This may be difficult for a lot of you to digest, and many of you may even think I am crazy, but I’m not alone.  The topic of a seller’s market in particular areas of Miami Beach and Miami keeps popping up in conversation.  Of course we’re not talking of a full-blown seller’s market, but we’re talking about a particular price range in certain neighborhoods that is flying off the shelves like hot bread.  If you are looking for a Miami Shores home, a Morningside home, a Belle Meade home or a home in Miami’s Upper East Side under $450,000 – you may find yourself getting offers rejected, may find yourself in multiple-offer situations, and in some cases even bidding wars!

I don’t have to convince you of this, if you are out there in these areas, including Miami Beach, Surfside and other sought out neighborhoods, you are seeing this day in and day out.  The demand for these homes is higher than the supply.  When a home hits the market, you better be one of the first ones to see it to even have a chance.  The ones that show well go in a snap, and the ones in more desirable locations end up selling higher than listed. A lot of the homes under contract even have back-up contracts!

Most first time home buyers are in this price range but you also have investors with cash in hand waiting to make the move.  If you are a buyer in this price range, you need to have a plan, you need to know where you stand and realize that if you are picky or if you net pick an offer, you won’t achieve your home ownership goal.   So what can you do to prepare yourself?

Have your finances ready

• Lending  plan needs to be in place with pre-approvals and proof of funds.
• If you happen to be FHA approved, make offers as clear and as high as possible, a lot of sellers are accepting conventional loans that are less so they don’t have to deal with some FHA requests.
• Climb out from under your rock and educate yourself about pricing so you don’t end up missing out on every house you like because you are not realistic.

Do you really know what you want?

• Make a list of what you want in a home, write the “can’t do without’s” at the top of the list, and be ready to compromise.
• Separate wants from needs
• You won’t be able to have your cake and eat it too, but you WILL be able to make a house a home
• You will have to prioritize and sometimes give in to some “can’t do without’s”

Know the ins and outs of the real estate market

• A reputable Realtor that knows the area and has an established rapport with other local agents is key.  This can mean the difference of actually having a chance in a multiple-offer situation.
• Know what homes have sold for and approximate price per square foot in the area you are searching

Time to drop the condescending tone

• Asking how long a house has been on the market or patronizing the condition of a property will not get you anywhere
• Knowing that your price range is moving will be a lot more helpful to you
• Don’t double guess information from other agents – if they say offers are in place, it’s no longer a game

Use the KISS principle

• Keep It Simple Stupid!
• Simplicity should be a key goal and unnecessary complexity should be avoided
• This applies when making requests and writing up contracts

Seller’s Market in the middle of a Down Turn?  Maybe far fetched, but if you pay attention, and if you find yourself in any of the situations I mentioned, you may just agree with me.  It’s also Tax Credit Crunch Time!  Need to have an executed offer before April 30th…but in my opinion, nothing will change after the deadline … you will still need to be proficient to achieve your goals.

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This is a Miami Real Estate Market Report for November 2009 – The market is moving, maybe not at the pace that many hoped….but I did say when it started back up, it would be at a very slow pace.

Some cities are seeing more movement than others, and that’s why we choose to group these monthly reports this way, to see the disparity between cities in close proximity.

I think what’s important for you to understand if you are a buyer is what price range is moving in the areas you are interested in and how the distress inventory has increased or decreased – this should be a good determining factor to make a move now or wait.

As for the Luxury market – it’s disconcerting to see that the higher end properties are not moving at all – I’ve been doing separate market reports for islands in Miami Beach and although we are seeing sales, we’re not seeing much movement in the $5 million and above.  Will those owners hold on to the inventory or start dropping their prices?  we should see in the next couple of months.

Miami Shores Real Estate Market Report

There are currently 111 listings in Miami Shores:
(7 less than last month)

• Highest priced listing is $2.699 million (bayfront home located at 1430 NE 101 Street –listed since September 2007 for $3.9 million )
• Lowest priced listing is $104,900 (bank owned home at 175 NW 101 St)
• Pending Sales (Properties under contract):48 (4 less than last month)
• Closed sales in November: 9 (1 more than previous month)

The 9 closed sales in Miami Shores last month were the following:

• 113 NE 101 Street – listed for $799,000 and selling for $540,000 (historic house listed originally for $1,095,000 on February of 2009)
• 422 NE 93 Street – listed for $599,000 and selling for $538,500 ($193/sq.ft.)
• 825 NE 91 Street– listed for $379,000 and selling for $340,000 (originally listed for $449,000 on November 2008)
• 315 NE 98 Street  – listed for $350,000 and selling for $350,000 (originally listed for $399,000 on September 2009)
• 61 NE 108 Street – listed for $348,000 and selling for $349,000
• 131 NE 96 Street – listed for $274,000 and selling for $235,000 (originally listed for $324,613 in August of 2008)
• 117 NW 100 Street – listed for $269,000 and selling for $260,000
• 122 NW 110 Street – listed for $159,000 and selling for $152,000(foreclosure $82/sq.ft.)
• 117 NW 101 St – listed for $159,000 and selling for $90,000 (short sale listed originally for $189,900 in January of 2009 – $73/sq.ft.)

Still a lot of pending sales in Miami Shores (homes under contract) and as I explained before,  are a representation of short sales that take forever to close.  Price range that is moving is anything under $400,000 – so if you are a seller in that price range, make sure your house shows well in order to compete with that inventory.

The average price per square foot from last month was $176 (dropping from $188 last month) and that’s not taking into consideration the 2 distressed sales under $100/sq.ft.  The highest sale per square foot was $210.00 meaning you can shoot for that number if your house is impeccable or historically relevant.

A few new listings in Miami Shores that makes me wonder what the owners and listing agents are thinking – gorgeous homes yes, but priced above $300/sq.ft. and even $500/sq.ft. for dry lots! …..will keep an eye out as they get closer to reality.

Bay Harbor Islands Real Estate Market Report

There are currently 23 single-family home listings in Bay Harbor Islands: (4 less than last month)

• Highest priced listings is for $4,950,000 (10200 W Broadview Drive – listed since December of 2008 for $5,200,000)
• Lowest priced listing is $499,000 (9970 E. Bay Harbor Drive – Villa – listed since Feb. 07 – starting price of $659,000)
• Pending Sales (properties under contract):4 (1 more than last month)
• Closed sales in November: 0 (same as last month)

Another month of no movement for Bay Harbor Islands real Estate.  Think about it, only 5 sales this whole year, that has to be a concern for Bay Harbor Islands Real Estate sellers – all I say is patience! According to the Bay Harbor Islands Police website, it has the lowest crime rate per capita in Dade-County and one of the lowest in Florida….that should give you plenty of peace of mind.

Surfside Real Estate Market Report

There are currently 67 single-family home listings in Surfside: (3 more than last month)

• Highest priced listing is $7,900,000 (for flawless 6 bedroom / 7.5 bathroom modern bay front home located at 1236 Biscaya with 6,723 square feet of living space and 75′ of bay frontage).
• Lowest priced listing is $259,000 for the home located at 9173 Carlyle Ave.
• Pending Sales (properties under contract): 4 (same as last month)
• Closed sales in November: 4 (1 less than previous month)

The closed Surfside Real Estate sales in the month of November were the following:

• 8843 Carlyle Av – listed for $399,000 and selling for $375,000 ($245/sq.ft.)
• 8843 emerson Av– listed for $340,000 and selling for $315,000 ($155/sq.ft.)
• 8858 Emerson Av– listed for $269,000 and selling for $247,000 ($167/sq.ft.)
• 9165 Byron Av – listed for $254,900 and selling for $250,000($121/sq.ft.)

It so happens that the lowest sales of $121/sq.ft. and $155/sq.ft. were both distressed sales (a short sale and a foreclosure) – putting the average price per square foot of Surfside homes for the month of November at $206.  Please keep in mind that this is not a good number to guide you when pricing your home – appraisers will only consider comparable properties and will go back 6 months.

There are currently 145 condo listings in Surfside: (5 less than last month)

• Highest priced listing: $2,500,000 a 3/3 at Azure Condo
  

• Lowest priced listing: $99,000 a 1/1  at Regent Palace
  

• Pending Sales (properties under contract):27 (3 more than last month)

• Closed sales in November: 3 (1 less than last month)

The 3 closed Surfside condo sale in November were the following:

• 9511 Collins Ave #1410– 9500 Ocean Condo – listed at $254,700 and selling for $240,000 (foreclosure)
• 9195 Collins Ave #PH9 – Carlisle on The Ocean – listed at $163,000 and selling for $163,000 (short sale)
• 9499 Collins Ave #705 – Spiaggia – listed for $138,000 and selling for $138,000 (foreclosure)

Most of the condo sales in Surfside have been distressed sales – something to pay attention to if you are buying – check the building’s financial statements and make sure their condo maintenance fees are beeing covered and if they have reserves.

Fisher Island Real Estate Market Report

There are currently 139 listings in Fisher Island: (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: $190,000 for a studio at Marina Village
• Pending Sales: 3 (same as last month)
• Closed sales in November: 2 (2 less than last month)

Fisher Island Real Estate’s November closings were the following:

• Oceanside at Fisher Island – 7222 Fisher Island Drive – listed at $4,200,000 and selling at $3,200,000 (originally listed for $6,000,000 in December of 2006, then $5,490,000 in February 2008 and selling at almost 50% of original price – OUCH!)
• Bayview at Fisher Island – 4924 Fisher Island Drive – listed at $1,495,000 and selling at $1,275,000 (this unit had been originally priced in November 2005 for $3,050,000, taken off the market and relisted in April of 2009 for $1,495,000) – glad to see the sellers came to their senses.

The great thing about buying at Fisher Island is the fact that so many are vacation homes or 2nd or 3rd homes.  When sellers are ready to sell, they usually will do so quickly, so make offers….you will be surprised what gets accepted now in the island for those that want out.

Aventura Real Estate Market Report

There are currently 1471 condo listings in Aventura: (11 less than last month)

• Highest priced listing: $6,000,000 for a 4/6 at Porto Vita
• Lowest priced listing: $54,900 for a 1/1 short sale at Biscayne Lake Gardens
  
• Pending sales: 293(12 more than last month)
• Closed sales in September: 63 (6 less than last month)

Aventura is moving! – with progressively less inventory, more pending sales and more closings – The highest closed sale in November was at The Peninsula, 3201 NE 183 St #PH-4/5 for $1,250,000 and the lowest was for $71,000 for a  1 bedroom / 1.5 bathroom residence at Towers at Biscayne Cove.

Biscayne Park Real Estate Market Report

There are currently 28 single-family listings in Biscayne Park: (2 less than last month)

• Highest priced listing $449,900 (1112 NE 117th Street)
• Lowest priced listing $145,000 (11320 NE 10 Ave – short sale)
• Pending sales (properties under contract):8 (3 less than last month)
• Closed sales in November: 4 (same as last month)

Here are the 4 sales in Biscayne Park for the month of November:

• 735 NE 113 Street – listed for $395,000 and selling at $310,000
• 650 NE 118 Street – listed for $275,000 and selling at $225,000
• 635 NE 116 Street – listed for $257,900 and selling at $205,000 (foreclosure)
• 11209 NE 8 Court – $248,000 and selling at $210,000

Only one distressed sale last month in Biscayne Park which says a lot about a stabilizing market, especially in this price range which is the most popular.  Biscayne Park is great for first time home buyers, great urbanism and trees and they have their own police force – if you’ve never been, take a drive and you will be pleasantly surprised.

El Portal Real Estate Market Report

There are 25 listings in El Portal: (1 less than last month)

• Highest priced listing is $1,200,000 (300 NE 89th St  – this one is a bit off for the neighborhood…..white elephant?)
• Lowest priced listing $100,000 (short sale at 435 NW 90th Street)
• Pending sales (properties under contract):12 (same as last month)
• Closed sales in November: 2 (2 more than previous month)

The closed sales in El Portal for the month of November were the following:

• 152 NE 89 Street – listed for $324,900 and selling for $285,000 (originally priced at $349,000 in september of 2009)
• 102 NE 86 Street – listed for $225,000 and selling for $227,000 (short sale on and off the market since July 2006, originally priced at $569,000)

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

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This is a Miami Real Estate Market Report for October 2009 – There is not a place Rick and I go that we don’t get the infamous question:  “How is real estate? – is it picking up?”

The answer is YES, it is picking up, we are working with more buyers and closing more deals – our Majestic Properties office alone is up 28% in sales from this time last year.  But if you are a seller, you still need to be patient because there is still a lot of inventory which means a lot of choices for ready and willing  buyers.  Please make sure your home is in tip-top showing condition if you want to be in the running though – and make sure you have aggressive on-line marketing since we are seeing a lot of foreign nationals and investors making a move and that’s where most buyers begin searching.

Miami Shores Real Estate Market Report

There are currently 118 listings in Miami Shores:
(7 less than last month)

• Highest priced listing is $2.699 million (bayfront home located at 1430 NE 101 Street –listed since September 2007 for $3.9 million )
• Lowest priced listing is $126,000 (short-sale at 9021 N Miami Av)
• Pending Sales (Properties under contract):52 (9 more than last month)
• Closed sales in October: 8 (4 more than previous month)

The 4 closed sales in Miami Shores last month were the following:

• 10331 NE 6th Ave – listed for $699,000 and selling for $657,000 (golf-front – $222/sq.ft)
• 665 NE 97th Street– listed for $579,000 and selling for $538,500 ($193/sq.ft.)
• 601 Grand Concourse– listed for $545,000 and selling for $473,500 (historic – $195/sq.ft.)
• 550 NE 102nd Street  – listed for $449,000 and selling for $400,000 ($170/sq.ft.)
• 440 NE 105th Street – listed for $399,900 and selling for $380,000 (foreclosure $137/sq.ft.)
• 9701 NE 4th Ave – listed for $350,000 and selling for $350,000 ($175/sq.ft.)
• 189 NW 105th Street – listed for $249,000 and selling for $227,000 ($172/sq.ft.)
• 52 NW 111th Street – listed for $94,900 and selling for $99,777 (foreclosure $53/sq.ft.)

There’s a huge amount of pending sales in Miami Shores at this time which, as I mentioned last month, are a representation of short sales that take forever to close – hopefully we will begin to see some of those properties actually close.

The average price per square foot from last month was $188 and that’s not taking into consideration the 2 foreclosure properties since they are distress sales and the homes were in total disarray and not comps at all to the other properties.  We are seeing the +/- $500k range moving at this time in Miami Shores – the Miami Shores Luxury Market is at a stand still.

Bay Harbor Islands Real Estate Market Report

There are currently 27 single-family home listings in Bay Harbor Islands: (1 more than last month)

• Highest priced listings is for $4,950,000 (10200 W Broadview Drive – listed since December of 2008 for $5,200,000)
• Lowest priced listing is $499,000 (9970 E. Bay Harbor Drive – Villa – listed since Feb. 07 – starting price of $659,000)
• Pending Sales (properties under contract):3 (2 more than last month)
• Closed sales in October: 0 (same as last month)

Another month of no movement for Bay Harbor Islands real Estate.  I have to admit I’m a bit disappointed, I though the 5 sales this Summer meant their market had a bright future….but not quite.  One thing to keep in mind is that Bay Harbor Islands is a sought out market and little inventory and no sales is not always a bad sign, especially for those that call the island home.

Surfside Real Estate Market Report

There are currently 64 single-family home listings in Surfside: (3 more than last month)

• Highest priced listing is $7,900,000 (for flawless 6 bedroom / 7.5 bathroom modern bay front home located at 1236 Biscaya with 6,723 square feet of living space and 75? of bay frontage).
• Lowest priced listing is $250,000 for the home located at 9132 Abbott Ave
• Pending Sales (properties under contract): 4 (3 less than last month)
• Closed sales in October: 5 (1 more than previous month)

The closed Surfside Real Estate sales in the month of October were the following:

• 9116 Byron Ave – listed for $695,000 and selling for $635,000
• 400 92 Street – listed for $499,000 and selling for $495,000
• 9433 Bay Drive– listed for $369,000 and selling for $340,000
• 8811 Hawthorne Ave – listed for $325,000 and selling for $325,000
• 9157 Emerson Ave – listed for $274,900 and selling for $200,000

Surfside used to have great fixer-upper inventory at $250 and under, but that no longer is the case.  There are a few lower priced listings left, but remember the lots will be small and they will need a lot of work – you can’t beat proximity to the ocean though.

There are currently 150 condo listings in Surfside: (1 less than last month)

• Highest priced listing: $2,500,000 a 3/3 at Azure Condo
  

• Lowest priced listing: $99,000 a 1/1  at Regent Palace
  

• Pending Sales (properties under contract):24 (1 more than last month)

• Closed sales in October: 4 (3 more than last month)

The 4 closed Surfside condo sale in October were the following:

• 8777 Collins Ave #911 – Champlain Towers South – listed at $599,000 and selling for $537,000
• 8855 Collins Ave #12B – Champlain Towers East – listed at $585,000 and selling for $530,000
• 9225 Collins Ave #601 – Four Winds Condo – listed for $380,000 and selling for $365,000
• 877 Collins Ave #404 – Champlain Towers South – listed for $365,000 and selling for $310,000

The Champlain Towers were hot in October – nice for the rest of the units in the building that will have comps when they go under contract.  I still love Surfside, its beach, location and density – perfect for those that want quiet but still want to be close to South Beach and Bal Harbour.

Fisher Island Real Estate Market Report

There are currently 139 listings in Fisher Island: (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: $190,000 for a studio at Marina Village
• Pending Sales: 3 (6 less than last month)
• Closed sales in October: 4 (3 more than last month)

Fisher Island Real Estate’s October closings were the following:

• Palazo del Mare at Fisher Island – 7161 Fisher Island Dr – listed at $4,890,000 and selling at $3,700,000
• Seaside Village – 19232 Fisher Island Dr – listed at $2,390,000 and selling at $1,100,000
• Seaside Village – 19143 Fisher Island Dr – listed at $1,250,000 and selling at $1,050,000
• Bayside Village – 2411 Fisher Island Dr – listed at $1,100,000 and selling at $900,000

Fisher Island is no longer regarded at “untouchable miami real estate” – on the contrary, prices seem to be very reasonable and you can’t beat security and amenities.  Perfect for those that like to get away and not be disturbed but still close enough to the ACTION.

Aventura Real Estate Market Report

There are currently 1482 condo listings in Aventura: (14 less than last month)

• Highest priced listing: $6,000,000 for a 4/6 at Porto Vita
• Lowest priced listing: $50,000 for a 1/1 short sale at Biscayne Lake Gardens
  
• Pending sales: 281 (7 less than last month)
• Closed sales in September: 69 (6 more than last month)

Aventura is seeing the light at the end of the tunnel – with progressively less inventory, more pending sales and more closings – The highest closed sale in October was Bella Mare, 6000 Island Blvd, unit 1701 for $1,800,000 and the lowest was for $68,000 for a  2 bedroom / 2 bathroom residence at Bravura II.

Biscayne Park Real Estate Market Report

There are currently 30 single-family listings in Biscayne Park: (5 less than last month)

• Highest priced listing $449,900 (1112 NE 117th Street)
• Lowest priced listing $145,000 (11320 NE 10 Ave – short sale)
• Pending sales (properties under contract):12 (1 more than last month)
• Closed sales in October: 4 (4 more than last month)

Here are the 4 sales in Biscayne Park for the month of October:

• 1100 NE 116th Street – listed for $373,000 and selling at $350,000
• 1060 NE 120th Street – listed for $289,000 and selling at $275,000
• 11800 NE 10th Ave – listed for $270,000 and selling at $253,000
• 1055 NE 119th Street – $269,000 and selling at $260,000

I keep saying that Biscayne Park is perfect for first time home buyers – the sales in October are a great representation of homes selling close to asking price.  If you are a buyer in this area, keep that in mind, placing low-ball offers in this area may not get you anywhere.

El Portal Real Estate Market Report

There are 26 listings in El Portal: (2 less than last month)

• Highest priced listing is $1,200,000 (300 NE 89th St  – this one is a bit off for the neighborhood…..white elephant?)
• Lowest priced listing $140,000 (short sale at 435 NW 90th Street)
• Pending sales (properties under contract):12 (2 more than last month)
• Closed sales in October: 0 (1 less than previous month)

El Portal Real Estate remains one of those hidden treasures – you can’t beat the location and the architecture of most of the homes is early century with charm.  It’s a great chance to get in there if you are a first time home buyer.

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

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This is a Miami Real Estate Market Report for September 2009 – There’s always some finger pointing when things don’t keep progressing the way we expect them to.  This time I blame appraisals for artificially driving down prices and killing real estate deals.  Yes you heard me correctly, appraisals are killing deals and something needs to happen.  If appraisers are supposed to be so objective about their valuation, how come they ask for executed contracts to arrive at their number?  I’m tapping my foot until something happens and it needs to be soon – bad enough that regular sales get compared to desperation sales, but now it seems like appraisers are afraid and do their job while walking on hot coals.

Miami Shores Real Estate Market Report

There are currently 125 listings in Miami Shores:
(4 more than last month)

• Highest priced listing is $2.699 million (bayfront home located at 1430 NE 101 Street –listed since September 2007 for $3.9 million )
• Lowest priced listing is $91,900 (foreclosure at 58 NW 104th Street)
• Pending Sales (Properties under contract):43 (3 more than last month)
• Closed sales in September: 4 (8 less than previous month)

The 4 closed sales in Miami Shores last month were the following:

• 700 NE 101 Street – listed for $550,000 and selling for $495,000
• 1113 NE 98th Street – listed for $417,000 and selling for $355,000
• 1160 NE 91 Terrace – listed for $329,900 and selling for $275,000 (foreclosure)
• 117 NE 103 Street – listed for $220,000 and selling for $115,000 (short sale pending since May, 2009 – took over 4 months to close)

The large number of pending sales in Miami Shores we see each month are a clear representation of short sale properties under contract.  Some of these take months to close – so expect to see these show up for a few months in our reports.  Miami Shores is seeing a lot of buyers and movement, but the market is still slow and buyers are pickier than ever with really bizarre requests in addition to getting great deals.  We will see what the end of the year has in store.

Bay Harbor Islands Real Estate Market Report

There are currently 26 single-family home listings in Bay Harbor Islands: (4 more than last month)

• Highest priced listings is for $4,950,000 (10200 W Broadview Drive – listed since December of 2008 for $5,200,000)
• Lowest priced listing is $499,000 (9970 E. Bay Harbor Drive – Villa – listed since Feb. 07 – starting price of $659,000)
• Pending Sales (properties under contract):2 (1 less than last month)
• Closed sales in September: 0 (2 less than last month)

Back to no movement for Bay Harbor Islands real Estate.  No sales last month – but it has a chance to make up for it before December when the market historically picks up a bit.

Surfside Real Estate Market Report

There are currently 61 single-family home listings in Surfside: (4 less than last month)

• Highest priced listing is $7,900,000 (for flawless 6 bedroom / 7.5 bathroom modern bay front home located at 1236 Biscaya with 6,723 square feet of living space and 75? of bay frontage).
• Lowest priced listing is $275,000 for the home located at 8942 Carlyle Ave
• Pending Sales (properties under contract): 7 (same as last month)
• Closed sales in September: 4 (3 more than previous month)

The closed Surfside Real Estate sale in the month of September were the following:

• 9048 Emerson Ave – listed for $399,000 and selling for $390,000
• 9425 Byron Ave – listed for $390,000 and selling for $350,000
• 8842 Dickens Ave – listed for $385,000 and selling for $385,000
• 9165 Froude Ave – listed for $269,000 and selling for $269,000

It’s evident that the price range moving in Surfside is the $400,000 and under – that inventory is decreasing, so it gives some hope to the higher priced properties that are usually bigger and in much better condition.

There are currently 151 condo listings in Surfside: (1 more than last month)

• Highest priced listing: $2,500,000 a 3/3 at Azure Condo
  

• Lowest priced listing: $84,800 a 230 sq. ft. studio at Seaside Terrace
  

• Pending Sales (properties under contract):23 (5 more than last month)

• Closed sales in September: 1 (5 less than last month)

The one Surfside condo sale in September was a 3 bedroom / 2 bathroom oceanfront unit at The Waverly.  Listed as a short sale for $420,000 and selling for $420,000.  This unit had been listed since May of 2005 for $875,000 – obviously a speculator’s investment going south.

Fisher Island Real Estate Market Report

There are currently 139 listings in Fisher Island: (one 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: $295,000 for a 1/1 at Marina Village
• Pending Sales: 9 (2 more than last month)
• Closed sales in September: 1 (1 more than last month)

Fisher Island Real Estate‘s single September closing was for the Oceanside Residence at 7945 Fisher Island – listed for $2,750,000 and selling for $1,749,950 (I love when I see crazy numbers like this – reminds me of pulling numbers out of a hat – maybe they are superstitious)

Aventura Real Estate Market Report

There are currently 1496 condo listings in Aventura: (80 less than last month)

• Highest priced listing: $6,000,000 for a 4/6 at Porto Vita
• Lowest priced listing: $50,000 for a 1/1 short sale at Biscayne Lake Gardens
  
• Pending sales: 288 (27 more than last month)
• Closed sales in September: 63 (5 less than last month)

The highest closed sale in August was Bella Mare, 6000 Island Blvd, unit 2806 for $1,320,000 and the lowest was for $56,000 for a  1 bedroom / 1  bathroom residence at Point East.

Biscayne Park Real Estate Market Report

There are currently 35 single-family listings in Biscayne Park: (5 more than last month)

• Highest priced listing $449,900 (1112 NE 117th Street)
• Lowest priced listing $145,000 (11320 NE 10 Ave – short sale)
• Pending sales (properties under contract):11 (2 less than last month)
• Closed sales in September: 1 (2 less than last month)

The one sale for Biscayne Park Real Estate for the month of September was the property located at 728 NE 112th Street – listed for $259,000 and selling for $205,000 (short sale also taking over 4 months to close)

El Portal Real Estate Market Report

There are 28 listings in El Portal: (one more than last month)

• Highest priced listing is $1,200,000 (300 NE 89th St  – this one is a bit off for the neighborhood…..white elephant?)
• Lowest priced listing $140,000 (short sale at 435 NW 90th Street)
• Pending sales (properties under contract):10 (2 more than last month)
• Closed sales in September: 1 (1 more than previous month)

The single sale in El Portal Real Estate was the property located at 69 NE 90th Street – a short sale starting at $379,000 in January 2008 and showing pending for 2 months before closing.  El portal still has some great opportunities, especially if you are a first time home buyer looking for your $8,000 tax credit.

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

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This is a Miami Real Estate Market Report for August 2009 – The changes are very subtle, but obvious to those of us in the trenches.  Distressed inventory keeps decreasing, there are more sales and inventory pricing slighting increasing.  I’m not saying prices are going up, I am saying that there are not that many “deals” out there anymore.  Those homes that are priced right from the start are selling quickly which should be a good motivator for those thinking of selling.

Miami Shores Real Estate Market Report

There are currently 121 listings in Miami Shores:
(same as last month)

• Highest priced listing is $2.5 million (bayfront home located at 9179 N. Bayshore Drive – short sale reduced from $3.15)
• Lowest priced listing is $139,900 (foreclosure at 162 NW 102 St)
• Pending Sales (Properties under contract):40 (6 more than last month)
• Closed sales in August: 12 (1 less than previous month)

Out of the 12 sales in August in Miami Shores, 3 of them were foreclosures which could mean 25% of the inventory, but that is not the case.  Distressed real estate inventory has been slowly diminishing which is great for competing homes on the market.  Only one sale above $500,000 and that was the home located at 800 NE 98th Street which was listed for $799,000 and sold for $740,000 (belonging to a former Miami Shores Mayor).

Bay Harbor Islands Real Estate Market Report

There are currently 22 single-family home listings in Bay Harbor Islands: (same as last month)

• Highest priced listings is for $4,950,000 (10200 W Broadview Drive – listed since December of 2008 for $5,200,000)
• Lowest priced listing is $499,000 (9970 E. Bay Harbor Drive – Villa – listed since Feb. 07 – starting price of $659,000)
• Pending Sales (properties under contract):3 (2 less than last month)
• Closed sales in August: 2 (2 more than last month)

So Happy to see Bay Harbor Islands real Estate beginning to move– with only 3 sales this year and 2 of those happening in August.

• 9701 E Broadview Drive listed since January of 2006 for $2,595,000 and selling for $1,850,000
• 1231 101 Street listed since April of 2009 for $1,095,000 and selling for $900,000

Surfside Real Estate Market Report

There are currently 65 single-family home listings in Surfside: (1 more than last month)

• Highest priced listing is $7,900,000 (for flawless 6 bedroom / 7.5 bathroom modern bay front home located at 1236 Biscaya with 6,723 square feet of living space and 75? of bay frontage).
• Lowest priced listing is $278,900 for the home located at 9016 Abbott Avenue
• Pending Sales (properties under contract): 7 (2 more than last month)
• Closed sales in August: 1 (2 less than previous month)

The closed Surfside Real Estate sale in the month of July was the property located at 1025 88 Street which had been listed for $800,000 since December of 2007 and sold for $400,000 as a short sale.

There are currently 150 condo listings in Surfside: (4 less than last month)

• Highest priced listing: $2,400,000 a 3/3 at Solimar
  

• Lowest priced listing: $122,250 a 1/1 at Regent Palace
  

• Pending Sales (properties under contract):18 (3 less than last month)

• Closed sales in August: 6 (2 more than last month)

Surfside condo sales for the month of August ranged between $1,420,000 for a 3 bedroom / 3 and a half bathroom condo at Solimar, to $135,000 for a 2 bedroom / 2 bathroom unit at Carlisle on The Ocean.

Fisher Island Real Estate Market Report

There are currently 138 listings in Fisher Island: (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: $295,000 for a 1/1 at Marina Village
• Pending Sales: 7 (2 less than last month)
• Closed sales in August: 0 (2 less than last month)

Fisher Island Real Estate saw no movement in the month of August – but then again…..it’s vacation time…..please don’t bother Fisher Island Residents with trivial showings at the end of the their Summer Vacation.  Things should start picking up in September!

Aventura Real Estate Market Report

There are currently 1576 condo listings in Aventura: (16 less than last month)

• Highest priced listing: $6,000,000 for a 4/6 at Porto Vita
• Lowest priced listing: $2,900 for a 3 bedroom loft at Uptown Marina (yes people, this is a typo on the MLS, it’s a rental……not a sale)
  
• Pending sales: 261(17 more than last month)
• Closed sales in August: 68 (16 less than last month)

The highest closed sale in August was Porto Vita South, 19955 NE 38 Ct, unit 2206 for $1,200,000 and the lowest was for $76,000 for a  1 bedroom / 1 and a half bathroom residence at the Ensenada Condo.

Biscayne Park Real Estate Market Report

There are currently 30 single-family listings in Biscayne Park: (3 less than last month)

• Highest priced listing $449,900 (1112 NE 117th Street)
• Lowest priced listing $190,000 (769 NE 113 St – short sale)
• Pending sales (properties under contract):13 (1 more than last month)
• Closed sales in August: 3 (1 more than last month)

Biscayne Park Real Estate sales for the month of Agust were:

• 1007 NE 116th Street – Listed for $539,000 since January of 2009, and selling for $440,000
• 764 NE 111th Street – Listed $499,000 since March of 2009 and selling for $410,000

El Portal Real Estate Market Report

There are 27 listings in El Portal: (same as last month)

• Highest priced listing is $1,200,000 (300 NE 89th St  – this one is a bit off for the neighborhood…..white elephant?)
• Lowest priced listing $140,000 (short sale at 435 NW 90th Street)
• Pending sales (properties under contract):8 (1 less than last month)
• Closed sales in August: 0(3 less than previous month)

El Portal Real Estate had no sales in the month of August which is not a good sign but not the end of the world seeing that there are currently 8 homes under contract.  That $1.2 listing will be an interesting one to follow since it’s listed WAY over market value, even if it has the best finishes available.

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

Related Articles:

This is a Miami Real Estate Market Report for July 2009 – inventory keeps decreasing and sales did go down in the month of July (which is completely normal for the summers here in South Florida).  What we are seeing now is movement in the homes that have been listed for a long time – as if the overpriced home owners are finally realizing that they have to accept lower offers.  This is not always the case though, newer listings priced competitively from the start are also moving quickly – this may mean that time on the market may start stabilizing as well.  We should start seeing more sales in the month of August if we follow historical trends.

I truly believe that deals to be had are homes listed right now, those are the sales we are seeing, the ones that make you gasp in disbelief.

Miami Shores Real Estate Market Report

There are currently 121 listings in Miami Shores:
(5 less than last month)

• Highest priced listing is $2.5 million (bayfront home located at 9179 N. Bayshore Drive – short sale reduced from $3.15)
• Lowest priced listing is $117,000 (foreclosure at 175 NW 101 St)
• Pending Sales (Properties under contract):34 (3 less than last month)
• Closed sales in July: 13 (3 more than previous month)

Eleven out of the 13 sales in Miami Shores were under $500,000 and the other two were homes that had been on the market in excess of a year. Two of the sales were short sales and 2 were foreclosures. The lowest closed sale last month was the property located at 89 NW 109th Street, a foreclosure listed for $89,899 selling for $130,000. (reinforcing my point that when buying distressed properties, asking price should not be a factor if you want to be in the running- these properties are getting multiple offers). The Highest closed sale in July in Miami Shores was for the home located at 444 NE 96th St- Listed since 2007 for $1,950,000 and selling last month for $700,000 (talk about a huge OUCH).

Bay Harbor Islands Real Estate Market Report

There are currently 22 single-family home listings in Bay Harbor Islands: (same as last month)

• Highest priced listings is for $4,950,000 (10200 W Broadview Drive – listed since December of 2008 for $5,200,000)
• Lowest priced listing is $499,000 (9970 E. Bay Harbor Drive – Villa – listed since Feb. 07 – starting price of $659,000)
• Pending Sales (properties under contract):5 (1 more than last month)
• Closed sales in July: 0 (only one closed sale this year)

I wish I knew what was going on with Bay Harbor Islands real Estate – only one sale this year and no movement at all – you would think the real estate here is not desirable, but I can assure you it is the complete opposite, especially since the area has one of the lowest crime rates per capita in Miami-Dade County and the State of Florida.

Surfside Real Estate Market Report

There are currently 63 single-family home listings in Surfside: (4 less than last month)

• Highest priced listing is $7,900,000 (for flawless 6 bedroom / 7.5 bathroom modern bay front home located at 1236 Biscaya with 6,723 square feet of living space and 75? of bay frontage).
• Lowest priced listing is $269,500 for the home located at 8858 Emerson Avenue
• Pending Sales (properties under contract): 5 (2 less than last month)
• Closed sales in July: 3 (2 more than previous month)

The closed Surfside Real Estate sales in the month of July were the following:

• 1108 88 Street – 2 story, contemporary 4,194 square foot bay front home – selling for $1,750,000 (listed since 2005 on and off starting at $3,250,000)
• 9016 Garland Avenue – 2,008 square foot home selling for $556,500 (listed since November 2008 for $685,000)
• 8818 Abbott Avenue – 1,491 square foot home selling for $378,000 (listed June 2009 for $397,000)

There are currently 154 condo listings in Surfside: (5 less than last month)

• Highest priced listing: $2,400,000 a 3/3 at Solimar
  

• Lowest priced listing: $122,250 a 1/1 at Regent Palace
  

• Pending Sales (properties under contract):21 (5 more than last month)

• Closed sales in July: 4 (4 less than last month)

Surfside condo sales for the month of June ranged between $685,000 for a 2 bedroom / 2 and a half bathroom condo at Azure, to $280,000 for a 2 bedroom / 2 bathroom unit at Surfside Towers.

Fisher Island Real Estate Market Report

There are currently 138 listings in Fisher Island: (13 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: $335,000 for a 1/1 at Marina Village
• Pending Sales: 9 (2 more than last month)
• Closed sales in July: 2 (same as last month)

Closed sales for Fisher Island Real Estate last month was for a Bayside Village 3 bedroom / 3 and a half bathroom residence selling for $1,325,000 and a Seaside Villas 1 bedroom / 1 bathroom residence sold for $700,000.  Make sure you don’t miss the details about the Big O’s place:

Oprah Sells Fisher Island Condo

Aventura Real Estate Market Report

There are currently 1592 condo listings in Aventura: (130 less than last month)

• Highest priced listing: $6,000,000 for a 4/6 at Porto Vita
• Lowest priced listing: $5,000 for a covered parking space at The Venture (they decreased the price by $7,000)
  
• Pending sales: 244(5 more than last month)
• Closed sales in July: 84 (1 less than last month)

The highest closed sale in July was Hamptons South, 20201 E. Country Club Drive, unit 2710 for $1,100,000 and the lowest was for $58,500 for a  1 bedroom / 1 bathroom residence at the Biscayne Lake Gardens.

Biscayne Park Real Estate Market Report

There are currently 33 single-family listings in Biscayne Park: (same as last month)

• Highest priced listing $589,000 (11849 Griffing Blv)
• Lowest priced listing $170,000 (690 NE 121 St – short sale)
• Pending sales (properties under contract):12 (3 more than last month)
• Closed sales in July: 2 (same as last month)

Biscayne Park Real Estate sales for the month of July were 11222 NE 9th Avenue selling for $227,500 and Bank owned property in need of major repairs and with code violations, located at 11701 NE 10th Avenue selling for $99,999.

El Portal Real Estate Market Report

There are 27 listings in El Portal: (same as last month)

• Highest priced listing is $549,000 (69 NE 87 St – listed since August 06, started at $749,900)
• Lowest priced listing $120,000 (short sale at 465 NW 89th Street)
• Pending sales (properties under contract):9 (same as last month)
• Closed sales in July: 3(2 less than previous month)

El Portal Real Estate sales for the month of July were:

• 311 NE 86th Street – 3 bedroom / 3 bathroom listed for $279,000 in June of 09 and selling for $232,500
• 386 NE 85th Street – 2 bedroom / 2 bathroom listed for $540,000 in December of 07 and selling as a short sale for $171,900
• 276 NE 90th Street – 3 bedroom / 2 bathroom listed for $509,000 in October of 06 and selling as a foreclosure for $167,000

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

Related Articles:

This is a Miami Real Estate Market Report for May 2009 – Can people stop generalizing the Miami-Dade Real Estate Market already!!  There is no way you can compare Coral Gables Real Estate to Miami Shores Real Estate.  There is no way you can compare average sales in Apogee in South Beach to average sales at The Waverly.  How many times do I have to tell you that real estate is local (even within Miami and Miami Beach)!  Compare apples to apples and stop generalizing! It’s like saying that everyone that speaks Spanish is from Spain.  With that said….take a look at past market reports for each area and even then, you will have to focus on particular features and location of each property – working with the right REALTOR makes a huge difference too (that’s my plug for the day).

Miami Shores Real Estate Market Report

There are currently 147 listings in Miami Shores:
(12 less than last month)

• Highest priced listing is $3.15 million (bayfront home located at 9179 N. Bayshore Drive)
• Lowest priced listing is $89,899 (bank-owned located at 89 NE 109th Street) – with multiple offers already for quite a while
• Pending Sales (Properties under contract):37 (6 more than Last month)
• Closed sales in May: 10 (compared to 5 in April)

Six out of the 10 sales in Miami Shores were under $300,000.  The lowest closed sale last month was the property located at 9338 NW 2nd Avenue, which started off with a listing price of $250,000 back in June of 2008 and ended up selling for $73,000 as a bank-owned property.   Don’t even talk to me about the short sale market in Miami Shores – showing these properties is like pulling teeth and communication with listing agents and banks is non-existent for the most part.  I wonder if the main criteria for hiring these agents is incompetency.

Bay Harbor Islands Real Estate Market Report

There are currently 25 single-family home listings in Bay Harbor Islands: (same as last month)

• Highest priced listings are for $5,200,000 (9530 W. Broadview Drive – listed since March of 08 and 10200 W. Broadview Drive listed since January of 07)
• Lowest priced listing is $499,000 (9970 E. Bay Harbor Drive – Villa – listed since Feb. 07 – starting price of $659,000)
• Pending Sales (properties under contract):3 (1 less than last month – but who cares when these properties don’t end up closing)
• Closed sales in May: 0

This is starting to get really boring – maybe I’ll pull Bay Harbor Islands market reports off my monthly list – no sales, no sales and still …..no sales. ***hopefully no one has been packing either***

Surfside Real Estate Market Report

There are currently 68 single-family home listings in Surfside: (5 less than last month)

• Highest priced listing is $7,900,000 (for flawless 6 bedroom / 7.5 bathroom modern bayfront home located at 1236 Biscaya with 6,723 square feet of living space and 75′ of bay frontage).
• Lowest priced listing is $299,000 for a short-sale at 9156 Harding Avenue (the bank is playing yo-yo w/ this one having increased and decreased price several times)
• Pending Sales (properties under contract): 4 (2 less than last month)
• Closed sales in May: 3 (2 more than previous month)

Surfside Real Estate is moving slowly, but it’s moving.  The lowest single-family home closed sale this year was $285,000 – and the lowest closed sale in May was $325,000.  In my eyes that means the Surfside market is not that weak and there is light at the end of the tunnel.

There are currently 173 condo listings in Surfside: (4 less than last month)

• Highest priced listing: $2,500,000 a 3/3 at Azure
  

• Lowest priced listing: $120,000 a short sale studio at The Carlisle
  

• Pending Sales (properties under contract):14 (4 less than last month)

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

You can still get a good deal on a Surfside Condo – sales last month ranged from $152,900 for a 1/1 at the Carlisle to $704,100 for a 3/3 at Solimar.  Those penthouse oceanfront condos are holding strong though.  Don’t expect great deals on those – views, height and “snob factor”.

Fisher Island Real Estate Market Report

There are currently 151 listings in Fisher Island: (10 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: $335,000 for a 1/1 at Marina Village
• Pending Sales: 7 (5 more than last month)
• Closed sales in May: 1 (Oceanside 7862 Fisher Island Drive for $3,000,000 – listed since 2007 for $7.25 million – that’s what I call a $4 million dollar reduction…..OUCH!)

Oprah’s condo still sits unsold at $1,795,000 – The Summer should show more action in Fisher Island when we get all the vacationers and celebrities that like their privacy.  You would not believe the type of golf-carts you see in the island (main form of transportation) – I should have taken a pic of the Bentley Golf-cart last time I showed property.

Aventura Real Estate Market Report

There are currently 1722 condo listings in Aventura: (47 less than last month)

• Highest priced listing: $6,000,000 for a 4/6 at Porto Vita
• Lowest priced listing: $5,000 for a covered parking space at The Venture (they decreased the price by $7,000)
  
• Pending sales: 239(15 less than last month)
• Closed sales in May: 85 (26 more than last month)

The highest closed sale in April was Bella Mare in William’s Island, 6000 Island Blvd unit 2701 for $1,650,000 and the lowest was for $50,500 for a bank owned 1 bedroom / 1 bathroom residence at the Point East.

Biscayne Park Real Estate Market Report

There are currently 42 single-family listings in Biscayne Park: (same as last month)

• Highest priced listing $510,900 (730 NE 120 St) **wonder if they played some kind of Astral game to come up with that price
• Lowest priced listing $120,681 (11520 NE 8th Avenue – bank owned) **with same Astral game as the highest priced listing
• Pending sales (properties under contract):6 (4 more than last month)
• Closed sales in May: 1 (same as last month)

Biscayne Park Real Estate is priced well for first time home buyers, and example is the single sale from last month.  862 NE 111 Street sold for $340,000 – that’s a totally renovated 3 bedroom / 2 bathroom home built in 1946 with almost 2,100 square feet of living space and a 11,550 square foot lot.

El Portal Real Estate Market Report

There are 27 listings in El Portal: (8 less than last month)

• Highest priced listing is $549,000 (69 NE 87 St – listed since August 06, started at $749,900)
• Lowest priced listing $150,000 (short sale at 440 NW 90th Street and short sale at 435 NW 90th Street)
• Pending sales (properties under contract):11 (4 more than last month)
• Closed sales in May: 4 (3 more than previous month)

El Portal Real Estate at least is seeing some sales now – May sales were $225,000 for short sale at 400 NE 87th Street, $185,000 for bank-owned property at 155 NW 89th treet, $195,000 for 4 NW 91 Street and $117,000 for bank owned property located at 8633 NE Miami Court.

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

Related Articles:

This is a Miami Real Estate Market Report for April 2009 – My opinion is that we are close to the bottom of the down market and numbers are supporting my theory.  As we talk to known appraisers and people in the industry not only is there more movement, but distress property inventory is decreasing and prices are slowly stabilizing.  Don’t get me wrong – there are still great deals out there and it will take some time to completely stabilize…..but we are seeing the light at the end of the tunnel.

Miami Shores Real Estate Market Report

There are currently 159 listings in Miami Shores:
(same as last month)

• Highest priced listing is $2.9 million (bayfront home located at 1680 NE 104th Street – with a $600k reduction from last month!)
• Lowest priced listing is $142,900 (bank-owned located at 74 NE 103rd Street)
• Pending Sales (Properties under contract):31 (4 more than Last month)
• Closed sales in April: 5 (compared to 10 in March)

The lowest closed sale in Miami Shores last month was the property located at 54 NE 97th Street which started off with a listing price of $375,000 back in June of 2008 and ended up selling for $215,000 as a short sale.   The short sale inventory is slowly decreasing in Miami Shores which is a sure sign of the bottom of the down market – my frustration with the short sale market is the inefficiency of the agents handling the transactions.  Making appointments and communicating with many of these is like pulling teeth – In my opinion, this inventory would sell quicker, if better prepared Miami Realtors were hired for the job.

Bay Harbor Islands Real Estate Market Report

There are currently 25 single-family home listings in Bay Harbor Islands: (same as last month)

• Highest priced listings are for $5,200,000 (9530 W. Broadview Drive – listed since March of 08 and 10200 W. Broadview Drive listed since January of 07)
• Lowest priced listing is $499,000 (9970 E. Bay Harbor Drive – Villa – listed since Feb. 07 – starting price of $659,000)
• Pending Sales (properties under contract):4 (2 more than last month)
• Closed sales in April: 0

The Bay Harbor Islands Real Estate Market is beyond scary at this point.  With no sales in 2009 and only 2 sales in 2008.  Hold on tight, this can mean that Bay Harbor is sooo desirable that negotiating is not an option, or that the prices are ridiculous compared to the rest of Miami and Miami Beach.

Surfside Real Estate Market Report

There are currently 73 single-family home listings in Surfside: (2 more than last month)

• Highest priced listing is $6,900,000 (this one makes me smile because it is a hotel listed as a single-family residence with 24 bedrooms – located at 9578 Collins Avenue).
• The next highest Priced listing that is actually a single-family home is $5,990,000 (Bayfront 5 bedroom/ 4 bathroom home at 1249 Biscaya Drive – reduced from $6,290,000 from last month)
• Lowest priced listing is $274,000 for a short-sale at 9156 Harding Avenue
• Pending Sales (properties under contract): 6 (1 more than last week)
• Closed sales in April: 1 (2 less than previous month)

Surfside Real Estate is moving slowly, but it’s moving.  It’s proximity to the ocean makes it a desirable area to live.  The downside to Surfside in general is the small lot sizes and the fact that the majority of the homes for sale need a lot of work.  I’m noticing more buyers that just want to move in and not deal with renovating or updating.

There are currently 177 condo listings in Surfside: (9 less than last month)

• Highest priced listing: $2,500,000 a 3/3 at Azure ($25,000 reduction from last month)
  

• Lowest priced listing: $120,000 a short sale studio at The Carlisle
  

• Pending Sales (properties under contract):18 (same as last month)

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

You can still get a good deal on a Surfside Condo – and I may sound like a broken record when I talk about the density of the buildings (they are 12 stories on the ocean) and the fabulous beach….but it is what it is.  The highest sale in April was in one of my fave buildings, The Waverly – a 3 bedroom / 2 bathroom residence with over 1,300 square feet on the 9th floor for $510,000! (facing Collins and not the ocean, but still a great price).

Fisher Island Real Estate Market Report

There are currently 161 listings in Fisher Island: (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: $335,000 for a 1/1 at Marina Village
• Pending Sales: 2 (2 less than last month)
• Closed sales in April : 2 (Oceanside 7712 for $5,457,000 – Seaside Villas 15322 for $1,075,000)

I’ve said over and over again that Fisher Island Real Estate is in a league of its own, but there are deals – read Fisher Island Deals if you missed it.

Oprah’s condo still sits unsold with a $295,000 reduction from $2,090,000 to $1,795,000

Aventura Real Estate Market Report

There are currently 1769 condo listings in Aventura: (76 less than last month)

• Highest priced listing: $6,000,000 for a 4/6 at Porto Vita
• Lowest priced listing: $5,000 for a covered parking space at The Venture (they decreased the price by $7,000)
  
• Pending sales: 254(33 more than last month)
• Closed sales in April: 59 (13 less than last month)

The highest closed sale in April was at 6000 Williams Island, unit 2606 for $1,360,000 and the lowest was for $86,000 for a 1 bedroom / 1 bathroom residence at the Commodore Plaza.

Biscayne Park Real Estate Market Report

There are currently 42 single-family listings in Biscayne Park: (1 more than last month)

• Highest priced listing $599,000 (11500 Griffing Blvd – a canal front home listed for $735,000 on October of 2008)
• Lowest priced listing $139,000 (11710 NE 10 Ave – bank owned in need of TLC, according to the description on the MLS)
• Pending sales (properties under contract):4 (2 less than last month)
• Closed sales in April: 1 (compared to 0 in March)

Biscayne Park Real Estate is priced well for first time home buyers, and example is the single sale from last month.  11427 NE 11 Place sold for $175,000 (bank owned property) – that’s a 3 bedroom / 2 bathroom home built in 1953  with almost 1,700 square feet of living space and a 11,250 square foot lot.  Yes the house needed work, but talk about a deal!

El Portal Real Estate Market Report

There are 35 listings in El Portal: (4 less than last month)

• Highest priced listing is $549,000 (69 NE 87 St – listed since August 06, started at $749,900)
• Lowest priced listing $139,900 (for a bank owned home located at 6 NE 89th Street)
• Pending sales (properties under contract):7 (1 less than last month)
• Closed sales in April: 1 (3 less than previous month)

El Portal Real Estate at least is seeing some sales now – the April sale was a foreclosure located at 8700 N Miami Avenue – and selling for $163,000 (3 bedroom / 2 bathroom home, built in 1954 with 1,892 square feet of living space)

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

Related Articles:

This is a Miami Real Estate Market Report for March 2009 – The media is finally getting good news out there and people are buying real estate in South Florida.  Although the economy still has a lot of people in the dumps, the energy around Miami Real Estate has changed.  We still see the occasional buyer going into a home to tear it to pieces thinking that’s going to get them a better price, but overall – distressed property inventory is decreasing and real estate is moving.  Everyone seems so much more rational about buying and selling, it’s a good thing to see.

Miami Shores Real Estate Market Report

There are currently 159 listings in Miami Shores:
(8 less than last month)

• Highest priced listing is $2.9 million (bayfront home located at 1680 NE 104th Street – with a $600k reduction from last month!)
• Lowest priced listing is $104,900 (bank-owned located at 141 NW 103rd Street)
• Pending Sales (Properties under contract):27 (1 less than Last month)
• Closed sales in March: 10 (compared to only one in February)

The highest closed sale last month in Miami Shores was the property located at 1294 NE 96th Street which started off with a listing price (or should I say “over listing price”) of over $2,000,000 in 2006 and ended up selling as a short sale for $850,000.  The lowest closed sale in Miami Shores was the bank owned property at 89 NW 110th Street for $100,000.  The Miami Shores Luxury Market is still the same – no sales over $1,000,000 in 2008 or 2009.

Bay Harbor Islands Real Estate Market Report

There are currently 25 single-family home listings in Bay Harbor Islands: (3 more than last month)

• Highest priced listings are for $5,200,000 (9530 W. Broadview Drive – listed since March of 08 and 10200 W. Broadview Drive listed since January of 07)
• Lowest priced listing is $499,000 (9970 E. Bay Harbor Drive – Villa – listed since Feb. 07 – starting price of $659,000)
• Pending Sales (properties under contract):2 (1 more than last month)
• Closed sales in March: 0

The Bay Harbor Islands Real Estate Market is at a stand still with no movement whatsoever!  We see a change in the amount of properties that are pending, but don’t see any closings.  I’m keeping my eye out here since Bay Harbor Islands Real Estate has historically been a sound investment.

Surfside Real Estate Market Report

There are currently 71 single-family home listings in Surfside: (3 more than last month)

• Highest priced listing is $6,900,000 (this one makes me smile because it is a hotel listed as a single-family residence with 24 bedrooms – located at 9578 Collins Avenue).
• The next highest Priced listing that is actually a single-family home is $5,990,000 (Bayfront 5 bedroom/ 4 bathroom home at 1249 Biscaya Drive – reduced from $6,290,000 from last month)
• Lowest priced listing is $274,000 for a short-sale at 9156 Harding Avenue
• Pending Sales (properties under contract): 5 (1 more than last week)
• Closed sales in March: 3 (1 less than last month)

Surfside Real Estate has been recuperating slowly – although out of the 71 properties for sale right now, 11 are short sales and 1 is a bank owned property – those numbers have been slowly decreasing.  Historically, once those foreclosure and short sale properties are sold, prices will begin to increase slowly.   The Luxury Surfside Real Estate market is also at a stand still with only 2 luxury single-family home sales in 2008 and 2009 – one for $3.2 million and the other for $2.4 million.

There are currently 186 condo listings in Surfside: (9 less than last month)

• Highest priced listing: $2,500,000 a 3/3 at Azure ($25,000 reduction from last month)
  

• Lowest priced listing: $125,000 a short sale studio at Spiaggia
  

• Pending Sales (properties under contract):18 (4 more than last month)

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

You can still get a good deal on a Surfside Condo – I love the low density buildings (they are 12 stories on the ocean) and the beach is fabulous.  There’s also a nice diversity of building types from full-amenity buildings with higher maintenance fees to no-amenities and very low maintenance fees.  There are new and old buildings and worth taking a look being only steps from Bal Harbour Shops and close enough to the action in South Beach.  The St. Regis Bal Harbour is HOT! Becoming one of the most sought out Miami Beach Luxury Condo Projects outside of SoFi – and those sales will not be recorded for a while, since they are still in pre-construction. Crazy to think anyone is building today, but Luxury is Luxury!

Fisher Island Real Estate Market Report

There are currently 161 listings in Fisher Island: (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: $335,000 for a 1/1 at Marina Village
• Pending Sales: 2 (2 less than last month)
• Closed sales in March : 3 (Oceanside 8051 for $1,955,000 – Bayview 5023 for $1,220,000 – and Bayside Village 2215 for $725,000)

As much as people think that Fisher Island defines the Miami Beach Luxury Real Estate Market, it really is in a league of its own with 10 luxury sales this year alone totalling $22,675,000. But don’t think that the economy doesn’t affect the rich – there are currently 15 short sales within the Fisher Island Condo Inventory ranging from $3.1 million for a Bayside Village condo to $695,000 for a Seaside Villas unit.

Oprah’s condo still sits unsold with a $295,000 reduction from $2,090,000 to $1,795,000

Aventura Real Estate Market Report

There are currently 1845 condo listings in Aventura: (36 less than last month)

• Highest priced listing: $6,000,000 for a 4/6 at Porto Vita
• Lowest priced listing: $5,000 for a covered parking space at The Venture (they decreased the price by $7,000)
  
• Pending sales: 221(14 more than last month)
• Closed sales in March: 72 (5 more than last month)

The highest closed sale in February was at 6000 Williams Island for $1,174,000 and the lowest was for $75,000 for a 1 bedroom / 1 bathroom residence at the Commodore Plaza.

Aventura Real Estate is certainly recuperating – out of 1846 condo listings, only 343 are short sales and 34 are bank owned – that’s 20% of its inventory compared to almost 40% a few months ago.

Biscayne Park Real Estate Market Report

There are currently 41 single-family listings in Biscayne Park: (2 less than lst month)

• Highest priced listing $699,000 (11500 Griffing Blvd – a canal front home listed for $735,000 on October of 2008)
• Lowest priced listing $160,000 (11320 NE 10 Ave – short sale in need of TLC, according to the description on the MLS)
• Pending sales (properties under contract):6 (3 more than last month)
• Closed sales in March: 0 (compared to 2 in February)

Biscayne Park Real Estate is priced well for first time home buyers. It’s a great neighborhood nestled in between historic trees, with its own police force and improving code enforcement. Many people discard it from the get-go, but it’s one of those neighborhoods with great architecture and descent urban planning that I’ve always liked.

El Portal Real Estate Market Report

There are 39 listings in El Portal: (3 less than last month)

• Highest priced listing is $549,000 (69 NE 87 St – listed since August 06, started at $749,900)
• Lowest priced listing $150,000 (for a short sale at 440 NW 90th St)
• Pending sales (properties under contract):8 (3 less than last month)
• Closed sales in March: 4 (highest sale was $220,000 for 127 NE 88th Street a 2 bedroom/1 bath home – and lowest sale was $155,000 for 368 NE 88th Street which was a bank owned property)

El Portal Real Estate at least is seeing some sales now – it was really slow for a period of time.  Great area for first time home buyers and homes have charm and character.

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

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This is a Miami Real Estate Market Report for February 2009 – OMG!! This month has been crazy, as if people expected magic from Omaba coming into office….get a grip people….the mess was so huge and so ugly, it WILL take some time.  So the banks are still not lending and people are stressed out.  I, on the other hand, see things differently, not because I have rose colored glasses or because I kid myself into being an optimist.  These market reports show change and as minimal and trivial as you may think the change is….it’s still change.  Have patience, there are more buyers in the streets and more people willing to make the move, we are seeing it…every day more and more.  It is definitely a good sign.

I do these real estate market reports on a monthly basis, feel free to check back to see the change – or e-mail me if you want us to analyze any particular figures or cities we don’t cover here.

Miami Shores Real Estate Market Report

There are currently 167 listings in Miami Shores:
(1 more than last month)

• Highest priced listing is $3.5 million (bayfront home located at 1680 NE 104th Street)
• Lowest priced listing is $89,900 (bank-owned located at 9338 NW 2 Avenue.)
• Pending Sales (Properties under contract):28 (4 more than Last month)
• Closed sales in February: 1 (9330 NE 12th Avenue sold for $397,500 – listed for $595,000 in March of 2008)

The Miami Shores Luxury Market is still the same – no sales over $1,000,000 in 2008 or 2009.

The Foreclosure and Short sale inventory has decreased which is good news for Miami Shores Real Estate, but we are not out of the wood works yet (is that an expression or did I just make that up?) – there are 9 short sales East of the Boulevard and no Bank Owned and the least expensive listing East of the Boulevard is the property located at 812 NE 92nd Street (Short Sale) priced at $288,000.  There are a total of 52 short sales and 13 Bank owned properties in Miami Shores which is equivalent to 39% of the total inventory.

Bay Harbor Islands Real Estate Market Report

There are currently 22 single-family home listings in Bay Harbor Islands: (5 less than last month)

• Highest priced listings are for $5,200,000 (9530 W. Broadview Drive – listed since March of 08 and 10200 W. Broadview Drive listed since January or 07)
• Lowest priced listing is $499,000 (9970 E. Bay Harbor Drive – Villa – listed since Feb. 07 – starting price of $659,000)
• Pending Sales (properties under contract):3 (2 more than last month)
• Closed sales in February: 0

The Bay Harbor Islands Real Estate Market is not easy to explain – with very little movement (2 sales in 2008 and none yet this year) – but there are no short sales or bank owned properties listed.  No movement in this market is good news; it means no transient traffic and means people are happy to live there – I’m keeping a close eye on Bay Harbor Island.

Surfside Real Estate Market Report

There are currently 68 single-family home listings in Surfside: (5 less than last month)

• Highest priced listing is $6,900,000 (this one makes me smile because it is a hotel listed as a single-family residence with 24 bedrooms – located at 9578 Collins Avenue).
• The next highest Priced listing that is actually a single-family home is $6,290,000 (Bayfront 5 bedroom/ 4 bathroom home at 1249 Biscaya Drive)
• Lowest priced listing is $274,000 for a short-sale at 9156 Harding Avenue
• Pending Sales (properties under contract): 4
• Closed sales in February: 4 (2 more than last month)

Surfside Real Estate has been recuperating slowly – we’ve seen a decrease in inventory, also a decrease in pricing, but some movement as well. The Luxury Surfside Real Estate market is also at a stand still with only 2 luxury single-family home sales in 2008 and 2009 – one for $3.2 million and the other for $2.4 million.

There are currently 195 condo listings in Surfside: (2 more than last month)

• Highest priced listing: $2,525,000 a 3/3 at Azure

• Lowest priced listing: $138,000 a 1/1 at Carlisle on the Ocean
  

• Pending Sales (properties under contract):14 (2 less than last month)

• Closed sales in February: 7  (3 more than last month – all under $320,000)

Surfside Condo inventory has been stable with no major changes.  The reality is that you are on the ocean with a great beach in a pretty tranquil neighborhood that is very close to South Beach’s action.  Although all recorded sales have been low, remember that the  St. Regis Bal Harbour is HOT! Becoming one of the most sought out Miami Beach Luxury Condo Projects outside of SoFi – and those sales will not be recorded for a while, since they are still in pre-construction.  Crazy to think anyone is building today, but Luxury is Luxury!

Fisher Island Real Estate Market Report

There are currently 161 listings in Fisher Island: (2 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: $335,000 for a 1/1 at Marina Village
• Pending Sales: 4 (2 more than last month)
• Closed sales in February : 3 (Oceanside 7831 for $3,100,000 – Oceanside 7631 for $2,625,000 – and Bayside Villas 7631 for $1,025,000)

As much as people think that Fisher Island defines the Miami Beach Luxury Real Estate Market, it really is in a league of its own with 6 luxury sales this year alone.  But don’t think that the economy doesn’t affect the rich – there are currently 13 short sales within the Fisher Island Condo Inventory ranging from $3.1 million for a Bayside Village condo to $695,000 for a Seaside Villas unit.

Aventura Real Estate Market Report

There are currently 1881 condo listings in Aventura: (83 less than last month)

• Highest priced listing: $6,000,000 for a 4/6 at Porto Vita
• Lowest priced listing: $5,000 for a covered parking space at The Venture (they decreased the price by $7,000)
  
• Pending sales: 207 (4 more than last month)
• Closed sales in February: 57 (six more than last month)

The highest closed sale in February was at Peninsula for $875,000 and the lowest was for $71,500 for a 1 bedroom / 1 bathroom residence at Point East.

Our South American clients love Aventura Real Estate because of the shopping!!  Although the proximity to the beach and airports doesn’t hurt either.  I you ever hear that Rick is looking for me, you will find me at Aventura Mall

Biscayne Park Real Estate Market Report

There are currently 43 single-family listings in Biscayne Park: (3 more than lst month)

• Highest priced listing $699,000 (11500 Griffing Blvd – a canal front home listed for $735,000 on October of this year)
• Lowest priced listing $132,300 (11400 NE 8 Ave – bank owned home listed for $349,000 since December of 2006)
• Pending sales (properties under contract):3 (2 less than last month)
• Closed sales in February: 2 (f$220,000 for the property located at 11325 NE 8th Court and $184,900 for the property located at 11921 NE 8th Avenue)

Biscayne Park Real Estate is priced well for first time home buyers.  It’s a great neighborhood nestled in between historic trees, with its own police force and improving code enforcement.   Many people discard it from the get-go, but it’s one of those neighborhoods with great architecture and descent urban planning that I’ve always liked.

El Portal Real Estate Market Report

There are 39 listings in El Portal: (3 less than last month)

• Highest priced listing is $549,000 (69 NE 87 St – listed since August 06, started at $749,900)
• Lowest priced listing $150,000 (for a short sale at 440 NW 90th St)
• Pending sales (properties under contract):8 (3 less than last month)
• Closed sales in February: 1 (345 NE 90th Street sold for $305,000)

El Portal Real Estate has been slow, and although we are seeing improvement in the last few months, it is the slowest in recuperating in the area.  Over 51% of its inventory is either a bank-owned property or a short sale – once we see those numbers begin to decrease is when a positive light will shine on El Portal.

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

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