Miamism

This is a Miami Real Estate Market Report for the first 7 months of 2008.   It's a bit surreal that even after the media has stopped being negative and are now asking if the Miami Real Estate Market has hit bottom yet, some buyers want to hang on to "the power" and refuse to see the positive change.  We are seeing a lot of buyers now saying "This is the time to buy" thinking that we may have hit bottom.  One thing is for certain, certain markets are still decreasing in price so estimating the "bottom" is a gamble unless you work with a Realtor that is proficient in the area you are looking into.  I do these market reports on a monthly basis and you can go back to compare sales and real estate movement in prior months. Working with a Miami Real Estate Agent that knows the area is crucial to buying and selling real estate. 

Miami Shores Real Estate Market Report

There are currently 225 listings in Miami Shores: (2 more than last month)

• Highest priced listing is $3.5 million (bayfront home located at 1680 NE 104th Street)
  
• Lowest priced listing is $129,900 (corporate-owned and with multiple offers already)
• Pending Sales (Properties under contract):14 (5 less than last month)
  
• Closed sales in 2008: 57 (12 sales in July)

10 of those 57 Miami Shores Sales have been between $700,000 and $1 million.  9 sales between $500,000 and $700,000 and 38 sales under $500,000 - which identifies the price range under $500,000 as more popular in today's market.  The lowest sale this year in Miami Shores was for the home located at 31 NW 92nd Street which sold for $269,000 ($101,000 less than it was listed for on May 29th, 2007)

There has not been a sale over $1 million this year in Miami Shores, which tells you that the Miami Shores Luxury Real Estate Market has definitely been affected.

Bay Harbor Islands Real Estate Market Report

There are currently 23 single-family home listings in Bay Harbor Islands: (1 more than last month)

• Highest priced listing is $5,450,000 (10340 W. Broadview Drive - listed on and off since February 2006 - starting price of $6,850,000)
  
• Lowest priced listing is $575,000 (9970 E. Bay Harbor Drive - Villa - listed since Feb. 07 - starting price of $659,000)
  
• Pending Sales (properties under contract):1 (as compared to 0 last month)
  
• Closed sales in 2008: 1
  

The only closed sale this year was 10161 E. Broadview Drive which closed for $1,543,500 on  May 30, 08.  The house had been on the market since August 4, 2006 (listed for $1,795,000) ....taking almost 2 years to sell the property.  There were no additional closed salesthis year in Bay Harbor Islands.  It is obvious that the Bay Harbor Islands Real Estate Market is at a stand still - let's see what happens in the remaining months of 2008)

Surfside Real Estate Market Report

There are currently 82 single-family home listings in Surfside:(4 less than last month)

• Highest priced listing is $6,299,000 (bayfront home located at 1249 Biscaya Drive - has been on the market since Feb. 07 and started off at $8 million).
  
• Lowest priced listing is $275,000 for a pre-foreclosure at 8819 Garland Ave
  
• Pending Sales (properties under contract): 7 (3 more than last month)
• Closed sales in 2008: 13 (2 in the month of July)

The highest sale this year in Surfside was for $3.2 million for a bayfront home (1356 Biscaya Drive) purchased in 2002 for $2.2 million, and the lowest sale was for $365,000 (9056 Byron Avenue). With a decreasing inventory and slowly increasing sales, Surfside is slowly coming out of the woodworks.

There are currently 227 condo listings in Surfside: (17 less than last month)

• Highest priced listing: $2,500,000 a 3/3 at Azure

• Lowest priced listing: $160,000 a 1/1 at Regent Place
  

• Pending Sales (properties under contract):10 (1 more than last month)

• Closed sales in 2008: 22 

The have been 2 Surfside Condo sales over $1 million in 2008.  The highest sale was for a 3 bedroom / 2.5 bathroom at The Champlain Tower East which closed on March 31 for $1,250,000.  There have been 8 sales between $700,000 and $1 million and 12 sales under $700,000.

Fisher Island Real Estate Market Report

There are currently 136 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: $275,000 for a 1/1 at Marina Village
• Pending Sales: 3 (1 more than last month)
• Closed sales in 2008: 16 

Fisher Island is Fisher Island...no explanation needed - but if you want to get an idea of Fisher Island's Real Estate, read Miami Luxury Real Estate.  Here's the breakdown of sales at Fisher Island:

• Villa del Mare - 1 sale and highest this year in Fisher Island $12,360,000
• Seaside Villas - 4 sales ( $2,788,420 - $1,400,000 - $825,000 - $750,000)
• Pallazzo de Mare - 3 sales ($7,200,000 and 2 at $3,900,000)
• Oceanside - 2 sales ($11,200,000 and $2,575,000)
• Marina Village - 3 sales (435,000, $335,000 and $275,000)
• Bayview - 3 sales ($5,700,000 - $4,000,000 - $3,795,000)

Aventura Real Estate Market Report

There are currently 2196 condo listings in Aventura: (71 less than last month)

• Highest priced listing: $6,000,000 for a 4/6 at Porto Vita
• Lowest priced listing: $24,000 for a covered parking space at The Venture
• Pending sales: 189 (compared to 171 las month)
• Closed sales in 2008: 440 (80 Closings in July)

The highest closed sale this year in Aventura was at Porto Vita for $3,600,000 and the lowest was $12,000 at Hamptons West Condo for a poolside cabana where buyer had to be a Hamptons West Condo owner.

There have been 14 sales over $1 million in Aventura, 14 sales between $1 million and $700,000 and the rest of the sales were under $700,000 (412 sales).

Biscayne Park Real Estate Market Report

There are currently 53 single-family listings in Biscayne Park: (2 more than last month)

• Highest priced listing $769,215 (I think these sellers are playing the "no-zero" strategy)
• Lowest priced listing $160,000
• Pending sales (properties under contract):0 (compared to 4 last month)
  
• Closed sales in 2008: 13 ( 4 sales in July)

The highest sale in Biscayne Park was for $875,000 for the property located at 11080 Griffin Boulevard ( 4,384 sq. ft. canal-front home with 4 bedrooms / 2 bathrooms and 2 half baths on May 14, 2008).  The lowest sale was for $140,000 on June 27, 2008, for the property at 1110 NE 119th Street which was sold for land value since it was a fire-sale in the true sense of the word - house had a fire in Jan. 08.

El Portal Real Estate Market Report

There are 62 listings in El Portal: (1 more than last month)

• Highest priced listing is $925,000
• Lowest priced listing $215,000
• Pending sales (properties under contract):0 (compared to 2 last month)
• Closed sales in 2008: 4 (1 in the month of July)

The 3 closed sales this year in El Portal were for $259,000 for a 2 bedroom / 2 bathroom house located at 465 NE 89th Street on  April 15, 2008; $185,000 for a 2 bedroom / 1 bathroom house located at 335 NE 87^th Street on May 27^th, 2008; and $230,000 for a 2 bedroom / 2 bathroom house located at 134 NW 87th Street on June 11, 2008 and lastly, $212,000 for a 3 bedroom 1 bathroom house located at 164 NW 87th Street on July 31, 2008.

**all information obtained from the SouthEast Florida Multiple Listing Service**

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Ines.Hegedus-Garcia 4 feedbacks »

This is a Miami Real Estate Market Report for the first 6 months of 2008.   You will notice an increase in sales which is indicative of a recuperating market.  I do these market reports on a monthly basis and you can go back to compare sales and real estate movement in prior months. Working with a Miami Real Estate Agent that knows the area is crucial to buying and selling real estate.  Historically, the Summer months are slower than the rest of the year when it comes to sales, but because we are recuperating, it may be different in 2008.

Miami Shores Real Estate Market Report

There are currently 223 listings in Miami Shores: (8 less than last month)

• Highest priced listing is $2,995,000 (bayfront home located at 9215 N. Bayshore Drive - listed since March 06 and started at $4.6 million)
  
• Lowest priced listing is $149,999 (bank-owned)
• Pending Sales (Properties under contract):19 (3 more than last month)
  
• Closed sales in 2008: 46 (8 sales in June, 13 in May)

10 of those 46 Miami Shores Sales have been between $700,000 and $1 million.  7 sales between $500,000 and $700,000 and 29 sales under $500,000 - which identifies the price range under $500,000 as more popular in today's market.  The lowest sale this year in Miami Shores was for the home located at 31 NW 92nd Street which sold for $269,000 ($101,000 less than it was listed for on May 29th, 2007)

Bay Harbor Islands Real Estate Market Report

There are currently 22 single-family home listings in Bay Harbor Islands: (1 less than last month)

• Highest priced listing is $5,200,000
• Lowest priced listing is $575,000
• Pending Sales (properties under contract):0
• Closed sales in 2008: 1
  

The only closed sale this year was 10161 E. Broadview Drive which closed for $1,543,500 on  May 30, 08.  The house had been on the market since August 4, 2006 (listed for $1,795,000) ....taking almost 2 years to sell the property.  There were no additional closed sales in the month of June.

Surfside Real Estate Market Report

There are currently 86 single-family home listings in Surfside:(7 less than last month)

• Highest priced listing is $6,499,000 (bayfront home located at 1249 Biscaya Drive - has been on the market since Feb. 07 and started off at $8 million).
  
• Lowest priced listing is $349,000
• Pending Sales (properties under contract): 4 (2 more than last month)
• Closed sales in 2008: 11 (1 in the month of June)

The highest sale this year in Surfside was for $3.2 million for a bayfront home (1356 Biscaya Drive) purchased in 2002 for $2.2 million, and the lowest sale was for $365,000 (9056 Byron Avenue).  The average price per square foot in Surfside according to those 11 sales is $338.98.

There are currently 244 condo listings in Surfside: (2 less than last month)

• Highest priced listing: $2,595,000 a 3/3 at Azure

• Lowest priced listing: $140,000 a 1/1 at Seaside Terrace Condo

• Pending Sales (properties under contract):9 (2 less than last month)

• Closed sales in 2008: 19 ( 5 closed sales in the month of June with highest sale at $1,250,000 for a 3/2 at Champlain Towers East and the lowest sale at $170,000 for a 1/1 at 9140 Collins Ave Condo)

The Surfside Condo inventory is barely moving this year with only 19 closed sales in 2008.  Although the beaches are some of the best and the density of the buildings is comfortable, this may be the time to get a good buy. Surfside has a tight-nit community with shopping and restaurants as well as Bal Harbour Shops within walking distance.

Fisher Island Real Estate Market Report

There are currently 136 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: $275,000 for a 1/1 at Marina Village
• Pending Sales: 3 (1 more than last month)
• Closed sales in 2008: 11 (5 closings in June:  1 at Palazzo Del Mare, 2 at Seaside Village and 2 at Marina Village)

Fisher Island is Fisher Island...no explanation needed - but if you want to get an idea of Fisher Island's Real Estate, read Miami Luxury Real Estate  The average price per square foot in Fisher Island according to the 11 sales this year is $1176.62

Aventura Real Estate Market Report

There are currently 2196 condo listings in Aventura: (71 less than last month)

• Highest priced listing: $6,000,000 for a 4/6 at Porto Vita
• Lowest priced listing: $24,000 for a covered parking space at The Venture
• Pending sales: 189 (compared to 171 las month)
• Closed sales in 2008: 360 (78 Closings in June & 87 closings in May alone)

The highest closed sale this year in Aventura was at Porto Vita for $3,600,000 and the lowest was $12,000 at Hamptons West Condo for a poolside cabana where buyer had to be a Hamptons West Condo owner.

So if you have some pocket change laying around (like $24,000 worth), remember you will be able to afford a parking space at The Venture in sought after Aventura.

Biscayne Park Real Estate Market Report

There are currently 51 single-family listings in Biscayne Park: (1 less than last month)

• Highest priced listing $769,215 (I think these sellers are playing the "no-zero" strategy)
• Lowest priced listing $160,000
• Pending sales (properties under contract):4 (1 more than last month)
• Closed sales in 2008: 9 ( 2 sales in June and 3 sales in May)

The highest sale in Biscayne Park was for $875,000 for the property located at 11080 Griffin Boulevard ( 4,384 sq. ft. canal-front home with 4 bedrooms / 2 bathrooms and 2 half baths on May 14, 2008).  The lowest sale was for $140,000 on June 27, 2008, for the property at 1110 NE 119th Street which was sold for land value since it was a fire-sale in the true sense of the word - house had a fire in Jan. 08.

El Portal Real Estate Market Report

There are 62 listings in El Portal: (1 more than last month)

• Highest priced listing is $925,000
• Lowest priced listing $215,000
• Pending sales (properties under contract):0 (compared to 2 last month)
• Closed sales in 2008: 3 (1 in the month of June and 1 in the month of May)

The 3 closed sales this year in El Portal were for $259,000 for a 2 bedroom / 2 bathroom house located at 465 NE 89th Street on  April 15, 2008; $185,000 for a 2 bedroom / 1 bathroom house located at 335 NE 87^th Street on May 27^th, 2008; and $230,000 for a 2 bedroom / 2 bathroom house located at 134 NW 87th Street on June 11, 2008.

**all information obtained from the SouthEast Florida Multiple Listing Service**

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Ines.Hegedus-Garcia Send feedback »

This is a Miami Real Estate Market Report for the first 5 months of 2008.   You will notice an increase in sales which is indicative of a recuperating market.  I do these market reports on a monthly basis and you can go back to compare sales and real estate movement in prior months. Working with a Miami Real Estate Agent that knows the area is crucial to buying and selling real estate.  Historically, the Summer months are slower than the rest of the year when it comes to sales, but because we are recuperating, it may be different in 2008.

Miami Shores Real Estate Market Report

There are currently 231 listings in Miami Shores: (8 less than last month)

• Highest priced listing is $2,999,000
• Lowest priced listing is $195,000 (bank-owned)
• Pending Sales (Properties under contract):16
• Closed sales in 2008: 38 (13 sales in May, 5 of these in April as opposed to 12 in March)

Although 25 of those sales were under $500,000 - you can definitely see a shift in the upper tear market with 6 sales over $800,000 and the highest sale of $850,000 for the property located at 1092 NE 94^th Street on 4/16/08.

Bay Harbor Islands Real Estate Market Report

There are currently 23 single-family home listings in Bay Harbor Islands: (4 more from last month)

• Highest priced listing is $5,200,000
• Lowest priced listing is $575,000
• Pending Sales (properties under contract):0
• Closed sales in 2008: 1  

The only closed sale this year was 10161 E. Broadview Drive which closed for $1,543,500 on  May 30, 08.  The house had been on the market since August 4, 2006 (listed for $1,795,000) ....taking almost 2 years to sell the property.

Surfside Real Estate Market Report

There are currently 93 single-family home listings in Surfside:(6 more than last month)

• Highest priced listing is $6,599,000
• Lowest priced listing is $349,000
• Pending Sales (properties under contract): 2 (2 less than last month)
• Closed sales in 2008: 10 (2 of them in May)

8 of those sales were under $600,000 and the highest at $3.2 million for a bayfront home (1356 Biscaya Drive) purchased in 2002 for $2.2 million.

There are currently 246 condo listings in Surfside: (as compared to 239 last month)

• Highest priced listing: $2,595,000 a 3/3 at Azure
• Lowest priced listing: $148,000 a 1/1 at Seaside Terrace Condo
• Pending Sales (properties under contract):11 (1 more than last month)
• Closed sales in 2008: 14 ( 2 closed sales in the month of May with highest sale at $1,250,000 for a 3/2 at Champlain Towers East and the lowest sale at $173,000 for a 1/1 at 9140 Collins Ave Condo)

Surfside's Urban Plan, in my opinion, is one of the best because of the oceanfront buildings allowed density. I have told you about the 12 story max allowed on the oceanfront condos, which keeps the scale of those buildings manageable. If you dont like high-rises, Surfside may be for you. It also has a great close community with shopping and restaurants as well as Bal Harbour Shops within walking distance.

Fisher Island Real Estate Market Report

There are currently 136 listings in Fisher Island: (2 less than last month)

• Highest priced listing: $30,000,000 for an exclusive Oceanside 5/5.5 home with artwork and all!
• Lowest priced listing: $275,000 for a 1/1 at Marina Village
• Pending Sales: 2 (same as last t month)
• Closed sales in 2008: 6 (1 closing in May at Palazzo del Mare for $4,250,000)

Fisher Island is Fisher Island...no explanation needed - but if you want to get an idea of Fisher Island's Real Estate, read Miami Luxury Real Estate

Aventura Real Estate Market Report

There are currently 2267 condo listings in Aventura: (30 more than last month)

• Highest priced listing: $6,000,000 for a 4/6 at Porto Vita
• Lowest priced listing: $79,900 for a 1/1 at Point East (which is a 55+ gated community)
• Pending sales: 171 (compared to 182 last month)
• Closed sales in 2008: 282 (87 closings in May alone)

The highest closed sale this year in Aventura was at Porto Vita for $3,600,000 and the lowest was $12,000 at Hamptons West Condo for a poolside cabana where buyer had to be a Hamptons West Condo owner.

Biscayne Park Real Estate Market Report

There are currently 52 single-family listings in Biscayne Park: (2 less than last month)

• Highest priced listing $769,215
• Lowest priced listing $184,000
• Pending sales (properties under contract):3 (1 more than last month)
• Closed sales in 2008: 7 ( 3 sales in May and 3 sales in April)

The highest sale in Biscayne Park was for $875,000 for the property located at 11080 Griffin Boulevard ( 4,384 sq. ft. canal-front home with 4 bedrooms / 2 bathrooms and 2 half baths on May 14, 2008).  The lowest sale was for $305,000 on May 1, 2008,

El Portal Real Estate Market Report

There are 62 listings in El Portal: (1 more than last month)

• Highest priced listing is $925,000
• Lowest priced listing $215,000
• Pending sales (properties under contract):0 (compared to 2 last month)
• Closed sales in 2008: 2 (1 in the month of May)

The 2 closed sales this year in El Portal were for $259,000 for a 2 bedroom / 2 bathroom house located at 465 NE 89th Street on  April 15, 2008  and $185,000 for a 2 bedroom / 1 bathroom house located at 335 NE 87^th Street on May 27^th, 2008

**all information obtained from the SouthEast Florida Multiple Listing Service**

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Ines.Hegedus-Garcia 2 feedbacks »

Last year I wrote about Miami's HOT list according to the Miami Herald. This year I'm sharing The Best of Miami according to The Miami New Times. (I guarantee you will find it a lot more colorful).

Make sure you check it out for yourself, because I only picked a few of the best because they either caught my eye, made me laugh or agreed with it completely.

• BEST ROAD TO AVOID- The Palmetto Expressway (S.R.826): The Palmetto is one of those highways that locals try to avoid at all cost...but the New Times described the experience beautifully.

If you enjoy sitting in your car until your butt melds with the seat, or grinding your teeth into a fine powder, then by all means, travel southbound on the Palmetto during rush hour, or at any hour for that matter. Once you pass the NW 25th Street exit, settle in and pull out that book you've been trying to finish, because you won't move soon. The Dolphin Expressway interchange is up ahead, and these are the two most congested expressways in the Western World.

• BEST POWER COUPLE - Dr. Sanford and Dolores Ziff - I have not had the pleasure of meeting the Ziffs personally, but who hasn't hear of the Ziff's in Miami? Check out a photo I took of the Ca' Ziff in Vizcaya.

Just because they were born in 1925 doesn't mean they can't drop it like it's hot. Despite their senior-citizen tag, the Ziffs party with the best of them; Sanford has been known to do keg stands while Dolores tries out the latest Soulja Boy dance.

• BEST NEIGHBORHOOD SHRINE - Shrine of Saint Philomena Catholic Church - I found this particular "best of" intriguing, so here it is.
  

On any given Sunday, this tiny Little Havana church -- a shrine to the patron saint of faith and purity-- fills with worshippers clad in suits or mantles and gloves while clutching their Bibles and rosaries

Read more »

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Ines.Hegedus-Garcia 5 feedbacks »

This is a Miami Real Estate Market Report for the months of January, February, March and April 2008. It is obvious that some real estate markets are seeing more movement but others remain quiet. If you are thinking of buying Miami real estate, make sure you work with a Miami Realtor that knows the area and the market fluctuations. If you are selling, May should be a great month right before the slow Summer months.

Miami Shores Real Estate Market Report

There are currently 239 listings in Miami Shores: (6 more from last month)

• Highest priced listing is $2,999,000
  
• Lowest priced listing is $199,900
  
• Pending Sales (Properties under contract):12
  
• Closed sales in 2008: 25 (5 of these in April as opposed to 12 in March)

14 of those 25 sales were under $500,000 and the highest sale was $860,000 at 490 NE 96th Street. And as I said last month, 'this particular house was purchased for $1,508,000 in September 2005¦.talk about a big OUCH for those sellers!!

Bay Harbor Islands Real Estate Market Report

There are currently 19 single-family home listings in Bay Harbor Islands: (one more from last month)

• Highest priced listing is $5,200,000
  
• Lowest priced listing is $575,000
  
• Pending Sales (properties under contract):1
  
• Closed sales in 2008: 0
  

No sales this year in Bay Harbor Islands. That has to be tough for those people that HAVE to move.

Surfside Real Estate Market Report

There are currently 87 single-family home listings in Surfside:(1 less than last month)

• Highest priced listing is $8,000,000
  
• Lowest priced listing is $349,000
  
• Pending Sales (properties under contract): 4 (3 more than last month)
  
• Closed sales in 2008: 8 (1 of them in April)
  

7 of those sales were under $600,000 and the highest at $3.2 million of a bayfront home (1356 Biscaya Drive) purchased in 2002 for $2.2 million.

There are currently 239 condo listings in Surfside: (as compared to 231 last month)

• Highest priced listing: $2,600,000 a 3/3 at Azure
  
• Lowest priced listing: $153,000 a 1/1 at Seaside Terrace Condo
  
• Pending Sales (properties under contract):10 (1 less than last month)
  
• Closed sales in 2008: 12 ( 6 closed sales in the month of April with highest sale at $1,250,000 for a 3/2 at Champlain Towers East and the lowest sale at $173,000 for a 1/1 at 9140 Collins Ave Condo)
  

I love Surfsides density and the 12 story max allowed on the oceanfront condos. If you dont like high-rises, Surfside may be for you. It also has a great close community with shopping and restaurants as well as Bal Harbour Shops within walking distance.

Fisher Island Real Estate Market Report

There are currently 138 listings in Fisher Island: (4 more than last month)

• Highest priced listing: $30,000,000 for an exclusive Oceanside 5/5.5 home with artwork and all!
  
• Lowest priced listing: $275,000 for a 1/1 at Marina Village
  
• Pending Sales: 1 (as compared to 2 last month)
  
• Closed sales in 2008: 4 (1 closing in April - $750,000 for a 1/1 at Seaside Villas)
  

Fisher Island is Fisher Island…no explanation needed.

Aventura Real Estate Market Report

There are currently 2237 condo listings in Aventura: (88 less than last month)

• Highest priced listing: $6,000,000 for a 4/6 at Porto Vita
  
• Lowest priced listing: $81,888 for a 1/1 at Biscayne Lake Gardens
  
• Pending sales: 182 (compared to 134 last month)
  
• Closed sales in 2008: 195 (55 closings in April alone)
  

The highest closed sale this year in Aventura was at Porto Vita for $3,600,000 and the lowest was $59,000 at Commodore Plaza which is a 55 and over community.

Biscayne Park Real Estate Market Report

There are currently 54 single-family listings in Biscayne Park: (4 less than last month)

• Highest priced listing $975,000
  
• Lowest priced listing $190,000
  
• Pending sales (properties under contract):2
  
• Closed sales in 2008: 4 (3 sales in April)
  

The closed sales in Biscayne Park have been $275,000, $300,000, $310,000, $353,000

El Portal Real Estate Market Report

There are 62 listings in El Portal: (1 more than last month)

• Highest priced listing is $925,000
  
• Lowest priced listing $215,000
  
• Pending sales (properties under contract):0 (compared to 2 last month)
  
• Closed sales in 2008: 1
  

The only closed sale this year in El Portal was for $259,000 for a 2 bedroom / 2 bathroom house located at 465 NE 89th Street.

**all information obtained from the SouthEast Florida Multiple Listing Service**

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Ines.Hegedus-Garcia Send feedback »