April 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 April 2010 – an evident decrease in number of sales this month but doesn’t really mean a thing when it comes to describing a recuperating market.  Our team is seeing an unbelievable amount of movement, people actually buying properties and know that these numbers will be reflected next month.  Seller’s market in some cases…..yes it’s crazy….but it’s the truth.  You better educate yourself about what’s moving and where if you are thinking of buying right now.  And please stop calling us with absurd notions of the possibility of buying oceanfront condos for $50,000 – it’s not happening people! wake up!

Miami Shores Real Estate Market Report

There are currently 102 Miami Shores homes for sale:

• Highest priced listing is $3.250 million (bay front home located at 1480 NE 103 Street – brand new amazing new listing)
• Lowest priced listing is $175,000  (short sale located at 10414 N Miami Avenue)
• Pending Sales (Properties under contract):48 (7 less than last month)
• Closed sales in April: 10 (5 less than last month)

The 10 Miami Shores homes sold last month were the following:

• 173 NW 99 St– listed for $41,600 and selling for $41,000 (Foreclosure listed and sold the same day and closed 4 months later … inside job?)
• 142 NW 95 St – listed for $195,000 and selling for $205,000
• 42 NW 110 St – listed for $199,000 and selling for $175,000
• 575 NE 105 St – listed for $340,000 and selling for $300,000
• 10001 NE 1 Av – listed for $359,000 and selling for $359,000
• 358 NE 101 St – listed for $389,000 and selling for $358,000
• 988 NE 93 St – listed for $479,000 and selling for $430,000
• 410 NE 94 St – listed for $499,000 and selling for $440,000
• 622 NE 98 St – listed for $514,999 and selling for $515,000 (gorgeous historic home near the Miami Shores Field House)
• 1025 NE 98th St – listed for $575,000 and selling for $515,000 (local agent’s investment house previously purchased for $405,000 to flip).

That $41k sale is a total fluke!!  Wonder what kind of BPO’s the bank did for that sale (the lot is worth more than that!).  Listing price vs. Sale price is beginning to normalize – don’t know if it’s sellers pricing more logically, or the market recuperating.  One thing is for sure – The lower end market has sellers in complete control and the inventory is flying! Make sure you read “Seller’s Market in the Middle of a Downturn” if you feel like being enlightened.

Bay Harbor Islands Real Estate Market Report

There are currently 18 Bay Harbor Island Homes for sale: (4 less than last month)

• Highest priced listings is for $3,900,000 (10236 W Broadview Dr – previously listed for $5.1 M in 2007 and relisted for $3.9 in October of 2009)
• Lowest priced listing is $685,000 (1210 103 St – Active since January 2009 with starting price of $915,000)
• Pending Sales (properties under contract):4 (same as last month)
• Closed sales in April: 0

BROKEN RECORD…..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 44 Surfside homes for sale: (1 less than last month)

• Highest priced listing is $3,495,000 (1300 Biscaya Dr – unbelievable Home by MiMO architect Igor Polevitzk)
• Lowest priced listing is $279,000 for the home located at 8858 Harding Ave (Short sale on a busy street)
• Pending Sales (properties under contract): 15 (3 more than last month)
• Closed sales in April: 5 (2 less than previous month)

The 5 Surfside homes sold in April were the following:

• 9452 Carlyle Ave – listed for $579,000 and selling for $550,000
• 624 95 St – listed for $490,000 and selling for $447,000
• 900 Surfside Bl – listed for $489,000 and selling for $440,000
• 9165 Byron Av – listed for $480,000 and selling for $460,000
• 9016 Carlyle Av – listed for $449,000 and selling for $400,000

No distressed sales in the month of April and it’s evident with closing prices all in the $400k’s and $500k’s.  The low price range in Surfside is slowly disappearing.

There are currently 138 Surfside Condos for sale: (12 less than last month)

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

• Lowest priced listing: $99,900 for a bank owned one bedroom at Sunset Condo
  

• Pending Sales (properties under contract):36 (5 more than last month)

• Closed sales in April: 4 (2 less than last month)

The 4 Surfside condo sales in April were the following:

• Solimar Condo – 9559 Collins Ave #10-A – listed for $2,400,000 and selling for $1,500,000
• Solimar Condo – 9595 Colins Ave #N4-D – listed for $740,000 and selling for $700,000
• Champlain Towers South – 8777 Collins Ave #806 – listed for $308,800 and selling for $235,000
• Carlisle on The Ocean – 9195 Collins Ave #PH13 – Foreclosure listed for $165,900 and sold for $175,750

Again this month, only one of the 4 Surfside Condos sold in April, was a distressed sale.  Solimar is moving its inventory in the past few months with record sales compared to the rest of the condos.

Fisher Island Real Estate Market Report

There are currently 119 Fisher Island Condos for sale: (7 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: 8 (same as previous month)
• Closed sales in April : 2 (2 less than last month)

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

• Seaside Village – 19145 Fisher Island Dr – listed for $2,399,000 and selling for $2,100,000 (The seller had bought this Seaside Village hotel unit for $2,375,000 in May of 05 and listed it for $2.8M in November of 09, suffering a small loss after 5 years)
• Bayside Village – 2012 Fisher Island Dr – listed for $699,000 and selling for $680,000 (the owners of this unit bought in 2004 for $699,000 and listed it on and off since 2007, with a starting price of $1,800,000)

There have been 11 Fisher Island Condo sales in the first 4 months of the year compared to the 32 sales in 2009 and 25 sales in 2008.  I was asked if the Fisher Island real estate market is suffering like the rest of the South Florida Real Estate Market.  The answer, in my opinion, is yes and no.  We saw Fisher Island drop in rank from first in Forbes Most Expensive Zip Codes to thirty-something in just one year.  We started seeing distressed sales in this exclusive island, and we started seeing speculators getting hit as well as multiple property owners.

But the real truth is that Fisher Island, mostly as a vacation spot, secluded get-away and second home, affords its owners a little loss without it really hurting the pocket.  We see sellers loosing a couple of hundred thousand dollars and they don’t necessarily have to short sale and can walk away without pain.  Those that really need to sell, will drop their guard, others will just wait for the right buyer.

Aventura Real Estate Market Report

There are currently 1423 Aventura condos for sale: (1 more than last month)

• Highest priced listing: $5,300,000 for a 4/6 at Porto Vita
• Lowest priced listing: $45,000 for a 1/1 at Point East (a 55+ community)
  
• Pending sales: 307 (13 less than last month)
• Closed sales in April: 69 (22 less than last month)

The highest Aventura Condo sale in the month of April was for the 5 bedroom, 6 bathroom residence at Porto Vita (20155 NE 38 Ct #901) which was listed for $3,350,000 and sold for $2,350,000.

The lowest Aventura sale in April was a covered parking space at The Venture.  It was listed for $4,700 and sold for $4,200.

The lowest Aventura Condo sale in April was a one bedroom 1.5 bathroom unit at Biscayne Lake Gardens.  Short Sale listed for $57,500 and sold for $50,000.

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