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

This is a Miami Real Estate Market Report for August 2010.  No matter what horrible news we are getting from the media about a second fall in real estate, we are seeing strong recuperating trends throughout certain neighborhoods in Miami.  These trends include less distressed inventory, actual sales and slight increase in pricing.  Remember that general numbers by the media will pull together all of Miami-Dade County which will not give you a clear idea of what is happening in your particular city.  If you are thinking of buying or selling, make sure you look at numbers relevant to you – don’t compare a home in Belle Meade to one The Sunset Islands.

Miami Shores Real Estate Market Report

There are currently 119 Miami Shores homes for sale (4 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 $110,500 (short sale located at 202 NW 92 St)
• Pending Sales (Properties under contract):44 (1 less than last month)
• Closed sales in August: 14 (4 more than last month)

The 14 Miami Shores homes sold in August were the following:

• 1040 NE 96th St – originally listed for $987,000 and selling for $712,000
• 1041 NE 96 St – originally listed for $799,000 and selling for $427,500
• 269 NE 104th St – originally listed for $499,000 and selling for $395,000
• 375 NE 99th St – originally listed for $480,000 and selling for $350,000
• 821 NE 99th St – short sale listed for $349,000 and selling for $340,000 (this house had been listed since 06 for $789,000…location by train tracks made it difficult to sell)
• 25 NE 101 St – originally listed for $420,000 and selling for $300,000
• 10610 NE 11 Ct – short sale listed for $299,000 and selling for $310,000
• 489 NE 95 St – short sale listed for $275,000 and selling for $225,000 (tear down with pending contract since June of 09 – taking 14 months to close!!)
• 142 NW 98th St – short sale listed for $260,000 and selling for $160,000
• 10101 NW Miami Ct – foreclosure listed for $245,000 and selling for $200,500
• 878 NE 91 Te – listed for $229,000 and selling for $200,000
• 429 NE 102 St – Short sale listed for $195,000 and selling for $195,000
• 65 NE 106 St – short sale listed for $169,000 and selling for $155,000
• 10928 NW 2 Ave – foreclosure listed for $129,250 and selling for $129,250

Sales in August represented a lot of owners that dropped their prices drastically to get the job done – maybe a reality check or maybe they had no choice…seems to be the norm for those wanting to sell.  A lot of distressed properties that have pending contracts are starting to close as well.  The great news is that the inventory is improving (meaning homes in better condition with realistic pricing) and we’re also getting the feeling that buyers are not as picky and realize no home will be perfect and they will need to invest to make it their own.  Definitely good news for Miami Shores although the luxury market is still NOT moving.

Bay Harbor Islands Real Estate Market Report

There are currently 13 Bay Harbor Island Homes for sale: (4 less than last month)

• Highest priced listings is for $2,999,000 (9520 W Broadview Dr)
• Lowest priced listing is $870,000 (1311 97th Street)
• Pending Sales (properties under contract):2 (1 less than last month)
• Closed sales in August: 0 (same as last month)

No sales in July 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

One of the properties under contract last month doesn’t appear to have closed and is no longer listed (9641 Broadview Te)

Sellers in Bay Harbor Islands need to be very careful if they are serious about selling.  Don’t overprice if you have a good prospect and don’t get too greedy – the market stats don’t lie and there are no sales to support you.

Surfside Real Estate Market Report

There are currently 55 Surfside homes for sale: (4 less 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 $254,000 for the home located at 8942 Hawthorne Av
• Pending Sales (properties under contract): 12 (2 more than last month)
• Closed sales in August: 1 (same as last month)

The 1 Surfside home sold in August was the following:

• 9500 Carlyle Av – listed for $419,000 and selling for $375,000 (this home was listed in June and sold in less than 2 months)

8 of the 12 properties currently under contract are distressed sales (short sales and/or foreclosures) – That’s 67% which is a high number. Where only 8% of the existing active inventory is distressed.  This is a sure sign that the distressed market in Surfside is decreasing.

There are currently 140 Surfside Condos for sale: (7 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: $90,000 for a 1/1 short sale at Sunset Condo
  

• Pending Sales (properties under contract):29 (3 more than last month)

• Closed sales in August: 2 (6 less last month)

The 2 Surfside condo sales in August were the following:

• Solimar Condo – 9595 Collins Av #N2F – listed for $419,000 and selling for $350,000
• 9500 Oceans Condo  – 9511 Collins Av #1211 – foreclosure listed for $235,125 and selling for $235,125

Most Surfside condos are in boutique buildings with limited amenities.  The common theme is to live in a quiet neighborhood with comfort and not lavish amenities.  Buildings for the most part will have a gym, community room, pool and some will have concierge and valet.  We see a lot of buyers coming from South Beach disheartened at the amenities, but you need to know Surfside to understand.  Keep in mind that only 17% of the existing active inventory is distressed, this is evidence that the Surfside Condo Market is strong.

Fisher Island Real Estate Market Report

There are currently 123 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: $159,000 for a studio at Marina Village (short sale)
• Pending Sales: 7 (same as last month)
• Closed sales in August : 1 (1 less than last month)

The single Fisher Island condo sale in the month of August was the following:

• Seaside Village – 19237 Fisher Island Dr – listed for $699,000 and selling for $600,000

A client of ours called last week in disbelief about Fisher Island having distressed sales.  How in the world could someone that could afford the lavish lifestyle of a private island have to short sale or be foreclosed on?  Well…the reality is that the rich are not immune to adversity but this by no means should suggest that Fisher Island Real Estate is suffering.  When putting numbers into perspective, you will realize than only 8% of the existing Fisher Island Condo inventory is distressed, which when compared to other areas in Miami and Miami Beach, is minuscule.

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