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Miami Shores Real Estate Market Report - September 2017

Ines Hegedus-Garcia
ines@miamism.com

How is the Miami Shores Real Estate Market Doing?

There are currently 99 homes for sale:  (compared to 106 homes last month)

  • Highest priced listing is $6,200,000 $5,499,000 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 $149,900 for the short sale at 9525 NW 2nd Ave - in need of MAJOR renovations and possible illegal conversion and well as code violations, according to MLS.
  • Pending Sales (Properties under contract): 19 (compared to 15 in August)
  • Median Sales Price in September: $634,500
  • Closed sales in September: 8 (compared to 18 last month)

The 8 Miami Shores homes sold in September, were the following:

  • 1247 NE 101 St - 3 bedrooms / 3 bathrooms with 2,280 SF on 11,180 SF lot. Completely remodeled, east of Biscayne - Listed in May for $899,000 and sold for $845,000 ($371/SF)
  • 254 NE 101 St - 3 bedrooms / 2.5 bathrooms with 2,283 SF on 8,625 SF lot. Completely remodeled - Listed in June for $799,000 and sold for $775,000 ($339/SF)
  • 54 NE 100 St - 3 bedrooms / 2.5 bathrooms with 2,622 SF on 8,625 SF lot. Completely remodeled - Listed in May for $689,000 and sold for $689,000 ($372/SF)
  • 286 NE 99 St - 4 bedrooms / 3.5 bathrooms with 2,487 SF on 8,625 SF lot. Charming, historic home from 1930's in need of updating - Listed for $749,000 in February, with several price reductions, and selling for $654,000 ($263/SF)
  • 50 NE 109 St - 3 bedrooms / 2 bathrooms with 1,879 SF on 9,225 SF lot.  Completely remodeled - Listed for $725,000 in April, with several price reductions, and selling for $615,000 ($327/SF)
  • 575 NE 95 St - 3 bedrooms / 2 bathrooms with 2,295 SF on 10,725 SF lot. Charming home in need of upgrades - Listed for $649,000 in April and selling for $630,000 ($277/SF)
  • 868 NE 100 St - 2 bedrooms / 2 bathrooms with 2,012 SF on 8,850 SF lot. Good condition in need of upgrades - Listed for $525,000 in June and sold for $525,000 ($317/SF)
  • 90 NE 106 St - 2 bedrooms / 1 bathroom with 1,505 SF on 9,247 SF lot.  Charming home with upgrades - Listed for $499,000 in July and selling for $470,000 ($392/SF)

The average sold price per square foot in Miami Shores in September for homes not on the water, was $332, compared to previous months:

  • August Average $280
  • July Average $286
  • June Average $291
  • May Average $299
  • April Average $266
  • March average $230
  • February average $254
  • January average $270
  •  2016's average of $278

There were no waterfront homes sold in August.  The average price per square foot for waterfront homes in Miami Shores this year is $299.

Although the real estate market in Miami Shores in starting to favor buyers, last month we saw evidence of high sales based solely on condition!!  Please pay attention because this is key to understanding the market.  Homes that are remodeled to today's standards (not 15 years ago), are still selling for top dollar and above The $300/SF range.  Homes that are in good condition but need updating are selling bellow the $290/SF range depending on the updates and condition.  Buyers need to pay attention to size of property, age of major ticket items like roof, electrical, plumbing, drain fields.  But the reality is that inventory continues to drop and this will ultimately favor sellers once again.

And if you are wondering how Hurricane Irma impacted real estate in Miami, please don't believe the stories that people are fleeing the area by the dozens.  Hurricanes are a part of our landscaping, want them or not.  For years, we have dealt with them and although they do slow down our lives for a couple of weeks, things are back to normal and running smoothly.  I do hope that it will help our building code get stronger, ultimately to protect us.

Please take a look at our Miami Shores REAL-TIME market reports which offer weekly "market action index", "market segments", and "real-time market profile". National and County-wide news sources can be slow and do not accurately represent what is happening in our local market. That's where we can help. Our reports are localized, easy to read and provide you with a well-rounded up to date view of how the market is behaving. 

Miami Shores House of The Month

The Miamism Sales Team recommends the waterfront home located at 1399 NE 104 St.  This canal front home was built in 1956 and has been completely remodeled plus has 75' of water frontage with no fixed bridges and direct ocean access.  It has 4 bedrooms, 3.5 bathrooms and 3,494 SF of living space on 8,925 SF lot.  The marketing description reads as follows:

Boater’s dream! Elegant, open and spacious 4-bed 3.5-bath 2-story completely-remodeled waterfront home in serene Miami Shores location. 75-foot-wide waterfront on canal seconds from Biscayne Bay w/no bridges. Top-notch remodel. Sleek Carrara marble flooring, top-of-the-line granite/wood gourmet European kitchen w/Sub-Zero/Bosch appliances. Spacious floor plan w/lots of windows. Lavish master suite w/luxurious bath, fully-fitted closets. 4th bedroom is maid’s room w/full bath. Lush tropical landscaping for privacy.

It's offered at $1,499,000 ($429/SF) <<amazing prize for remodeled waterfront in Miami Shores

Please contact us for additional information and to schedule a private showing appointment.


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