This is a Miami Real Estate Market Report for July 2009 – inventory keeps decreasing and sales did go down in the month of July (which is completely normal for the summers here in South Florida). What we are seeing now is movement in the homes that have been listed for a long time - as if the overpriced home owners are finally realizing that they have to accept lower offers. This is not always the case though, newer listings priced competitively from the start are also moving quickly - this may mean that time on the market may start stabilizing as well. We should start seeing more sales in the month of August if we follow historical trends.
I truly believe that deals to be had are homes listed right now, those are the sales we are seeing, the ones that make you gasp in disbelief.
There are currently 121 listings in Miami Shores:
(5 less than last month)
- Highest priced listing is $2.5 million (bayfront home located at 9179 N. Bayshore Drive - short sale reduced from $3.15)
- Lowest priced listing is $117,000 (foreclosure at 175 NW 101 St)
- Pending Sales (Properties under contract):34 (3 less than last month)
- Closed sales in July: 13 (3 more than previous month)
Eleven out of the 13 sales in Miami Shores were under $500,000 and the other two were homes that had been on the market in excess of a year. Two of the sales were short sales and 2 were foreclosures. The lowest closed sale last month was the property located at 89 NW 109th Street, a foreclosure listed for $89,899 selling for $130,000. (reinforcing my point that when buying distressed properties, asking price should not be a factor if you want to be in the running- these properties are getting multiple offers). The Highest closed sale in July in Miami Shores was for the home located at 444 NE 96th St- Listed since 2007 for $1,950,000 and selling last month for $700,000 (talk about a huge OUCH).
There are currently 22 single-family home listings in Bay Harbor Islands: (same as 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):5 (1 more than last month)
- Closed sales in July: 0 (only one closed sale this year)
I wish I knew what was going on with Bay Harbor Islands real Estate - only one sale this year and no movement at all - you would think the real estate here is not desirable, but I can assure you it is the complete opposite, especially since the area has one of the lowest crime rates per capita in Miami-Dade County and the State of Florida.
There are currently 63 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 $269,500 for the home located at 8858 Emerson Avenue
- Pending Sales (properties under contract): 5 (2 less than last month)
- Closed sales in July: 3 (2 more than previous month)
The closed Surfside Real Estate sales in the month of July were the following:
- 1108 88 Street - 2 story, contemporary 4,194 square foot bay front home - selling for $1,750,000 (listed since 2005 on and off starting at $3,250,000)
- 9016 Garland Avenue - 2,008 square foot home selling for $556,500 (listed since November 2008 for $685,000)
- 8818 Abbott Avenue - 1,491 square foot home selling for $378,000 (listed June 2009 for $397,000)
There are currently 154 condo listings in Surfside: (5 less than last month)
- Highest priced listing: $2,400,000 a 3/3 at Solimar
- Lowest priced listing: $122,250 a 1/1 at Regent Palace
- Pending Sales (properties under contract):21 (5 more than last month)
- Closed sales in July: 4 (4 less than last month)
Surfside condo sales for the month of June ranged between $685,000 for a 2 bedroom / 2 and a half bathroom condo at Azure, to $280,000 for a 2 bedroom / 2 bathroom unit at Surfside Towers.
There are currently 138 listings in Fisher Island: (13 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: $335,000 for a 1/1 at Marina Village
- Pending Sales: 9 (2 more than last month)
- Closed sales in July: 2 (same as last month)
Closed sales for Fisher Island Real Estate last month was for a Bayside Village 3 bedroom / 3 and a half bathroom residence selling for $1,325,000 and a Seaside Villas 1 bedroom / 1 bathroom residence sold for $700,000. Make sure you don't miss the details about the Big O's place:
There are currently 1592 condo listings in Aventura: (130 less than last month)
- Highest priced listing: $6,000,000 for a 4/6 at Porto Vita
- Lowest priced listing: $5,000 for a covered parking space at The Venture (they decreased the price by $7,000)
- Pending sales: 244(5 more than last month)
- Closed sales in July: 84 (1 less than last month)
The highest closed sale in July was Hamptons South, 20201 E. Country Club Drive, unit 2710 for $1,100,000 and the lowest was for $58,500 for a 1 bedroom / 1 bathroom residence at the Biscayne Lake Gardens.
There are currently 33 single-family listings in Biscayne Park: (same as last month)
- Highest priced listing $589,000 (11849 Griffing Blv)
- Lowest priced listing $170,000 (690 NE 121 St – short sale)
- Pending sales (properties under contract):12 (3 more than last month)
- Closed sales in July: 2 (same as last month)
Biscayne Park Real Estate sales for the month of July were 11222 NE 9th Avenue selling for $227,500 and Bank owned property in need of major repairs and with code violations, located at 11701 NE 10th Avenue selling for $99,999.
There are 27 listings in El Portal: (same as last month)
- Highest priced listing is $549,000 (69 NE 87 St – listed since August 06, started at $749,900)
- Lowest priced listing $120,000 (short sale at 465 NW 89th Street)
- Pending sales (properties under contract):9 (same as last month)
- Closed sales in July: 3(2 less than previous month)
El Portal Real Estate sales for the month of July were:
- 311 NE 86th Street - 3 bedroom / 3 bathroom listed for $279,000 in June of 09 and selling for $232,500
- 386 NE 85th Street - 2 bedroom / 2 bathroom listed for $540,000 in December of 07 and selling as a short sale for $171,900
- 276 NE 90th Street - 3 bedroom / 2 bathroom listed for $509,000 in October of 06 and selling as a foreclosure for $167,000
**all information obtained from the SouthEast Florida Multiple Listing Service**