February 2010 Real Estate Market Reports for Miami Shores, Bay Harbor Islands, Surfside, Fisher Island and Aventura

This is a Miami Real Estate Market Report for February 2010 – Properties are selling! Buyers are making a move!  The heavy air in the Miami and Miami Beach real estate industry is finally lifting!  We are seeing a lot of foreign nationals making a move and there’s an overall sign of relief.  Less distressed property inventory and all parties more willing to negotiate.  It’s all good!

Miami Shores Real Estate Market Report

There are currently 106 Miami Shores homes for sale:

• 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 $160,000  (short sale located at 133 NE 103rd St)
• Pending Sales (Properties under contract):50 (5 more than last month)
• Closed sales in February: 6

The 6 Miami Shores homes sold last month were the following:

• 1096 NE 97 St – listed for $469,000 and selling for $420,000 (listed November 2009)
• 330 NE 97th St – listed for $359,000 and selling for $335,000 (This property had been listed at a ridiculous amount for a long time before selling – but history is mysteriously missing from MLS)
• 46 NW 98th St – listed for $350,000 and selling for $320,000 (this house had been originally listed for $495,000 in January 2007 and again in September 09 for $415,000)
• 74 NE 103rd St  – listed for $319,500 and selling for $319,500 (who said “flipping” was over? this house was purchased for $143,000 in June of 09 – was remodeled and listed for $329,000 in September 09, later raised price to $339,000)
• 25 NE 103rd St – listed for $240,000 and selling for $210,000 (originally listed for $280,000 in September of 9)
• 9906 N Miami Ave – listed for $174,900 and selling for $166,060 (bank owned home on a really busy street – bank requiring cash offers only on the MS and listed since February 09 for $229,000)

I did a comprehensive Real Estate Market Report for Miami Shores Homes sold in 2009 – go to: Miami Shores Real Estate Market Report for 2009

Bay Harbor Islands Real Estate Market Report

There are currently 22 Bay Harbor Island Homes for sale: (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):4 (1 more than last month)
• Closed sales in February: 0

No Bay Harbor Island homes yet sold this year! let’s see how long it takes for those 4 properties currently under contract to close.

Surfside Real Estate Market Report

There are currently 50 Surfside homes for sale: (9 less than last month)

• Highest priced listing is $4,990,000 (for 7,000 square foot “master peace” **thinking listing agent meant “master piece” – with 100 feet of water frontage – being sold as a short sale at 1249 Biscaya Drive).
• Lowest priced listing is $279,000 for the home located at 8858 Harding Ave (short sale)
• Pending Sales (properties under contract): 13 (7 more than last month)
• Closed sales in February: 4

The 4 Surfside homes sold in February were the following:

• 8867 Dickens Ave – listed for $379,900 and selling for $364,000 (bank owned home listed in November of 09)
• 600 93rd St – listed for $350,000 and selling for $320,000 (short sale originally listed for $550,000 in September 08, then May 09 again for the same price)
• 8942 Carlyle Av – listed for $275,000 and selling for $230,000 (originally listed for $295,000 in July 09)
• 9173 Carlyle Ave – listed for $259,000 and selling for $230,000 (short sale listed since November 09)

3 of the 4 homes sold in February 2009 were distressed sales – that inventory is starting to dwindle down, some even question if the “good deals” are already done.

There are currently 142 Surfside Condos for sale: (7 more than last month)

• Highest priced listing: $2,500,000 a 3/3 at Azure Condo unit 707
  

• Lowest priced listing: $119,900 for a bank owned one bedroom at Sunset Condo
  

• Pending Sales (properties under contract):27 (1 less than last month)

• Closed sales in February: 8 (1 more than last month)

The 8 Surfside condo sales in February were the following:

• Azure Condo – 9401 Collins Ave PH1105 – listed for $730,000 and selling for $685,000
• Champlain Towers – 8777 Collins Ave #502 – listed for $450,000 and selling for $415,000
• Champlain Towers – 8777 Collins Ave #505 – listed for $299,900 and selling for $250,000 (bank owned)
• Manatee Condo – 9273 Collins Ave #910 – listed for $179,000 and selling for $155,000
• Carlisle on the Ocean – 9195 Collins Ave PH11 – listed for $160,000 and selling for $165,000 (bank owned)
• Winter Gardens – 8955 Collins Ave #301 – listed for $159,000 and selling for $137,500
• Carlisle on the Ocean – 9195 Collins Ave #1014 – listed for $143,451 and selling for $192,500 (bank owned)
• Carlisle on the Ocean – 9195 Collins Ave #404 – listed for $141,000 and selling for $185,000 (bank owned)

Please take note that most bank owned properties are sold at a higher price than it was originally listed.  The strategy is to list these lower than market to encourage bidding wars and they usually end up closing at a higher amount with multiple offers in place.  So if you are in the market to buy a bank owned property, make sure you have a strategy when submitting your offer or you may not even have a chance.

Fisher Island Real Estate Market Report

There are currently 129 Fisher Island Condos for sale: (3 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: $190,000 for a studio at Marina Village
• Pending Sales: 7 (1 less than previous month)
• Closed sales in February: 2 (1 more than last month)

The 2 Fisher Island condo sale in the month of February were the following:

• Oceanside Fisher Island Condo – 7727 Fisher Island Dr – listed for $2,600,000 and selling for $2,300,000 (originally listed for $3,700,000 in 08 and again for $3,100,000 in January 09)
• Seaside Villas – 15721 Fisher Island Dr #15721D – listed for $699,000 and selling for $300,000 (this one is a mystery, remarks said “owner will finance” and property goes on the market for $899,000 5 days after closing)

There were 32 Fisher Island Condo sales in 2008 ranging in price between $700,000 and $5,457,000 compared to 25 sales in 2008.

Aventura Real Estate Market Report

There are currently 1422 Aventura condos for sale: (4 more than last month)

• Highest priced listing: $5,300,000 for a 4/6 at Porto Vita
• Lowest priced listing: $55,000 for a 1/1  approved short sale at Biscayne Lake Gardens Condo
  
• Pending sales: 320 (24 more than last month)
• Closed sales in February: 51 (9 less than last month)

The highest Aventura Condo sale in the month of February was for the 6 bedroom, 6.5 bathroom residence at Peninsula (3201 NE 183 St #3104-5) which was listed for $1,590,000 and sold for $1,396,500.

The lowest Aventura Condo sale in February was a 1 bedroom / 1 bath Point East, a 55+ community.  It was listed for $69,900 and sold for $65,000.

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