This is a Miami Real Estate Market Report for July 2010.  We have talked about evidence of a recuperating real estate market in certain areas of Miami – unfortunately, some home owners interpret this to mean that they can list their homes at unrealistic prices.  This usually causes a set back in the recovery, especially because there are always Miami Realtors out there willing to take the listing at any price.  Please keep in mind that having realistic expectations is crucial to buy and sell a home in this market, especially if you really need to sell.  Put your egos aside, look at the numbers and don’t be irrational and unreasonable….it’s not rocket science.

Miami Shores Real Estate Market Report

There are currently 115 Miami Shores homes for sale (3 less than last month):

• Highest priced listing is $3.250 million (bay front home located at 1480 NE 103 Street – brand new amazing new listing)
• Lowest priced listing is $79,950 (bank owned foreclosure located at 274 NE 108th St with “ca$$$h only! due to conditions of home” warning)
• Pending Sales (Properties under contract):45 (4 more than last month)
• Closed sales in July: 10 (same as last month)

The 10 Miami Shores homes sold in June were the following:

• 249 Grand Concourse – listed for $649,000 and selling for $605,000 (active since June 09 with starting price of $799,000 and a few reductions)
• 1217 NE 100th St – listed for $459,000 and selling for $459,000 (under contract in less than a week and closing in 2 months)
• 41 NE 107th St – listed for $449,000 and selling for $430,000 (Active since February 2010 with starting price of $499,000 and selling in less than 5 months)
• 136 NW 96th St – short sale listed for $369,000 and selling for $347,000
• 10666 NE 11th Ave – listed for $349,000 and selling for $315,000
• 40 NE 105th St – short sale listed for $279,500 and selling for $265,000
• 68 NW 97th St – listed for $279,000 and selling for $270,000 (active for $345,000 since August 2009)
• 68 NW 100th St – Bank Owned Foreclosure listed for $275,000 and selling for $225,000
• 14 NE 108th St – listed for $260,000 and selling for $250,000
• 9302 NW 2nd Ct – bank owned foreclosure listed for $148,500 and selling for $141,000

Price per square foot is slowly increasing in Miami Shores, distressed property inventory decreasing with “blow out” deals being homes priced for land value only because of condition of home…and only a couple of those left.  80% of the pending inventory (listings currently under contract waiting to sell), are distressed sales (meaning short sales and foreclosures).  A recuperating market also means that some sellers will think it’s the perfect opportunity for them to overprice their homes….those are the ones that will sit on the market without selling.  Please note from the closed sales, that the homes that sell quickly are the ones that are priced competitively.

Bay Harbor Islands Real Estate Market Report

There are currently 17 Bay Harbor Island Homes for sale: (2 less than last month)

• Highest priced listings is for $3,800,000 (10340 W Broadview Dr)
• Lowest priced listing is $679,500 (1210 103 St – Active since January 2009 with starting price of $915,000)
• Pending Sales (properties under contract):3 (1 more than last month)
• Closed sales in July: 0

No sales in July either with only 3 home sales this year in Bay Harbor Islands. The 3 Bay Harbor Island Homes currently under contract are:

• 9641 Broadview Te – pending since 7/20/2010
• 1311 95 St – pending since 01/02/09  (this is obviously a broker not checking their MLS)
• 9825 Broadview Te – pending since 5/01/2010

Surfside Real Estate Market Report

There are currently 59 Surfside homes for sale: (8 more than last month)

• Highest priced listing is $5,900,000 (1249 Biscaya Dr – 100 feet of water frontage on 15,000 sq. ft. lot)
• Lowest priced listing is $279,000 for the home located at 8858 Harding Av (Short sale on a really busy street)
• Pending Sales (properties under contract): 10 (4 less than last month)
• Closed sales in July: 1 (2 less than last month)

The 1 Surfside home sold in July was the following:

• 8927 Byron Ave – short sale listed for $475,000 and selling for $390,000 (this home had been active since November of 09 with original listing price of $490,000)

6 of the 10 properties currently under contract are distressed sales (short sales and/or foreclosures) – this high percentage usually demonstrates the end of the distressed cycle and a recuperating market.  The single-home inventory available in Surfside still shows quite a bit of overpricing, which should be corrected in the next few months if those owners really want to sell.

There are currently 147 Surfside Condos for sale: (10 more than last month)

• Highest priced listings: $2,400,000 a 3/3.5 at Azure Condo unit 407 and $2,400,000 for a 3/3 at Solimar Condo unit 1207/6
  

• Lowest priced listing: $90,000 for a 1/1 short sale at Sunset Condo
  

• Pending Sales (properties under contract):26 (5 less than last month)

• Closed sales in July: 8 (same as last month)

The 8 Surfside condo sales in July were the following:

• Champlain Towers – 8777 Collins Av #510– listed for $650,000 and selling for $625,000
• Azure Condo – 9401 Collins Av #901 – listed for $498,000 and selling for $450,000
• The Waves Condo – 9455 Collins Av #603 – listed for $349,000 and selling for $330,000
• Surfside Towers – 9511 Collins Av #1110 – listed for $259,999 and selling for $235,000
• Spiaggia Ocean – 9499 Collins Av #507 – listed for$224,900 and selling for $210,000
• Four Winds Condo – 9225 Collins Av #905 – listed for $199,900 and selling for $185,000
• Regent Palace Condo – 9309 Collins Av #3 – listed for $139,900 and selling for $125,000
• Sunset Condo – 9248 Collins Av #205 – listed for $91,000 and selling for $81,100

Surfside Condos sold in the month of July were in the lower end of the condo inventory with only 2 of those being distressed (Spiaggia and Sunset – foreclosures).  Surfside Condos will surprise a lot of our picky buyers because you can find luxury and gorgeous views in beautifully maintained boutique style buildings and maintenance fees are manageable – it’s a perfect place for second home buyers.

Fisher Island Real Estate Market Report

There are currently 120 Fisher Island Condos for sale: (5 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: $190,000 for a studio at Marina Village
• Pending Sales: 7 (3 less than last month)
• Closed sales in July : 2 (2 less than last month)

The 2 Fisher Island condo sales in the month of July were the following:

• Palazzo Del Mare – 7183 Fisher Island Dr – listed for $3,900,000 and selling for $3,200,000
• Palazzo Del Mare – 7182 Fisher Island Dr – listed for $3,200,000 and selling for $2,750,000

Here we are seeing, once again, a huge disparity between listing and sales price – with a $700k reduction in one and $450k in the other.  Most don’t realize that Fisher Island makes the perfect second home for those that like and need privacy…selling at a loss is not a problem as long as both parties are reasonable with terms and conditions.  There are deals to be found and incredible opportunities out there, but you need to know how to handle them and cannot be arrogant about the transaction (absurd to think that arrogance can kill a real estate deal no?).

Aventura Real Estate Market Report

There are currently 1433 Aventura condos for sale: (18 less than last month)

• Highest priced listing: $12,000,000 for a 5/6 at Porto Vita
• Lowest priced listing: $45,000 for a 1/1 short sale at Point East (a 55+ community)
  
• Pending sales: 288 (8 less than last month)
• Closed sales in July: 70 (3 less than last month)

The highest Aventura condo sale in the month of July was for the 3 bedroom, 3.5 bathroom residence at Atlantic I at The Point – 21200 Point Pl #2104 – a professionally decorated unit by designer Male-Cahlin – listed for $1,350,000 and selling for $1,200,000

The lowest Aventura condo sale in July was for the 1 bedroom, 1 bathroom foreclosure at The Commodore Plaza.  It was listed for $67,200 and selling for $63,500.

We were quoted by The Miami Herald this past week with regards to the Aventura Condo Market saying the following:

I can tell you that Aventura is lagging a bit behind when it comes to a recuperating market. If you take a look at the monthly real estate market reports I do for the Aventura area, you will see that there is still quite a large percentage of distressed sales (meaning short sales and foreclosures) listed for sale – making up about 25% of the sales inventory.

In the last few months, the amount of distressed inventory has remained the same, but we can expect this number to start decreasing in the next 4-6 months if it follows some of Miami’s “recuperating” areas.  Also note that of the currently pending contracts, or condos under contract, about 65% of those are distressed sales (that number has also remained steady in the last few months).

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

Related Articles:

This is a Miami Real Estate Market Report for June 2010 – not much change from May to June which can be a bit disappointing for those sellers that were getting excited about a recuperating market in some areas of Miami.  This is a clear indicator that the Miami and Miami Beach real estate recovery will happen slowly with some back steps along the way.  What to expect? less distressed inventory in popular areas, less flexibility from sellers in lower price ranges and my all time favorite, “the doubtful pessimists” that will hold back and will miss the boat <<I’m being sarcastic and yes I’ll enjoy the “I told you so”.

Miami Shores Real Estate Market Report

There are currently 118 Miami Shores homes for sale (9 more than last month):

• Highest priced listing is $3.250 million (bay front home located at 1480 NE 103 Street – brand new amazing new listing)
• Lowest priced listing is $79,900 (bank owned foreclosure located at 175 NW 101 St. with “in need of repairs” warning)
• Pending Sales (Properties under contract):41 (1 less than last month)
• Closed sales in June: 10 (3 less than last month)

The 10 Miami Shores homes sold in June were the following:

• 441 Grand Concourse – listed for $850,000 and selling for $855,000 (one of Miami Shores Grand Scaled Homes with Colonial Facade, sold as a short sale and taking almost 10 months to close!!)
• 1140 NE 100 St – listed for $625,000 and selling for $530,000
• 1208 NE 98th St – listed for $377,000 and selling for $377,000 in one day!
• 10565 NE 2 Ct – listed for $349,500 and selling for $327,500
• 153 NW 100 Te – listed for $329,000 and selling for $323,500 (true MiMO gem)
• 9717 NE 1 Ave – listed for $247,500 and selling for $255,000 in 2 days!
• 103 NW 103 St – listed for $239,500 as a short sale and selling for $205,000 (4 months to close)
• 150 NW 100 Te – Bank Owned Foreclosure listed for $200,000 and selling for $200,000
• 10317 N Miami Av – listed for $199,000 and selling for $191,900
• 10535 NW 2 Ct – Bank Owned Foreclosure listed for $64,900 and selling for $72,000

The first half of 2010 is making the Miami Shores real estate market look great.  Average price per square foot is slowly increasing from $153 in 2009 to $163.  There have been 67 Miami Shores homes sold this year ranging from $41,000 to $933,000 (and only 15 of those selling above $200/square foot).  Keep in mind that the Luxury market is still not moving and waterfront listings are just sitting there – there ARE some great properties for sale on the water…and this may be the time to move on them.

The homes that are moving and selling quickly are those under $500,000 – so if you are thinking of selling above that, you have to make sure your home is in tip top showing condition!

Bay Harbor Islands Real Estate Market Report

There are currently 19 Bay Harbor Island Homes for sale: (1 more than last month)

• Highest priced listings is for $3,800,000 (10340 W Broadview Dr)
• Lowest priced listing is $679,500 (1210 103 St – Active since January 2009 with starting price of $915,000)
• Pending Sales (properties under contract):2 (2 less than last month)
• Closed sales in June: 1

From 4 pending sales to 2 with one closed sale – what happened to the other contract? we can only assume the deal fell through.  Only 3 Bay Harbor Islands homes have sold this year compared to 2 in 2008 and 6 in 2009.  Things remain unchanged here with not much data to make real comparisons and give a true perspective of Bay Harbor Islands real estate.

The Bay Harbor Island home that sold in June was located at 1288 101 St – short sale listed for $450,000 and selling for $421,000.

Surfside Real Estate Market Report

There are currently 51 Surfside homes for sale: (7 more than last month)

• Highest priced listing is $5,900,000 (1249 Biscaya Dr – 100 feet of water frontage on 15,000 sq. ft. lot)
• Lowest priced listing is $279,000 for the home located at 8858 Harding Av (Short sale on a really busy street)
• Pending Sales (properties under contract): 14 (1 less than last month)
• Closed sales in June: 3 (2 less than last month)

The 3 Surfside homes sold in June were the following:

• 9188 Bay Dr – listed for $850,000 and selling for $800,000 (waterfront short sale
• 9365 Dickens Av – listed for $379,000 and selling for $295,000
• 9333 Carlyle Av – listed for $245,000 and selling for $217,000

There have been a total of 25 Surfside Homes sold this year ranging from $217,000 to $800,000 with no movement in the Luxury waterfront market (very much like Miami Shores).  Keep in mind that there were a total of 44 Surfside homes sold in 2009 and 32 in 2008 – slight improvement, which gives hope to locals and those relocating to Surfside.

There are currently 137 Surfside Condos for sale: (2 less than last month)

• Highest priced listings: $2,400,000 a 3/3.5 at Azure Condo unit 407 and $2,400,000 for a 3/3 at Solimar Condo unit 1207/6
  

• Lowest priced listing: $105,000 for a 1/1 short sale at Sunset Condo
  

• Pending Sales (properties under contract):31 (2 more than last month)

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

The 8 Surfside condo sales in June were the following:

• Solimar Condo – 9559 Collins Av #S9-B – listed for $2,150,000 and selling for $1,850,000
• Champlain Towers – 8777 Collins Av #PH-1 – listed for $675,000 and selling for $570,000
• Azure Condo – 9401 Collins Av #604 – listed for $665,000 and selling for $615,000
• Solimar Condo – 9559 Collins Av #S7-G – listed for $585,000 and selling for $535,000
• Spiaggia Ocean Condo – 9499 Collins Av #303 – listed for $235,000 and selling for $190,000
• Carlisle on the Ocean – 9195 Collins Av #810 – listed for $195,000 and selling for $196,000
• Waverly at Surfside Beach – 9172 Collins Av #312 – listed for $175,000 and selling for $155,000
• Carlisle on the Ocean – 9195 Collins Av #409 – listed for $170,000 and selling for $170,000

The Carlisle has been moving in the past few months with a lot of sales.  Keeping in mind that this is an all-cash building because it’s neither Fannie Mae not FHA approved – it means there is light at the end of the tunnel for The Carlisle.  It’s also great to see Luxury sales starting to move – Surfside Beach is one of my favorites, don’t discard it if you are looking for a Luxury Condo in a quiet area of town.

There have been 45 Surfside condos sold this year ranging between $122.500 and $1,850,000.

Fisher Island Real Estate Market Report

There are currently 115 Fisher Island Condos for sale: (2 less than last month)

• Highest priced listing: $30,000,000 for an exclusive Oceanside 5/5.5 home with artwork and all!
• Lowest priced listing: $190,000 for a studio at Marina Village
• Pending Sales: 10 (same as last month)
• Closed sales in June : 4 (1 more than last month)

The 4 Fisher Island condo sales in the month of June were the following:

• Bayview at Fisher Island– 4931 Fisher Island Dr – listed for $3,200,000 and selling for $2,600,000
• 5000 Bayview at Fisher Island – 5044 Fisher Island Dr – listed for $2,890,000 and selling for $2,500,000
• Oceanside – 8031 Fisher Island Dr – listed for $2,498,000 and selling for $1,800,000
• Seaside Villas – 15923 Fisher Island Dr – listed for $820,000 and selling for $750,000

We are seeing a huge disparity between Fisher Island listing and sales prices.  It seems that owners are being flexible and realizing that they most sell at a loss rather than keep the inventory.  We have seen 19 Fisher Island condo sales this year which is not bad considering that there were 25 total sales in 2008 and 32 in 2009.

Aventura Real Estate Market Report

There are currently 1451 Aventura condos for sale: (29 more than last month)

• Highest priced listing: $12,000,000 for a 5/6 at Porto Vita
• Lowest priced listing: $54,000 for a 1/1 foreclosure at Biscayne Lake Gardens
  
• Pending sales: 296(18 less than last month)
• Closed sales in June: 73 (2 more than last month)

The highest Aventura sale in the month of June was for the 4 bedroom, 4.5 bathroom project at Williams Island – a custom home “Villa Flora” (1515 Island Bl #401 in Williams Island) which was listed for $2,950,000 and sold for $2,300,000.

The highest Aventura condo sale in June was for the 5 bedroom, 5 bathroom residence at The Courtyards at The Point – 3707 NE 214th St #14 – listed for $1,395,000 and selling for $1,250,000.

The lowest Aventura condo sale in June was for the 1 bedroom, 1 bathroom short sale at Biscayne Lake Gardens.  It was listed for $69,000 and selling for $55,000.

There have been only 486 Aventura Condos sold this year ranging in price from $42,500 to $2,350,000 compared to 824 sales in 2009 and 1020 sales in 2008 – I’m thinking Aventura is still has a bit to go to start recuperating, especially because of the price disparity in inventory and the amount of construction we saw as well as speculative purchases.

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

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This is a Miami Real Estate Market Report for May 2010 – from Miami Shores to Fisher Island, there is a high percentage of distressed properties currently under contract which should be a clear indicator that distressed inventory is slowly dwindling down.  Of course, in some areas like Aventura, you still have a chance to get a great deal, but in a few months, those will be a thing of the past.  Will sales slow down in the months of July and August like we have been accustomed?  Let’s wait and see.  As for the luxury market, things are looking up – we’re seeing movement in the high end luxury sector of Miami Beach homes.

Miami Shores Real Estate Market Report

There are currently 109 Miami Shores homes for sale (7 more than last month):

• Highest priced listing is $3.250 million (bay front home located at 1480 NE 103 Street – brand new amazing new listing)
• Lowest priced listing is $148,500 (bank owned foreclosure located at 9302 NW 2nd Ct.)
• Pending Sales (Properties under contract):42 (6 less than last month)
• Closed sales in May: 13 (3 more than last month)

The 10 Miami Shores homes sold in May were the following:

• 9835 NE 4 Rd – listed for $515,000 and selling for $480,000
• 650 NE 97 St – listed for $499,000 and selling for $475,000
• 1480 NE 102 St – bank owned foreclosure listed for $375,000 and selling for $430,000 (to one of our local real estate agents who jumped on a very smart deal)
• 848 NE 91 St – listed for $349,000 and selling for $315,000
• 113 NE 105 St – listed for $289,900 and selling for $257,000
• 158 NW 94th St – listed for $285,000 and selling for $250,000
• 144 NE 101 St – listed for $279,500 and selling for $282,000
• 10010 NE 1 Ave – short sale listed for $250,000 and selling for $293,000 (taking 2.5 months for approval)
• 58 NW 104 St – listed for $249,500 and selling for $227,000
• 803 NE 91 Te – short sale listed for $245,000 and selling for $245,000
• 189 NW 100 Te – short sale listed for $199,000 and selling for $165,000
• 17 NW 107th St – short sale listed for $189,500 and selling for $180,000
• 46 NW 95th St – short sale listed for $135,000 and selling for $125,000

It’s important to note that the distressed inventory in Miami Shores is the lower priced-ranged homes and that inventory is slowly disappearing.  Of the 109 Miami Shores homes currently listed in the MLS, 4 are foreclosures and 30 are short sales, which represents 31% of the inventory.  Out of the 42 pending sales, 31 are distressed!! (74 % of the homes under contract are either short sales or foreclosures).  I will venture to say that once this inventory is gone, the market will be home free.

Bay Harbor Islands Real Estate Market Report

There are currently 18 Bay Harbor Island Homes for sale: (same as last month)

• Highest priced listings is for $3,800,000 (10340 W Broadview Dr)
• Lowest priced listing is $679,500 (1210 103 St – Active since January 2009 with starting price of $915,000)
• Pending Sales (properties under contract):4 (same as last month)
• Closed sales in May: 1

The Bay Harbor Islands home sold in May was located at 1210 102 Street.  It was listed for $699,000 and sold for $620,000 on May 6, 2010.  This home had been listed since April of 09, with a starting price of $899,000 and a couple of Realtor changes and price reductions.  Of the 18 Bay Harbor Islands homes listed, only 2 are short sales and of the 4 currently under contract, one is a short sale.

Surfside Real Estate Market Report

There are currently 44 Surfside homes for sale: (same as last month)

• Highest priced listing is $3,495,000 (1300 Biscaya Dr – unbelievable Home by MiMO architect Igor Polevitzk)
• Lowest priced listing is $160,000 for the home located at 8927 Froude Ave (Short sale)
• Pending Sales (properties under contract): 15 (same as last month)
• Closed sales in May: 5 (same as previous month)

The 5 Surfside homes sold in May were the following:

• 9473 Bay Dr – listed for $395,000 and selling for $375,000
• 8843 Abbott Av – bank owned foreclosures listed for $368,970 and selling for $355,000
• 9249 Carlyle Av – short sale listed for $335,000 and selling for $335,000
• 9156 Harding Av – short sale listed for $285,000 and selling for $245,000
• 9173 Carlyle Av – short sale listed for $259,000 and selling for $262,000

Surfside’s real estate market is looking a lot like Miami Shores, with distressed inventory in the lower range and no Surfside luxury homes selling at all.  Out of the 44 Surfside homes currently listed, 8 of them are distressed (18%) and 53% of the pending sales also being distressed.

There are currently 139 Surfside Condos for sale: (1 more than last month)

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

• Lowest priced listing: $91,000 for a bank owned one bedroom at Sunset Condo
  

• Pending Sales (properties under contract):29 (7 less than last month)

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

The 6 Surfside condo sales in May were the following:

• Azure Condo – 9401 Collins Av #504 – listed for $660,000 and selling for $600,000
• The Waverly at Surfside – 9201 Collins Av #425 – listed for $559,000 and selling for $505,000
• Spiaggia Ocean Condo – 9499 Collins Av #511 – listed for $250,000 and selling for $225,000
• 9500 Oceans Condo – 9511 Collins Av #605 – listed for $189,000 and selling for $182,000
• Carlisle on The Ocean – 9195 Collins Av #1006 – listed for $189,000 and selling for $205,000
• Carlisle on The Ocean – 9195 Collins Av #311 -bank owned foreclosure listed for $138,225 and selling for $151,000

The Carlisle wins again with the most sales in the month of May.  Also a major decrease in distress inventory with 39 out of the 139 listings being short sales and foreclosures (28% of inventory) and 58% of pending sales!!  The Surfside condos lower end inventory is slowly disappearing, this is the time to jump on a great oceanfront condo deal.

Fisher Island Real Estate Market Report

There are currently 117 Fisher Island Condos for sale: (2 less than last month)

• Highest priced listing: $30,000,000 for an exclusive Oceanside 5/5.5 home with artwork and all!
• Lowest priced listing: $190,000 for a studio at Marina Village
• Pending Sales: 10 (2 more than last month)
• Closed sales in May : 3 (1 more than last month)

The 3 Fisher Island condo sales in the month of May were the following:

• Seaside Villas – 15913 Fisher Island Dr – listed for $4,900,000 and selling for $2,650,000 (This unit had been listed since 07 for $5.6 million with several price reductions and brokerage changes – owners had bought it for $1,55 in 2002, so the 46% price reduction looks worse than it really is)
• Oceanside Fisher Island – 7823 Fisher Island Dr – listed for $3,100,000 and selling for $2,500,000 (this condo had been listed since May of 09 with a starting price of $4.6 million)
• Bayview at Fisher Island – 4153 Fisher Island Dr – listed for $2,750,000 and selling for $2,100,000 (listed on and off since 06 starting at $3.85 million)

Fisher Island’s Luxury market has definitely gotten hit, but the truth is that most of the residents are second home owners who can deal with the loss.  15% of the current Fisher Island Condo inventory is distressed with 15 short sales and 3 bank owned foreclosures.  The impressive number is the percentage of distressed properties from the pending sales – 30% of the current contracts in Fisher Island are short sales ranging between $525,000 to $1,095,000.  I suspect we will see the same projections in Fisher Island as the rest of the county – a decrease in short sales and foreclosures.

Aventura Real Estate Market Report

There are currently 1422 Aventura condos for sale: (1 less than last month)

• Highest priced listing: $12,000,000 for a 5/6 at Porto Vita
• Lowest priced listing: $58,500 for a 1/1 at Biscayne Lake Gardens
  
• Pending sales: 314 (7 more than last month)
• Closed sales in May: 71 (2 more than last month)

The highest Aventura Condo sale in the month of May was for the 5 bedroom, 5 bathroom residence at Bellamare (6000 Island Bl #401 in Williams Island) which was listed for $1,875,000 and sold for $1,457,000.

The lowest Aventura condo sale in May was for the 1 bedroom, 1 bathroom unit at Pointe East II (a 55+ community).  It was listed for $45,000 and sold for $42,500.

Aventura condos are a little behind the rest of the cities mentioned above when it comes to recuperating, which means deals are still to be found.  23% of its current condo inventory is distressed and 65% of the pending contracts are also distressed.  42% of Aventura condo sales in May were either short sales or foreclosures.

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

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I was glancing over photos of Miami Shores on Flickr and came upon this amazing shot taken in one of my all time fave places – The Miami Shores Boardwalk.  When I looked at the author, it was none other than Alex de Carvalho! (@alexdc on twitter) – (who also happens to be one of my fave people)…what are the chances?  The beauty of this board walk to me is its organic nature and you never know what to expect – from the intensity of the wind, the texture of the water, the color of the sky, the motion of the coconut palm leaves, the shape of the clouds …

….another Miamism !!

** Here at Miamism we love to post your Miami Photos. If you have a shot you want to share please join the Miamism Group at Flickr.com – or you can e-mail the photos directly to us at info@miamism.com *

And since we are talking about Miami Shores – let me remind you that tomorrow is the first Village Walk at Village Place.  A few business owners got together and organized this community event in collaboration with the Miami Shores Chamber of Commerce. Don’t Miss it!

WHEN: Saturday, May 29th, 2010

TIME: 4:00 to 8:00 PM  (also an Organic and Antique market between 11:00 AM and 4:00 PM)

PLACE: Downtown Miami Shores – aka Village Place on NE 2nd Avenue

Related Articles:

Don’t like to post bad news here in Miamism – but this is something all neighbors need to know.  It happens in the best places and our “Miami Shores Village Beautiful” is not exempt from corruption.   Sad day for a village that has had to deal with so many program cuts because of the economy.

NBCMiami reports:

The Miami-Dade State Attorney’s office announced Wednesday the arrest of a Village of Miami Shores comptroller Carolyn Modeste, who allegedly stole $203,000 in taxpayer dollars.

The 44-year-old is officially charged with first-degree grand theft, organized scheme to defraud and official misconduct.

Authorities say Modeste stole fees paid by residents in cash and then covering her tracks by depositing old checks in the village’s bank account.

The investigation, which covers September 2007 to September 2008, was headed by Miami Shores Police, the State Attorney’s Office and FDLE.

Modeste’s attorney said the investigation is retalition for a discrimination complaint she filed a year ago with the Equal Employment Opportunity Commission, reports CBS4.

Related Articles:

This is a Miami Real Estate Market Report for April 2010 – an evident decrease in number of sales this month but doesn’t really mean a thing when it comes to describing a recuperating market.  Our team is seeing an unbelievable amount of movement, people actually buying properties and know that these numbers will be reflected next month.  Seller’s market in some cases…..yes it’s crazy….but it’s the truth.  You better educate yourself about what’s moving and where if you are thinking of buying right now.  And please stop calling us with absurd notions of the possibility of buying oceanfront condos for $50,000 – it’s not happening people! wake up!

Miami Shores Real Estate Market Report

There are currently 102 Miami Shores homes for sale:

• Highest priced listing is $3.250 million (bay front home located at 1480 NE 103 Street – brand new amazing new listing)
• Lowest priced listing is $175,000  (short sale located at 10414 N Miami Avenue)
• Pending Sales (Properties under contract):48 (7 less than last month)
• Closed sales in April: 10 (5 less than last month)

The 10 Miami Shores homes sold last month were the following:

• 173 NW 99 St– listed for $41,600 and selling for $41,000 (Foreclosure listed and sold the same day and closed 4 months later … inside job?)
• 142 NW 95 St – listed for $195,000 and selling for $205,000
• 42 NW 110 St – listed for $199,000 and selling for $175,000
• 575 NE 105 St – listed for $340,000 and selling for $300,000
• 10001 NE 1 Av – listed for $359,000 and selling for $359,000
• 358 NE 101 St – listed for $389,000 and selling for $358,000
• 988 NE 93 St – listed for $479,000 and selling for $430,000
• 410 NE 94 St – listed for $499,000 and selling for $440,000
• 622 NE 98 St – listed for $514,999 and selling for $515,000 (gorgeous historic home near the Miami Shores Field House)
• 1025 NE 98th St – listed for $575,000 and selling for $515,000 (local agent’s investment house previously purchased for $405,000 to flip).

That $41k sale is a total fluke!!  Wonder what kind of BPO’s the bank did for that sale (the lot is worth more than that!).  Listing price vs. Sale price is beginning to normalize – don’t know if it’s sellers pricing more logically, or the market recuperating.  One thing is for sure – The lower end market has sellers in complete control and the inventory is flying! Make sure you read “Seller’s Market in the Middle of a Downturn” if you feel like being enlightened.

Bay Harbor Islands Real Estate Market Report

There are currently 18 Bay Harbor Island Homes for sale: (4 less than last month)

• Highest priced listings is for $3,900,000 (10236 W Broadview Dr – previously listed for $5.1 M in 2007 and relisted for $3.9 in October of 2009)
• Lowest priced listing is $685,000 (1210 103 St – Active since January 2009 with starting price of $915,000)
• Pending Sales (properties under contract):4 (same as last month)
• Closed sales in April: 0

BROKEN RECORD…..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 44 Surfside homes for sale: (1 less than last month)

• Highest priced listing is $3,495,000 (1300 Biscaya Dr – unbelievable Home by MiMO architect Igor Polevitzk)
• Lowest priced listing is $279,000 for the home located at 8858 Harding Ave (Short sale on a busy street)
• Pending Sales (properties under contract): 15 (3 more than last month)
• Closed sales in April: 5 (2 less than previous month)

The 5 Surfside homes sold in April were the following:

• 9452 Carlyle Ave – listed for $579,000 and selling for $550,000
• 624 95 St – listed for $490,000 and selling for $447,000
• 900 Surfside Bl – listed for $489,000 and selling for $440,000
• 9165 Byron Av – listed for $480,000 and selling for $460,000
• 9016 Carlyle Av – listed for $449,000 and selling for $400,000

No distressed sales in the month of April and it’s evident with closing prices all in the $400k’s and $500k’s.  The low price range in Surfside is slowly disappearing.

There are currently 138 Surfside Condos for sale: (12 less than last month)

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

• Lowest priced listing: $99,900 for a bank owned one bedroom at Sunset Condo
  

• Pending Sales (properties under contract):36 (5 more than last month)

• Closed sales in April: 4 (2 less than last month)

The 4 Surfside condo sales in April were the following:

• Solimar Condo – 9559 Collins Ave #10-A – listed for $2,400,000 and selling for $1,500,000
• Solimar Condo – 9595 Colins Ave #N4-D – listed for $740,000 and selling for $700,000
• Champlain Towers South – 8777 Collins Ave #806 – listed for $308,800 and selling for $235,000
• Carlisle on The Ocean – 9195 Collins Ave #PH13 – Foreclosure listed for $165,900 and sold for $175,750

Again this month, only one of the 4 Surfside Condos sold in April, was a distressed sale.  Solimar is moving its inventory in the past few months with record sales compared to the rest of the condos.

Fisher Island Real Estate Market Report

There are currently 119 Fisher Island Condos for sale: (7 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: 8 (same as previous month)
• Closed sales in April : 2 (2 less than last month)

The 2 Fisher Island condo sales in the month of April were the following:

• Seaside Village – 19145 Fisher Island Dr – listed for $2,399,000 and selling for $2,100,000 (The seller had bought this Seaside Village hotel unit for $2,375,000 in May of 05 and listed it for $2.8M in November of 09, suffering a small loss after 5 years)
• Bayside Village – 2012 Fisher Island Dr – listed for $699,000 and selling for $680,000 (the owners of this unit bought in 2004 for $699,000 and listed it on and off since 2007, with a starting price of $1,800,000)

There have been 11 Fisher Island Condo sales in the first 4 months of the year compared to the 32 sales in 2009 and 25 sales in 2008.  I was asked if the Fisher Island real estate market is suffering like the rest of the South Florida Real Estate Market.  The answer, in my opinion, is yes and no.  We saw Fisher Island drop in rank from first in Forbes Most Expensive Zip Codes to thirty-something in just one year.  We started seeing distressed sales in this exclusive island, and we started seeing speculators getting hit as well as multiple property owners.

But the real truth is that Fisher Island, mostly as a vacation spot, secluded get-away and second home, affords its owners a little loss without it really hurting the pocket.  We see sellers loosing a couple of hundred thousand dollars and they don’t necessarily have to short sale and can walk away without pain.  Those that really need to sell, will drop their guard, others will just wait for the right buyer.

Aventura Real Estate Market Report

There are currently 1423 Aventura condos for sale: (1 more than last month)

• Highest priced listing: $5,300,000 for a 4/6 at Porto Vita
• Lowest priced listing: $45,000 for a 1/1 at Point East (a 55+ community)
  
• Pending sales: 307 (13 less than last month)
• Closed sales in April: 69 (22 less than last month)

The highest Aventura Condo sale in the month of April was for the 5 bedroom, 6 bathroom residence at Porto Vita (20155 NE 38 Ct #901) which was listed for $3,350,000 and sold for $2,350,000.

The lowest Aventura sale in April was a covered parking space at The Venture.  It was listed for $4,700 and sold for $4,200.

The lowest Aventura Condo sale in April was a one bedroom 1.5 bathroom unit at Biscayne Lake Gardens.  Short Sale listed for $57,500 and sold for $50,000.

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

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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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Sad news for many here in Miami Shores – Vice Mayor Shockey resigns! This doesn’t mean he won’t be back.  Here is the latest from Donald Shockey himself.  Either way, we wish him the best of luck in his travels and hope to see him back soon.

Dear Miami Shores Village Residents and Friends,

It was with much regret that I recently resigned as Vice Mayor of Miami Shores Village.   As some of you know, I was laid off from my job as an urban planner in early 2009.  When I ran for Village Council last April, I was optimistic that I would be able to find a job in the Miami area within a reasonable amount of time.  I did not anticipate that the economic recession would be as severe and long lasting as it turned out to be.

Despite an exhaustive search effort, I was unable to find a job in the area by the end of 2009.   I recently was offered and accepted a position working to support international stabilization and redevelopment efforts in Afghanistan.   After spending some time in Afghanistan to make sure the position was going to work out, I resigned from the Village Council last week.   I know that those of you who worked hard last spring to elect a progressive new voice to the Village Council will be disappointed by this news,  but many people have had to make similar or more difficult choices in these challenging times.   The Council will be considering how to fill my seat at their meeting on April 20th.

I want to sincerely thank everyone who worked so hard last April to help me win election to the Village Council.  It was a wonderful experience to meet and get to know so many like-minded people in the Village.   I hope you’ll stay involved in the continuing work to   improve our NE 2nd Ave. downtown district, make our community greener, and all the other efforts to keep Miami Shores Village such a great place to call home.

I hope to resume being actively involved when I return home next year. For now I’ll continue following all the Village activities and developments from afar.   I wish all of you the best in the rest of 2010.

Sincerely,

Donald Shockey

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This is a Miami Real Estate Market Report for March 2010 – Some areas of Miami have reached normalcy (as unbelievable as it may sound).  There are regular amounts of sales, inventory has dropped, so has distressed property inventory and those areas may be seeing a bright future and saying buh bye to the down market.  Will you be able to find an occasional good deal in these areas? absolutely, but will it be the norm? not a chance.  Bad news for some of you that were waiting for the collapse…but not to late to make a move.

Miami Shores Real Estate Market Report

There are currently 106 Miami Shores homes for sale:

• Highest priced listing is $2.699 million (bay front 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 107 St)
• Pending Sales (Properties under contract):55 (5 more than last month)
• Closed sales in March: 15 (9 more than last month)

The 15 Miami Shores homes sold last month were the following:

• 379 NE 94 St – listed for $985,000 and selling for $925,000 (listed for $1,699,000 since December 07) – one of Miami Shores Historic Gems from the Shoreland Company
• 448 NE 96th St – listed for $774,900 and selling for $801,000 (this was a Foreclosure that caused quite a commotion because it’s a spectacular brand new home originally priced at $1,995,000 and so worth it!)
• 1130 NE 100 St – listed for $479,000 and selling for $465,000
• 10050 NE 102 St – listed for $425,000 and selling for $410,000
• 230 NE 102 St – listed for $390,000 and selling for $380,000 (short sale originally listed for $589,000 in September 07)
• 766 NE 95 St – listed for $350,000 and selling for $342,850 (short sale originally listed for $549,000 in November 07)
• 1000 NE 96 St – listed for $350,000 and selling for $320,000 (originally listed for $515,000 in August 09)
• 101 NW 101 St – listed for $349,900 and selling for $316,500 (originally listed for $383,500 since February 2009)
• 10560 NE 2 Ct – listed for $329,900 and selling for $323,500 (originally listed for $$518,000 in September 06)
• 812 NE 92 St – listed for $259,000 and selling for $255,000 (this house was under contract several times before it finally closed – with same listing price)
• 38 NE 108 St – listed for $255,000 and selling for $223,500
• 12 NE 101 St – listed for $250,000 and selling for $250,000 (originally listed for $580,000 in September 07)
• 710 NE 94 St – listed for $249,000 and selling for $235,000
• 49 NE 110th St – listed for $225,000 and selling for $220,000 (originally listed for $258,000 in November 09)
• 162 NW 102 St – listed for $139,900 and selling for $140,000 (bank owned foreclosure originally priced at $499,000 in February 2008 – with several contracts not going through)

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

The lower end inventory is slowly disappearing in Miami Shores – there are still a lot of properties with contracts that have not closed and definitely a decreased inventory in distressed properties (meaning short sales and foreclosures).  I do think we are back to a normal market in Miami Shores. YAY for residents!

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 March: 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 45 Surfside homes for sale: (5 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 $245,000 for the home located at 9333 Carlyle Ave
• Pending Sales (properties under contract): 12 (1 less than last month)
• Closed sales in March: 7 (3 more than previous month)

The 7 Surfside homes sold in February were the following:

• 8859 Dickens Ave – listed for $449,000 and selling for $375,000 (short sale originally priced at $475,000)
• 9157 Emerson Ave – listed for $429,000 and selling for $407,000 (this house closed for $200,000 on September 09, was updated and listed for $435,000 in December 09 – a good flip job!)
• 8910 Abbott Ave – listed for $359,000 and selling for $330,000 (originally priced for $589,000 in April of 08)
• 8918 Garland Ave – listed for $349,900 and selling for $332,000 (bank owned foreclosure originally priced at $899,000 in September 07…OUCH!)
• 9041 Garland Ave – listed for $330,000 and selling for $330,000 (approved short sale originally priced at $437,500)
• 9157 Carlyle Ave – listed for $329,000 and selling for $315,000 (originally listed for $369,000)
• 8934 Froude Ave 0 listed for $260,000 and selling for $260,000 (approved short sale originally priced at $695,00 in June 05)

All but 2 homes listed under $400,000 are fixer uppers – these are the homes usually bought by first time home buyers or investors and there are only 9 Surfside homes in this price range.  The market is slowly turning around and normalizing.  If you are waiting for good deals, you better make a move now or may miss the train.

There are currently 150 Surfside Condos for sale: (8more than last month)

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

• Lowest priced listing: $99,900 for a bank owned one bedroom at Sunset Condo
  

• Pending Sales (properties under contract):31 (4 more than last month)

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

The 6 Surfside condo sales in March were the following:

• Solimar Condo – 9595 Collins Ave #N11E – listed for $1,250,000 and selling for $950,000
• Solimar Condo – 9559 Collins Ave #S8-H – listed for $1,050,000 and selling for $900,000
• Waverly at Surfside – 9201 Collins Ave #625 – listed for $500,000 and selling for $500,000 (approved short sale)
• Marbella Condo – 9341 Collins Ave #502 – listed for $499,000 and selling for $425,000
• Four Winds Condo – 9225 Collins Ave #1211 – listed for $239,000 and selling for $215,000
• Atlantic Rose Condo– 8816 Collins Ave #301 – listed for $179,000 and selling for $168,750

Only one of the 6 Surfside condos sold in March was a distressed sale (At the Waverly in Surfside, which is one of my favorite buildings).  We’re also seeing movement in higher priced condos as evidenced by the Solimar Condo sales in the $900,000′s – inventory keeps increasing though, let’s see what the next couple of months have to say about Surfside condos.

Fisher Island Real Estate Market Report

There are currently 126 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: 8 (1 more than previous month)
• Closed sales in March : 5 (3 more than last month)

The 5 Fisher Island condo sale in the month of March were the following:

• Villa de Mare – 7223 Fisher Island Dr – listed for $8,000,000 and selling for $6,750,000
• Bayview at Fisher Island– 5033 Fisher Island Dr – listed for $2,350,000 and selling for $1,850,000
• Bayside Village East – 2111 Fisher Island Dr – listed for $2,150,000 and selling for $1,800,000
• Bayview at Fisher Island – 5345 Fisher Island Dr – listed for $1,095,000 and selling for $1,089,000
• Bayview at Fisher Island – 5344 Fisher Island Dr – listed for $1,050,000 and selling for $625,000

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.  We are starting to see higher priced listings selling in Fisher Island… not just the Condo-Hotel opportunities from Seaside Villas.  We’re also seeing a huge price disparity from listing to selling prices – Fisher Island Condos are suffering just as much as the Miami Beach Luxury Condo Market.

Aventura Real Estate Market Report

There are currently 1423 Aventura condos for sale: (1 more than last month)

• Highest priced listing: $5,300,000 for a 4/6 at Porto Vita
• Lowest priced listing: $45,000 for a 1/1 at Point East (a 55+ community)
  
• Pending sales: 307 (13 less than last month)
• Closed sales in March: 91 (40 more than last month)

The highest Aventura Condo sale in the month of March was for the 5 bedroom, 5.5 bathroom residence at Bellamare at Williams Island (6000 Island Bl #501) which was listed for $1,590,000 and sold for $1,386,000.

The lowest Aventura Condo sale in March was a 1 bedroom / 1 bath at Biscayne Lake Garden.  It was listed for $56,500 and sold for $50,000.

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

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Miami Shores Real Estate is diverse with regards to its architectural styles but a lot of people are attracted to the area because of the Mediterranean Revival homes from the 1920′s and 30′s built when the area was developed by The Shoreland Company.  I have special regards for this property not only because of its charm and details, but it’s scale and grandeur.  The rooms of this home are spacious and the details are rich yet simple – it has such clean lines and it’s not overdone.  The home is elegant and classic yet timeless.

1040 NE 96th Street – Miami Shores, Florida

Listed for $898,000 $739,000 (now we’re talking!)

There are a lot of homes for sale in Miami Shores, but not many that can compare to this one.  It is very rare that we see one of these Mediterranean Revival masterpieces for sale, especially with all the amenities it offers.  Located on Historic Shoreland Boulevard, with almost 3,300 square feet of living space and sitting on an over-sized 14,200 square foot lot.

The MLS description reads:

Spanish Mediterranean Architectural Gem.  this rare East of the Boulevard find will satisfy the pickiest buyer.  This home offers charm, scale, grandeur, location and sits on an over sized piece of property with 20′X40′ pool.  key historic elements have been preserved like open beamed cathedral ceilings in living room, arched openings and hand plastered walls, yet modernized with central air conditioning, gourmet kitchen and Pella high impact doors for today’s demanding lifestyle.

This home will satisfy any decorative tastes – from the most modern to the very traditional.  Imagine it as is or with white walls that accentuate the wood beams and floors.  It’s puzzling to me how a historic home as imposing as this can also feel so honest and humble.  Good architecture at its finest.

Property features:

• Built in 1936
• 3,292 square feet of living space
• 14,200 square foot lot (125′ X 142′)
• pool (approximately 20′ X 40′)
• 4 bedrooms / 3 bathrooms
• Formal Living Room with fireplace and open beamed cathedral ceilings
• central air conditioning
• 2-car garage
• gourmet kitchen with gas Thermador stove
• custom Pella doors (impact resistant)

**property information courtesy of South East Florida Multiple Listing Service and Majestic Properties at time of posting on June 30th, 2009**

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