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June 2010 Real Estate Market Reports for Miami Shores, Bay Harbor Islands, Surfside, Fisher Island and Aventura

Ines Hegedus-Garcia
ines@miamism.com

This is a Miami Real Estate Market Report for June 2010 – not much change from May to June which can be a bit disappointing for those sellers that were getting excited about a recuperating market in some areas of Miami.  This is a clear indicator that the Miami and Miami Beach real estate recovery will happen slowly with some back steps along the way.  What to expect? less distressed inventory in popular areas, less flexibility from sellers in lower price ranges and my all time favorite, "the doubtful pessimists" that will hold back and will miss the boat <<I'm being sarcastic and yes I'll enjoy the "I told you so".

Miami Shores Real Estate Market Report

Miami Shores Real Estate
There are currently 118 Miami Shores homes for sale (9 more than last month):

  • Highest priced listing is $3.250 million (bay front home located at 1480 NE 103 Street – brand new amazing new listing)
  • Lowest priced listing is $79,900 (bank owned foreclosure located at 175 NW 101 St. with "in need of repairs" warning)
  • Pending Sales (Properties under contract):41 (1 less than last month)
  • Closed sales in June: 10 (3 less than last month)

The 10 Miami Shores homes sold in June were the following:

  • 441 Grand Concourse – listed for $850,000 and selling for $855,000 (one of Miami Shores Grand Scaled Homes with Colonial Facade, sold as a short sale and taking almost 10 months to close!!)
  • 1140 NE 100 St - listed for $625,000 and selling for $530,000
  • 1208 NE 98th St - listed for $377,000 and selling for $377,000 in one day!
  • 10565 NE 2 Ct - listed for $349,500 and selling for $327,500
  • 153 NW 100 Te - listed for $329,000 and selling for $323,500 (true MiMO gem)
  • 9717 NE 1 Ave - listed for $247,500 and selling for $255,000 in 2 days!
  • 103 NW 103 St - listed for $239,500 as a short sale and selling for $205,000 (4 months to close)
  • 150 NW 100 Te - Bank Owned Foreclosure listed for $200,000 and selling for $200,000
  • 10317 N Miami Av - listed for $199,000 and selling for $191,900
  • 10535 NW 2 Ct - Bank Owned Foreclosure listed for $64,900 and selling for $72,000

The first half of 2010 is making the Miami Shores real estate market look great.  Average price per square foot is slowly increasing from $153 in 2009 to $163.  There have been 67 Miami Shores homes sold this year ranging from $41,000 to $933,000 (and only 15 of those selling above $200/square foot).  Keep in mind that the Luxury market is still not moving and waterfront listings are just sitting there - there ARE some great properties for sale on the water...and this may be the time to move on them.

The homes that are moving and selling quickly are those under $500,000 - so if you are thinking of selling above that, you have to make sure your home is in tip top showing condition!

Bay Harbor Islands Real Estate Market Report

Bay Harbor Islands Real Estate

There are currently 19 Bay Harbor Island Homes for sale: (1 more than last month)

  • Highest priced listings is for $3,800,000 (10340 W Broadview Dr)
  • Lowest priced listing is $679,500 (1210 103 St – Active since January 2009 with starting price of $915,000)
  • Pending Sales (properties under contract):2 (2 less than last month)
  • Closed sales in June: 1

From 4 pending sales to 2 with one closed sale - what happened to the other contract? we can only assume the deal fell through.  Only 3 Bay Harbor Islands homes have sold this year compared to 2 in 2008 and 6 in 2009.  Things remain unchanged here with not much data to make real comparisons and give a true perspective of Bay Harbor Islands real estate.

The Bay Harbor Island home that sold in June was located at 1288 101 St - short sale listed for $450,000 and selling for $421,000.

Surfside Real Estate Market Report

Surfside Real Estate
There are currently 51 Surfside homes for sale: (7 more than last month)

  • Highest priced listing is $5,900,000 (1249 Biscaya Dr - 100 feet of water frontage on 15,000 sq. ft. lot)
  • Lowest priced listing is $279,000 for the home located at 8858 Harding Av (Short sale on a really busy street)
  • Pending Sales (properties under contract): 14 (1 less than last month)
  • Closed sales in June: 3 (2 less than last month)

The 3 Surfside homes sold in June were the following:

  • 9188 Bay Dr – listed for $850,000 and selling for $800,000 (waterfront short sale
  • 9365 Dickens Av - listed for $379,000 and selling for $295,000
  • 9333 Carlyle Av - listed for $245,000 and selling for $217,000

There have been a total of 25 Surfside Homes sold this year ranging from $217,000 to $800,000 with no movement in the Luxury waterfront market (very much like Miami Shores).  Keep in mind that there were a total of 44 Surfside homes sold in 2009 and 32 in 2008 - slight improvement, which gives hope to locals and those relocating to Surfside.

There are currently 137 Surfside Condos for sale: (2 less than last month)

  • Highest priced listings: $2,400,000 a 3/3.5 at Azure Condo unit 407 and $2,400,000 for a 3/3 at Solimar Condo unit 1207/6
  • Lowest priced listing: $105,000 for a 1/1 short sale at Sunset Condo
  • Pending Sales (properties under contract):31 (2 more than last month)
  • Closed sales in June: 8 (2 more than last month)

The 8 Surfside condo sales in June were the following:

  • Solimar Condo – 9559 Collins Av #S9-B – listed for $2,150,000 and selling for $1,850,000
  • Champlain Towers - 8777 Collins Av #PH-1 - listed for $675,000 and selling for $570,000
  • Azure Condo - 9401 Collins Av #604 - listed for $665,000 and selling for $615,000
  • Solimar Condo - 9559 Collins Av #S7-G - listed for $585,000 and selling for $535,000
  • Spiaggia Ocean Condo - 9499 Collins Av #303 - listed for $235,000 and selling for $190,000
  • Carlisle on the Ocean - 9195 Collins Av #810 - listed for $195,000 and selling for $196,000
  • Waverly at Surfside Beach - 9172 Collins Av #312 - listed for $175,000 and selling for $155,000
  • Carlisle on the Ocean - 9195 Collins Av #409 - listed for $170,000 and selling for $170,000

The Carlisle has been moving in the past few months with a lot of sales.  Keeping in mind that this is an all-cash building because it's neither Fannie Mae not FHA approved - it means there is light at the end of the tunnel for The Carlisle.  It's also great to see Luxury sales starting to move - Surfside Beach is one of my favorites, don't discard it if you are looking for a Luxury Condo in a quiet area of town.

There have been 45 Surfside condos sold this year ranging between $122.500 and $1,850,000.

Fisher Island Real Estate Market Report

Fisher Island Real Estate
There are currently 115 Fisher Island Condos for sale: (2 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: $190,000 for a studio at Marina Village
  • Pending Sales: 10 (same as last month)
  • Closed sales in June : 4 (1 more than last month)

The 4 Fisher Island condo sales in the month of June were the following:

  • Bayview at Fisher Island– 4931 Fisher Island Dr – listed for $3,200,000 and selling for $2,600,000
  • 5000 Bayview at Fisher Island - 5044 Fisher Island Dr - listed for $2,890,000 and selling for $2,500,000
  • Oceanside - 8031 Fisher Island Dr - listed for $2,498,000 and selling for $1,800,000
  • Seaside Villas - 15923 Fisher Island Dr - listed for $820,000 and selling for $750,000

We are seeing a huge disparity between Fisher Island listing and sales prices.  It seems that owners are being flexible and realizing that they most sell at a loss rather than keep the inventory.  We have seen 19 Fisher Island condo sales this year which is not bad considering that there were 25 total sales in 2008 and 32 in 2009.

Aventura Real Estate Market Report

Aventura Real Estate
There are currently 1451 Aventura condos for sale: (29 more than last month)

  • Highest priced listing: $12,000,000 for a 5/6 at Porto Vita
  • Lowest priced listing: $54,000 for a 1/1 foreclosure at Biscayne Lake Gardens
  • Pending sales: 296(18 less than last month)
  • Closed sales in June: 73 (2 more than last month)

The highest Aventura sale in the month of June was for the 4 bedroom, 4.5 bathroom project at Williams Island - a custom home "Villa Flora" (1515 Island Bl #401 in Williams Island) which was listed for $2,950,000 and sold for $2,300,000.

The highest Aventura condo sale in June was for the 5 bedroom, 5 bathroom residence at The Courtyards at The Point - 3707 NE 214th St #14 - listed for $1,395,000 and selling for $1,250,000.

The lowest Aventura condo sale in June was for the 1 bedroom, 1 bathroom short sale at Biscayne Lake Gardens.  It was listed for $69,000 and selling for $55,000.

There have been only 486 Aventura Condos sold this year ranging in price from $42,500 to $2,350,000 compared to 824 sales in 2009 and 1020 sales in 2008 - I'm thinking Aventura is still has a bit to go to start recuperating, especially because of the price disparity in inventory and the amount of construction we saw as well as speculative purchases.

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


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