April 2011 Housing Market Report for Miami Shores, Bay Harbor Islands, Surfside and Fisher Island

This is a Miami Real Estate Market Report for April 2011.  Hold on to your seats South Florida, we have a wild ride ahead of us!  The lower end market (anything below $400,000) is flying off the shelves as long as it is in good condition, and sellers are getting picky about terms.  This means no funny business like seller concessions, long closings, and small escrow deposits – it’s not 2007 anymore!  And if you want to sell your home quickly, clean it up, spend some money on fresh paint and staging. Most buyers don’t want to imagine the potential of a home, they need to see it – not rocket science!

Miami Shores Real Estate Market Report

There are currently 96 Miami Shores homes for sale (6 less than last month):

• Highest priced listing is $2.499 million (bay front home located at 1430 NE 101 Street – listed since September 2007 starting at $3.9 Million)
• Lowest priced listing is $75,000 (Short sale at 279 NW 109th St)
• Pending Sales (Properties under contract):39  (2 more than last month)
• Closed sales in April: 11 (5 more than last month)

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

• 1250 NE 94th St – originally listed for $799,000 in July of 2010 and selling for $635,750 on 04/01/2011.
• 623 NE 97th St – listed for $625,000 and selling for $600,000 on 4/15/2011
• 520 Grand Concourse – Short Sale originally listed for $849,000 on 04/13/2008 and selling for $415,000 on 4/13/2011
• 776 NE 95th St – originally listed for $449,000 on 11/23/2010 and selling for $370,000 on 04/08/2011
• 19 NW 99 St – listed for $310,000 and selling for $285,000
• 390 NE 98th St – Foreclosure listed for $273,600 and selling for $300,000
• 10618 NE 11 Av – Foreclosure listed for $259,900 and selling for $255,000
• 480 NE 91 St – originally listed for $319,900 and selling for $235,000 on 04/04/2011
• 10634 NE 10 Pl – Foreclosure listed for $228,900 and selling for $227,000
• 9413 NW 2 Ct – Short sale listed for $195,000 and selling for $155,000 on 04/15/2011
• 80 NW 92 St – Foreclosure listed for $182,000 and selling for $182,000 on 04/05/2011

The lower end inventory in Miami Shores is non-existent, so if that’s what you are looking for, please make sure you are ready to go with pre-approvals from mortgage company as well as proof of funds if you want to have a chance at getting into a property.  I talked to 3 different buyers this week who are beyond frustrated at the market and all admitted having lost homes from right under them because they didn’t move quickly enough.  Buyer’s market? Not at the price range below $400,000 – if the house is in a good location, you will be lucky if you can even get inside to see it before it sells!  Listen to your Miami Shores REALTOR, they know what’s going on and will let you know what to do to be able to own one of these great homes.

Bay Harbor Islands Real Estate Market Report

There are currently 17 Bay Harbor Island Homes for sale: (one more than last month)

• Highest priced listings is for $3,590,000 (10140 W Broadview Dr)
• Lowest priced listing is $675,000 (1210 98 St)
• Pending Sales (properties under contract): 2 (1 less than last month)
• Closed sales in April: 1 (same as last month)

The April Bay Harbor Islands home sold was located at 1261 95 St.  This home was listed for $625,000 on 08/10/2010 with 3 price reductions, down to $495,000 and selling at $497,500 on 04/19/2011.

Bay Harbor Island’s housing market is on a roll! With 4 total homes sold this year already!  No waterfront home sales though, which means it’s only the lower end market that is moving, but it’s a positive change nonetheless.

Surfside Real Estate Market Report

There are currently 53 Surfside homes for sale: (2 less than last month)

• Highest priced listing is $5,500,000 (1332 Biscaya Dr)
• Lowest priced listing is $260,000 for the home located at 8818 Harding Ave ( short sale)
• Pending Sales (properties under contract): 19 (2 more than last month)
• Closed sales in April: 2 (5 less than last month)

The 2 Surfside homes sold in April were the following:

• 9357 Abbott Av – Short sale listed for $309,000 and selling for $285,000 on 04/20/2011
• 8951 Emerson Av – Foreclosure listed for $237,500 and selling for $255,100

Less than 10% of the existing Surfside homes inventory is distressed, that is great news for all residents and their fresh ocean breeze is starting to blow with more enthusiasm.  If you want to dip yourself in some ugly politics and name calling, check out SaveSurfside.com, a website created by some angry residents to create awareness about not so black and white government decisions.

There are currently 90 Surfside Condos for sale: (9 less than last month)

• Highest priced listing:  $2,400,000 for a 3/3 at Solimar Condo unit 1207/6
  

• Lowest priced listing: $129,000 for a 1/1 at Regent Palace unit 23

• Pending Sales (properties under contract):27 (2 less than last month)

• Closed sales in April: 10 (7 more than last month)

The 10 Surfside condo sales in April were the following:

• Champlain Towers – 8877 Collins Av #209– listed for $599,000 and selling for $495,000
• Champlain Towers – 8777 Collins Av #1008 – listed for $599,000 and selling for $500,000
• Spiaggia Ocean Condo – 9499 Collins Av #PH-03 – foreclosure listed for $569,000 and selling for $530,000
• Marbella Condo – 9341 Collins Av #1102 – listed for $549,000 and selling for $480,000
• Mirage Condo – 8925 Collins Av #4F – listed for $399,000 and selling for $350,000
• Marbella Condo – 9341 Collins Av #805 – listed for $350,000 and selling for $315,000
• Champlain Towers East – 8855 Collins Av #2D – foreclosure listed for $290,000 and selling for $283,000
• Manatee Condo – 9273 Collins Av #608 – listed for $209,000 and selling for $209,000
• Carlisle on The Ocean – 9195 Collins Av #PH8 – listed for $179,000 and selling for $145,000
• Four Winds Condo – 9225 Collins Av #1110 – short sale listed for $160,000 and selling for $140,000

The Surfside Condo market is seeing movement in its upper tear with sales above $400,000, where last year we were only seeing lower end sales under $300,000.  Champlain Towers was the big winner this past month with 2 great sales.  This by no means shows the end of a down market, it shows the beginning of a recuperating one.  Just keep that in mind if you need to sell versus waiting for prices to find a logical balance.

Fisher Island Real Estate Market Report

There are currently 120 Fisher Island Condos for sale: (3 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: $134,500 for a studio at Marina Village Gardens (short sale)
• Pending Sales: 5 (2 more than last month)
• Closed sales in April : 2  (same as last month)

The 2 Fisher Island Condos sold in April were the following:

• Oceanside Fisher Island– 8022 Fisher Island Dr – listed for $2,200,000 and selling for $1,999,000
• Bayside Village – 2021 Fisher Island Dr #2021– listed for $1,195,000 and selling for $900,000

13% of the current Fisher Island Condo inventory is distressed (short sales and foreclosures).  Although this number may be low for the common Miami and Miami Beach neighborhood, it’s unheard of for Fisher Island, one of the nation’s most expensive zip codes according to Forbes.com in years past.  This is great for second home owners that love fisher island for the amenities, but only need a small pie-a-terre for occasional weekends, but not so great for residents who just want normalcy on the island.

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