This is a Miami Real Estate Market Report for June 2009 – good news is that inventory is going down in every single area I looked at. Although sales have not picked up as much as I would have expected, the Miami Real Estate Market is surely making a comeback! In case you missed some good news from this past month -
There are currently 126 listings in Miami Shores: (21 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 million from last month)
- Lowest priced listing is $119,900 (foreclosure at 52 NW 111th St now under auction terms)
- Pending Sales (Properties under contract):37 (same as last month)
- Closed sales in June: 10 (same as previous month)
Nine out of the 10 sales in Miami Shores were under $400,000. One was a short-sale and 2 were foreclosures. The lowest closed sale last month was the property located at 74 NE 103rd Street, which was on and off the market since 2005 priced as high as $699,999 and ended up selling for $143,000 as a foreclosure. The Highest closed sale in June in Miami Shores was for the home located at 9650 NE 5th Road - Listed since 2007 for $1,081,223 and selling last month for $605,000. I sometimes wonder if these homes were priced more competitively from the start, they would have sold them quicker and for much higher - but that is always difficult to communicate to sellers.
There are currently 22 single-family home listings in Bay Harbor Islands: (3 less 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 June: 1
First and only sale of 2008 in Bay Harbor Islands real Estate is the property located at 9408 W Broadview Drive, sold for $3,400,000. The waterfront 3 bedroom, 5 bathroom, 2 half bath home with 108' of water frontage and 5,890 square feet of living space had been listed since March of 2007 for $4,950,000.
There are currently 67 single-family home listings in Surfside: (1 less than last month)
- Highest priced listing is $7,900,000 (for flawless 6 bedroom / 7.5 bathroom modern bayfront home located at 1236 Biscaya with 6,723 square feet of living space and 75? of bay frontage).
- Lowest priced listing is $199.900 for a short-sale at 9216 Byron Avenue (listed since December 2007 for $495,000)
- Pending Sales (properties under contract): 7 (3 more than last month)
- Closed sales in June: 1 (2 less than previous month)
The closed Surfside Real Estate sale in the month of June was for the 3 bedroom / 2 bathroom home located at 9133 Garland Avenue. Closing for $365,000 and listed since April 20009 for $359,00. There are currently 159 condo listings in Surfside: (14 less than last month)
- Highest priced listing: $2,500,000 a 3/3 at Azure
- Lowest priced listing: $100,000 a short sale studio at The Carlisle
- Pending Sales (properties under contract):16 (2 more than last month)
- Closed sales in June: 8 (3 more than last month)
Surfside condo sales for the month of June ranged between $1,400,000 for a 3 bedroom / 3 and a half bathroom condo at Azure, to $195,000 for a 1 bedroom / 1 and a half bathroom unit at Surfside Towers– out of the 8 sales only one was a short sale and one was a foreclosure.....good signs for Surfside Real Estate.
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 June: 2 (1 more than last month)
Closed sales for Fisher Island Real Estate last month was for an Oceanside 3 bedroom / 4 and a half bathroom residence selling for $3,950,000 and a Seaside 2 bedroom / 2 bathroom residence sold for $1,100,000 **which happens to be Oprah's place**
There are currently 1722 condo listings in Aventura: (47 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: 239(15 less than last month)
- Closed sales in May: 85 (26 more than last month)
The highest closed sale in April was Bella Mare in William’s Island, 6000 Island Blvd unit 2701 for $1,650,000 and the lowest was for $50,500 for a bank owned 1 bedroom / 1 bathroom residence at the Point East.
There are currently 33 single-family listings in Biscayne Park: (7 less than last month)
- Highest priced listing $449,900 (1112 NE 117 St)
- Lowest priced listing $170,000 (690 NE 121 St – short sale)
- Pending sales (properties under contract):9 (3 more than last month)
- Closed sales in June: 2 (one more than last month)
Biscayne Park Real Estate sales for the month of June represent the sales panorama of the area. The first was a short sale for the home located at 11615 Griffing Boulevard, which sold for $225,000 and was listed since march 2007 for $594,900. The second sale was a foreclosure for the home located at 11520 NE 8th Avenue which closed for $138,000 and was listed for $120,681 since May of 2009.
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 $136,900 (bank owned at 76 NW 85th Street)
- Pending sales (properties under contract):9 (2 less than last month)
- Closed sales in June: 5 (1 more than previous month)
El Portal Real Estate at least is seeing some sales now – 3 of June's sales were foreclosures and 1 was a short sale. Highest sale was the short sale - beautiful Mediterranean Revival home located at 287 NE 90th Street, selling for $370,000. **all information obtained from the SouthEast Florida Multiple Listing Service**