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

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

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

Have your finances ready

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

Do you really know what you want?

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

Know the ins and outs of the real estate market

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

Time to drop the condescending tone

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

Use the KISS principle

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

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

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What a great building! I’m a sucker for austere white, contemporary buildings against the blue Miami skyline.  Ios on the Bay is one of those buildings that doesn’t need to be ostentatious, it’s simplicity speaks for itself and pricing is out of this world.  This building is located in Miami’s Upper East Side directly on Biscayne Bay with panoramic water views.  The floor plans are simple, the finishes are excellent and did I mention the prices are out of this world (with one bedroom units starting in the low $200,000′s).

Here’s the Project’s Description:

Ios is Miami’s best kept secret, a modern boutique masterpiece set on the best part of Biscayne Bay.  Only 45 residences in this five story architectural gem.  Cutting end design from double high entry lobby featuring Moooi chandeliers to dark wood kitchens with aluminum brick backsplashes and Lieberher refrigerators to glass walled baths featuring huge rain showers with pebble floors and walls.  On-site gym and spectacular 3rd level bay front pool are the icing on this beautiful cake.  1,2 and 3 bedroom residences from the low $200′s.  Financing available!

Miami’s ios on the Bay, like the Greek island that inspired its name, is a place where residents can exult in the charm of its clean architecture and breathe in the quiet beauty of Biscayne Bay.

Features and Amenities:

• Fiber cable and wiring systems integrated into building’s high-tech core (customizable according to buyers’ specifications
• Optional touch-screen computers control lighting, temperature and home entertainment system
• Second-floor fitness area
• Social Room
• 40-foot swimming pool on third level
• 175 feet of bay frontage
• 24-hour security
• Full-height windows
• Translucent room dividers
• 8 feet deep balconies
• Glass walled baths featuring over-sized rain showers with pebble floors and walls
• Dark wood kitchens with aluminum brick backsplashes and Lieberher refrigerators

Ios on the Bay was designed by Pedro Bravo with assistance from Majestic Properties‘ own Jeff Morr – and the details are obvious – from clean straight door casings and baseboards to translucent room dividers and slider closet doors, over-sized glass walled bathrooms, wide balconies, lanais, (it’s the little things that impress me).

The scoop on Ios is that it was 95% sold in pre-construction but only 2 units closed.  The entire left over inventory is back on the market with major reductions and some of the original buyers trying to work out financing.  Financing is being offered for primary home owners, vacation homes as well as foreign nationals.

I was impressed with a 3,324 square foot penthouse priced at only $1,200,000 with a 3,300 square foot terrace (with private elevator, splash pool, coy pond and reflection pool), as well as summer kitchen and 4 parking spaces.  All 5th floor residences have their own private roof top terrace, and the scale of the building is just how I like them, low density in the middle of a residential area but close to the MiMO District with great shopping and restaurants.  There’s definitely something for everyone at Ios.

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I just finished reading the Biscayne Boulevard Times’ article on The Vagabond Hotel in Miami’s Upper East Side and all kinds of thoughts started racing through my head.  Can you tell me why in a world of negativity, we can’t get ourselves out of the hole and want to bring everyone around us down with us?

Between the recession, down Miami real estate market, gas prices, the war…….can’t we see a little color and start appreciating those people with a vision, the dreamers, the ones with positive attitudes and give them a pat on the back?

The Power of Intention is one of my all time favorite books (and concepts) because it tells you that you attract what you are.  So here’s my take:

For all of you that think Silverman is a bit out there with his ideologies and his vision for bringing back the 50′s splendor of The Vagabond when Sinatra used to visit – how about dropping the skepticism just one tad and opening yourselves to the possibility.

We will always be surrounded by negative people, but it is so refreshing to find romantics and idealists, non-conformists that are always reaching beyond the normal frame of potential and have a vision for change and progress.  Look around you and find those people, they exist, they are our friends and it wouldn’t hurt to open yourselves to the possibilities.  They are the ones that make a change in our world, that improve our cities and lives…..you can choose to be one or to at least listen.

(note:  I will add the Vagabond article link as soon as it is updated on the BBT’s website The link to the article was updated – here it is again:  Big Man On The Boulevard )

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This is a Miami Real Estate Market Report for the first 7 months of 2008.   It’s a bit surreal that even after the media has stopped being negative and are now asking if the Miami Real Estate Market has hit bottom yet, some buyers want to hang on to “the power” and refuse to see the positive change.  We are seeing a lot of buyers now saying “This is the time to buy” thinking that we may have hit bottom.  One thing is for certain, certain markets are still decreasing in price so estimating the “bottom” is a gamble unless you work with a Realtor that is proficient in the area you are looking into.  I do these market reports on a monthly basis and you can go back to compare sales and real estate movement in prior months. Working with a Miami Realtor that knows the area is crucial to buying and selling real estate.

Miami Shores Real Estate Market Report

There are currently 225 listings in Miami Shores: (2 more than last month)

• Highest priced listing is $3.5 million (bayfront home located at 1680 NE 104th Street)
• Lowest priced listing is $129,900 (corporate-owned and with multiple offers already)
• Pending Sales (Properties under contract):14 (5 less than last month)
• Closed sales in 2008: 57 (12 sales in July)

10 of those 57 Miami Shores Sales have been between $700,000 and $1 million.  9 sales between $500,000 and $700,000 and 38 sales under $500,000 – which identifies the price range under $500,000 as more popular in today’s market.  The lowest sale this year in Miami Shores was for the home located at 31 NW 92nd Street which sold for $269,000 ($101,000 less than it was listed for on May 29th, 2007)

There has not been a sale over $1 million this year in Miami Shores, which tells you that the Miami Shores Luxury Real Estate Market has definitely been affected.

Bay Harbor Islands Real Estate Market Report

There are currently 23 single-family home listings in Bay Harbor Islands: (1 more than last month)

• Highest priced listing is $5,450,000 (10340 W. Broadview Drive – listed on and off since February 2006 – starting price of $6,850,000)
• Lowest priced listing is $575,000 (9970 E. Bay Harbor Drive – Villa – listed since Feb. 07 – starting price of $659,000)
• Pending Sales (properties under contract):1 (as compared to 0 last month)
• Closed sales in 2008: 1

The only closed sale this year was 10161 E. Broadview Drive which closed for $1,543,500 on  May 30, 08.  The house had been on the market since August 4, 2006 (listed for $1,795,000) ….taking almost 2 years to sell the property.  There were no additional closed salesthis year in Bay Harbor Islands.  It is obvious that the Bay Harbor Islands Real Estate Market is at a stand still – let’s see what happens in the remaining months of 2008)

Surfside Real Estate Market Report

There are currently 82 single-family home listings in Surfside 4 less than last month)

• Highest priced listing is $6,299,000 (bayfront home located at 1249 Biscaya Drive – has been on the market since Feb. 07 and started off at $8 million).
• Lowest priced listing is $275,000 for a pre-foreclosure at 8819 Garland Ave
• Pending Sales (properties under contract): 7 (3 more than last month)
• Closed sales in 2008: 13 (2 in the month of July)

The highest sale this year in Surfside was for $3.2 million for a bayfront home (1356 Biscaya Drive) purchased in 2002 for $2.2 million, and the lowest sale was for $365,000 (9056 Byron Avenue). With a decreasing inventory and slowly increasing sales, Surfside is slowly coming out of the woodworks.

There are currently 227 condo listings in Surfside: (17 less than last month)

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

• Lowest priced listing: $160,000 a 1/1 at Regent Place
  

• Pending Sales (properties under contract):10 (1 more than last month)

• Closed sales in 2008: 22

The have been 2 Surfside Condo sales over $1 million in 2008.  The highest sale was for a 3 bedroom / 2.5 bathroom at The Champlain Tower East which closed on March 31 for $1,250,000.  There have been 8 sales between $700,000 and $1 million and 12 sales under $700,000.

Fisher Island Real Estate Market Report

There are currently 136 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: $275,000 for a 1/1 at Marina Village
• Pending Sales: 3 (1 more than last month)
• Closed sales in 2008: 16

Fisher Island is Fisher Island…no explanation needed – but if you want to get an idea of Fisher Island’s Real Estate, read Miami Luxury Real Estate.  Here’s the breakdown of sales at Fisher Island:

• Villa del Mare – 1 sale and highest this year in Fisher Island $12,360,000
• Seaside Villas – 4 sales ( $2,788,420 – $1,400,000 – $825,000 – $750,000)
• Pallazzo de Mare – 3 sales ($7,200,000 and 2 at $3,900,000)
• Oceanside – 2 sales ($11,200,000 and $2,575,000)
• Marina Village – 3 sales (435,000, $335,000 and $275,000)
• Bayview - 3 sales ($5,700,000 – $4,000,000 – $3,795,000)

Aventura Real Estate Market Report

There are currently 2196 condo listings in Aventura: (71 less than last month)

• Highest priced listing: $6,000,000 for a 4/6 at Porto Vita
• Lowest priced listing: $24,000 for a covered parking space at The Venture
• Pending sales: 189 (compared to 171 las month)
• Closed sales in 2008: 440 (80 Closings in July)

The highest closed sale this year in Aventura was at Porto Vita for $3,600,000 and the lowest was $12,000 at Hamptons West Condo for a poolside cabana where buyer had to be a Hamptons West Condo owner.

There have been 14 sales over $1 million in Aventura, 14 sales between $1 million and $700,000 and the rest of the sales were under $700,000 (412 sales).

Biscayne Park Real Estate Market Report

There are currently 53 single-family listings in Biscayne Park: (2 more than last month)

• Highest priced listing $769,215 (I think these sellers are playing the “no-zero” strategy)
• Lowest priced listing $160,000
• Pending sales (properties under contract):0 (compared to 4 last month)
• Closed sales in 2008: 13 ( 4 sales in July)

The highest sale in Biscayne Park was for $875,000 for the property located at 11080 Griffin Boulevard ( 4,384 sq. ft. canal-front home with 4 bedrooms / 2 bathrooms and 2 half baths on May 14, 2008).  The lowest sale was for $140,000 on June 27, 2008, for the property at 1110 NE 119th Street which was sold for land value since it was a fire-sale in the true sense of the word – house had a fire in Jan. 08.

El Portal Real Estate Market Report

There are 62 listings in El Portal: (1 more than last month)

• Highest priced listing is $925,000
• Lowest priced listing $215,000
• Pending sales (properties under contract):0 (compared to 2 last month)
• Closed sales in 2008: 4 (1 in the month of July)

The 3 closed sales this year in El Portal were for $259,000 for a 2 bedroom / 2 bathroom house located at 465 NE 89th Street on  April 15, 2008; $185,000 for a 2 bedroom / 1 bathroom house located at 335 NE 87^th Street on May 27^th, 2008; and $230,000 for a 2 bedroom / 2 bathroom house located at 134 NW 87th Street on June 11, 2008 and lastly, $212,000 for a 3 bedroom 1 bathroom house located at 164 NW 87th Street on July 31, 2008.

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

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This is a Miami Real Estate Market Report for the first 6 months of 2008.   You will notice an increase in sales which is indicative of a recuperating market.  I do these market reports on a monthly basis and you can go back to compare sales and real estate movement in prior months. Working with a Miami Real Estate Agent that knows the area is crucial to buying and selling real estate.  Historically, the Summer months are slower than the rest of the year when it comes to sales, but because we are recuperating, it may be different in 2008.

Miami Shores Real Estate Market Report

There are currently 223 listings in Miami Shores: (8 less than last month)

• Highest priced listing is $2,995,000 (bayfront home located at 9215 N. Bayshore Drive – listed since March 06 and started at $4.6 million)
• Lowest priced listing is $149,999 (bank-owned)
• Pending Sales (Properties under contract):19 (3 more than last month)
• Closed sales in 2008: 46 (8 sales in June, 13 in May)

10 of those 46 Miami Shores Sales have been between $700,000 and $1 million.  7 sales between $500,000 and $700,000 and 29 sales under $500,000 – which identifies the price range under $500,000 as more popular in today’s market.  The lowest sale this year in Miami Shores was for the home located at 31 NW 92nd Street which sold for $269,000 ($101,000 less than it was listed for on May 29th, 2007)

Bay Harbor Islands Real Estate Market Report

There are currently 22 single-family home listings in Bay Harbor Islands: (1 less than last month)

• Highest priced listing is $5,200,000
• Lowest priced listing is $575,000
• Pending Sales (properties under contract):0
• Closed sales in 2008: 1

The only closed sale this year was 10161 E. Broadview Drive which closed for $1,543,500 on  May 30, 08.  The house had been on the market since August 4, 2006 (listed for $1,795,000) ….taking almost 2 years to sell the property.  There were no additional closed sales in the month of June.

Surfside Real Estate Market Report

There are currently 86 single-family home listings in Surfside 7 less than last month)

• Highest priced listing is $6,499,000 (bayfront home located at 1249 Biscaya Drive – has been on the market since Feb. 07 and started off at $8 million).
• Lowest priced listing is $349,000
• Pending Sales (properties under contract): 4 (2 more than last month)
• Closed sales in 2008: 11 (1 in the month of June)

The highest sale this year in Surfside was for $3.2 million for a bayfront home (1356 Biscaya Drive) purchased in 2002 for $2.2 million, and the lowest sale was for $365,000 (9056 Byron Avenue).  The average price per square foot in Surfside according to those 11 sales is $338.98.

There are currently 244 condo listings in Surfside: (2 less than last month)

• Highest priced listing: $2,595,000 a 3/3 at Azure

• Lowest priced listing: $140,000 a 1/1 at Seaside Terrace Condo

• Pending Sales (properties under contract):9 (2 less than last month)

• Closed sales in 2008: 19 ( 5 closed sales in the month of June with highest sale at $1,250,000 for a 3/2 at Champlain Towers East and the lowest sale at $170,000 for a 1/1 at 9140 Collins Ave Condo)

The Surfside Condo inventory is barely moving this year with only 19 closed sales in 2008.  Although the beaches are some of the best and the density of the buildings is comfortable, this may be the time to get a good buy. Surfside has a tight-nit community with shopping and restaurants as well as Bal Harbour Shops within walking distance.

Fisher Island Real Estate Market Report

There are currently 136 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: $275,000 for a 1/1 at Marina Village
• Pending Sales: 3 (1 more than last month)
• Closed sales in 2008: 11 (5 closings in June:  1 at Palazzo Del Mare, 2 at Seaside Village and 2 at Marina Village)

Fisher Island is Fisher Island…no explanation needed – but if you want to get an idea of Fisher Island’s Real Estate, read Miami Luxury Real Estate The average price per square foot in Fisher Island according to the 11 sales this year is $1176.62

Aventura Real Estate Market Report

There are currently 2196 condo listings in Aventura: (71 less than last month)

• Highest priced listing: $6,000,000 for a 4/6 at Porto Vita
• Lowest priced listing: $24,000 for a covered parking space at The Venture
• Pending sales: 189 (compared to 171 las month)
• Closed sales in 2008: 360 (78 Closings in June & 87 closings in May alone)

The highest closed sale this year in Aventura was at Porto Vita for $3,600,000 and the lowest was $12,000 at Hamptons West Condo for a poolside cabana where buyer had to be a Hamptons West Condo owner.

So if you have some pocket change laying around (like $24,000 worth), remember you will be able to afford a parking space at The Venture in sought after Aventura.

Biscayne Park Real Estate Market Report

There are currently 51 single-family listings in Biscayne Park: (1 less than last month)

• Highest priced listing $769,215 (I think these sellers are playing the “no-zero” strategy)
• Lowest priced listing $160,000
• Pending sales (properties under contract):4 (1 more than last month)
• Closed sales in 2008: 9 ( 2 sales in June and 3 sales in May)

The highest sale in Biscayne Park was for $875,000 for the property located at 11080 Griffin Boulevard ( 4,384 sq. ft. canal-front home with 4 bedrooms / 2 bathrooms and 2 half baths on May 14, 2008).  The lowest sale was for $140,000 on June 27, 2008, for the property at 1110 NE 119th Street which was sold for land value since it was a fire-sale in the true sense of the word – house had a fire in Jan. 08.

El Portal Real Estate Market Report

There are 62 listings in El Portal: (1 more than last month)

• Highest priced listing is $925,000
• Lowest priced listing $215,000
• Pending sales (properties under contract):0 (compared to 2 last month)
• Closed sales in 2008: 3 (1 in the month of June and 1 in the month of May)

The 3 closed sales this year in El Portal were for $259,000 for a 2 bedroom / 2 bathroom house located at 465 NE 89th Street on  April 15, 2008; $185,000 for a 2 bedroom / 1 bathroom house located at 335 NE 87^th Street on May 27^th, 2008; and $230,000 for a 2 bedroom / 2 bathroom house located at 134 NW 87th Street on June 11, 2008.

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

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This is a Miami Real Estate Market Report for the first 5 months of 2008.   You will notice an increase in sales which is indicative of a recuperating market.  I do these market reports on a monthly basis and you can go back to compare sales and real estate movement in prior months. Working with a Miami Real Estate Agent that knows the area is crucial to buying and selling real estate.  Historically, the Summer months are slower than the rest of the year when it comes to sales, but because we are recuperating, it may be different in 2008.

Miami Shores Real Estate Market Report

There are currently 231 listings in Miami Shores: (8 less than last month)

• Highest priced listing is $2,999,000
• Lowest priced listing is $195,000 (bank-owned)
• Pending Sales (Properties under contract):16
• Closed sales in 2008: 38 (13 sales in May, 5 of these in April as opposed to 12 in March)

Although 25 of those sales were under $500,000 – you can definitely see a shift in the upper tear market with 6 sales over $800,000 and the highest sale of $850,000 for the property located at 1092 NE 94^th Street on 4/16/08.

Bay Harbor Islands Real Estate Market Report

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

• Highest priced listing is $5,200,000
• Lowest priced listing is $575,000
• Pending Sales (properties under contract):0
• Closed sales in 2008: 1

The only closed sale this year was 10161 E. Broadview Drive which closed for $1,543,500 on  May 30, 08.  The house had been on the market since August 4, 2006 (listed for $1,795,000) ….taking almost 2 years to sell the property.

Surfside Real Estate Market Report

There are currently 93 single-family home listings in Surfside 6 more than last month)

• Highest priced listing is $6,599,000
• Lowest priced listing is $349,000
• Pending Sales (properties under contract): 2 (2 less than last month)
• Closed sales in 2008: 10 (2 of them in May)

8 of those sales were under $600,000 and the highest at $3.2 million for a bayfront home (1356 Biscaya Drive) purchased in 2002 for $2.2 million.

There are currently 246 condo listings in Surfside: (as compared to 239 last month)

• Highest priced listing: $2,595,000 a 3/3 at Azure
• Lowest priced listing: $148,000 a 1/1 at Seaside Terrace Condo
• Pending Sales (properties under contract):11 (1 more than last month)
• Closed sales in 2008: 14 ( 2 closed sales in the month of May with highest sale at $1,250,000 for a 3/2 at Champlain Towers East and the lowest sale at $173,000 for a 1/1 at 9140 Collins Ave Condo)

Surfside’s Urban Plan, in my opinion, is one of the best because of the oceanfront buildings allowed density. I have told you about the 12 story max allowed on the oceanfront condos, which keeps the scale of those buildings manageable. If you dont like high-rises, Surfside may be for you. It also has a great close community with shopping and restaurants as well as Bal Harbour Shops within walking distance.

Fisher Island Real Estate Market Report

There are currently 136 listings in Fisher Island: (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: $275,000 for a 1/1 at Marina Village
• Pending Sales: 2 (same as last t month)
• Closed sales in 2008: 6 (1 closing in May at Palazzo del Mare for $4,250,000)

Fisher Island is Fisher Island…no explanation needed – but if you want to get an idea of Fisher Island’s Real Estate, read Miami Luxury Real Estate

Aventura Real Estate Market Report

There are currently 2267 condo listings in Aventura: (30 more than last month)

• Highest priced listing: $6,000,000 for a 4/6 at Porto Vita
• Lowest priced listing: $79,900 for a 1/1 at Point East (which is a 55+ gated community)
• Pending sales: 171 (compared to 182 last month)
• Closed sales in 2008: 282 (87 closings in May alone)

The highest closed sale this year in Aventura was at Porto Vita for $3,600,000 and the lowest was $12,000 at Hamptons West Condo for a poolside cabana where buyer had to be a Hamptons West Condo owner.

Biscayne Park Real Estate Market Report

There are currently 52 single-family listings in Biscayne Park: (2 less than last month)

• Highest priced listing $769,215
• Lowest priced listing $184,000
• Pending sales (properties under contract):3 (1 more than last month)
• Closed sales in 2008: 7 ( 3 sales in May and 3 sales in April)

The highest sale in Biscayne Park was for $875,000 for the property located at 11080 Griffin Boulevard ( 4,384 sq. ft. canal-front home with 4 bedrooms / 2 bathrooms and 2 half baths on May 14, 2008).  The lowest sale was for $305,000 on May 1, 2008,

El Portal Real Estate Market Report

There are 62 listings in El Portal: (1 more than last month)

• Highest priced listing is $925,000
• Lowest priced listing $215,000
• Pending sales (properties under contract):0 (compared to 2 last month)
• Closed sales in 2008: 2 (1 in the month of May)

The 2 closed sales this year in El Portal were for $259,000 for a 2 bedroom / 2 bathroom house located at 465 NE 89th Street on  April 15, 2008  and $185,000 for a 2 bedroom / 1 bathroom house located at 335 NE 87^th Street on May 27^th, 2008

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

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This is a Miami Real Estate Market Report for the months of January, February, March and April 2008. It is obvious that some real estate markets are seeing more movement but others remain quiet. If you are thinking of buying Miami real estate, make sure you work with a Miami Realtor that knows the area and the market fluctuations. If you are selling, May should be a great month right before the slow Summer months.

Miami Shores Real Estate Market Report

There are currently 239 listings in Miami Shores: (6 more from last month)

• Highest priced listing is $2,999,000
• Lowest priced listing is $199,900
• Pending Sales (Properties under contract):12
• Closed sales in 2008: 25 (5 of these in April as opposed to 12 in March)

14 of those 25 sales were under $500,000 and the highest sale was $860,000 at 490 NE 96th Street. And as I said last month, ˜this particular house was purchased for $1,508,000 in September 2005¦.talk about a big OUCH for those sellers!!

Bay Harbor Islands Real Estate Market Report

There are currently 19 single-family home listings in Bay Harbor Islands: (one more from last month)

• Highest priced listing is $5,200,000
• Lowest priced listing is $575,000
• Pending Sales (properties under contract):1
• Closed sales in 2008: 0

No sales this year in Bay Harbor Islands. That has to be tough for those people that HAVE to move.

Surfside Real Estate Market Report

There are currently 87 single-family home listings in Surfside 1 less than last month)

• Highest priced listing is $8,000,000
• Lowest priced listing is $349,000
• Pending Sales (properties under contract): 4 (3 more than last month)
• Closed sales in 2008: 8 (1 of them in April)

7 of those sales were under $600,000 and the highest at $3.2 million of a bayfront home (1356 Biscaya Drive) purchased in 2002 for $2.2 million.

There are currently 239 condo listings in Surfside: (as compared to 231 last month)

• Highest priced listing: $2,600,000 a 3/3 at Azure
• Lowest priced listing: $153,000 a 1/1 at Seaside Terrace Condo
• Pending Sales (properties under contract):10 (1 less than last month)
• Closed sales in 2008: 12 ( 6 closed sales in the month of April with highest sale at $1,250,000 for a 3/2 at Champlain Towers East and the lowest sale at $173,000 for a 1/1 at 9140 Collins Ave Condo)

I love Surfsides density and the 12 story max allowed on the oceanfront condos. If you dont like high-rises, Surfside may be for you. It also has a great close community with shopping and restaurants as well as Bal Harbour Shops within walking distance.

Fisher Island Real Estate Market Report

There are currently 138 listings in Fisher Island: (4 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: $275,000 for a 1/1 at Marina Village
• Pending Sales: 1 (as compared to 2 last month)
• Closed sales in 2008: 4 (1 closing in April – $750,000 for a 1/1 at Seaside Villas)

Fisher Island is Fisher Island…no explanation needed.

Aventura Real Estate Market Report

There are currently 2237 condo listings in Aventura: (88 less than last month)

• Highest priced listing: $6,000,000 for a 4/6 at Porto Vita
• Lowest priced listing: $81,888 for a 1/1 at Biscayne Lake Gardens
• Pending sales: 182 (compared to 134 last month)
• Closed sales in 2008: 195 (55 closings in April alone)

The highest closed sale this year in Aventura was at Porto Vita for $3,600,000 and the lowest was $59,000 at Commodore Plaza which is a 55 and over community.

Biscayne Park Real Estate Market Report

There are currently 54 single-family listings in Biscayne Park: (4 less than last month)

• Highest priced listing $975,000
• Lowest priced listing $190,000
• Pending sales (properties under contract):2
• Closed sales in 2008: 4 (3 sales in April)

The closed sales in Biscayne Park have been $275,000, $300,000, $310,000, $353,000

El Portal Real Estate Market Report

There are 62 listings in El Portal: (1 more than last month)

• Highest priced listing is $925,000
• Lowest priced listing $215,000
• Pending sales (properties under contract):0 (compared to 2 last month)
• Closed sales in 2008: 1

The only closed sale this year in El Portal was for $259,000 for a 2 bedroom / 2 bathroom house located at 465 NE 89th Street.

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

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This weeks Miami Luxury Real Estate Pick is located in Historic Morningside within Miami’s Upper East Side, where you can find bayfront estates as well as more modest historic residences.

510 NE 56 Street – Miami, Florida 33137

This fabulous 1934 historic home was designed by famous architect Lawrence Murray Dixon known for his Miami Beach Hotel design like the The Victor Hotel, The Tides Hotel and The Ritz Plaza Hotel to name a few. His attention to detail are visible throughout this home including his signature curves and use of circles. The home has over 3,000 square feet of living space and sits on a 12,000 square foot lot which houses an impressive 75 lap pool with mosaic mural with Bizassa glass designed by Edouard Duval- Carrier.

In my opinion, the photos of this magnificent house do not do it justice because the details have to be seen in person, from the custom French doors, column details, mosaic terrace floors, decorative quarry tile and more.

Its being offered for $999,000 and although it is in immaculate shape, anyone with interest in historic restoration would be lucky to get their hands on this impeccable home.

Features include:

• 3,021 square feet
• 120 X 100 lot (12,000 square feet) = ( 120 square meters)
• Main house has 3 bedrooms and 3 bathrooms with a 1 bedroom / 1 bathroom cottage
• 2 car garage
• Built in 1934 by L. Murray Dixon
• 75 long pool with mural by Edouard Duval-Carrier
• The listing history is as follows: listed on April 07 for $1,425,000, reduce in June 07 to $1,325,000, reduced on November 07 to $1,250,000 and again January 08 to $999,000. (A total of $426,000 in reductions) ** currently rented for $4,400 and off the market for sale

**property information courtesy of South East Florida Multiple Listing Service and Majestic Properties **

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