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Miami Shores Real Estate Market Report - April 2018

Ines Hegedus-Garcia
ines@miamism.com

How is the Miami Shores Real Estate Market Doing?

There are currently 111 homes for sale:  (compared to 117 in March)

  • Highest priced listing is $6,200,000 $5,499,000 $4,999,995 $4,575,000 for the bay front home at 1600 NE 103 St (2-story Italian Mediterranean with 20,534 SF LOT and 103' of open bay water frontage)
  • Lowest priced listing is $365,000 for the 3 bedroom/ 1 bathroom home at 279 NW 111th Ter
  • Pending Sales (Properties under contract): 25 (same as in March)
  • Median Sales Price in April: $600,000
  • Closed sales in April: 14 (compared to 17 in March)

The 14 Miami Shores homes sold in April were the following:

  • 636 NE 101 St - 5 bedrooms / 4 bathrooms, 3,266 SF on 15,048 SF lot - Originally listed in October of 2013 for $2.1 Million, with several price reductions, then rented and relisted for $1.95 Million, several more price reductions and finally selling for $1.1 Million ($334/SF)
  • 1045 NE 97 St - 3 bedrooms / 2 bathrooms, 2,383 SF on 8,475 SF lot - beautifully remodeled mid-century modern home listed for $965,000 and selling for $965,000 ($504/SF) **cash sale
  • 975 NE 94 St - 4 bedrooms / 2 bathrooms, 3,829 SF on 15,361 SF lot - originally listed for $1,175,000 in August of 2017 and selling for $830,000 ($235/SF) **cash sale
  • 262 NE 93 St - 4 bedrooms / 4 bathrooms, 2,759 SF on 10,843 SF lot - listed for $890,000 in January and selling for $850,000 ($308/SF)
  • 465 NE 96 St - 4 bedrooms / 2.5 bathrooms, 2,826 SF on 11,050 SF lot - listed for $772,000 in January and selling for $745,000 ($333/SF)
  • 475 NE 91 St - 3 bedrooms / 2 bathrooms, 1,940 SF on 6,350 SF lot - cute 1966 home, completely updated - listed for $749,000 in February and selling for $717,000 ($370/SF)
  • 990 NE 97 St - 3 bedrooms / 2 bathrooms, 2,611 SF on 11,500 SF lot - listed for $674,900 in January and selling for $600,000 ($230/SF)
  • 274 NW 93 St - 3 bedrooms / 2 bathrooms, 1,924 SF on 9,225 SF lot - originally listed for $639,000 in July of 2017 and selling for $535,000 ($296/SF)
  • 10295 NW 1 Ave - 3 bedrooms / 2 bathrooms, 2,066 SF on 8,640 SF lot - listed for $549,000 in January and selling for $500,000 ($305/SF)
  • 1191 NE 103 St - 2 bedrooms / 2 bathrooms, 1,877 SF on 10,153 SF lot - originally listed for $625,000 in October of 2017 and selling for $415,000 ($263/SF) **cash sale
  • 83 NE 100 St - 2 bedrooms/ 3 bathrooms, 1,774 SF on 8,625 SF lot - designated historic mediterranean revival home originally listed for $529,000 in October of 2015 with several price changes and selling for $446,000 ($312/SF)
  • 800 NE 91 Ter - 3 bedrooms / 2 bathrooms, 1,777 SF on 7,234 SF lot - originally listed for $565,000 in December of 2016 with several price decreases and selling at $450,000 ($281/SF)
  • 11225 NW 5th Ave - 3 bedrooms / 2 bathrooms, 1,637 SF on 10,152 SF lot - listed in March for $399,000 and selling for $390,000 ($238/SF) **cash sale
  • 190 NW 100th St - 2 bedrooms / 1 bathroom, 1,299 SF on 8,025 SF lot - listed for $389,900 in February and selling for $325,000 (316/SF)

The average sold price per square foot in Miami Shores in April for homes not on the water was $309, compared to:

It's already May and take a look at the average price per square foot in April, first time it's above $300 in years!!  But please note that this is an indicator on the type of property that is selling.  It's crucial that you, as a seller, are realistic about the condition of your house to know what you can get for it.  The homes selling for $300 and over are completely remodeled homes in good locations.  Homes that need work are not remodeled to TODAY's standards, are selling below the $300/SF mark.  If you add busy streets, train tracks, across from park or community area, then that decreases the price.  Being realistic is key for getting top dollar and selling quickly.  You may love your home and think it's the best in the block, but you will need the opinion of a professional that knows the inventory, to let you know how your home compares.

The good news, according to our REAL-TIME market reports for Miami Shores is that the Market Action Index is at 30 which indicates a "slight seller's advantage".

In the last few weeks the market has achieved a relative stasis point in terms of sales to inventory. However, inventory is sufficiently low to keep us in the Seller’s Market zone so watch changes in the MAI. If the market heats up, prices are likely to resume an upward climb.

Also note that 4 out of the 14 closings were cash deals.  Not a huge change from other months but interesting to see that Miami Shores is attracting cash buyers.

In addition to these monthly reports that we prepare the first week of each month, we also have our REAL-TIME reports that you can sign up with or request a home value report from MiamismValue.com.

Miami Shores House of The Month

The Miamism Sales Team recommends the amazing open bay home located at 1600 NE 103 St.  Although this home has been on the market for a while, NOW it's at the right price at only $679/SF for direct, open bay views!!  We're talking a 20,534 SF lot with 120' of bay frontage.  This is one of Miami Shores Grand Estates, built in 1959 and although remodeled with traditional Mediterranean details, has all the potential to be modern as well.  Please note that bay front homes in Miami Beach are selling above $1,200/SF and as high as $2,500/SF.

The home boasts 6 bedrooms / 5 bathrooms / 2 half-baths, it has 6,733 SF of adjusted square footage and total 8,263 SF.  It has a new boat dock and features include a summer kitchen, outdoor terraces, gated entrance with security cameras, exterior patio areas, exercise room, sauna, theater room and so much more.

The listing price is $4,575,000

Click on THIS LINK to get additional photos and information about the property or click below.

Please contact us to schedule a private showing appointment.


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