August 09 Real Estate Market Reports for Miami Shores, Bay Harbor Islands, Surfside, Fisher Island, Aventura, Biscayne Park and El Portal

This is a Miami Real Estate Market Report for August 2009 – The changes are very subtle, but obvious to those of us in the trenches.  Distressed inventory keeps decreasing, there are more sales and inventory pricing slighting increasing.  I’m not saying prices are going up, I am saying that there are not that many “deals” out there anymore.  Those homes that are priced right from the start are selling quickly which should be a good motivator for those thinking of selling.

Miami Shores Real Estate Market Report

There are currently 121 listings in Miami Shores: (same as last month)

• Highest priced listing is $2.5 million (bayfront home located at 9179 N. Bayshore Drive – short sale reduced from $3.15)
• Lowest priced listing is $139,900 (foreclosure at 162 NW 102 St)
• Pending Sales (Properties under contract):40 (6 more than last month)
• Closed sales in August: 12 (1 less than previous month)

Out of the 12 sales in August in Miami Shores, 3 of them were foreclosures which could mean 25% of the inventory, but that is not the case.  Distressed real estate inventory has been slowly diminishing which is great for competing homes on the market.  Only one sale above $500,000 and that was the home located at 800 NE 98th Street which was listed for $799,000 and sold for $740,000 (belonging to a former Miami Shores Mayor).

Bay Harbor Islands Real Estate Market Report

There are currently 22 single-family home listings in Bay Harbor Islands: (same as last month)

• Highest priced listings is for $4,950,000 (10200 W Broadview Drive – listed since December of 2008 for $5,200,000)
• Lowest priced listing is $499,000 (9970 E. Bay Harbor Drive – Villa – listed since Feb. 07 – starting price of $659,000)
• Pending Sales (properties under contract):3 (2 less than last month)
• Closed sales in August: 2 (2 more than last month)

So Happy to see Bay Harbor Islands real Estate beginning to move– with only 3 sales this year and 2 of those happening in August.

• 9701 E Broadview Drive listed since January of 2006 for $2,595,000 and selling for $1,850,000
• 1231 101 Street listed since April of 2009 for $1,095,000 and selling for $900,000

Surfside Real Estate Market Report

There are currently 65 single-family home listings in Surfside: (1 more than last month)

• Highest priced listing is $7,900,000 (for flawless 6 bedroom / 7.5 bathroom modern bay front home located at 1236 Biscaya with 6,723 square feet of living space and 75? of bay frontage).
• Lowest priced listing is $278,900 for the home located at 9016 Abbott Avenue
• Pending Sales (properties under contract): 7 (2 more than last month)
• Closed sales in August: 1 (2 less than previous month)

The closed Surfside Real Estate sale in the month of July was the property located at 1025 88 Street which had been listed for $800,000 since December of 2007 and sold for $400,000 as a short sale. There are currently 150 condo listings in Surfside: (4 less than last month)

• Highest priced listing: $2,400,000 a 3/3 at Solimar

• Lowest priced listing: $122,250 a 1/1 at Regent Palace

• Pending Sales (properties under contract):18 (3 less than last month)

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

Surfside condo sales for the month of August ranged between $1,420,000 for a 3 bedroom / 3 and a half bathroom condo at Solimar, to $135,000 for a 2 bedroom / 2 bathroom unit at Carlisle on The Ocean.

Fisher Island Real Estate Market Report

There are currently 138 listings in Fisher Island: (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: $295,000 for a 1/1 at Marina Village
• Pending Sales: 7 (2 less than last month)
• Closed sales in August: 0 (2 less than last month)

Fisher Island Real Estate saw no movement in the month of August – but then again…..it’s vacation time…..please don’t bother Fisher Island Residents with trivial showings at the end of the their Summer Vacation.  Things should start picking up in September!

Aventura Real Estate Market Report

There are currently 1576 condo listings in Aventura: (16 less than last month)

• Highest priced listing: $6,000,000 for a 4/6 at Porto Vita
• Lowest priced listing: $2,900 for a 3 bedroom loft at Uptown Marina (yes people, this is a typo on the MLS, it’s a rental……not a sale)
• Pending sales: 261(17 more than last month)
• Closed sales in August: 68 (16 less than last month)

The highest closed sale in August was Porto Vita South, 19955 NE 38 Ct, unit 2206 for $1,200,000 and the lowest was for $76,000 for a  1 bedroom / 1 and a half bathroom residence at the Ensenada Condo.

Biscayne Park Real Estate Market Report

There are currently 30 single-family listings in Biscayne Park: (3 less than last month)

• Highest priced listing $449,900 (1112 NE 117th Street)
• Lowest priced listing $190,000 (769 NE 113 St – short sale)
• Pending sales (properties under contract):13 (1 more than last month)
• Closed sales in August: 3 (1 more than last month)

Biscayne Park Real Estate sales for the month of Agust were:

• 1007 NE 116th Street – Listed for $539,000 since January of 2009, and selling for $440,000
• 764 NE 111th Street – Listed $499,000 since March of 2009 and selling for $410,000

El Portal Real Estate Market Report

There are 27 listings in El Portal: (same as last month)

• Highest priced listing is $1,200,000 (300 NE 89th St  – this one is a bit off for the neighborhood…..white elephant?)
• Lowest priced listing $140,000 (short sale at 435 NW 90th Street)
• Pending sales (properties under contract):8 (1 less than last month)
• Closed sales in August: 0(3 less than previous month)

El Portal Real Estate had no sales in the month of August which is not a good sign but not the end of the world seeing that there are currently 8 homes under contract.  That $1.2 listing will be an interesting one to follow since it’s listed WAY over market value, even if it has the best finishes available. **all information obtained from the SouthEast Florida Multiple Listing Service**