This is a Miami Real Estate Market Report for September 2009 – There’s always some finger pointing when things don’t keep progressing the way we expect them to. This time I blame appraisals for artificially driving down prices and killing real estate deals. Yes you heard me correctly, appraisals are killing deals and something needs to happen. If appraisers are supposed to be so objective about their valuation, how come they ask for executed contracts to arrive at their number? I’m tapping my foot until something happens and it needs to be soon – bad enough that regular sales get compared to desperation sales, but now it seems like appraisers are afraid and do their job while walking on hot coals.
There are currently 125 listings in Miami Shores:
(4 more 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 $91,900 (foreclosure at 58 NW 104th Street)
- Pending Sales (Properties under contract):43 (3 more than last month)
- Closed sales in September: 4 (8 less than previous month)
The 4 closed sales in Miami Shores last month were the following:
- 700 NE 101 Street – listed for $550,000 and selling for $495,000
- 1113 NE 98th Street – listed for $417,000 and selling for $355,000
- 1160 NE 91 Terrace – listed for $329,900 and selling for $275,000 (foreclosure)
- 117 NE 103 Street – listed for $220,000 and selling for $115,000 (short sale pending since May, 2009 – took over 4 months to close)
The large number of pending sales in Miami Shores we see each month are a clear representation of short sale properties under contract. Some of these take months to close – so expect to see these show up for a few months in our reports. Miami Shores is seeing a lot of buyers and movement, but the market is still slow and buyers are pickier than ever with really bizarre requests in addition to getting great deals. We will see what the end of the year has in store.
There are currently 26 single-family home listings in Bay Harbor Islands: (4 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):2 (1 less than last month)
- Closed sales in September: 0 (2 less than last month)
Back to no movement for Bay Harbor Islands real Estate. No sales last month – but it has a chance to make up for it before December when the market historically picks up a bit.
There are currently 61 single-family home listings in Surfside: (4 less 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 $275,000 for the home located at 8942 Carlyle Ave
- Pending Sales (properties under contract): 7 (same as last month)
- Closed sales in September: 4 (3 more than previous month)
The closed Surfside Real Estate sale in the month of September were the following:
- 9048 Emerson Ave – listed for $399,000 and selling for $390,000
- 9425 Byron Ave – listed for $390,000 and selling for $350,000
- 8842 Dickens Ave – listed for $385,000 and selling for $385,000
- 9165 Froude Ave – listed for $269,000 and selling for $269,000
It’s evident that the price range moving in Surfside is the $400,000 and under – that inventory is decreasing, so it gives some hope to the higher priced properties that are usually bigger and in much better condition.
There are currently 151 condo listings in Surfside: (1 more than last month)
- Highest priced listing: $2,500,000 a 3/3 at Azure Condo
- Lowest priced listing: $84,800 a 230 sq. ft. studio at Seaside Terrace
- Pending Sales (properties under contract):23 (5 more than last month)
- Closed sales in September: 1 (5 less than last month)
The one Surfside condo sale in September was a 3 bedroom / 2 bathroom oceanfront unit at The Waverly. Listed as a short sale for $420,000 and selling for $420,000. This unit had been listed since May of 2005 for $875,000 – obviously a speculator’s investment going south.
There are currently 139 listings in Fisher Island: (one 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: $295,000 for a 1/1 at Marina Village
- Pending Sales: 9 (2 more than last month)
- Closed sales in September: 1 (1 more than last month)
Fisher Island Real Estate‘s single September closing was for the Oceanside Residence at 7945 Fisher Island – listed for $2,750,000 and selling for $1,749,950 (I love when I see crazy numbers like this – reminds me of pulling numbers out of a hat – maybe they are superstitious)
There are currently 1496 condo listings in Aventura: (80 less than last month)
- Highest priced listing: $6,000,000 for a 4/6 at Porto Vita
- Lowest priced listing: $50,000 for a 1/1 short sale at Biscayne Lake Gardens
- Pending sales: 288 (27 more than last month)
- Closed sales in September: 63 (5 less than last month)
The highest closed sale in August was Bella Mare, 6000 Island Blvd, unit 2806 for $1,320,000 and the lowest was for $56,000 for a 1 bedroom / 1 bathroom residence at Point East.
There are currently 35 single-family listings in Biscayne Park: (5 more 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):11 (2 less than last month)
- Closed sales in September: 1 (2 less than last month)
The one sale for Biscayne Park Real Estate for the month of September was the property located at 728 NE 112th Street – listed for $259,000 and selling for $205,000 (short sale also taking over 4 months to close)
There are 28 listings in El Portal: (one more 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 $140,000 (short sale at 435 NW 90th Street)
- Pending sales (properties under contract):10 (2 more than last month)
- Closed sales in September: 1 (1 more than previous month)
The single sale in El Portal Real Estate was the property located at 69 NE 90th Street – a short sale starting at $379,000 in January 2008 and showing pending for 2 months before closing. El portal still has some great opportunities, especially if you are a first time home buyer looking for your $8,000 tax credit.
**all information obtained from the SouthEast Florida Multiple Listing Service**
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