This is a Miami Real Estate Market Report for May 2011. Real estate has changed quite a bit in the past few years and those that are experiencing the current housing market, whether by selling or buying Miami Beach homes and the surrounding neighborhoods will attest to that. Now please don't be stubborn, it is crucial that you work with a knowledgeable Miami Realtor that knows what they are doing - don't just work with one, but listen to their advice, they've been there and done that and can give you a few pointers on how to approach your purchase or sale! And thanks to Forbes for the great article this week: Home Sale Down? Not for This Realtor.
There are currently 97 Miami Shores homes for sale (1 more than last month):
- Highest priced listing is $2.499 million (bay front home located at 1430 NE 101 Street – listed since September 2007 starting at $3.9 Million)
- Lowest priced listing is $75,000 (Short sale at 279 NW 109th St)
- Pending Sales (Properties under contract):38 (1 less than last month)
- Closed sales in May: 12 (1 more than last month)
The 12 Miami Shores homes sold in May were the following:
- 1301 NE 103 St - listed for $849,000 and selling for $700,000 on 5/4/11
- 254 NE 101 St - originally listed for $599,000 on November of 2010 - selling for $530,000 on 5/13/11
- 547 NE 94th St - listed for $468,000 and selling for $450,000 on 5/19/11
- 1020 NE 99th St - short sale originally listed for $650,000 on February of 2009 and selling for $370,000 on 5/19/11
- 89 NE 109th St - originally listed for $489,000 in August of 2010 and selling for $380,00 on 5/09/11
- 253 NE 104 St - listed for $375,000 and selling for $358,000 on 5/27/11 (in one month!)
- 114 NE 108th St - short sale originally listed for $459,000 in June of 2009 and selling for $240,000 on 5/13/11
- 9530 NW 1 Ave - listed for $239,000 and selling for $228,000 on 5/4/11
- 102 NW 106 St - listed for $172,900 and selling for $150,000 on 5/17/11
- 10402 NE 2nd Ave - short sale originally listed for $199,000 in June of 2010 and selling for $165,000 on 5/13/11
- 55 NW 92 St - foreclosure listed for $135,000 and selling for $110,000 on 5/13/11
- 5 NW 106th St - foreclosure listed for $128,700 and selling for $138,000
The lower end inventory in Miami Shores is moving like hot bread in a bakery!! Anything under $350,000 is selling in only days with multiple offers, which reminds me of our Seller's Market! Most of these homes will be located in the NW section of Miami Shores or close to it. Homes priced right, in any price range and in great move-in condition, are also selling quickly - so think of staging when you list your Miami Shores home for sale!
There are currently 15 Bay Harbor Island Homes for sale: (2 less than last month)
- Highest priced listings is for $3,590,000 (10140 W Broadview Dr)
- Lowest priced listing is $659,000 (1210 98 St) < just reduced
- Pending Sales (properties under contract): 3 (1 more than last month)
- Closed sales in May: 0 (1 less than last month)
Bay Harbor Island’s housing market was on a roll, but unfortunately, there were no sales in May. Let's keep our eyes out on waterfront and Luxury sales here, because we have not seen any of those in quite some time.
There are currently 49 Surfside homes for sale: (4 less than last month)
- Highest priced listing is $5,500,000 (1332 Biscaya Dr)
- Lowest priced listing is $329,000 for the home located at 9432 Abbott Ave
- Pending Sales (properties under contract): 19 (same as last month)
- Closed sales in May: 6 (4 more than last month)
The 4 Surfside homes sold in May were the following:
- 9557 Bay Dr - listed for $549,900 and selling for $520,000 on 5/09/11
- 411 88 St - originally listed for $599,000 in November 2010 and selling for $500,000 on 5/6/11
- 8934 Garland Av - originally listed for $610,000 on April 2010 and selling for $425,000 on 5/2/11
- 9216 Byron Av - foreclosure listed for $299,o00 and selling for $276,000
- 9272 Harding Av - foreclosure listed for $239,900 and selling for $225,000
- 8858 Dickens Av - short sale listed for $199,000 and selling for $205,000
The fact that the lowest priced listing in Surfside now is $329,000 says a lot about how this area is recuperating. Just one year ago, you could buy homes under $200,000 and now they are nowhere to be found. Even the remaining distressed inventory is priced a lot higher than that, so keep that in mind when putting a bid to a lower priced home - if you are serious about buying that house, you don't want to low ball your offer.
There are currently 81 Surfside Condos for sale: (9 less than last month)
- Highest priced listing: $2,400,000 for a 3/3 at Solimar Condo unit 1207/6
- Lowest priced listing: $90,000 for a 1/1 short sale at Seaside Terrace unit 1
- Pending Sales (properties under contract): 28 (1 more than last month)
- Closed sales in May: 7 (3 less than last month)
The 10 Surfside condo sales in April were the following:
- Surfside Towers – 9511 Collins Av #1004– listed for $465,000 and selling for $355,000
- Champlain Towers – 8777 Collins Av #402 – listed for $399,000 and selling for $355,000
- Four Winds Condo – 9225 Collins Av #PH-H– foreclosure listed for $299,900 and selling for $309,000
- Spiaggia Ocean Condo – 9499 Collins Av #408 – short sale listed for $233,000 and selling for $215,000
- Manatee Condo – 9273 Collins Av #1108 – listed for $221,000 and selling for $207,000
- The Waverly at Surfside Beach Condo – 9172 Collins Av #209 – listed for $115,000 and selling for $117,000
- Sunset Condo - 9248 Collins Ave #205 - listed for $115,000 and selling for $117,000
May Surfside Condo sales show movement in the lower tier, under $350,000. Although you see sales at The Waverly for $117,000, these steals are long gone and no longer found - remember that a lot of these had been under contract for some time. Newer buildings with views are still considered prime real estate and these deals will all be CASH!
There are currently 114 Fisher Island Condos for sale: (6 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: $134,500 for a studio at Marina Village Gardens (short sale) << in heart of commercial sector (perfect for crew or visitors)
- Pending Sales: 8 (3 more than last month)
- Closed sales in May : 1 (1 less than last month)
The Fisher Island Condo sold in May was located in Oceanside at Fisher Island (unit 7938). It was originally listed in May of 2010 for $3,3 Million and lowered to $2.9 Million in June of 2010 and then again to $2.499 Million in November - finally closing on May 18th, 2011 for $2 Million. The sellers had bought this residence in August of 2001 for $1.725 Million.
Distressed Fisher Island inventory keeps decreasing as the months go by, now showing 10%, as opposed to April's 13%. Fisher Island remains a "go to" destination for 2nd home owners and locals who are looking for a getaway! Just a ferry-ride away and you will be in an exclusive resort-like setting that is unparalleled anywhere in South Florida.
**all information obtained from the Southeast Florida Multiple Listing Service**