Islands is an amazing place to live with proximity to everything.  Is this a sure sign of a recuperating South Florida housing market? You better believe it!

Surfside Real Estate Market Report

There are currently 48 Surfside homes for sale: (3 more than last month)

• Highest priced listing is $6,500,000 (1249 Biscaya Dr)
• Lowest priced listing is $329,000 for the home located at 9432 Abbott Ave
• Pending Sales (properties under contract): 13 (5 less than last month)
• Closed sales in July: 8 (4 more than last month)

The 8 Surfside homes sold in July were the following:

• 9572 Byron Av – listed for $479,000 and selling for $460,000 on 7/11/11
• 9157 Emerson Av – listed for $440,000 and selling for $420,000 on 7/6/11
• 9117 Emerson Av – listed for $429,000 and selling for $383,000 on 7/8/11
• 717 Surfside Bl – short sale listed for $379,000 and selling for $310,000
• 9141 Garland Av – listed for $349,000 and selling for $337,000 on 7/25/11
• 9517 Bay Dr – short sale listed for $340,000 and selling for $290,000 on 7/14/11
• 9556 Abbott Av – short sale listed for $280,000 and selling for $270,000 on 7/21/11
• 8705 Carlyle Av – bank owned foreclosure listed for $224,900 and selling for $331,000 on 7/29.11

Surfside homes are selling and prices ARE increasing.  There are no more homes in the $200k range and those in the $300k’s are mostly fixer uppers or the location is not all that great.  Surfside continues to be a very desirable place to live because of the proximity of the ocean and the fact that they now have an amazing community center!

There are currently 77 Surfside Condos for sale: (2 more than last month)

• Highest priced listing:  $3,915,000 for a 4/3/1 at Majestic Towers unit 1606
  

• Lowest priced listing: $109,000 for studio at Four Winds Condo unit 307

• Pending Sales (properties under contract): 25 (same last month)

• Closed sales in July: 6 (1 less than last month)

The 6 Surfside condo sales in July were the following:

• Solimar Condo – 9595 Collins Av #503– listed for $815,000 and selling for $770,000
• Carlisle on The Ocean – 9195 Collins Av #502 – listed for $459,000 and selling for $407,000
• Spiaggia ocean Condo – 9499Collins Av #809– listed for $248,999 and selling for $240,000
• Manatee Condo– 9273 Collins Av #902 – listed for $208,000 and selling for $208,000
• Manatee Condo – 9273 Collins Av #707 –listed for $195,000 and selling for $210,000
• Winter Gardens Condo – 8955 Collins Av #106– listed for $175,00 and selling for $155,000

There are still good deals out there when it comes to Surfside condos, but don’t expect new, 2 bedroom with direct ocean views in the $200k’s ….that’s long gone!!  Be reasonable and see that the sales under $400,000 don’t have direct views, are not big and may need work.

Fisher Island Real Estate Market Report

There are currently 112 Fisher Island Condos for sale: (2 less than last month)

• Highest priced listing: $30,000,000 for an exclusive Oceanside 5/5.5 home with artwork and all!
• Lowest priced listing: $81,500 for a studio at Marina Village Gardens (short sale) << in heart of commercial sector (perfect for crew or visitors)
• Pending Sales: 2 (6 less than last month)
• Closed sales in July: 3  (6 less than last month)

The 3 Fisher Island Condos sold in July were the following:

• Oceanside at Fisher Island – 7734 Fisher Island Dr – listed for $8,900,000 and selling for $7,250,000
• Oceanside at Fisher Island – 7232 Fisher Island Dr – listed for $3,900,000 and selling for $3,900,000
• Oceanside at Fisher Island – 7251 Fisher Island Dr – listed for $2,490,000 and selling for $2,501,000

Glad to see movement pick up in Fisher Island, especially at Oceanside.  With a mega sale over $7 Million, this puts Fisher Island back on the map!  Doesn’t surprise me, since it’s the perfect vacation spot for those that seek privacy.

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

Related Articles:

July 2011 Housing Market Report for Miami Shores, Bay Harbor Islands, Surfside and Fisher Island originally appeared on Miamism on August 3, 2011.

This is a Miami Real Estate Market Report for June 2011.  We keep getting calls from the media to share good news because they are tired of the existing grim picture.  The common question is:  Are you working in any areas within Miami that is already seeing signs of recuperation and normalcy?  And the answer is YES!!! just with the few examples below you will be able to see change from month to month.  When the media wants to report good news in the housing market, it must mean something!

Miami Shores Real Estate Market Report

There are currently 92 Miami Shores homes for sale (5 less than last month):

• Highest priced listing is $2.499 million (bay front home located at 1430 NE 101 Street – listed since September 2007 starting at $3.9 Million)
• Lowest priced listing is $105,000 (Foreclosure at 9826 NW 1 Av)
• Pending Sales (Properties under contract):51  (13 more than last month)
• Closed sales in June: 9 (3 less than last month)

The 9 Miami Shores homes sold in June were the following:

• 9901 NE 13 Av – listed for $1,795,000 and selling for $1,562,500 on 6/3/11
• 571 NE 94th St – listed for $699,000 and selling for $675,000 on 6/6/11
• 1115 NE 97th St – listed for $625,000 and selling for $590,000 on 6/6/11
• 390 NE 93 St – listed for $449,000 and selling for $430,000 on 6/3/11
• 78 NW 106 St – listed for $285,000 and selling for $281,000 on 6/10/11
• 138 NE 106 St – short sale listed for $275,000 and selling for $219,500 on 6/23/11
• 373 NE 104 St – listed for $249,500 and selling for $225,000 on 6/6/11
• 9802 NW 1 Av – short sale listed for $200,511 and selling for $191,511
• 9545 Biscayne Blv – foreclosure listed for $194,750 and selling for $190,000

There hasn’t been much change in the mid to high end inventory in Miami Shores which means there are a lot of people ready to buy but are waiting for those homes to come on the market.  We’re talking pre-aproved, ready buyers ready to pull the trigger but the inventory is not there.  So if you are in the market to sell between $500,000 and $1 Million…..just know that there are people looking in that price range!

Bay Harbor Islands Real Estate Market Report

There are currently 12 Bay Harbor Island Homes for sale: (3 less than last month)

• Highest priced listings is for $3,500,000 (9930 W Broadview Dr)
• Lowest priced listing is $735,000 (1250 103 St)
• Pending Sales (properties under contract): 2 (1 more than last month)
• Closed sales in June: 3 (3 more than last month)

The 3 Bay Harbor Island Homes that sold in June were the following:

• 10140 W Broadview Dr – listed for $3,590,000 and selling for $3,200,000 on 6/30/11 (originally listed for $3,590,000 on 11/14/10)
• 10236 W Broadview Dr – listed for $3,400,000 and selling for $2,692,000 on 6/30/11 (this home was originally listed for $5.1 Million in October of 2007).
• 1350 96 St – short sale listed for $650,000 and selling for $515,000 on 6/24/11

3 Bay Harbor Island homes sold in June!! That’s a record for this area, considering there were a total of 5 sales in 2010 and 6 in 2009.  The positive change in Bay Harbor Island’s housing market is more than evident with 7 sales this year already and 2 of the sales in June being multi-million dollar sales.

Surfside Real Estate Market Report

There are currently 45 Surfside homes for sale: (4 less than last month)

• Highest priced listing is $6,500,000 (1249 Biscaya Dr)
• Lowest priced listing is $329,000 for the home located at 9432 Abbott Ave
• Pending Sales (properties under contract): 18 (1 less than last month)
• Closed sales in June: 4 (2 less than last month)

The 4 Surfside homes sold in June were the following:

• 9233 Dickens Av – listed for $399,000 and selling for $370,000 on 6/13/11
• 420 88 St – listed for $295,000 and selling for $220,000 on 6/20/11
• 9333 Harding Av – listed for $285,000 and selling for $285,000 on 6/24/11

I loved seeing a city like Surfside defeat the odds and all the negative housing market media news.  Surfside’s prices are seeing an increase, the inventory is limited and the desirability of the area increasing every day – one of our South Florida Neighborhoods that’s seeing the light at the end of the tunnel.

There are currently 75 Surfside Condos for sale: (6 less than last month)

• Highest priced listing:  $3,915,000 for a 4/3/1 at Majestic Towers unit 1606
  

• Lowest priced listing: $129,000 for studio at Four Winds Condo unit 307

• Pending Sales (properties under contract): 25 (3 less than last month)

• Closed sales in June: 7 (same as last month)

The 7 Surfside condo sales in June were the following:

• Solimar Condo – 9595 Collins Av #N10E– listed for $1,100,000 and selling for $1,060,000
• Four Winds Condo – 9225 Collins Av #PHD – listed for $438,000 and selling for $405,000
• Mirage Condo – 8925 Collins Av #7f – short sale listed for $399,800 and selling for $340,000
• Four Winds Condo – 9225 Collins Av #1102 – listed for $319,000 and selling for $300,000
• Champlain Towers North Condo – 8877 Collins Av #604 – foreclosure listed for $318,497 and selling for $271,150
• Carlisle on The Ocean – 9195 Collins Av #1113 – listed for $229,00 and selling for $200,000
• Seaway Villas Condo – 9149 Collins Av #302 – listed for $220,000 and selling for $185,000

June Surfside Condo sales are not much different than the previous few months – inventory is slightly decreasing and demand about the same.  One thing is for sure, when comparing price per square foot, buying in Surfside is still a great deal and the beach is beautiful!

Fisher Island Real Estate Market Report

There are currently 112 Fisher Island Condos for sale: (2 less than last month)

• Highest priced listing: $30,000,000 for an exclusive Oceanside 5/5.5 home with artwork and all!
• Lowest priced listing: $81,500 for a studio at Marina Village Gardens (short sale) << in heart of commercial sector (perfect for crew or visitors)
• Pending Sales: 2 (6 less than last month)
• Closed sales in June : 9  (8 more than last month)

The 9 Fisher Island Condos sold in June were the following:

• Bay View at Fisher Island – 5161 Fisher Island Dr – listed for $6,900,000 and selling for $5,287,500
• Oceanside at Fisher Island – 7611 Fisher Island Dr – listed for $6,750,000 and selling for $5,500,000
• Oceanside at Fisher island – 7925 Fisher Island Dr – listed for $3,000,000 and selling for $2,700,000
• Bayview at Fisher island – 5132 Fisher Island Dr – listed for $2,800,000 and selling for $2,500,000
• Oceanside at Fisher Island – 7936 Fisher Island Dr – listed for $1,950,000 and selling for $1,950,000
• Seaside Condo – 19226 Fisher Island Dr – listed for $1,825,000 and selling for $1,630,000
• Bayview at Fisher Island – 5143 Fisher Island Dr – foreclosure listed for $1,734,000 and selling for $1,650,000
• Bayside Village – 2134 Fisher Island Dr – listed for $1,495,000 and selling for $1,350,000
• Bayside Village – 2421 Fisher Island Dr – listed for $1,300,000 and selling for $900,000
• was located in Oceanside at Fisher Island (unit 7938).  It was originally listed in May of 2010 for $3,3 Million and lowered to $2.9 Million in June of 2010 and then again to $2.499 Million in November – finally closing on May 18th, 2011 for $2 Million.  The sellers had bought this residence in August of 2001 for $1.725 Million.

Talk about a drastic change in sales in Fisher Island in the month of June.  From one single sale, to 9 and with 3 being above the $2.5 Million mark.  Oceanside and Bayview tore the sales stats for last month in Fisher with the most sales in these 2 buildings.

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

Related Articles:

June 2011 Housing Market Report for Miami Shores, Bay Harbor Islands, Surfside and Fisher Island originally appeared on Miamism on July 10, 2011.

This is a Miami Real Estate Market Report for May 2011.  Real estate has changed quite a bit in the past few years and those that are experiencing the current housing market, whether by selling or buying Miami Beach homes and the surrounding neighborhoods will attest to that.  Now please don’t be stubborn, it is crucial that you work with a knowledgeable Miami Realtor that knows what they are doing – don’t just work with one, but listen to their advice, they’ve been there and done that and can give you a few pointers on how to approach your purchase or sale!  And thanks to Forbes for the great article this week:  Home Sale Down? Not for This Realtor.

Miami Shores Real Estate Market Report

There are currently 97 Miami Shores homes for sale (1 more than last month):

• Highest priced listing is $2.499 million (bay front home located at 1430 NE 101 Street – listed since September 2007 starting at $3.9 Million)
• Lowest priced listing is $75,000 (Short sale at 279 NW 109th St)
• Pending Sales (Properties under contract):38  (1 less than last month)
• Closed sales in May: 12 (1 more than last month)

The 12 Miami Shores homes sold in May were the following:

• 1301 NE 103 St – listed for $849,000 and selling for $700,000 on 5/4/11
• 254 NE 101 St – originally listed for $599,000 on November of 2010 – selling for $530,000 on 5/13/11
• 547 NE 94th St – listed for $468,000 and selling for $450,000 on 5/19/11
• 1020 NE 99th St – short sale originally listed for $650,000 on February of 2009 and selling for $370,000 on 5/19/11
• 89 NE 109th St – originally listed for $489,000 in August of 2010 and selling for $380,00 on 5/09/11
• 253 NE 104 St – listed for $375,000 and selling for $358,000 on 5/27/11 (in one month!)
• 114 NE 108th St – short sale originally listed for $459,000 in June of 2009 and selling for $240,000 on 5/13/11
• 9530 NW 1 Ave – listed for $239,000 and selling for $228,000 on 5/4/11
• 102 NW 106 St – listed for $172,900 and selling for $150,000 on 5/17/11
• 10402 NE 2nd Ave – short sale originally listed for $199,000 in June of 2010 and selling for $165,000 on 5/13/11
• 55 NW 92 St – foreclosure listed for $135,000 and selling for $110,000 on 5/13/11
• 5 NW 106th St – foreclosure listed for $128,700 and selling for $138,000

The lower end inventory in Miami Shores is moving like hot bread in a bakery!!  Anything under $350,000 is selling in only days with multiple offers, which reminds me of our Seller’s Market!  Most of these homes will be located in the NW section of Miami Shores or close to it.  Homes priced right, in any price range and in great move-in condition, are also selling quickly – so think of staging when you list your Miami Shores home for sale!

Bay Harbor Islands Real Estate Market Report

There are currently 15 Bay Harbor Island Homes for sale: (2 less than last month)

• Highest priced listings is for $3,590,000 (10140 W Broadview Dr)
• Lowest priced listing is $659,000 (1210 98 St) < just reduced
• Pending Sales (properties under contract): 3 (1 more than last month)
• Closed sales in May: 0 (1 less than last month)

Bay Harbor Island’s housing market was on a roll, but unfortunately, there were no sales in May.  Let’s keep our eyes out on waterfront and Luxury sales here, because we have not seen any of those in quite some time.

Surfside Real Estate Market Report

There are currently 49  Surfside homes for sale: (4 less than last month)

• Highest priced listing is $5,500,000 (1332 Biscaya Dr)
• Lowest priced listing is $329,000 for the home located at 9432 Abbott Ave
• Pending Sales (properties under contract): 19 (same as last month)
• Closed sales in May: 6 (4 more than last month)

The 4 Surfside homes sold in May were the following:

• 9557 Bay Dr – listed for $549,900 and selling for $520,000 on 5/09/11
• 411 88 St – originally listed for $599,000 in November 2010 and selling for $500,000 on 5/6/11
• 8934 Garland Av – originally listed for $610,000 on April 2010 and selling for $425,000 on 5/2/11
• 9216 Byron Av – foreclosure listed for $299,o00 and selling for $276,000
• 9272 Harding Av – foreclosure listed for $239,900 and selling for $225,000
• 8858 Dickens Av – short sale listed for $199,000 and selling for $205,000

The fact that the lowest priced listing in Surfside now is $329,000 says a lot about how this area is recuperating.  Just one year ago, you could buy homes under $200,000 and now they are nowhere to be found.  Even the remaining distressed inventory is priced a lot higher than that, so keep that in mind when putting a bid to a lower priced home – if you are serious about buying that house, you don’t want to low ball your offer.

There are currently 81 Surfside Condos for sale: (9 less than last month)

• Highest priced listing:  $2,400,000 for a 3/3 at Solimar Condo unit 1207/6
  

• Lowest priced listing: $90,000 for a 1/1 short sale at Seaside Terrace unit 1

• Pending Sales (properties under contract): 28 (1 more than last month)

• Closed sales in May: 7 (3 less than last month)

The 10 Surfside condo sales in April were the following:

• Surfside Towers – 9511 Collins Av #1004– listed for $465,000 and selling for $355,000
• Champlain Towers – 8777 Collins Av #402 – listed for $399,000 and selling for $355,000
• Four Winds Condo – 9225 Collins Av #PH-H– foreclosure listed for $299,900 and selling for $309,000
• Spiaggia Ocean Condo – 9499 Collins Av #408 – short sale listed for $233,000 and selling for $215,000
• Manatee Condo – 9273 Collins Av #1108 – listed for $221,000 and selling for $207,000
• The Waverly at Surfside Beach Condo – 9172 Collins Av #209 – listed for $115,000 and selling for $117,000
• Sunset Condo – 9248 Collins Ave #205 – listed for $115,000 and selling for $117,000

May Surfside Condo sales show movement in the lower tier, under $350,000.  Although you see sales at The Waverly for $117,000, these steals are long gone and no longer found – remember that a lot of these had been under contract for some time.  Newer buildings with views are still considered prime real estate and these deals will all be CASH!

Fisher Island Real Estate Market Report

There are currently 114 Fisher Island Condos for sale: (6 less than last month)

• Highest priced listing: $30,000,000 for an exclusive Oceanside 5/5.5 home with artwork and all!
• Lowest priced listing: $134,500 for a studio at Marina Village Gardens (short sale) << in heart of commercial sector (perfect for crew or visitors)
• Pending Sales: 8 (3 more than last month)
• Closed sales in May : 1  (1 less than last month)

The Fisher Island Condo sold in May was located in Oceanside at Fisher Island (unit 7938).  It was originally listed in May of 2010 for $3,3 Million and lowered to $2.9 Million in June of 2010 and then again to $2.499 Million in November – finally closing on May 18th, 2011 for $2 Million.  The sellers had bought this residence in August of 2001 for $1.725 Million.

Distressed Fisher Island inventory keeps decreasing as the months go by, now showing 10%, as opposed to April’s 13%.  Fisher Island remains a “go to” destination for 2nd home owners and locals who are looking for a getaway!  Just a ferry-ride away and you will be in an exclusive resort-like setting that is unparalleled anywhere in South Florida.

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

Related Articles:

May 2011 Housing Market Report for Miami Shores, Bay Harbor Islands, Surfside and Fisher Island originally appeared on Miamism on June 1, 2011.

This is a Miami Real Estate Market Report for April 2011.  Hold on to your seats South Florida, we have a wild ride ahead of us!  The lower end market (anything below $400,000) is flying off the shelves as long as it is in good condition, and sellers are getting picky about terms.  This means no funny business like seller concessions, long closings, and small escrow deposits – it’s not 2007 anymore!  And if you want to sell your home quickly, clean it up, spend some money on fresh paint and staging. Most buyers don’t want to imagine the potential of a home, they need to see it – not rocket science!

Miami Shores Real Estate Market Report

There are currently 96 Miami Shores homes for sale (6 less than last month):

• Highest priced listing is $2.499 million (bay front home located at 1430 NE 101 Street – listed since September 2007 starting at $3.9 Million)
• Lowest priced listing is $75,000 (Short sale at 279 NW 109th St)
• Pending Sales (Properties under contract):39  (2 more than last month)
• Closed sales in April: 11 (5 more than last month)

The 11 Miami Shores homes sold in April were the following:

• 1250 NE 94th St – originally listed for $799,000 in July of 2010 and selling for $635,750 on 04/01/2011.
• 623 NE 97th St – listed for $625,000 and selling for $600,000 on 4/15/2011
• 520 Grand Concourse – Short Sale originally listed for $849,000 on 04/13/2008 and selling for $415,000 on 4/13/2011
• 776 NE 95th St – originally listed for $449,000 on 11/23/2010 and selling for $370,000 on 04/08/2011
• 19 NW 99 St – listed for $310,000 and selling for $285,000
• 390 NE 98th St – Foreclosure listed for $273,600 and selling for $300,000
• 10618 NE 11 Av – Foreclosure listed for $259,900 and selling for $255,000
• 480 NE 91 St – originally listed for $319,900 and selling for $235,000 on 04/04/2011
• 10634 NE 10 Pl – Foreclosure listed for $228,900 and selling for $227,000
• 9413 NW 2 Ct – Short sale listed for $195,000 and selling for $155,000 on 04/15/2011
• 80 NW 92 St – Foreclosure listed for $182,000 and selling for $182,000 on 04/05/2011

The lower end inventory in Miami Shores is non-existent, so if that’s what you are looking for, please make sure you are ready to go with pre-approvals from mortgage company as well as proof of funds if you want to have a chance at getting into a property.  I talked to 3 different buyers this week who are beyond frustrated at the market and all admitted having lost homes from right under them because they didn’t move quickly enough.  Buyer’s market? Not at the price range below $400,000 – if the house is in a good location, you will be lucky if you can even get inside to see it before it sells!  Listen to your Miami Shores REALTOR, they know what’s going on and will let you know what to do to be able to own one of these great homes.

Bay Harbor Islands Real Estate Market Report

There are currently 17 Bay Harbor Island Homes for sale: (one more than last month)

• Highest priced listings is for $3,590,000 (10140 W Broadview Dr)
• Lowest priced listing is $675,000 (1210 98 St)
• Pending Sales (properties under contract): 2 (1 less than last month)
• Closed sales in April: 1 (same as last month)

The April Bay Harbor Islands home sold was located at 1261 95 St.  This home was listed for $625,000 on 08/10/2010 with 3 price reductions, down to $495,000 and selling at $497,500 on 04/19/2011.

Bay Harbor Island’s housing market is on a roll! With 4 total homes sold this year already!  No waterfront home sales though, which means it’s only the lower end market that is moving, but it’s a positive change nonetheless.

Surfside Real Estate Market Report

There are currently 53 Surfside homes for sale: (2 less than last month)

• Highest priced listing is $5,500,000 (1332 Biscaya Dr)
• Lowest priced listing is $260,000 for the home located at 8818 Harding Ave ( short sale)
• Pending Sales (properties under contract): 19 (2 more than last month)
• Closed sales in April: 2 (5 less than last month)

The 2 Surfside homes sold in April were the following:

• 9357 Abbott Av – Short sale listed for $309,000 and selling for $285,000 on 04/20/2011
• 8951 Emerson Av – Foreclosure listed for $237,500 and selling for $255,100

Less than 10% of the existing Surfside homes inventory is distressed, that is great news for all residents and their fresh ocean breeze is starting to blow with more enthusiasm.  If you want to dip yourself in some ugly politics and name calling, check out SaveSurfside.com, a website created by some angry residents to create awareness about not so black and white government decisions.

There are currently 90 Surfside Condos for sale: (9 less than last month)

• Highest priced listing:  $2,400,000 for a 3/3 at Solimar Condo unit 1207/6
  

• Lowest priced listing: $129,000 for a 1/1 at Regent Palace unit 23

• Pending Sales (properties under contract):27 (2 less than last month)

• Closed sales in April: 10 (7 more than last month)

The 10 Surfside condo sales in April were the following:

• Champlain Towers – 8877 Collins Av #209– listed for $599,000 and selling for $495,000
• Champlain Towers – 8777 Collins Av #1008 – listed for $599,000 and selling for $500,000
• Spiaggia Ocean Condo – 9499 Collins Av #PH-03 – foreclosure listed for $569,000 and selling for $530,000
• Marbella Condo – 9341 Collins Av #1102 – listed for $549,000 and selling for $480,000
• Mirage Condo – 8925 Collins Av #4F – listed for $399,000 and selling for $350,000
• Marbella Condo – 9341 Collins Av #805 – listed for $350,000 and selling for $315,000
• Champlain Towers East – 8855 Collins Av #2D – foreclosure listed for $290,000 and selling for $283,000
• Manatee Condo – 9273 Collins Av #608 – listed for $209,000 and selling for $209,000
• Carlisle on The Ocean – 9195 Collins Av #PH8 – listed for $179,000 and selling for $145,000
• Four Winds Condo – 9225 Collins Av #1110 – short sale listed for $160,000 and selling for $140,000

The Surfside Condo market is seeing movement in its upper tear with sales above $400,000, where last year we were only seeing lower end sales under $300,000.  Champlain Towers was the big winner this past month with 2 great sales.  This by no means shows the end of a down market, it shows the beginning of a recuperating one.  Just keep that in mind if you need to sell versus waiting for prices to find a logical balance.

Fisher Island Real Estate Market Report

There are currently 120 Fisher Island Condos for sale: (3 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: $134,500 for a studio at Marina Village Gardens (short sale)
• Pending Sales: 5 (2 more than last month)
• Closed sales in April : 2  (same as last month)

The 2 Fisher Island Condos sold in April were the following:

• Oceanside Fisher Island– 8022 Fisher Island Dr – listed for $2,200,000 and selling for $1,999,000
• Bayside Village – 2021 Fisher Island Dr #2021– listed for $1,195,000 and selling for $900,000

13% of the current Fisher Island Condo inventory is distressed (short sales and foreclosures).  Although this number may be low for the common Miami and Miami Beach neighborhood, it’s unheard of for Fisher Island, one of the nation’s most expensive zip codes according to Forbes.com in years past.  This is great for second home owners that love fisher island for the amenities, but only need a small pie-a-terre for occasional weekends, but not so great for residents who just want normalcy on the island.

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

Related Articles:

April 2011 Housing Market Report for Miami Shores, Bay Harbor Islands, Surfside and Fisher Island originally appeared on Miamism on May 1, 2011.

This is a Miami Real Estate Market Report for March 2011.  People cannot believe when I tell them that certain cities in Miami are already out of the “grim picture” and starting to see an increase in prices.  Unless you are in the market to buy a home, you are still hearing bad news from the media because it tends to generalize and group together huge areas which doesn’t really reflect the local nature of the housing market.  Buying real estate is not what it used to be, make sure you are pre-approved or can show proof of funds before you begin looking – sellers will not even open their homes for you to look.

Miami Shores Real Estate Market Report

There are currently 102 Miami Shores homes for sale (11 less than last month):

• Highest priced listing is $2.499 million (bay front home located at 1430 NE 101 Street – listed since September 2007 starting at $3.9 Million)
• Lowest priced listing is $135,000 (Foreclosure at 55 NW 92 St)
• Pending Sales (Properties under contract):37  (1 more than last month)
• Closed sales in March: 6 (9 less than last month)

The 6 Miami Shores homes sold in March were the following:

• 1341 NE 103rd Street – Listed for $549,000 and selling for $525,000 (originally listed for $650,000 in July 2010, with several price reductions)
• 139 NE 101st St – Listed for $387,000 and selling for $370,000 (originally listed for $429,000 in June 2010 with several price reductions)
• 1060 NE 95th St – listed for $379,500 and selling for $340,000
• 179 NE 94th St – listed for $334,000 and selling for $310,000
• 1035 NE 99th St -  short-sale listed for $325,000 and selling for $325,000
• 195 NW 96th St – listed for $319,500 and selling for $310,000 (this house was purchased for $145,000 as a foreclosure in November 2010 and flipped for a nice profit).

The price range that is moving in Miami Shores is anything under $500,000.  The problem is that there is not much inventory at that price range which means properties go quickly! Especially if they are in good condition.    The good news is that only 27% of the total inventory is distressed (either short sales or foreclosures) and out of those, 86% are below $500,000.  I know these numbers may not mean much to many that come back to read these reports, but keep in mind that distressed inventory in close to 50% in many areas within Miami, so anything in the 20′s is great news.

Bay Harbor Islands Real Estate Market Report

There are currently 16 Bay Harbor Island Homes for sale: (same as last month)

• Highest priced listings is for $3,590,000 (10140 W Broadview Dr)
• Lowest priced listing is $599,999 (1250 95 St)
• Pending Sales (properties under contract): 3 (same as last month)
• Closed sales in March: 1 (same as last month)

The March Bay Harbor Islands home sold was located at 1210 103rd Street.  Here’s a house with quite a listing history, this would be similar to someone’s resume.  The home was listed in 2009 for $915,000 and went through several price drops, cancellations, and Realtor changes until finally selling for $595,000 last month.

That’s 3 total Bay Harbor Island homes sold this year, compared to 5 sales in all of 2010.  Keep in mind that there have not been any waterfront sales yet, but we keep an optimistic outlook when it comes to Bay Harbor Islands.

Surfside Real Estate Market Report

There are currently 55 Surfside homes for sale: (4 less than last month)

• Highest priced listing is $5,500,000 (1332 Biscaya Dr)
• Lowest priced listing is $260,000 for the home located at 8818 Harding Ave ( short sale)
• Pending Sales (properties under contract): 17 (3 more than last month)
• Closed sales in March: 7 (5 more than last month)

The 7 Surfside homes sold in March were the following:

• 8950 Irving Av – Listed for $695,000 and selling for $633,500
• 801 90 St – Short sale listed for $499,000 and selling for $470,000
• 9008 Garland Av – listed for $449,000 and selling for $436,000
• 525 95 St – listed for $359,000 and selling for $344,000
• 9289 Abbott Av – listed for $319,000 and selling for $235,000
• 9289 Abbott Av – listed for $319,000 and selling for $282,500
• 9156 Abbott Av – approved short sale listed for $250,000 and selling for $235,000

Only 4 out of the 55 Surfside homes for sale are distressed and none are foreclosures – Big Hand of Applause for Surfside….may be out of the housing crisis completely!!

There are currently 99 Surfside Condos for sale: (8 less than last month)

• Highest priced listing:  $2,400,000 for a 3/3 at Solimar Condo unit 1207/6
  

• Lowest priced listing: $72,000 for an approved short sale of a one bedroom at Sunset Condo

• Pending Sales (properties under contract):29 (8 more than last month)

• Closed sales in March:3 (1 more than last month)

The 3 Surfside condo sales in March were the following:

• Champlain Towers – 8855 Collins Av #12D– listed for $559,000 and selling for $505,000
• The Waverly at Surfside – 9201 Collins Av #826 – foreclosure listed at $449,900 and selling for $440,000
• Surfside Palms Condo – 8888 Collins Ave #108 – approved short sale listed at $120,000 and selling for $115,000.

The Surfside Condo market is slightly behind the Surfside home market with 16% of its inventory being distressed – but as I mentioned before, any number bellow the 20′s is great news.  There are still some good buys in Surfside, but expect frustration with the lower price ranges because agents keep them as active when they may be under contract….just because there are so many deals still falling apart because of financing.

Fisher Island Real Estate Market Report

There are currently 117 Fisher Island Condos for sale: (same as last month)

• Highest priced listing: $30,000,000 for an exclusive Oceanside 5/5.5 home with artwork and all!
• Lowest priced listing: $180,000 for a one bedroom at Marina Village No2 (short sale)
• Pending Sales: 3 (2 less than last month)
• Closed sales in March : 2  (same as last month)

The 2 Fisher Island Condos sold in March were the following:

• Oceanside Fisher Island– 7755 Fisher Island Dr – listed for $3,900,000 and selling for $3,100,000
• Bayside Village – 2212 Fisher Island Dr #3102– listed for $988,000 and selling for $840,000

Fisher Island Condos are moving very slowly, but the good news is that only 9% of the inventory is distressed!!  This should be quite a relief not only for the residents and vacation owners of Fisher Island condos, but also to the The Fisher Island Hotel that was starting to get a bad rap for its hotel program because there was distressed inventory in the island!!  Soon enough that will be old news and Fisher Island will start getting its great reputation back.

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

Related Articles:

March 2011 Housing Market Report for Miami Shores, Bay Harbor Islands, Surfside and Fisher Island originally appeared on Miamism on April 4, 2011.