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October 09 Real Estate Market Reports for Miami Shores, Bay Harbor Islands, Surfside, Fisher Island, Aventura, Biscayne Park and El Portal

Ines Hegedus-Garcia
ines@miamism.com

This is a Miami Real Estate Market Report for October 2009 – There is not a place Rick and I go that we don't get the infamous question:  "How is real estate? - is it picking up?" The answer is YES, it is picking up, we are working with more buyers and closing more deals - our Majestic Properties office alone is up 28% in sales from this time last year.  But if you are a seller, you still need to be patient because there is still a lot of inventory which means a lot of choices for ready and willing  buyers.  Please make sure your home is in tip-top showing condition if you want to be in the running though - and make sure you have aggressive on-line marketing since we are seeing a lot of foreign nationals and investors making a move and that's where most buyers begin searching.

Miami Shores Real Estate Market Report

Miami Shores Real Estate There are currently 118 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 $126,000 (short-sale at 9021 N Miami Av)
  • Pending Sales (Properties under contract):52 (9 more than last month)
  • Closed sales in October: 8 (4 more than previous month)

The 4 closed sales in Miami Shores last month were the following:

  • 10331 NE 6th Ave – listed for $699,000 and selling for $657,000 (golf-front - $222/sq.ft)
  • 665 NE 97th Street– listed for $579,000 and selling for $538,500 ($193/sq.ft.)
  • 601 Grand Concourse– listed for $545,000 and selling for $473,500 (historic - $195/sq.ft.)
  • 550 NE 102nd Street  – listed for $449,000 and selling for $400,000 ($170/sq.ft.)
  • 440 NE 105th Street - listed for $399,900 and selling for $380,000 (foreclosure $137/sq.ft.)
  • 9701 NE 4th Ave - listed for $350,000 and selling for $350,000 ($175/sq.ft.)
  • 189 NW 105th Street - listed for $249,000 and selling for $227,000 ($172/sq.ft.)
  • 52 NW 111th Street - listed for $94,900 and selling for $99,777 (foreclosure $53/sq.ft.)

There's a huge amount of pending sales in Miami Shores at this time which, as I mentioned last month, are a representation of short sales that take forever to close - hopefully we will begin to see some of those properties actually close. The average price per square foot from last month was $188 and that's not taking into consideration the 2 foreclosure properties since they are distress sales and the homes were in total disarray and not comps at all to the other properties.  We are seeing the +/- $500k range moving at this time in Miami Shores - the Miami Shores Luxury Market is at a stand still.

Bay Harbor Islands Real Estate Market Report

Bay Harbor Islands Real Estate There are currently 27 single-family home listings in Bay Harbor Islands: (1 more 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):3 (2 more than last month)
  • Closed sales in October: 0 (same as last month)

Another month of no movement for Bay Harbor Islands real Estate.  I have to admit I'm a bit disappointed, I though the 5 sales this Summer meant their market had a bright future....but not quite.  One thing to keep in mind is that Bay Harbor Islands is a sought out market and little inventory and no sales is not always a bad sign, especially for those that call the island home.

Surfside Real Estate Market Report

Surfside Real Estate There are currently 64 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 $250,000 for the home located at 9132 Abbott Ave
  • Pending Sales (properties under contract): 4 (3 less than last month)
  • Closed sales in October: 5 (1 more than previous month)

The closed Surfside Real Estate sales in the month of October were the following:

  • 9116 Byron Ave – listed for $695,000 and selling for $635,000
  • 400 92 Street – listed for $499,000 and selling for $495,000
  • 9433 Bay Drive– listed for $369,000 and selling for $340,000
  • 8811 Hawthorne Ave – listed for $325,000 and selling for $325,000
  • 9157 Emerson Ave - listed for $274,900 and selling for $200,000

Surfside used to have great fixer-upper inventory at $250 and under, but that no longer is the case.  There are a few lower priced listings left, but remember the lots will be small and they will need a lot of work - you can't beat proximity to the ocean though. There are currently 150 condo listings in Surfside: (1 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):24 (1 more than last month)
  • Closed sales in October: 4 (3 more than last month)

The 4 closed Surfside condo sale in October were the following:

  • 8777 Collins Ave #911 - Champlain Towers South - listed at $599,000 and selling for $537,000
  • 8855 Collins Ave #12B - Champlain Towers East - listed at $585,000 and selling for $530,000
  • 9225 Collins Ave #601 - Four Winds Condo - listed for $380,000 and selling for $365,000
  • 877 Collins Ave #404 - Champlain Towers South - listed for $365,000 and selling for $310,000

The Champlain Towers were hot in October - nice for the rest of the units in the building that will have comps when they go under contract.  I still love Surfside, its beach, location and density - perfect for those that want quiet but still want to be close to South Beach and Bal Harbour.

Fisher Island Real Estate Market Report

Fisher Island Real Estate 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 (6 less than last month)
  • Closed sales in October: 4 (3 more than last month)

Fisher Island Real Estate’s October closings were the following:

  • Palazo del Mare at Fisher Island - 7161 Fisher Island Dr - listed at $4,890,000 and selling at $3,700,000
  • Seaside Village - 19232 Fisher Island Dr - listed at $2,390,000 and selling at $1,100,000
  • Seaside Village - 19143 Fisher Island Dr - listed at $1,250,000 and selling at $1,050,000
  • Bayside Village - 2411 Fisher Island Dr - listed at $1,100,000 and selling at $900,000

Fisher Island is no longer regarded at "untouchable miami real estate" - on the contrary, prices seem to be very reasonable and you can't beat security and amenities.  Perfect for those that like to get away and not be disturbed but still close enough to the ACTION.

Aventura Real Estate Market Report

Aventura Real Estate There are currently 1482 condo listings in Aventura: (14 less than last month)

  • Highest priced listing: $6,000,000 for a 4/6 at Porto Vita
  • Lowest priced listing: $50,000 for a 1/1 short sale at Biscayne Lake Gardens
  • Pending sales: 281 (7 less than last month)
  • Closed sales in September: 69 (6 more than last month)

Aventura is seeing the light at the end of the tunnel - with progressively less inventory, more pending sales and more closings - The highest closed sale in October was Bella Mare, 6000 Island Blvd, unit 1701 for $1,800,000 and the lowest was for $68,000 for a  2 bedroom / 2 bathroom residence at Bravura II.

Biscayne Park Real Estate Market Report

Biscayne Park Real Estate There are currently 30 single-family listings in Biscayne Park: (5 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):12 (1 more than last month)
  • Closed sales in October: 4 (4 more than last month)

Here are the 4 sales in Biscayne Park for the month of October:

  • 1100 NE 116th Street - listed for $373,000 and selling at $350,000
  • 1060 NE 120th Street - listed for $289,000 and selling at $275,000
  • 11800 NE 10th Ave - listed for $270,000 and selling at $253,000
  • 1055 NE 119th Street - $269,000 and selling at $260,000

I keep saying that Biscayne Park is perfect for first time home buyers - the sales in October are a great representation of homes selling close to asking price.  If you are a buyer in this area, keep that in mind, placing low-ball offers in this area may not get you anywhere.

El Portal Real Estate Market Report

El Portal Real Estate There are 26 listings in El Portal: (2 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 $140,000 (short sale at 435 NW 90th Street)
  • Pending sales (properties under contract):12 (2 more than last month)
  • Closed sales in October: 0 (1 less than previous month)

El Portal Real Estate remains one of those hidden treasures - you can't beat the location and the architecture of most of the homes is early century with charm.  It's a great chance to get in there if you are a first time home buyer. **all information obtained from the SouthEast Florida Multiple Listing Service**


Ines Hegedus-Garcia 3rd November, 2009

Valerie, when the whole "multiple offer" thing started, I was in awe considering the situation in the market. The difference here is that you don't even know where you stand with those at all and may wait months to get an answer - never fun.

Valerie Crowell 3rd November, 2009

Looks like your inventory is net down. We've got the same issue. Big ol' food fights over every house under $300k. The last one I bid on had 30 offers. Yowza!

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