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**

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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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Miami and Miami Beach locals seem to understand that not all Miami Beach waterfront real estate is the same, but instead of assuming, I decided to do a brief synopsis of the different types of waterfront homes in Miami Beach and Miami. Many relocating to South Florida think waterfront means “beach-front” – you have no idea how many calls we get from Europeans wanting a beachfront home when they really mean canal-front. It has to do with knowing the local landscape and also language idiosyncrasies – the type of waterfront has obvious implications on the price.

Miami Beach ocean-front homes

There are not many oceanfront Miami Beach homes – it is PRIME real estate! This type of waterfront real estate is the most exclusive and most expensive for obvious reasons (nothing like the Atlantic Ocean as your backyard)- A few beachfront homes can be found in a very small residential pocket South of Surfside called Altos del Mar and also Golden Beach – where the oceanfront homes will be everything but modest- talk about Miami Beach Luxury Real Estate! Otherwise, all other beach-front or ocean-front real estate will be condos.

Miami Beach Bay-front homes

The next best thing from beachfront is bay-front since you will have open bay views and more privacy (literally no rear neighbor and open bay views from your backyard). Miami Beach Bay-front homes are also not all created equal. You will find these in the Miami Side as well as the Miami Beach side. The only down side is the lack of protection from the elements, but that’s what insurance, good construction and proper weather preventive methods are for.

Miami Beach Canal front homes

There are many types of canal-front homes both in Miami Beach and Miami. Pricing of these will take into consideration many factors including: location of canal, type of canal, size of canal, location of home within the canal, etc.

• Wide canals

This is when the home is located on a canal but the the canal is wide and homes still have privacy – examples of these are homes on the South side of Hibiscus Island or North side of Palm Island, The Venetian Islands, Surprise Lake in Miami Beach, or Sabal Lake in Bay Point.

• Narrow canals

The word says it – you can see your neighbor across the canal, privacy is limited since you usually would have a fence and landscaping separating a backyard neighbor – in this case, you would have the canal and in many instances could see right in their backyard or home. This does not mean that canal-front homes are bad by any means, it just explains that there are many considerations when buying waterfront properties.  Other factors to consider with regards to canal-front properties are:

• navigable – if you have a boat, this is a good question to ask – some canals do not allow boats, others don’t have access to the ocean

• no fixed bridges – canal-front properties with direct ocean access and no fixed bridges are more expensive.  If you are contemplating buying a property and you know there are fixed bridges and you have a boat, make sure you know what the clearance of those bridges are in high tide to make sure your boat will be able to go through.

• deep canals – many canals are deep and can accommodate sail boats – if you are a sailor and want to purchase a canal-front home, you need to make sure the canal is deep enough for the draft of the boat.

• debris – some canals have dead ends and they have a tendency to collect debris which can often be an eyesore or even worse, bring a horrible smell.

More food for thought:

Location of the property – If you are a boater and hate idling in the no-wake zones for an extended period of time, consider where, within the intricate canal infrastructure of Miami and Miami Beach, the property will be located. Golden Beach and Eastern Shores for example has a long trajectory from their waterfront homes to the open bay and ocean where you can really crank up the engines and go at a descent speed – the same thing happens at Coral Gables. If you are a true boater, it would be a good idea for you to navigate those canals first.

Seawall and Condition – knowing a seawall can cost up to $1000 per linear foot – you should inspect the seawall with a good professional and possibly structural engineer.  Don’t discard Natural Coral Seawalls, they are known to have very strong structural qualities – but don’t take my word for it, ask any Structural Engineer.

Type of dock DERM will allow – looking at the adjacent neighbors’ docks usually gives you a good idea, but don’t always trust that – their dock may be “grandfathered in” or have some special circumstances that you don’t know about. Rule of thumb is that you can usually build a dock out 20% of the width of the canal, bay-fronts all have different requirements. A DERM inspector will sometimes be willing to visit the property prior to you buying the property, to assess it.

If you thought the Miami Beach Waterfront real estate market was not intricate, think again!

*original article posted February 28th, 2009*

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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**

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**

Related Articles:

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.

Related Articles:

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**

Related Articles:

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 February: 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 February 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.

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

Related Articles:

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

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

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

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

Miami Shores Real Estate Market Report

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

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

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

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

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

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

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

Bay Harbor Islands Real Estate Market Report

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

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

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

Surfside Real Estate Market Report

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

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

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

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

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

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

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

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

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

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

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

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

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

Fisher Island Real Estate Market Report

There are currently 139 listings in Fisher Island: (same as last month)

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

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

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

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

Aventura Real Estate Market Report

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

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

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

Biscayne Park Real Estate Market Report

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

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

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

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

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

El Portal Real Estate Market Report

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

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

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

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

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

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