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February 2010 Real Estate Market Reports for Miami Shores, Bay Harbor Islands, Surfside, Fisher Island and Aventura

Ines Hegedus-Garcia — Tue, 02 Mar 2010 17:54:37 +0000

This is a Miami Real Estate Market Report for February 2010 – Properties are selling! Buyers are making a move! The heavy air in the Miami and Miami Beach real estate industry is finally lifting! We are seeing a lot of foreign nationals making a move and there’s an overall sign of relief. Less distressed property inventory and all parties more willing to negotiate. It’s all good!

Miami Shores Real Estate Market Report

There are currently 106 Miami Shores homes for sale:

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 $160,000 (short sale located at 133 NE 103rd St)
Pending Sales (Properties under contract):50 (5 more than last month)
Closed sales in February: 6

The 6 Miami Shores homes sold last month were the following:

1096 NE 97 St – listed for $469,000 and selling for $420,000 (listed November 2009)
330 NE 97th St – listed for $359,000 and selling for $335,000 (This property had been listed at a ridiculous amount for a long time before selling – but history is mysteriously missing from MLS)
46 NW 98th St – listed for $350,000 and selling for $320,000 (this house had been originally listed for $495,000 in January 2007 and again in September 09 for $415,000)
74 NE 103rd St – listed for $319,500 and selling for $319,500 (who said “flipping” was over? this house was purchased for $143,000 in June of 09 – was remodeled and listed for $329,000 in September 09, later raised price to $339,000)
25 NE 103rd St – listed for $240,000 and selling for $210,000 (originally listed for $280,000 in September of 9)
9906 N Miami Ave – listed for $174,900 and selling for $166,060 (bank owned home on a really busy street – bank requiring cash offers only on the MS and listed since February 09 for $229,000)

I did a comprehensive Real Estate Market Report for Miami Shores Homes sold in 2009 – go to: Miami Shores Real Estate Market Report for 2009

Bay Harbor Islands Real Estate Market Report

There are currently 22 Bay Harbor Island Homes for sale: (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):4 (1 more than last month)
Closed sales in February: 0

No Bay Harbor Island homes yet sold this year! let’s see how long it takes for those 4 properties currently under contract to close.

Surfside Real Estate Market Report

There are currently 50 Surfside homes for sale: (9 less than last month)

Highest priced listing is $4,990,000 (for 7,000 square foot “master peace” **thinking listing agent meant “master piece” – with 100 feet of water frontage – being sold as a short sale at 1249 Biscaya Drive).
Lowest priced listing is $279,000 for the home located at 8858 Harding Ave (short sale)
Pending Sales (properties under contract): 13 (7 more than last month)
Closed sales in January: 4

The 4 Surfside homes sold in February were the following:

8867 Dickens Ave – listed for $379,900 and selling for $364,000 (bank owned home listed in November of 09)
600 93rd St – listed for $350,000 and selling for $320,000 (short sale originally listed for $550,000 in September 08, then May 09 again for the same price)
8942 Carlyle Av – listed for $275,000 and selling for $230,000 (originally listed for $295,000 in July 09)
9173 Carlyle Ave – listed for $259,000 and selling for $230,000 (short sale listed since November 09)

3 of the 4 homes sold in February 2009 were distressed sales – that inventory is starting to dwindle down, some even question if the “good deals” are already done.

There are currently 142 Surfside Condos for sale: (7 more than last month)

Highest priced listing: $2,500,000 a 3/3 at Azure Condo unit 707

Lowest priced listing: $119,900 for a bank owned one bedroom at Sunset Condo

Pending Sales (properties under contract):27 (1 less than last month)

Closed sales in February: 8 (1 more than last month)

The 8 Surfside condo sales in January were the following:

Azure Condo – 9401 Collins Ave PH1105 – listed for $730,000 and selling for $685,000
Champlain Towers – 8777 Collins Ave #502 – listed for $450,000 and selling for $415,000
Champlain Towers – 8777 Collins Ave #505 – listed for $299,900 and selling for $250,000 (bank owned)
Manatee Condo – 9273 Collins Ave #910 – listed for $179,000 and selling for $155,000
Carlisle on the Ocean – 9195 Collins Ave PH11 – listed for $160,000 and selling for $165,000 (bank owned)
Winter Gardens – 8955 Collins Ave #301 – listed for $159,000 and selling for $137,500
Carlisle on the Ocean – 9195 Collins Ave #1014 – listed for $143,451 and selling for $192,500 (bank owned)
Carlisle on the Ocean – 9195 Collins Ave #404 – listed for $141,000 and selling for $185,000 (bank owned)

Please take note that most bank owned properties are sold at a higher price than it was originally listed. The strategy is to list these lower than market to encourage bidding wars and they usually end up closing at a higher amount with multiple offers in place. So if you are in the market to buy a bank owned property, make sure you have a strategy when submitting your offer or you may not even have a chance.

Fisher Island Real Estate Market Report

There are currently 129 Fisher Island Condos for sale: (3 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: $190,000 for a studio at Marina Village
Pending Sales: 7 (1 less than previous month)
Closed sales in February: 2 (1 more than last month)

The 2 Fisher Island condo sale in the month of February were the following:

Oceanside Fisher Island Condo – 7727 Fisher Island Dr – listed for $2,600,000 and selling for $2,300,000 (originally listed for $3,700,000 in 08 and again for $3,100,000 in January 09)
Seaside Villas – 15721 Fisher Island Dr #15721D – listed for $699,000 and selling for $300,000 (this one is a mystery, remarks said “owner will finance” and property goes on the market for $899,000 5 days after closing)

There were 32 Fisher Island Condo sales in 2008 ranging in price between $700,000 and $5,457,000 compared to 25 sales in 2008.

Aventura Real Estate Market Report

There are currently 1422 Aventura condos for sale: (4 more than last month)

Highest priced listing: $5,300,000 for a 4/6 at Porto Vita
Lowest priced listing: $55,000 for a 1/1 approved short sale at Biscayne Lake Gardens Condo
Pending sales: 320 (24 more than last month)
Closed sales in February: 51 (9 less than last month)

The highest Aventura Condo sale in the month of February was for the 6 bedroom, 6.5 bathroom residence at Peninsula (3201 NE 183 St #3104-5) which was listed for $1,590,000 and sold for $1,396,500.

The lowest Aventura Condo sale in February was a 1 bedroom / 1 bath Point East, a 55+ community. It was listed for $69,900 and sold for $65,000.

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January 2010 Real Estate Market Reports for Miami Shores, Bay Harbor Islands, Surfside, Fisher Island and Aventura

Ines Hegedus-Garcia — Tue, 02 Feb 2010 22:54:02 +0000

This is a Miami Real Estate Market Report for January 2010 – Good overall feeling for this year. Although many expect a collapse, you can see an obvious decrease in inventory and increase in sales which can only mean good news. If you study areas with a large number of pending contracts, the majority of those contracts are short sales which take a while to close. (Hoping to see some new laws soon to limit the response time from banks on these).

Distressed inventory in all of these areas is decreasing and sellers are gaining confidence. It doesn’t hurt that most are pricing their properties correctly and those are the ones that sell quickly. Sellers need to be realistic and base their prices on closed sales, not imaginary numbers born from emotional attachment to their homes.

All of the numbers are a good reflection for 2010 – let’s just wait and see.

Miami Shores Real Estate Market Report

There are currently 99 Miami Shores homes for sale:
(first time under 100 in a few years!)

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 $189,500 (approved short sale located at 17 NW 107th St)
Pending Sales (Properties under contract):45 (26 of these are short sales which historically take a long time to close)
Closed sales in January: 4

The 4 Miami Shores homes sold last month were the following:

246 NE 92 Street – listed for $499,000 and selling for $450,000 (listed since September 2009 for $525,000)
8890 NE 10th Avenue – listed for $495,000 and selling for $435,000 (Bank Owned property and although listed as Miami Shores, it’s City of Miami)
33 NW 93 Street – listed for $319,000 and selling for $310,000 (originally listed for $369,900 in January 2008)
1 NW 110th Street – listed for $258,000 and selling for $235,000 (purchased for $78,000 May 90, Listed for $258,000 October 09 – flipper?)

I did a comprehensive Real Estate Market Report for Miami Shores Homes sold in 2009 – go to: Miami Shores Real Estate Market Report for 2009

Bay Harbor Islands Real Estate Market Report

There are currently 21 Bay Harbor Island Homes for sale:

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 (1 of them a short sale at 1288 NE 101 Street)
Closed sales in January: 0

Please note that there were only 6 Bay Harbor Island home sales in 2009 ranging from $570,000 to $3,400,000. Four of those sales were above $1M which is sort of good news for the Bay Harbor Island Luxury Home Market (I say sort of because there were only 2 sales the whole year in 2008, which means the sales are improving). There is some new construction in the areas and interesting things happening with the community, this may encourage people to actually want to pay the price to live in the area with the lowest crime rate per capita in South Florida.

Surfside Real Estate Market Report

There are currently 59 Surfside homes for sale:

Highest priced listing is $4,990,000 (for 7,000 square foot “master peace” **thinking listing agent meant “master piece” – with 100 feet of water frontage – being sold as a short sale).
Lowest priced listing is $279,000 for the home located at 9133 Froude Ave (short sale in “surdside” –wishing agent would proof read their remarks)
Pending Sales (properties under contract): 6 (4 of these short sales, one a bank owned property)
Closed sales in January: 1

The Surfside home sold in January was located at 9381 Abbott Avenue – a 3 bedroom / 2 bathroom, 1,566 square foot home listed for $369,000 and selling for $340,000. This house had been originally listed for $389,000 in September 2009.

As for 2009 – There were a total of 44 surfside homes sold the whole year, compared to only 32 in 2008. Slow recovery, but recovery nevertheless. Things are looking up in Surfside with less distressed home inventory.

There are currently 135 Surfside Condos for sale:

Highest priced listing: $2,500,000 a 3/3 at Azure Condo unit 707

Lowest priced listing: $64,900 a studio at Seaside Terrace Condo

Pending Sales (properties under contract):28 (15 of these are short sales which historically take some time to close)

Closed sales in January: 7

The 7 Surfside condo sales in January were the following:

9499 Collins Ave #502 – Spiaggia Condo – listed at $440,000 and selling for $440,000 (short sale)
8777 Collins Ave #1006 – Champlain Towers South – listed at $329,000 and selling for $230,500
9511 Collins Ave #808 – 9500 Oceans Condo – listed for $265,000 and selling for $260,000
9499 Collins Ave #606 – Spiaggia Condo – listed at $225,000 and selling for $240,000 (foreclosure)
9499 Collins Ave #1011 – Spiaggia Condo – listed for $215,000 and selling for $210,000 (short sale)
8816 Collins Ave #206 – Atlantic Rose Condo – listed for $158,700 and selling for $150,000 (foreclosure)
9595 Collins Ave #N104 – Solimar Condo – listed for $139,000 and selling for $122,500

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 being covered and if they have reserves. Spiaggia is slowly getting rid of its distressed condos which should be a relief for the residents (although price range has been seriously affected).

There were 76 Surfside condo sales in 2009 ranging from $130,000 to $1,500,000 as compared to only 47 sales in 2008. The surfside condo market reflects the surfside home market which is a good sign for the area.

Fisher Island Real Estate Market Report

There are currently 132 Fisher Island Condos for sale:

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: 8 (3 of these are short sales)
Closed sales in January: 1

The one single Fisher Island condo sale in the month of January was for the residence at Oceanside at Fisher Island Condo, unit 7241 – a 3 bedroom / 3 bathroom / 1 half-bath, 3,140 square feet listed for $3,100,000 and selling for $2,100,000 (A one million dollar reduction … OUCH!)

There were 32 Fisher Island Condo sales in 2008 ranging in price between $700,000 and $5,457,000 compared to 25 sales in 2008.

Aventura Real Estate Market Report

There are currently 1418 Aventura condos for sale:

Highest priced listing: $5,300,000 for a 4/6 at Porto Vita
Lowest priced listing: $53,900 for a 1/1 at Point East Condos (a 55+ community)
Pending sales: 296
Closed sales in January: 60

Aventura is moving! – with progressively less inventory, more pending sales and more closings – The highest closed sale in January was at Hamptons South, 20201 E Country Club Drive #2409 -3 bedroom/3.5 bathroom unit for $1,000,000 and the lowest was for $62,000 for a 1 bedroom / 1.5 bathroom residence at Biscayne Lake Garden.

There were a total of 1020 Aventura Condos sold in 2009 ranging in price between $50,000 and $2,950,000 (we always say that there is something for everyone in Aventura) – as compared to 824 sales in 2008 – obvious change for the better and expect this to keep improving in 2010.

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November 09 Real Estate Market Reports for Miami Shores, Bay Harbor Islands, Surfside, Fisher Island, Aventura, Biscayne Park and El Portal

Ines Hegedus-Garcia — Sat, 05 Dec 2009 12:39:09 +0000

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)

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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October 09 Real Estate Market Reports for Miami Shores, Bay Harbor Islands, Surfside, Fisher Island, Aventura, Biscayne Park and El Portal

Ines Hegedus-Garcia — Mon, 02 Nov 2009 16:39:27 +0000

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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September 09 Real Estate Market Reports for Miami Shores, Bay Harbor Islands, Surfside, Fisher Island, Aventura, Biscayne Park and El Portal

Ines Hegedus-Garcia — Sun, 04 Oct 2009 15:51:26 +0000

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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August 09 Real Estate Market Reports for Miami Shores, Bay Harbor Islands, Surfside, Fisher Island, Aventura, Biscayne Park and El Portal

Ines Hegedus-Garcia — Wed, 02 Sep 2009 23:08:59 +0000

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**

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July 09 Real Estate Market Reports for Miami Shores, Bay Harbor Islands, Surfside, Fisher Island, Aventura, Biscayne Park and El Portal

Ines Hegedus-Garcia — Sun, 09 Aug 2009 06:26:44 +0000

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**

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Oprah Sells Fisher Island Condo

Ines Hegedus-Garcia — Fri, 03 Jul 2009 22:39:11 +0000

We first learned that Oprah had her Fisher Island Condo for sale from The Real Estate Stalker back in June 2008. Guess what? The TV Diva has finally sold it for $1,100,000 – obviously petty cash for The Big “O”.

The Seaside at Fisher Island residence was listed for $2,200,00 in September 2007, reduced to $2,090,000 in May of 2008, then again to $1,795,000 in December of 2008 and finally sold in June. The unit is a modest 2 bedroom/ 2 bathroom – 1,838 square foot residence on the Southeast side of the island with gorgeous direct ocean views.

Whoever the proud owner of this condo is, they can boast because of 2 factors – they got a great deal and they can say their place was previously owned by Oprah….not bad.

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May 09 Real Estate Market Reports for Miami Shores, Bay Harbor Islands, Surfside, Fisher Island, Aventura, Biscayne Park and El Portal

Ines Hegedus-Garcia — Wed, 03 Jun 2009 04:45:12 +0000

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**

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April 09 Real Estate Market Reports for Miami Shores, Bay Harbor Islands, Surfside, Fisher Island, Aventura, Biscayne Park and El Portal

Ines Hegedus-Garcia — Wed, 06 May 2009 17:09:49 +0000

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**

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