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

This is a Miami Real Estate Market Report for September 2010.  Changing market? No questions about it!!  Investors know what areas to invest because of the amount of distressed properties and they know which areas in Miami are recuperating.  Don’t generalize “Miami-Dade County” numbers….make sure you go local, super local….extra local!!  If you work with a Miami Realtor that has been active through the down market, they’ll know how to advise you on pricing and timing.  Numbers don’t lie, so be realistic whether you are a buyer or a seller.  The rental market will also be a sure indicator of what an area is doing, with decreased inventory and increased pricing.  It’s the time to be smart, especially, if you don’t want to miss an opportunity.

Miami Shores Real Estate Market Report

There are currently 120 Miami Shores homes for sale (1 more than last month):

• Highest priced listing is $2.995 million (bay front home located at 1480 NE 103 Street – reduced $255,000 from last month)
• Lowest priced listing is $79,900 (Foreclosure “in need of repairs” at 175 NW 101 St)
• Pending Sales (Properties under contract):43 (1 less than last month)
• Closed sales in September: 11 (3 less than last month)

The 11 Miami Shores homes sold in September were the following:

• 925 NE 98th St – listed for $699,000 and selling for $630,000 (originally listed for $999,000 in 2007 and placed in the rental market)
• 495 NE 91 St – short sale listed for $630,000 and selling for $590,000 (taking over 6 months to approve)
• 565 NE 101 St – short sale listed for $400,000 and selling for $352,000
• 1130 NE 104th St – short sale listed for $364,999 and selling for $320,000
• 1438 NE 104th St – listed for $349,000 and selling for $320,000 (originally listed for $375,000 in August of 2009)
• 467 NE 100th St – listed for $298,000 and selling for $284,000
• 142 NW 98th St – listed for $249,900 and selling for $210,000
• 324 NW 108th St – listed for $236,000 and selling for $205,000
• 38 NE 109th St – listed for $229,900 and selling for $210,000
• 289 NW 111 Te – listed for $209,000 and selling for $195,000
• 10811 NE 2 Ave – Foreclosure listed for $109,900 and selling for $109,000

A lot of lower end sales for September 2010 in Miami Shores – The inventory is improving in quality with 34% being distressed sales (and only 7 of the 34 distressed properties are foreclosures).  Out of the 43 pending contracts, 33 of those are distressed which is 77% of those contracts!!  We know short sales can take a long time, so that inventory will be there for a while….but regular sales are picking up and the price per square foot has increased a bit since the beginning of the year.  Slow improvement, but improvement nonetheless.

Bay Harbor Islands Real Estate Market Report

There are currently 15 Bay Harbor Island Homes for sale: (2 more than last month)

• Highest priced listings is for $3,400,000 (10236 W Broadview Dr)
• Lowest priced listing is $795,000 (1250 103 St)
• Pending Sales (properties under contract):3 (1 more than last month)
• Closed sales in September: 0 (same as last month)

No sales in September either with only 3 home sales this year in Bay Harbor Islands. The 3 Bay Harbor Island Homes currently under contract are:

• 9641 Broadview Te – pending since 7/20/2010
• 1311 95 St – pending since 01/02/09  (this is obviously a broker not checking their MLS)
• 9825 Broadview Te – pending since 5/01/2010

Sellers in Bay Harbor Islands are having difficulty picking a listing price because of the lack of movement in the island in the past few years.  If you are selling, be realistic and know that you will have to go outside the island for comparables – from Keystone Point to Bal Harbour.  Marketing will have to be extra aggressive because of competing waterfront inventory in Miami Beach.  Time to take a drive and be objective!

Surfside Real Estate Market Report

There are currently 56 Surfside homes for sale: (1 more than last month)

• Highest priced listing is $5,900,000 (1249 Biscaya Dr – 100 feet of water frontage on 15,000 sq. ft. lot)
• Lowest priced listing is $246,000 for the home located at 8942 Hawthorne Av
• Pending Sales (properties under contract): 11 (1 less than last month)
• Closed sales in September: 1 (same as last month)

The 1 Surfside home sold in September was the following:

• 9200 Bay Dr – listed for $495,000 and selling for $435,000 (this home was originally listed for $950,000 in january of 2008)

8 of the 11 properties currently under contract are distressed sales (short sales and/or foreclosures) – but the amount of distressed inventory currently active in staying the same.  Surfside homes have seen a slight decrease in price per square foot, but the amount of lower end inventory is also slowly fading which is the beginning signs of a recuperating market.

There are currently 131 Surfside Condos for sale: (9 less than last month)

• Highest priced listings: $2,400,000 a 3/3.5 at Azure Condo unit 407 and $2,400,000 for a 3/3 at Solimar Condo unit 1207/6
  

• Lowest priced listing: $89,000 for a 1/1 short sale at Sunset Condo
  

• Pending Sales (properties under contract):26 (3 less than last month)

• Closed sales in September: 9 (7 more last month)

The 9 Surfside condo sales in September were the following:

• Champlain Towers North – 8877 Collins Av #609 – listed for $795,000 and selling for $705,000
• Spiaggia Ocean Condo  – 9499 Collins Av #509 – short sale listed for $250,000 and selling for $210,000
• 9500 Oceans Condo – 9511 Collins Ave #405 – listed for $208,900 and selling for $175,000
• 9124 Collins Ave Condo – 9124 Collins Ave #302 – listed for $199,000 and selling for $172,500
• Spiaggia Ocean Condo – 9499 Collins Ave #809 – short sale listed for $199,000 and selling for $200,000
• Spiaggia Ocean Condo – 9499 Collins Ave #311 – Foreclosure listed for $189,000 and selling for $185,100
• Carlisle On The Ocean Condo – 9195 Collins Ave #804 – Foreclosure listed for $188,500 and selling for $195,000
• The Waverly at Surfside Beach Condo – 9172 Collins Ave #405 – Short Sale listed for $120,000 and selling for $113,000
• Sunset Condo – 9248 Collins Ave #202 – short sale listed for 90,000 and selling for $80,000

If you are a buyer looking for a condo in a great location in the $200k’s and under – Surfside may just be the place.  Just don’t expect direct oceanfront units (they may even be across the street from the ocean and in older building) – but you can’t beat the deals which are also slowly disappearing.  My favorite sale was the one at The Waverly (not the ocean front building) – But a 1 bedroom / 1 bathroom condo in a newer building (2003), right across the street from the ocean…talk about a deal!!

Fisher Island Real Estate Market Report

There are currently 123 Fisher Island Condos for sale: (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: $159,000 for a studio at Marina Village (short sale)
• Pending Sales: 3 (4 less than last month)
• Closed sales in September : 2 (1 more than last month)

The 2 Fisher Island condo sales in the month of September were the following:

• Palazzo del Mare – 7100 Fisher Island Dr #7121– listed for $3,700,000 and selling for $2,600,000
• Marina Village III – 42208 Fisher Island Dr – listed for $525,000 and selling for $400,000

You may have heard about the infamous “Forbes Most Expensive Zip Code List” – well….Fisher Island did it again!  going down from 1st most expensive 2 years in a row, to 33 and now 37.  The Fisher Island Luxury real estate market may seem very volatile, but the truth is that anyone that can afford Fisher Island to begin with will either be open to an offer or not – no science needed, no pressure expected, and definitely not many “I will give away because I HAVE to” deals.  If you are interested in buying in Fisher Island, know that you have the opportunity to negotiate.

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