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

This is a Miami Real Estate Market Report for August 2011.  Please stop calling us to buy prime real estate for $100,000 in Miami Beach, it doesn’t exist!  And if it did, we would jump at the opportunity ourselves!  Rant aside,  good and reputable neighborhoods in Miami are all seeing an upward trend in pricing already so if you find an obscure ad in some on-line newsletter that gives you unbelievable information, it will be just that…. UNBELIEVABLE.  If it sounds, smells and looks too good to be true, it will DEFINITELY be too good to be true.

Miami Shores Real Estate Market Report

There are currently 85 Miami Shores homes for sale (7 less than last month):

• Highest priced listing is $1,795,000 million (bay front home located at 1550 NE 103 St)
• Lowest priced listing is $115,000 (Short Sale at 200 NE 110 Ter)
• Pending Sales (Properties under contract):47  (3 less than last month)
• Closed sales in August: 20 (9 more than last month)

The 20 Miami Shores homes sold in August ranged from an $87,700 foreclosure to a $750,000 mid-century modern home East of Biscayne Boulevard.  The median sale being $373,000 and the average sale coming in at $321,610.

Miami Shores is one of those neighborhoods in Miami that is already seeing a huge improvement in real estate.  Only 10% of August sales were distressed, compared to a constant 40-50% a year ago.  Homes under $400,000 are selling for top dollar and quickly, so keep that in mind if you are in that price range to buy or sell a Miami Shores home.

Bay Harbor Islands Real Estate Market Report

There are currently 12 Bay Harbor Island Homes for sale: (2 less than last month)

• Highest priced listings is for $3,290,000 (9520 W Broadview Dr)
• Lowest priced listing is $699,000 (1250 103 St)
• Pending Sales (properties under contract): 1 (1 less than last month)
• Closed sales in August: 2 (1 more than last month)

The 2 Bay Harbor Island Homes that sold in August were the following:

• 9525 E Broadview Dr – short sale listed for $750,000 and selling for $720,000.  This home was originally listed for $2.45 Million in 2008 with several obvious price reductions and Brokerage changes along the way.
• 1210 98 St – listed for $659,000 and selling for $595,000.  This home was originally listed for $850,000 in 2009 also with several price reductions and brokerage changes.

We can’t emphasize how happy we are that Bay Harbor Islands is finally out of the hole!  This year’s 10 sales already surpass the last 3 years. This was puzzling to anyone in the business due to the fact that the Bay Harbor Islands are distinct within the South Florida housing market – due to location, water frontage and low crime rate.   it!

Surfside Real Estate Market Report

There are currently 47 Surfside homes for sale: (1 less than last month)

• Highest priced listing is $6,500,000 (1249 Biscaya Dr)
• Lowest priced listing is $259,000 for the home located at 9516 Abbott Av
• Pending Sales (properties under contract): 17 (4 more than last month)
• Closed sales in August: 3 (5 less than last month)

The 3 Surfside homes sold in August were the following:

• 9472 Carlyle Av – listed for $429,900 and selling for $400,000
• 9532 Carlyle Av – listed for $420,000 and selling for $405,000
• 9125 Bay Dr – listed for $385,000 and selling for $379,150

Don’t mean to sound like a broken record, but Surfside is a great  area for first time home buyers, although the media sale price last month was in the $400,000’s.  Less than 10% of the inventory is distressed, which is a good sign for a recuperating area.

There are currently 65 Surfside Condos for sale: (12 less than last month)

• Highest priced listing:  $3,915,000 for a 4/3/1 at Majestic Towers unit 1606
  

• Lowest priced listing: $139,000 for a short sale studio at Spiaggia unit 805

• Pending Sales (properties under contract): 30 (5 more than last month)

• Closed sales in August: 8 (2 more than last month)

The Surfside condos sold in August ranged in price between $129,000 for a 1 bedroom / 1 bath at Regent Palace, to $405,000 for a 2 bedroom / 2 bathroom short sale at The Waves Condo.  Distressed sales made up 38% of the total Surfside Condo sales in August and out of the active inventory, less than 10% is distressed.

Fisher Island Real Estate Market Report

There are currently 106 Fisher Island Condos for sale: (6 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: $81,500 for a studio at Marina Village Gardens (short sale) << in heart of commercial sector (perfect for crew or visitors)
• Pending Sales: 5 (3 more than last month)
• Closed sales in August: 1  (2 less than last month)

The Fisher Island Condo sold in August was located at Oceanside at 7765 Fisher Island Drive.  It was listed for $4,299,000 and sold for $3,900,000.  This condo was originally listed for $4.95 Million in June of 2010 with several price reductions.

There are still 12 distressed Fisher Island condos available for sale right now – but making up only 11% of the total inventory for sale in the island.  The median price in Fisher Island this year being $2.7 Million and showing that Fisher Island is still as exclusive as ever.

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