This is a Miami Real Estate Market Report for November 2009 – The market is moving, maybe not at the pace that many hoped....but I did say when it started back up, it would be at a very slow pace.
Some cities are seeing more movement than others, and that's why we choose to group these monthly reports this way, to see the disparity between cities in close proximity.
I think what's important for you to understand if you are a buyer is what price range is moving in the areas you are interested in and how the distress inventory has increased or decreased - this should be a good determining factor to make a move now or wait.
As for the Luxury market - it's disconcerting to see that the higher end properties are not moving at all - I've been doing separate market reports for islands in Miami Beach and although we are seeing sales, we're not seeing much movement in the $5 million and above. Will those owners hold on to the inventory or start dropping their prices? we should see in the next couple of months.
There are currently 111 listings in Miami Shores:
(7 less than last month)
- Highest priced listing is $2.699 million (bayfront home located at 1430 NE 101 Street –listed since September 2007 for $3.9 million )
- Lowest priced listing is $104,900 (bank owned home at 175 NW 101 St)
- Pending Sales (Properties under contract):48 (4 less than last month)
- Closed sales in November: 9 (1 more than previous month)
The 9 closed sales in Miami Shores last month were the following:
- 113 NE 101 Street – listed for $799,000 and selling for $540,000 (historic house listed originally for $1,095,000 on February of 2009)
- 422 NE 93 Street – listed for $599,000 and selling for $538,500 ($193/sq.ft.)
- 825 NE 91 Street– listed for $379,000 and selling for $340,000 (originally listed for $449,000 on November 2008)
- 315 NE 98 Street – listed for $350,000 and selling for $350,000 (originally listed for $399,000 on September 2009)
- 61 NE 108 Street – listed for $348,000 and selling for $349,000
- 131 NE 96 Street – listed for $274,000 and selling for $235,000 (originally listed for $324,613 in August of 2008)
- 117 NW 100 Street – listed for $269,000 and selling for $260,000
- 122 NW 110 Street – listed for $159,000 and selling for $152,000(foreclosure $82/sq.ft.)
- 117 NW 101 St - listed for $159,000 and selling for $90,000 (short sale listed originally for $189,900 in January of 2009 - $73/sq.ft.)
Still a lot of pending sales in Miami Shores (homes under contract) and as I explained before, are a representation of short sales that take forever to close. Price range that is moving is anything under $400,000 - so if you are a seller in that price range, make sure your house shows well in order to compete with that inventory.
The average price per square foot from last month was $176 (dropping from $188 last month) and that’s not taking into consideration the 2 distressed sales under $100/sq.ft. The highest sale per square foot was $210.00 meaning you can shoot for that number if your house is impeccable or historically relevant.
A few new listings in Miami Shores that makes me wonder what the owners and listing agents are thinking - gorgeous homes yes, but priced above $300/sq.ft. and even $500/sq.ft. for dry lots! .....will keep an eye out as they get closer to reality.
There are currently 23 single-family home listings in Bay Harbor Islands: (4 less than last month)
- Highest priced listings is for $4,950,000 (10200 W Broadview Drive – listed since December of 2008 for $5,200,000)
- Lowest priced listing is $499,000 (9970 E. Bay Harbor Drive – Villa – listed since Feb. 07 – starting price of $659,000)
- Pending Sales (properties under contract):4 (1 more than last month)
- Closed sales in November: 0 (same as last month)
Another month of no movement for Bay Harbor Islands real Estate. Think about it, only 5 sales this whole year, that has to be a concern for Bay Harbor Islands Real Estate sellers - all I say is patience! According to the Bay Harbor Islands Police website, it has the lowest crime rate per capita in Dade-County and one of the lowest in Florida....that should give you plenty of peace of mind.
There are currently 67 single-family home listings in Surfside: (3 more than last month)
- Highest priced listing is $7,900,000 (for flawless 6 bedroom / 7.5 bathroom modern bay front home located at 1236 Biscaya with 6,723 square feet of living space and 75' of bay frontage).
- Lowest priced listing is $259,000 for the home located at 9173 Carlyle Ave.
- Pending Sales (properties under contract): 4 (same as last month)
- Closed sales in November: 4 (1 less than previous month)
The closed Surfside Real Estate sales in the month of November were the following:
- 8843 Carlyle Av – listed for $399,000 and selling for $375,000 ($245/sq.ft.)
- 8843 emerson Av– listed for $340,000 and selling for $315,000 ($155/sq.ft.)
- 8858 Emerson Av– listed for $269,000 and selling for $247,000 ($167/sq.ft.)
- 9165 Byron Av – listed for $254,900 and selling for $250,000($121/sq.ft.)
It so happens that the lowest sales of $121/sq.ft. and $155/sq.ft. were both distressed sales (a short sale and a foreclosure) - putting the average price per square foot of Surfside homes for the month of November at $206. Please keep in mind that this is not a good number to guide you when pricing your home - appraisers will only consider comparable properties and will go back 6 months.
There are currently 145 condo listings in Surfside: (5 less than last month)
- Highest priced listing: $2,500,000 a 3/3 at Azure Condo
- Lowest priced listing: $99,000 a 1/1 at Regent Palace
- Pending Sales (properties under contract):27 (3 more than last month)
- Closed sales in November: 3 (1 less than last month)
The 3 closed Surfside condo sale in November were the following:
- 9511 Collins Ave #1410– 9500 Ocean Condo – listed at $254,700 and selling for $240,000 (foreclosure)
- 9195 Collins Ave #PH9 – Carlisle on The Ocean – listed at $163,000 and selling for $163,000 (short sale)
- 9499 Collins Ave #705 – Spiaggia – listed for $138,000 and selling for $138,000 (foreclosure)
Most of the condo sales in Surfside have been distressed sales - something to pay attention to if you are buying - check the building's financial statements and make sure their condo maintenance fees are beeing covered and if they have reserves.
There are currently 139 listings in Fisher Island: (same as 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: 3 (same as last month)
- Closed sales in November: 2 (2 less than last month)
Fisher Island Real Estate’s November closings were the following:
- Oceanside at Fisher Island – 7222 Fisher Island Drive – listed at $4,200,000 and selling at $3,200,000 (originally listed for $6,000,000 in December of 2006, then $5,490,000 in February 2008 and selling at almost 50% of original price - OUCH!)
- Bayview at Fisher Island – 4924 Fisher Island Drive – listed at $1,495,000 and selling at $1,275,000 (this unit had been originally priced in November 2005 for $3,050,000, taken off the market and relisted in April of 2009 for $1,495,000) - glad to see the sellers came to their senses.
The great thing about buying at Fisher Island is the fact that so many are vacation homes or 2nd or 3rd homes. When sellers are ready to sell, they usually will do so quickly, so make offers....you will be surprised what gets accepted now in the island for those that want out.
There are currently 1471 condo listings in Aventura: (11 less than last month)
- Highest priced listing: $6,000,000 for a 4/6 at Porto Vita
- Lowest priced listing: $54,900 for a 1/1 short sale at Biscayne Lake Gardens
- Pending sales: 293(12 more than last month)
- Closed sales in September: 63 (6 less than last month)
Aventura is moving! – with progressively less inventory, more pending sales and more closings – The highest closed sale in November was at The Peninsula, 3201 NE 183 St #PH-4/5 for $1,250,000 and the lowest was for $71,000 for a 1 bedroom / 1.5 bathroom residence at Towers at Biscayne Cove.
There are currently 28 single-family listings in Biscayne Park: (2 less than last month)
- Highest priced listing $449,900 (1112 NE 117th Street)
- Lowest priced listing $145,000 (11320 NE 10 Ave – short sale)
- Pending sales (properties under contract):8 (3 less than last month)
- Closed sales in November: 4 (same as last month)
Here are the 4 sales in Biscayne Park for the month of November:
- 735 NE 113 Street – listed for $395,000 and selling at $310,000
- 650 NE 118 Street – listed for $275,000 and selling at $225,000
- 635 NE 116 Street – listed for $257,900 and selling at $205,000 (foreclosure)
- 11209 NE 8 Court – $248,000 and selling at $210,000
Only one distressed sale last month in Biscayne Park which says a lot about a stabilizing market, especially in this price range which is the most popular. Biscayne Park is great for first time home buyers, great urbanism and trees and they have their own police force - if you've never been, take a drive and you will be pleasantly surprised.
There are 25 listings in El Portal: (1 less than last month)
- Highest priced listing is $1,200,000 (300 NE 89th St – this one is a bit off for the neighborhood…..white elephant?)
- Lowest priced listing $100,000 (short sale at 435 NW 90th Street)
- Pending sales (properties under contract):12 (same as last month)
- Closed sales in November: 2 (2 more than previous month)
The closed sales in El Portal for the month of November were the following:
- 152 NE 89 Street - listed for $324,900 and selling for $285,000 (originally priced at $349,000 in september of 2009)
- 102 NE 86 Street - listed for $225,000 and selling for $227,000 (short sale on and off the market since July 2006, originally priced at $569,000)
**all information obtained from the SouthEast Florida Multiple Listing Service**