This is a Miami Real Estate Market Report for July 2012. Mainstream media is finally catching up and giving you the good news that Miami real estate has recuperated. I find it amazing that they are quite behind and still reluctant to give you the real scoop. I find some reports humorous claiming that real estate will collapse once again. The truth is that increases have been conservative and dictated by supply and demand. Will you find the crazy overpriced developers or private home owner? Absolutely YES!! But do your homework, work with REALTORS that know what they are doing and most importantly, who will look out for your best interest. We are always here to help and even if we don't work the area you are interested in, we will find someone we trust to help you.
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There are currently 55 Miami Shores homes for sale (one more than last month):
- Highest priced listing is $3,399,000 (Short Sale listing at 1680 NE 104th St)
- Lowest priced listing is $87,500 (Short Sale at 9254 NW 3 Av)
- Pending Sales (Properties under contract): 40 (4 less than last month)
- Closed sales in July: 13 (4 less than last month)
The 13 Miami Shores homes sold in July ranged from $1,300,000 for a Grand Concourse Modern Colonial estate with 6 bedrooms and 5.5 bathrooms located at 441 Grand Concourse, to a 3 bedroom / 2 bathroom short sale at 9130 NE 10 Ave, selling at $240,000.
The Median price for Miami Shores homes sold in July was $389,000 with an average price of $465,000. 3 out of the 13 sold homes were distressed, with 3 short sales and no foreclosures. It's important to point out that desirable areas like Miami Shores have a shortage of inventory and there is not a lot to pick from if you are in the market to buy. Those homes that are staged and priced well, are sold in only days, so keep that in mind if you want to buy. You will have to work with an aggressive Realtor that knows the area and intricacies of the local market.
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There are currently 11 Bay Harbor Island Homes for sale: (3 less than last month)
- Highest priced listings is for $4,900,000 (10140 W Broadview Dr)
- Lowest priced listing is $719,000 (1260 96 St)
- Pending Sales (properties under contract): 2 (same as last month)
- Closed sales in July: 1 (same as last month)
The Bay Harbor Island Home sold in the month of July was located at 1271 94 St. It sold for $1,187,500 and was listed for $1,295,000 – with 4 bedrooms / 4 bathrooms, 3,092 sf of living space and 15,000 sf lot. The home was built in 1953 and totally updated.
There is still no distressed inventory in Bay Harbor Islands, making the area very desirable, not only because of location, but also low crime rate and limited number of homes.
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There are currently 30 Surfside homes for sale: (5 less than last month)
- Highest priced listing is $5,500,000 (1332 Biscaya Dr)
- Lowest priced listing is $373,000 (420 88 St)
- Pending Sales (properties under contract): 12 (same as last month)
- Closed sales in July: 2 (same as last month)
The 2 Surfside homes sold in July were the following:
- 725 92 St– listed for $479,000 and selling for $445,000
- 9049 Emerson av– listed for $397,500 and selling for $390,000
The Surfside homes inventory for sale continues to decrease and so does there is currently no distressed inventory! Surfside has definitely recuperated and prices are showing a regular increase.
There are currently 64 Surfside Condos for sale: (3 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): 22 (3 less than last month)
- Closed sales in July: 6 (1 more than last month)
The 5 Surfside condos sold in July were the following:
- 9500 Oceans Condo - 9511 Collins Av - unit #604 - listed for $439,000 and selling for $382,000
- Marbella Condo - 9341 Collins Av - unit #904 - listed for $424,900 and selling for $395,000
- 9500 Oceans Condo - 9511 Collins Av - unit #1107 - listed for $295,000 and selling for $262,000
- Surf Club Apartments - 9133 Collins Av - unit #3F - listed for $229,000 and selling for $200,000
- Four Winds Condo - 9225 Collins Av - unit #1406 - listed for $185,500 and selling for $184,700
- Winter Gardens Condo - 8955 Collins Av - unit #201 - short sale listed for $130,000 and selling for $130,000
Two out of the 64 Surfside condos for sale are distressed. For those of you looking for a "deal", those days are over. You can still find condos that are priced well and need some cosmetic work, but deals are gone for the most part. Surfside condos are still less expensive than ocean front condos in the rest of Miami Beach, so this is the place to go when you don't want to pay a premium but still have great ocean front options.
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There are currently 92 Fisher Island Condos for sale: (1 less than last month)
- Highest priced listing: $14,000,000 for an exclusive Oceanside 6/6/1
- Lowest priced listing: $93,200 for a foreclosed studio at Marina Village
- Pending Sales: 3 (same as last month)
- Closed sales in July: 2 (5 less than last month)
The 2 Fisher Island Condos sold in July were:
- Villa del Mar - 7221 Fisher Island Dr - unit 7221 - listed for $3,200,000 and selling for $2,000.000
- Bayview Fisher Island - 5324 Fisher Island Dr - unit 5324 - listed for $710,000 and selling for $750,000.
The median listing price in Fisher Island is still $2.5 Million. Distressed properties make up less than 8% of current for sale inventory, and this is beginning to decrease. The beauty of Fisher Island is that there a diversity of property types to fit every budget. If you are looking for privacy and exclusivity, you can still purchase a 1 bedroom condo-hotel at Seaside Villas or Marina Village for under $500,000, a spacious 2 bedroom for under $1 Million or go to the ocean side for above $2 Million. The security and private ferry are priceless for residents and vacation home owners who like the distinctive lifestyle.
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**all information obtained from the Southeast Florida Multiple Listing Service**