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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 »

How do you define Miami Luxury Real Estate?

Believe it or not, the answer is not as clear cut as you think.  People's definition of luxury varies depending on what they have been exposed to and we find ourselves asking our clients to please define what they mean by "Miami Luxury Real Estate".

For people moving from other parts of the US - luxury may mean amenities offered in a particular Miami Beach Condo or even a particular neighborhood.  Does the building have full amenities like valet parking, 24-hr security, concierge, pool, gym, spa.  Or does the neighborhood have golf, private beaches, and tennis.

Luxury Real Estate is not only defined by price (although it is definitely a main factor).  There are older buildings in Miami that have great amenities, high monthly maintenance fees, but the actual prices of the residences within the building complex are affordable.  Examples of these type of buildings are Quayside Towers, The Jockey Club and The Cricket Club.  These are buildings with great reputations and sought after even when you compare them to prime Miami Beach Real Estate.

Then you have Fisher Island Real Estate.  Talk about exclusive!  When you talk about Luxury Real Estate in Miami, Fisher Island comes up first.  A private island, accessible by Ferry, with Golf, Restaurants, shopping, Tennis....and so much more.  Celebrities like Oprah, Andre Agassi and Boris Becker own Fisher Island Real Estate.  But if you have ever seen properties within the island you will know that a lot need updating and reflect finishes from the 80's when the buildings were constructed.   But what defines Luxury in Fisher Island's case is security, amenities and lifestyle.

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Ines.Hegedus-Garcia 2 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 »

Miami is "Miami" and nothing like news of a celebrity moving in or out. I'm not much for invasion of privacy but wanted to throw a little gossip at you.

The Real Estate Stalker gives us the scoop:

SELLER: Oprah Winfrey
LOCATION: Fisher Island Drive, Miami, FL
PRICE: $2,090,000
SIZE: 1,838 square feet, 2 bedrooms, 2 bathrooms
DESCRIPTION: Spectacular direct ocean views through walls of sliding glass and from covered privacy on a gracious seaside terrace create an unmistakable Florida aura around this two bedroom, two bathroom luxury Fisher Island condominium. Gorgeous design, inviting layout and fantastic features combine to achieve a supreme level of plush waterfront, tropical living. Beautiful upgrades and details within this bright and airy Seaside Village home include wonderful water views from every room, custom wood built-ins & more!

...

Property records show The Big O bought her 1,838 square foot hideaway back in 1996 for $660,000. All cash, natch. Listing information reveals that the unit is located in the Seaside Village section of Fisher Island and includes hardwood and marble floors, high ceilings, walls of sliding glass that open to a large seaside terrace, ceiling fans and custom wood built-ins with flat screen televisions so that even while on vacation The Big O can keep a watchful and suspicious eye on Ellen and Rachel Ray nipping at her talk show heels.

The Big O has clearly cleared the custom book shelves and removed her most personal items from the unit and from what remains it appears to Your Mama that the media maven did up the day-core in a slightly masculine Tommy Bahama style with custom sized sisal rugs, tufted ottomans in neutral colors, distressed leather armchairs, and those palm frond ceiling fans that have become so ridiculously and painfully obvious in tropical day-core.

Make sure you read the article, because it's full of not only great details but fun information. You can also follow THIS LINK To read the latest Fisher Island real estate market report detailing sales and movement in 2008.

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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 »