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April 2012 Housing Market Report for Miami Shores, Bay Harbor Islands, Surfside and Fisher Island

Ines Hegedus-Garcia
ines@miamism.com

This is a Miami Real Estate Market Report for April 2012.  We have reached a point in Miami where people are comfortable with their real estate ownership again.  The fear is gone for desirable areas within Miami and unless you bought at the very height of the market, most people will recuperate their investment when selling....and a lot will make money if they bought at rock bottom prices.  Personally, I find this to be a relief.  As real estate consultants, always looking our for our clients' best interest, it's great to finally have good news.  We do ask that you please do your homework when it comes to choosing a REALTOR, there are a lot out there that will fill your ears with what you want to hear, not necessarily what it will take to get the job done.

Miami Shores Real Estate Market Report

There are currently 64 Miami Shores homes for sale (10 less than last month):
  • Highest priced listing is $2,000,000 (new listing at 308 NE 96 St)
  • Lowest priced listing is $87,500 (Short Sale at 9254 NW 3 Av)
  • Pending Sales (Properties under contract): 45 (6 more than last month)
  • Closed sales in April: 13 (3 less than previous month)

The 16 Miami Shores homes sold in April ranged from $739,000 a Realtor owned 3 bedroom / 2 bathroom home EAST of The Boulevard located at 1025 NE 97th St to a short sale at 2 NE 108th St, selling for $138,000.

The Median price for Miami Shores homes sold in April was $285,000 with an average price of $358,000.  Only 3 of those 13 homes sold were distressed (short sales).  The distressed inventory right now in Miami Shores has decreased from last month's 30%  to 28% and most are short sales – meaning 28% of homes for sale right now in Miami Shores are either short sales or foreclosures.  We don't expect that the distressed inventory disappears all together, but we do know this number has been staying low.  Most of the distressed inventory is in the NW area of Miami Shores, in the last area that was annexed recently close to Barry University,

Bay Harbor Islands Real Estate Market Report

There are currently 14 Bay Harbor Island Homes for sale (2 more than last month):

  • Highest priced listings is for $4,900,000 (10140 W Broadview Dr)
  • Lowest priced listing is $805,000 (1230 96 St)
  • Pending Sales (properties under contract): 2 (1 more than last month)
  • Closed sales in April:  0

There were no Bay Harbor Island Homes sold in the month of April and this is very common considering how small the area is.  The median list price for Bay Harbor Islands is $1,350,000 with an average list price of $1,960,000.  There is NO distressed inventory which makes Bay Harbor Islands extremely desirable.

 

Surfside Real Estate Market Report

There are currently 34 Surfside homes for sale (4 less than previous month):
  • Highest priced listing is $5,500,000 (1332 Biscaya Dr)
  • Lowest priced listing is $397,5009(9049 Emerson Av)
  • Pending Sales (properties under contract): 13 (2 more than previous month)
  • Closed sales in April: 3 (4 less than previous month)

The 3 Surfside homes sold in April were the following:

  • 9217 Bay Drive - listed for $649,000 and selling for $625,000
  • 9175 Bay Drive - listed for $539,000 and selling for $485,000
  • 9009 Garland Av - listed for $395,000 and selling for $365,000

The Surfside homes inventory for sale continues to decrease which is a positive sign for the community in general.  The distressed inventory continues to stay at a minimum with only one short sale and no foreclosures out of the 34 homes that are currently for sale.

There are currently 73 Surfside Condos for sale (2 less than last month):

  • Highest priced listing:  $1,750,000 for a 3/3/1 at Azure, PH 1107
  • Lowest priced listing: $149,500 for a 1/1/1 at Ocean 91 Condo
  • Pending Sales (properties under contract):26 (4 less than previous month)
  • Closed sales in April: 10 (3 more than previous month)

The 10 Surfside condos sold in April ranged from a 3 bedroom, 2.5 bathroom condo at Champlain Towers sold for $885,000, to a 1 bedroom / 1 bathroom, 750 sf condo at Coral Sea Condo selling for $110,000.

Out of the 10 Surfside condos sold, 3 were distressed, but this 30% doesn't represent the existing inventory.  Less than 3% of the Active Surfside Condo inventory for sale is distressed, which is a low number compared to many other areas within Dade County.  We have been seeing a consistent decrease in the past 12 months.  Surfside is on of the Miami neighborhoods that is already out of the water and well represented with both Surfside homes as well as Surfside condos.

Fisher Island Real Estate Market Report

There are currently 95 Fisher Island Condos for sale (2 more than last month):
  • Highest priced listing: $14,000,000 for an exclusive Oceanside 6/6/1
  • Lowest priced listing: $98,010 for a foreclosed studio at Marina Village
  • Pending Sales: 6 (1 more than last month)
  • Closed sales in April: 3 (4 less than last month)

The 3 Fisher Island Condos sold in April were:

  • Bayside Village – 2211 Fisher Island Dr – listed for $1,450,000 and selling for $1,350,000.
  • Bayside Village - 2012 Fisher Island Dr - listed for $995,000 and selling for $900,000.
  • Marina Village - 41216 Fisher Island Dr - listed for $549,000 and selling for $375,000.

The median listing price in Fisher Island is still $2.49 Million.  Distressed properties continue to make up less than 10% of current for sale inventory.  Fisher Island's desirability has not decreased and will only continue to improve with the ultra-luxury demand that is currently growing in South Florida.

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


miguel mudafort 8th May, 2012

very informative page, question: do you expect the citizen homeowners insurance rate hikes to pretty much semi-depress property values in miami shores and the upper east side area.

Ines Hegedus-Garcia 8th May, 2012

Miguel,
Historically, insurance costs have been high in South Florida (not just Miami Shores). I don't foresee for these hikes to affect property values any more than they have been. The educated consumer does their homework regarding all aspects of the home buying process and insurance is one of the big ticket items next to property taxes.

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