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Miami Shores Real Estate Market Report for February 2017

Ines Hegedus-Garcia
ines@miamism.com

How is the Miami Shores Real Estate Market Doing?

There are currently 116 homes for sale:  (same as last month)

  • Highest priced listing is $6,200,000 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 - see information below)
  • Lowest priced listing is $259,000 for the short sale at 165 NW 96 Street
  • Pending Sales (Properties under contract): 43 (compared to 33 in January)
  • Median Sales Price in February: $580,000
  • Closed sales in February: 10 (compared to 11 in January)

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

  • 200 NW 111 Ter - Foreclosure with 2 bedrooms / 2 bathrooms - 1,891 SF of living space on 10,200 SF lot.  Listed for $153,000 in November of 2016 and selling for $168,000. ($89/SF)
  • 10 NE 102 St - 3 bedrooms / 2 bathrooms - 1,562 SF on 9,750 SF lot. Listed for $200,000 and selling for $200,497 ($128/SF)
  • 675 NE 93 St - 3 bedrooms / 2 bathrooms - 1,729 SF on 11,170 SF lot. Listed for $595,500 in November of 2016 and selling for $492,000 ($285/SF)
  • 175 NW 109 St - 3 bedrooms / 2 bathrooms - 1,648 SF on 12,693 SF lot. Listed for $500,000 in November of 2016 and selling for $489,900 ($297/SF)
  • 250 NE 91 St - 2 bedrooms / 2 bathrooms - 2,649 SF on 13,500 SF lot.  Listed for $699,000 in July of 2016 with several price reductions and selling at $540,000 ($204/SF)
  • 62 NW 108 St - 3 bedrooms / 2 bathrooms - 2,101 SF on 9,225 SF lot.  Listed for $629,000 in December 2016 and selling for $620,000 ($295/SF)
  • 1076 NE 98 St - 3 bedrooms / 2.5 bathrooms - 2,298 SF on 8,475 SF lot. Listed for $799,000 and selling for $775,000 ($337/SF)
  • 1173 NE 104 St - 5 bedrooms / 4 bathrooms on the water (canal front) - 4,569 SF on 8,867 SF lot.  This house was originally listed for $1,695,000 in March of 2015 with a few contracts that appear to have fallen through and finally selling at $930,000 ($204/SF)
  • 1070 NE 96 St - Former architect's home with 4 bedrooms / 3 bathrooms - 2,605 SF on 10,650 SF lot. Listed for $1,300,000 and selling for $1,038,750 ($399/SF)
  • 1009 NE 104 St - 6 bedrooms / 4.5 bathrooms on the water (canal front) - 5,100 SF on 15,024 SF lot. Originally listed for $2,599,000 in April of 2016 and selling for $1,960,000 ($384/SF)

The average sold price per square foot in Miami Shores in February was $254 compared to $270 in January and 2016's average of $278.  2 of these sales were ridiculously low and out of character for Miami Shores, one being a foreclosure and teardown and the other a mystery.  These will always throw off averages but don't really reflect in the overall market.  If those 2 sales were removed, the average would be $303/SF.

There were 2 waterfront homes sold in February:  1173 NE 104 St which is right on Biscayne Blvd and 104th street canal and had been on the market since March of 2015 (difficult sale).  The other was 1009 NE 104 St which sold $639,000 cheaper than original list price.

Home inventory remains unchanged and homes are taking longer to sell.  The $1 M market and above is almost static with very few sales.  Interest rates continue to increase so buyers are a bit more pressed to buy.  This should definitely reflect on more sales in future months. 

If you are interested in a value analysis of your home, without obligation, we will be happy to send you one.  Just go to MiamismValue.com or click on The SELL tab above.

Miami Shores House of The Month

The Miamism Sales Team recommends the completely remodeled home at 90 NE 91 Street.  We are talking 30's charm with 2017's comfort.  Owner meticulously restored historically significant features of this home while bringing it to current standards with new gourmet kitchen, new roof, new impact windows and sits on a 11,043 SF lot with plenty of room for a pool.  

This home has 3 bedrooms / 2 bathrooms and 1,823 SF of living space and sits on private, corner lot.

Offered at $638,900

Please contact us for more information and to coordinate a showing appointment.


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