Miamism» Miami Shores Real Estate

Miami Shores Unity Day 2010

Ines Hegedus-Garcia — Fri, 05 Mar 2010 05:01:28 +0000

We interrupt our regularly programmed Miamism Fridays with this important community announcement. Miami Shores Unity Day is tomorrow!!

WHAT: Miami Shores Unity Day

WHEN: Saturday, March 6th, 2010

WHERE: Miami Shores Recreation Fields (9825 Park Drive)

TIME: 3:00 PM to 7:00 PM

Activities will include rockwall climbing, bungee jumping, touch a truck, giant slide, obstacle course, inflatables, game trailer and more! Wristbands are $10 each and this year there will even be a Car Show on Grand Concourse. Don’t forget Food and live music and tons of community spirit.

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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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Historic Designation Quandary

Ines Hegedus-Garcia — Sat, 16 Jan 2010 17:56:18 +0000

After reading a letter to the Editor in the Biscayne Times written by Peter Otto, I have to add my 2 cents. Here’s what Peter writes:

Shorecrest, We Implore You: Don’t Get Historic on Us – After reading Erik Bojnansky’s story about efforts to expand the MiMo/Biscayne Boulevard Historic District (“They Want to Grow MiMo,” December 2009) and Richard Laird’s enthusiasm about having his Shorecrest neighborhood designated an historic district. I feel compelled to offer a few words of caution.

Why would you want to surrender your right to do as you please with your own home regarding the yard, hedges, paint jobs, remodeling, window updates, or any other privileges that come with being a homeowner?

If Shorecrest were to be designated an historic district, residents would receive nothing but rude impositions from a group of Miami bureaucrats who will act as if they own your property.

Mr. Laird, as president of the Shorecrest Homeowners Association, this is not something you should desire.

Take a look at the homes within your neighborhood. My own tour through Shorecrest was a pleasure as it includes creative landscaping and wonderfully updated homes.

That is not the case in my historic district, which suffers from exactly that which you desire. We are prevented from doing any of the creative wonders I see in Shorecrest, so unfortunately we opt for neglect instead.

I suggest you retain your independence and your wonderful neighborhood.

There are 2 sides to the historic preservation coin – one side is the romantic preservation of the original architecture, features and context. The other side is the not so pretty side which includes bureaucracy, as Mr. Otto so well puts it, and a not so well structured method of getting to the pragmatic side of this quandary.

Many of you know that I served on the Miami Shores Historic Preservation Board for over 5 years. This was a purely voluntary role and during most of my sentence term, I was the only architect on that board. The other elected members knew nothing about historic preservation or architecture (except for a few that owned and had restored historic homes), and were learning on the job. I can’t begin to express my frustration with voting and final decisions coming from the board. Tax paying citizens being told how to restore their historic homes from a group of individuals with no real historic preservation training…..(SIGH).

During my term many things got shoved under the rug – a historic house installing the wrong awnings, therefore going against the historic preservation board’s decision, constant mistakes by the permitting department regarding previous board decisions, and council overruling board’s decisions on a regular basis. So why have a historic preservation board at all? The final straw was when the city gave the chairman of the preservation board an order to pressure clean his Historic Cuban Barrel Tile!! Blasphemy!

It wasn’t all bad though, we created an informative brochure about mediterranean revival homes and correct features for restoration. We had several tours of historic homes where we pointed out correct restorations and original features of the homes and also were in direct contact with Dr. George, local historian with The Historical Museum of Southern Florida.

Through the years I have seen historic homes destroyed because of lack of education or just plain ignorance from owners. I’ve also seen gorgeous restorations from people that took the time to learn historic appropriateness. When I hear the words “creative wonders”, as Mr. Otto points out above, my stomach starts turning because this can either be really great or really, REALLY BAD. (and unfortunately, most of the time it fits into the really bad category)

So there is a conflict – the 2 sides of the historic preservation coin cannot get along. Some cities have achieved this better than others, and some kid themselves about how well they do (like Miami Shores….hate to say it, but it’s true). Most homeowners don’t want to designate their homes historic and I don’t blame them one bit. Historic Districts tend to address preservation as despotism instead of going out of their way to educate home owners about what they have.

It always goes back to education – so what if cities sent historic home owners resources about their homes and their restoration? Start with The Secretary of The Interior’s Standards for Rehabilitation, have workshops from local historians, tours to enlighten residents about their local gems. The problem is that it takes time and dedicated people who have to go through a lot of hurdles to get anything achieved (like yours truly).

So what do we choose? free reign and creative destruction of our historic districts? or bureaucratic despotism? [sensible regulations would be a nice compromise...in my dreams]

**if you are curious about the Coppertone Girl’s history – read THIS**

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Miami Luxury Real Estate Pick – Miami Shores

Ines Hegedus-Garcia — Thu, 14 Jan 2010 17:28:00 +0000

I wrote this post back on August 23, 2008 and had to come back to it because this wonderful Miami Shores home is now in Foreclosure! Sadly enough I know, but now a very lucky someone will have the opportunity to snatch an amazing home for an even more amazing price.
Now listed for a mere $774,900 it should fly off the market!

The story is that a contractor bought the land on October 2006 for $420,000 and built a brand new, gorgeous home right when the market was turning. This contractor had a history of selling his projects at record prices and in record time, but was not so lucky with this particular one. He listed the property in May 2008 for $1,995,000 (which in my opinion was overpriced and should have started at $1.3). He lowered the price on June 2008 to $1,599,000, then became a short sale in May 2009 for $999,000 with a contract falling through and is now a bank owned property.

The current MLS description reads as follows (they have every right to scream with all the CAPS by the way):

CORPORATE OWNED!!! NOT A SHORT SALE!!! GREAT INVESTMENT OPPORTUNITY!!! IMPRESSIVE NEW CONSTRUCTION 2 STORY ESTATE IN MIAMI SHORES (NEVER LIVED IN). FEATURING 5 BEDROOMS, 5 FULL BATHS, FORMAL LIVING ROOM WITH WOOD- BURNING FIREPLACE, FORMAL DINING ROOM, HUGE GOURMET KITCHEN OPEN TO FAMILY ROOM. FANTASTIC MASTER SUITE WITH SITTING AREA & BALCONY OVERLOOKING POOL AREA. PROPERTY SOLD IN “AS-IS” CONDITION. PLEASE SEE BROKER REMARKS FOR OFFER SUBMISSION INSTRUCTIONS.

Will take photos tonight and post them – guessing the appliances and fixtures have been stripped.

UPDATE: Here are photos of current condition of the home (kitchen appliances are gone as well as speaker system and washer and dryers from upstairs and downstairs laundry areas) – the house is still in great condition and water heaters as well as air conditioners and pool pumps still remain untouched.

This week’s Miami Luxury Real Estate Pick is located in Miami Shores (my local stomping ground). It’s not often that I point out new construction unless I absolutely believe in it and this happens to be one of those houses. Miami Shores was developed in the 1920’s by The Shoreland Company and did an amazing job of urban planning which is one of the best features of Miami Shores. The setbacks and scale of the homes, the rear alley system, the width of the streets, sidewalks and tree-lined streets, is what makes Miami Shores the beautiful community that it is today, and not to forget the fact that we have so many fabulous Mediterranean Revival homes.

This home was buildt new in 2008 and no expense was spared – from commercial grade appliances to Cherry wood floors, but what impresses me the most is the grand scale of each room, with soaring ceilings and clean lines that were kept simple but at the same time elegant. The fact that the home respects the scale of the adjacent homes and its urban context is a huge plus in my book as well.

448 NE 96th Street – Miami Shores, FL 33138

Listed for $1,599,000 $774,900

The MLS description reads as follows:

Unbelievable attention to quality and detail have come together to create this spectacular two-story newly constructed masterpiece located in the heart of Miami Shores, Florida. Ten foot ceilings, custom crown moldings, Cherry wood floors, camera security system, bose sound, formal dining and grand staircase are only a few of the extras to impress the most demanding buyer. Master bedroom boasts a private terrace overlooking pool and spa. Huge gourmet kitchen with Black Galaxy Marble counters, A must see home.

Features include:

3,714 sq. ft of living space (as per builder) and 4,389 sq. ft. with terraces

75 X 143 ft. lot (10,725 sq. ft.)

attached 2-car garage

downstairs and upstairs laundry rooms

pool

Cherry wood floors and Marble

Built new in 2008

Commercial Grade appliances

Impact resistant windows and doors

Grand Master Suite facing pool with private terrace

**property information courtesy of South East Florida Multiple Listing Service and Kellogg Realty, Inc. **

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Miami Shores Real Estate Market Report for 2009

Ines Hegedus-Garcia — Sun, 10 Jan 2010 19:23:59 +0000

Always remaining loyal to my neighborhood, Miami Shores, where I’ve lived for the past 27 years, I have to do a real estate market report for the area for friends, family and clients that want to know the inside scoop. The market is a bit grim considering the average price per square foot keeps dropping – from the $350’s at the height of the market to $205 in 2008 and $153 in 2009.
I would love to give you better news, but numbers are numbers. Keep in mind that $153 per square foot is the average, but homes have sold up to $277 per foot and as low as $26 per foot (that was a moldy foreclosure tear down….but still). As you can see below, a lot of the sales were distressed and that will change this year because that inventory has changed. What blows my mind are those houses currently listed in the high $300’s per square foot….I really would like to know the thought process behind those sellers – deals would have to be cash only and the homes would have to be drop-dead perfect! (which I can attest they are not).

Here are the general figures for 2009:

There were 117 Miami Shores Homes sold in 2009 – The average priced listing was $360,640 but the average price sold was $326,200.

The highest sale in Miami Shores in 2009 was $850,000 for the property located at 1294 NE 96th Street – a short sale originally listed for $1,985,000 and although not on the water, was being advertised as “waterfront” because of its location on the Miami Shores Boardwalk with direct bay views. There were no sales over $1,000,000 in Miami Shores.

The lowest sale was $40,450 for the property located at 186 NW 108th Street which was a foreclosure with mold (disclosure in MLS remarks) and originally listed for $222,000 in March of 2008 with several pending sales that fell through.

The majority of the properties sold in Miami Shores (60% of all properties sold) were in the price range between $200,000 and $500,000 – this figure is important for any seller in that price range, not only will they have more competition, but they should also see more movement in showings since there are more buyers in that price range

There were only 18 sales above $500,000 in 2009 which should start changing this year because in the drop of inventory of short sale and foreclosure properties – 47% of the homes sold in Miami Shores in 2009 were considered distress sales (either short sales or foreclosures).

To see all sales in Miami Shores in 2009, click thumbnail:

**Data obtained from SEF MLS**

Search for Miami Shores Homes

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Miamism Rendering Raffle – 2010

Ines Hegedus-Garcia — Fri, 01 Jan 2010 23:01:20 +0000

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Why isn’t my house selling

Ines Hegedus-Garcia — Sun, 20 Dec 2009 13:00:19 +0000

Here’s an old article that needs to be republished not only for it’s useful information, but its sense of humor – you guys should know how much I like “snarky” by now.

Whether you are a seller in Miami Shores or Miami Beach, we get asked this question a lot! Why aren’t houses selling? Well…. Rick showed me this great article from MSN Money called 6 Reasons Houses Don’t Sell by Bankrate.com. (yes, it was Rick…no chuckles please). Make sure you read the article, Lenn Harley, (a dear colleague), was quoted!
The beginning is priceless -

Has your lawn grown up around that “For Sale” sign? Have the wasps moved into the lock box on your front door? Did you just receive an invitation to your real estate agent’s retirement party?

The 6 Reasons Houses Don’t Sell, according to the article are:

1. Your home is overpriced

2. Your home doesn’t “show” well

3. You’re in a bad location

4. You have a lousy listing agent (I thought this one was a little harsh but really Laughed!)

5. You are battling competition or market conditions

6. You have ineffective marketing

All sellers should be looking at this article, it is clear and to the point and will help you understand some real estate adversities. The reason your home is not selling could be one or a combination of any of these. There are some that cannot be remedied like location, but the rest are within your control.

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Miami Shores Holiday Walk 2009

Ines Hegedus-Garcia — Tue, 15 Dec 2009 17:12:04 +0000

The annual Miami Shores Holiday Walk hosted by The Heidi Hewes Chapter of the Woman’s Cancer Association of The University of Miami was just held this past Sunday. I like to write about this particular event because it’s a true representation of community. I’ve been involved with the WCA for several years in different capacities and it’s incredible to see such a dedicated group of individuals put their hearts and souls into events like this one with proceeds going directly towards cancer research with absolutely no overhead.

The Holiday Walk is an annual event that has become a tradition in Miami Shores. This year it was the 18th year the association has hosted the event and you need to understand how it works. Planning starts the Summer before with committees set up to organize different aspects of the walk, from volunteers, to house selection, inventory, shopping, renderings, brochure design…….the list goes on.

Miami Shores comes together as a community for a few hours and the energy can be felt whether you are participating as a volunteer, as a home owner, a sponsor or as ticket holder. The most difficult task is getting the homes and our appreciation for those home owners is immense especially considering that they are opening their homes to about 500 guests. The walk alternates each year between Miami Shores East and West side and there’s transportation provided from one house to the next. Sponsorships vary from $2500 to $100 and they are included in the program as well as a display board in one of the homes. Every penny donated is appreciated and happy to announce that the preliminary numbers for this year’s Holiday Walk are already in excess of $23,000 with donations still pouring in.

This year I was honored with the task of completing the renderings for the 5 homes on the walk – and did pen and ink drawings of each.

It’s not too late to be part of it – if you would like to make a donation, please contact me or one of our members. My grattitude goes out to every single person that participated and attended and proud to be part of this community.

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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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