Miamism» Market Reports

Top 3 Most Expensive Miami Beach Condo Sales – February 2010

Ines Hegedus-Garcia — Mon, 15 Mar 2010 02:00:24 +0000

There were 111 Miami Beach Condos sold in February ranging in price from $33,500 for a bank foreclosed Normandy Island studio, to a $3.25 Million South Beach Condo at The Continuum. Curious how the lowest Miami Beach home sold last month was also in Normandy Island, it’s definitely the place to go for good deals, but many Miami Beach purists don’t even consider Normandy a part of the beach … go figure. No surprise that 2 of the 3 highest sales were South Beach Condos – South of Fifth properties historically bring the best investment proposition.

February’s Most Expensive Miami Beach Condo Sale

Continuum South Beach: 50 S Pointe Dr #1001/8 – Miami Beach, FL 33139

Listed for $3,500,000 and sold for $3,250,000 on 02/01/2010

The Continuum South Beach keeps bringing us the highest monthly sales (with last month’s highest Miami Beach Condo Sale at $3,482,400). I personally like the first tower better, but who am I to judge? The amenities are out of this world and remember that it is the only high-rise South of Fifth that is directly on the ocean. This particular residence was listed originally for $4,799,000 in February of 2009. The MLS description says the following:

Spectacular sweeping direct ocean and South Beach views from this 4/4 corner residence with 4 terraces and 4 parking spaces (2 valet + 2 assigned). Private elevator and foyer, 10 ft ceilings, hurricane glass floor to ceiling windows, marble floors throughout, superior finishes & appliances. Live in paradise on 13 oceanfront acres at the southern most tip of South Beach with spa like amenities, world-class gym, 3 pools with pool side dining and 3 tennis courts. The Continuum is the preferred luxurious ch

(I guess the MLS ran out of space…..we will never know what “ch” means)

Features:

Built in 2008
3,497 square feet of living space
4 parking spaces (2 valet + 2 assigned)
4 bedrooms / 4 baths
marble floors
beach views
maintenance fees $3906/month

February’s Second Most Expensive Miami Beach Condo Sale

Apogee South Beach: 800 S Pointe Drive, #702 – Miami Beach, FL 33139

Listed for $3,600,000 and sold for $3,200,000 on 2/10/2010

Apogee is known as the most expensive address when it comes to South Beach condos – This particular residence selling at $1,031 per square foot. It had been listed since November 2009 for $3,950,000 with a few reductions and a nice final sale. The view of South Pointe Park, Fisher Island and Government Cut is beyond amazing. The MLS description reads (yes in all caps):

APOGEE-THE MOST EXCLUSIVE NEW ADDRESS IN SOUTH BEACH. AMAZING VIEWS OF THE BAY, FISHER ISLAND, DOWNTOWN SKYLINE, PORT OF MIAMI, AND THE ATLANTIC OCEAN! 300K IN UPGRADES-CRESTRON CONTROL-TRIAD SURROUND SYSTEM – THIS HOME HAS THE GOURMET KITCHEN ON THE SOUTH SIDE WITH BREATHTAKING WATER VIEWS. BEAUTIFUL SUNKEN TUB AND STEAM SHOWER IN THE MASTER BATHROOM SUITE. ONE OF THE FEW UNITS FINISHED WITH BEAUTIFUL 3′X 3′ ITALIAN MARBLE FLOORS. BRING YOUR PICKIEST CLIENTS AND MAKE AN OFFER ON THIS UNIQUE HOME!

Features:

3,103 square feet of living space
2 parking spaces
3 bedrooms / 4 bathrooms
bay views
Marble floors
custom surround sound system
Built in 2008
Maintenance fees $3,810/month

February’s Third Most Expensive Miami Beach Condo Sale

One Thousand Venetian – 1000 Venetian Wy #801/03 – Miami Beach, FL 33139

Listed for $1,699,000 and sold for $1,500,000 on 2/12/2010

This condo unit had been listed since November of 08 starting at $3,950,00 and also showing for rent at a monthly rate of $14,900. One Venetian happens to be one of those Miami Beach condos that people love because of the views – yes it’s an older building, but location is convenient (minutes from Downtown Miami and South Beach) and views, views and more views! MLS says (in caps also – I guess they had to scream to see this baby):

THIS HIDDEN PEARL ON AN ENTIRE PRIVATE FLR BACKS TO AN AMAZING WATERFRONT OFFERING SERENE PRIVACY & VIEWS. THE STUNNING HOME’S 3,840 SQ.FT. 5BD/4.5BA. TWO APARTMENTS W/4 COVERED PARKING SPACES PROVIDE THE PERFECT SETTING FOR MIAMI LIVING. 1,680 SQ.FT. OF TERRACES IS DESIGNED FOR OUTDOOR ENTERTANING W/DIRECT WATER VIEWS,DOWNTOWN MIAMI,& NORTH TO BISCAYNE BLVD. YOU’LL APPERCIATE THR LRG OPEN FAMILY RM-FORMAL DINING AREA. EAT-IN KITCHEN & APPOINTED GRAND MASTER STE. NESTLED BETWEEN MIAMI BEACH & DOWNTOWN MIA

Features:

3,840 square feet of living space
1,680 square foot terrace
5 bedrooms / 4.5 bathrooms
2 parking spaces
bayfront condo
marble and tile floors
Maintenance fees $2586 per month

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

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Top 3 Most Expensive Miami Beach Home Sales – February 2010

Ines Hegedus-Garcia — Mon, 08 Mar 2010 17:54:29 +0000

There were 16 Miami Beach Homes sold in February ranging in price between $191,300 for a bank owned Normandy Island home to $7,250,000 for a Star Island fixer upper. Talk about a huge disparity and what makes Miami so interesting to many. We can’t deny that there’s something for everyone here! With no further delay, here are the 3 Most Expensive Miami Beach Home sales last month.

February’s Most Expensive Miami Beach Home Sale

44 Star Island Drive – Miami Beach, FL 33139

Listed for $8,750,000 and sold for $7,250,000 on February 25th, 2010

Funny enough, this same house was our featured luxury listing for January: Miami Beach Luxury Home – Star Island

Here’s what I had to say:

The house itself is only 4,720 square feet, which is tiny compared to its neighboring estates. It was built in 1935 and to many it will be the “ugly duckling” of the island. But I urge to look past the obvious and notice that the existing structure does have a nice Florida Vernacular feel to it and nothing a little money and love can’t fix. It’s listed at $1,854 per square foot but I know that’s not a fair assessment since it’s all about the size of the lot. Well….Shaq’s lot was 87,120 square feet with 312 feet of frontage and the house was impeccable and needed no “updating” (other than changes here and there for tastes sake). So, my guess is that neighbors are pretty angry right about now because the only comp is throwing all the numbers off. Just based on the one sale, this property is grossly overpriced.

Here’s the MLS description:

Located on exclusive Star Island among some of Miami’s favorite celebrities, this bayfront estate offers over 200 feet of prime water frontage and provides beautiful sunrises, southeastern breezes and the utmost in security and privacy. Just minutes from both Downtown Miami and South Beach, this Colonial-style 4,720 home is ready for your update or build to suit. Ideal waterfront for large vessel. Least expensive property on Star Island!!

Features:

4,720 square feet of living space
Built in 1935
6 bedrooms / 5 bathrooms / 1 half bath
215 feet of water frontage
48,266 square foot lot
Barrel tile roof
2-story home

February’s Second Most Expensive Miami Beach Home Sale

269 N. Hibiscus Drive, Miami Beach, FL 33139

Listed for $5,995,000 and sold for $5,400,000 on February 24th, 2010

New Hisbiscus Island construction (built in 2007) with an interesting listing history. The home was originally listed in April 2007 for $10,900,000 and was on and off the market with several price reductions and increases and finally selling for $5.4 M last month. The MLS description reads:

New-elegant Mediterranean-waterfront estate on guard gated Hibiscus Island. This luxury 3-story home comes equipped with dramatic volume ceilings, oversized impact windows/doors, multiple private balconies and boat dock which can accommodate large vessel. Resort style swimming pool w/jacuzzi, elevator, top-of-the-line appliances, marble/wood flooring throughout. 40 X 30 roof top terrace with spectacular views of Biscayne Bay, the Downtown Miami Skyline and Port of Miami. Never been lived in. New home.

Features:

New construction – built in 2007
8,096 square feet of living space
12,250 square foot lot with 70 feet of water frontage
bayfront
2-story home
6 bedrooms / 7.5 bathrooms
pool with jacuzzi
elevator
within guard-gated Hibiscus Island

February’s Third Most Expensive Miami Beach Home Sale

5760 North Bay Road, Miami Beach, FL 33140

Listed for $5,950,000 and sold for $4,500,000 on February 22, 2010

This home was listed for $7,495,000 in September 09, reduced to $5,950,000 in December and was under contract by January 7th 2010. North Bay road boasts with the most beautiful, unobstructed views of Biscayne Bay, and this house is the perfect example of that. Older home, built in 1963, without being pretentious, except for the view. Shows location is still worth a pretty penny in Miami Beach. The MLS description reads:

Endless views on this gated Mediterranean Estate on prestigious upper North Bay Rd, on a very large lot (26,830 SF) wide Biscayne Bay front lot with a large concrete dock for a substantial boat, elegant open floor – turnkey estate! Gorgeous pool, large master bedroom with sitting area and the best views on N Bay Rd. Circular driveway and lush landscaping Miami Beach Waterfront Dream!

Features:

Built in 1963
6,752 square feet of living space
26,830 square foot lot with 92 feet of water frontage
3 bedrooms / 4 bathrooms
2-car garage
pool

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

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

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

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

Miami Shores Real Estate Market Report

There are currently 106 Miami Shores homes for sale:

Highest priced listing is $2.699 million (bayfront home located at 1430 NE 101 Street –listed since September 2007 for $3.9 million )
Lowest priced listing is $160,000 (short sale located at 133 NE 103rd St)
Pending Sales (Properties under contract):50 (5 more than last month)
Closed sales in February: 6

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

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

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

Bay Harbor Islands Real Estate Market Report

There are currently 22 Bay Harbor Island Homes for sale: (1 more than last month)

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

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

Surfside Real Estate Market Report

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

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

The 4 Surfside homes sold in February were the following:

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

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

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

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

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

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

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

The 8 Surfside condo sales in January were the following:

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

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

Fisher Island Real Estate Market Report

There are currently 129 Fisher Island Condos for sale: (3 less than last month)

Highest priced listing: $30,000,000 for an exclusive Oceanside 5/5.5 home with artwork and all!
Lowest priced listing: $190,000 for a studio at Marina Village
Pending Sales: 7 (1 less than previous month)
Closed sales in February: 2 (1 more than last month)

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

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

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

Aventura Real Estate Market Report

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

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

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

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

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El Portal Real Estate Market Report

Ines Hegedus-Garcia — Tue, 02 Mar 2010 17:04:52 +0000

We are doing a specific market report for the months of January and February 2010 for El Portal homes because a loyal reader noticed we removed it from our regular monthly reports. Remember we rely on feedback to know what type of information to give you. So if you ever want to see anything specific, please let us know.

There are currently 21 El Portal homes for sale:

Highest priced listing is $549,000 (69 NE 87th St – listed on and off since 06 with pricing as high as $724,900)
Lowest priced listing $128,000 (wood frame home sitting on a 19,600 sq. ft. lot at 115 NW 90th St)
Pending sales (properties under contract):11
Closed sales in January: 3
Closed sales in February: 0

January El Portal Homes sold were the following:

250 NE 87th St – listed for $250,000 and selling for $244,000 (approved short sale sold in 06 for $475,000, relisted for $250,000 in October 2009)
189 NW 102 St – listed for $159,900 and selling for $130,000 (quite a history on this property listed at high as $675,000 in 2007 with many obvious price reductions)
60 NE 88th St – listed for $104,900 and selling for $104,900 (bank owned listed in November 09)

There were a total of 33 El Portal homes sold in 2009 compared to only 12 in 2008. I keep saying that this is one of those gem neighborhoods we need to keep as a secret – with great historic homes, gorgeous trees and how about those peacocks!!!

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

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Top 3 Most Expensive Miami Beach Condo Sales – January 2010

Ines Hegedus-Garcia — Thu, 25 Feb 2010 14:05:22 +0000

There were 117 Miami Beach condos sold in January 2010 with the lowest sale being a pool cabana at Casablanca Condo for $16,000 and the next highest a 1 bedroom condo at Normandy Place Condo (which was a bank owned property). Now to the good stuff.

January’s Most Expensive Miami Beach Condo Sale

The Continuum on South Beach: 50 S Pointe Drive, #TWN6 – Miami Beach, FL 33139

Listed for $4,353,000 and sold for $3,482,400 on 1/29/2010

The Continuum needs no introduction – it’s 2 towers are the only 2 oceanfront uber luxurious high-rises in the area knows as South of Fifth in South Beach. This unit was listed on January 13th, 2010 and was under contract by the 17th! WOW! (but there are not even interior photos of the unit on the MLS, so it was obviously sold before it listed). Here’s the MLS description:

Enjoy 12 Acres of Oceanfront Living at Continuum II! Spacious, large balcony with magnificent views! Italian kitchen with stainless steel Miele appliances, Subzero refrigerator, granite countertops and marble floors. Luxury amenities include 24 hr security and valet parking, full-time concierge service, 2 large lagoonpools with pool and beach-side services from patio restaurant. Three pro-clay tennis courts, 23,000 sf Sporting Club and spa with infinity lap pool!

Features:

2,901 square feet of living space
built in 2008
4 bedrooms / 4.5 bathrooms
2-car garage
Direct Ocean Views
Beachfront condo
Facing South
Balcony
Decorator ready
Maintenace Fee – (not disclosed)

January’s Second Most Expensive Miami Beach Condo Sale

Il Villaggio: 1455 Ocean Drive #1102 – Miami Beach, FL 33139

Listed for $2,195,000 and sold for $1,850,000 on 1/05/2010

This unit was purchased for $2,700,000 in June 2007 and was on and off the market starting on February 2008 with an asking price of $3,590,000. The sellers lost $850,000 in this real estate transaction, but you can only speculate that they enjoyed Il Villaggio’s views and amenities in the 2.5 years they owned it.

The ultimate “south view” residence at South Beach’s very own Il Villaggio. This sleek, sexy floor plan provides wrap-a-round views of the ocean, Lummus Park and the seductive South Beach coastline. Three expansive terraces, dramatic foyer entrance, custom bamboo flooring, gourmet kitchen, marble baths, & a luxurious master suite. Luxury building offers the finest, personalized services of any building in South Beach, oceanside promenade and community room. Live the life you’ve always imagined…

Features:

1,700 square feet of living space
built in 1998
2 bedrooms / 2.5 bathrooms
1 parking space
Beachfront condo
Facing South
Balcony
Maintenance Fee – $1835/month

January’s Third Most Expensive Miami Beach Condo Sale

Canyon Ranch – 6799 Collins Ave #505 – Miami Beach, FL 33141

Listed for $1,900,000 and sold for $1,550,000 on 1/29/2010

Canyon Ranch is Miami Beach’s latest craze bringing life to Mid-Beach with luxury and style. This particular residence was listed on March 2009 for $1.9 Million and had no price adjustments.

One of a kind, amazing beach house facing East w/ direct ocean views. This is a must see! 2 Bed + den/media room (could be converted to 3rd bedroom)+ a private rooftop terrace, directly on the ocean. Spacious layout w/10 ft ceilings, stunning baths and custom kitchen. Canyon Ranch offers every luxurious amenity including all spa services and on-site restaurants.

Features:

1,965 square feet of living space
built in 2008
2 bedrooms / 3 bathrooms
1 parking space
Beachfront condo
Decorator ready
Facing East
Balcony
Maintenance Fee – $2500/month

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Top 3 Most Expensive Miami Beach Home Sales – January 2010

Ines Hegedus-Garcia — Wed, 24 Feb 2010 14:08:48 +0000

When it comes to Miami Beach Homes, there were 11 sales in the month of January 2010. Two of these sales in exclusive La Gorce Island and the other one was a Pinetree Mansion. The lowest sale in January was at Biscayne Beach and as per the MLS description, “buy this house and get a free car”…can’t tell you the details on the car – but the house was on a dry lot at 965 79th Terrace and sold for $225,000.

January’s Most Expensive Miami Beach Home Sale

92 La Gorce Circle – Miami Beach, FL 33141

Listed for $13,500,000 and sold for $9,500,000 on 1/25/2010

This house was on and off the market since September 2005, starting at $17,500,000, was also for rent for $100,000 and finally sold for $9.5 Million. MLS description:

Set on approx. an acre, this remodeled 9700+sf Mediterranean estate offers privacy and elegance. 200+ft of wterfront. 7 brs, ofc, 8.5 baths, fine marble and hardwd flrs, dbl living room w/marble fireplc overlooking the water. Media rm, family rm w/granite bar & spacious kitchen w/breakfast area, sumptuous master suite w/soaring ceilings. Notable exterior features of the grand estate include hand-laid keystone appointments, stone fountains and interior courtyard loggias surrounded by coral stonework.

Features:

built in 1939
9,719 square feet of living space
7 bedrooms / 8.5 bathrooms
waterfront
42,749 square foot lot
200 feet of water frontage
House faces East
Guard-gated island
2-story Mediterranean Revival home
Private dock

January’s Second Most Expensive Miami Beach Home Sale

5745 Pinetree Drive – Miami Beach, FL 33140

Listed for $5,990,000 and sold for $4,650,000 on 1/4/2010

This home was known for it’s short term rentals and was showing on the MLS available for rent for $19,500/month and $27,000/month (long and short term rentals). It had also been on and off the market starting in 2000 with highest listing price of $7,900,000. Personally, Pinetree has never done it for me – some of these homes facing condos across the canal, but you can’t take away the splendor and grand scale of a lot of these Pinetree Homes. Description on the MLS:

Classic, renovated estate on stately Pinetree Drive! All new hurricane impact windows and doors to be installed! Approximately 9000 sf, 5 bedroom, 8 bath home with 150 ft of protected water-frontage! owner will consider financing or trade for other property including condos! Renovations are finished and all doors and windows are in!!!!!

Features:

built in 1929
8,689 square feet of living space
5 bedrooms / 6 bathrooms / 2 half-baths
waterfront
26,700 square foot lot
150 feet of water frontage
House faces East
2-story Mediterranean Revival home
Private dock

January’s Third Most Expensive Miami Beach Home Sale

55 La Gorce Circle – Miami Beach, FL 33141

Listed for $3,300,000 and sold for $2,200,000 on 1/19/2010

This home was listed in 2007 for $4,400,000 and then again for $3,300,000 in August 2009 – I’m guessing the million dollar price reduction made the difference with this dry-lot home (meaning NOT waterfront).

Sophistication reigns supreme on this exquisite property. Located on guard-gated La Gorce Island, this beautiful 4 bedroom/5 bath, 5,387 sf home, situated on a 13,750 lot features an abundance of stunning details and amenities such as a luxury kitchen, pool area, high ceilings, master suite with his/her bathrooms and a 2-car garage. Unmatched, awe-inspiring elegance and style. just a few minutes to world-renowned South Beach and downtown Miami.

Features:

built in 1968
5,387 square feet of living space
4 bedrooms / 5.5 bathrooms
2-car garage
13,750 square foot lot
House faces West
Guard-gated island
pool

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

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

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

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

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

Miami Shores Real Estate Market Report

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

Highest priced listing is $2.699 million (bayfront home located at 1430 NE 101 Street –listed since September 2007 for $3.9 million )
Lowest priced listing is $189,500 (approved short sale located at 17 NW 107th St)
Pending Sales (Properties under contract):45 (26 of these are short sales which historically take a long time to close)
Closed sales in January: 4

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

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

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

Bay Harbor Islands Real Estate Market Report

There are currently 21 Bay Harbor Island Homes for sale:

Highest priced listings is for $4,950,000 (10200 W Broadview Drive – listed since December of 2008 for $5,200,000)
Lowest priced listing is $499,000 (9970 E. Bay Harbor Drive – Villa – listed since Feb. 07 – starting price of $659,000)
Pending Sales (properties under contract):3 (1 of them a short sale at 1288 NE 101 Street)
Closed sales in January: 0

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

Surfside Real Estate Market Report

There are currently 59 Surfside homes for sale:

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

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

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

There are currently 135 Surfside Condos for sale:

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

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

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

Closed sales in January: 7

The 7 Surfside condo sales in January were the following:

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

Most of the condo sales in Surfside have been distressed sales – something to pay attention to if you are buying – check the building’s financial statements and make sure their condo maintenance fees are being covered and if they have reserves. Spiaggia is slowly getting rid of its distressed condos which should be a relief for the residents (although price range has been seriously affected).

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

Fisher Island Real Estate Market Report

There are currently 132 Fisher Island Condos for sale:

Highest priced listing: $30,000,000 for an exclusive Oceanside 5/5.5 home with artwork and all!
Lowest priced listing: $190,000 for a studio at Marina Village
Pending Sales: 8 (3 of these are short sales)
Closed sales in January: 1

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

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

Aventura Real Estate Market Report

There are currently 1418 Aventura condos for sale:

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

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

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

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Good news about Miami Real Estate from Forbes

Ines Hegedus-Garcia — Mon, 18 Jan 2010 15:38:00 +0000

It’s not often we hear good real estate news about Miami, especially from Forbes. But this morning, Francesca Levy does exactly that!

In her article, Cities With The Fastes-Falling Home Prices, Levy mentions that,

home prices are dipping nationwide, down 1.4% by one measure, and will inch perilously close to their January 2009 bottom.

Numbers come from Altos Research’s January market update, which looks at asking prices, inventory and days on the market for single-family homes (not condos), in 27 of the country’s closely watched real estate markets.

Miami is the only city of the 27 markets Altos tracks that saw asking prices rise over the last three months. Prices there were up 2% from October to a median price of $494,992. The reasons for this are mixed: While the numbers are somewhat promising, Miami’s good fortune is also a reflection of just how long it took for the hard-hit Florida housing market to regain its footing. And even with the recent upturn, it’s the city where homes sit on the market for the longest by far. Homes here stay for sale for a median of eight months. Not to mention Altos’ analysis only reflects single-family homes–not condominiums, a section of the Miami’s real estate market that has yet to stabilize.

Therefore, Miami’s upswing should be taken skeptically, says Simonsen. “Miami lagged behind everything else, and so is only now starting to feel the impact of the stimulus.”

Mike Simonsen is a good friend and have had shop talk with him on many occasions, my point always being that although these general numbers are good to give an overall perspective, they should not be used to buy or sell real estate. I say it over and over again here in Miamism.com, real estate is local – you need to scrutinize the numbers of a particular area, not whole metropolitan cities. Miami is very large and there are some areas in Miami where prices have dropped, and others that have been in a considerable upswing in the past few months.

Have to check with Mike, but think that maybe these “Miami” numbers also include “Miami Beach Real Estate”. Either way, the news comes at a good time and reinforces what we are seeing locally.

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Miami Shores Real Estate Market Report for 2009

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

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

Here are the general figures for 2009:

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

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

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

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

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

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

**Data obtained from SEF MLS**

Search for Miami Shores Homes

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Miami Beach Real Estate Market Reports for 2009 – La Gorce Island Luxury homes

Ines Hegedus-Garcia — Mon, 04 Jan 2010 23:04:09 +0000

La Gorce Island homes are known for their scale and “wow” factor. It is a guard-gated community in Miami Beach with some of the nicest landscaped streets you will see anywhere in South Florida and with large, luxurious homes. As for real estate sales in 2009, only 3 and none of them are waterfront. There are currently 10 homes listed for sale at La Gorce Island ranging in price between $19,500,000 and $1,600,000 – which is again evidence that the high-end Luxury inventory is not moving. Six of the 10 homes currently listed are above $5 million, all except one listed for sale for quite some time.

Address	Bds	Bths	HBth	sqft	Water	Lot Size	List Price	Sale price	$/sq.ft
6675 Windsor Ln	5	5	1	4,347	N	13,125	$1,500,000	$1,450,000	334
6640 Pinetree Ln	4	4	1	3,534	N	12,500	$1,475,000	$1,312,416	371
6630 Sheffield Ln	5	4	1	3,515	N	13,125	$1,300,000	$1,200,000	341

The good news about La Gorce is that the average price per square foot is high for homes on dry-lots (non-waterfront homes) – putting the price per square foot based on those 3 sales at $349. I’m curious to see what happens with the Mega-home inventory in Miami Beach – will it start moving in 2010? I’m sure a lot of those home owners hope so.

**UPDATE** There were no additional sales in the month of December in La Gorce Island which makes this real estate market report the FINAL one for 2009.

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