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

This is a Miami Real Estate Market Report for July 2011.  Trends don’t lie and the numbers are here to prove it.  Better neighborhoods in THE 305 (that’s Miami in local talk), not only are selling, but prices are already increasing.  This doesn’t mean we will go back to the crazy highs of a few years back, it means that homes are appreciating in value and distressed home inventory is decreasing and in many areas non-existent.  The housing market can even be described as normal now, wow! isn’t that a change from previous years!

Miami Shores Real Estate Market Report

There are currently 92 Miami Shores homes for sale (same as 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):50  (1 less than last month)
• Closed sales in July: 11 (2 more than last month)

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

• 9215 N Bayshore  – listed for $1,795,000 and selling for $1,700,000 on 7/18/11 (this house had been listed since 06 with starting price of $4.6 Million and ended up selling as a short sale)
• 502 NE 94th St – listed for $749,000 and selling for $730,000 on 7/15/11 (had been listed for $799,000 on 11/10/10)
• 424 NE 103 St – listed for $639,000 and selling for $598,340 on 7/15/11
• 465 NE 96 St – listed for $525,000 and selling for $515,000 on 7/23/11
• 112 NE 93 St – listed for $499,000 and selling for $499,000 on 7/14/11
• 842 NE 99 St – listed for $439,000 and selling for $430,000 on 7/27/11
• 42 NE 107 St – listed for $385,000 and selling for $350,000 on 7/15/11
• 85 NE 97 St – bank owned foreclosure listed for $299,900 and selling for $292,000 on 7/18/11
• 10674 NE 11 Ave – listed for $299,000 and selling for $265,000 on 7/1/11
• 372 NE 98 St – short sale listed for $299,000 and selling for $175,000 on 7/15/11  (this house was originally listed for $550,000 in January of 2009)
• 9500 NE 6 Av – listed for $275,000 and selling for $240,000 on 7/19/11

Miami Shores homes priced between $300,000 and $650,000 are moving quickly!  This year we have seen a lot of homes in that price range selling in just 1 or 2 months, but they are not necessarily fixer uppers.  This means that homes that are ready to move in are in demand and buyers are pulling the trigger quickly, and without hesitation.  Just make sure your home is staged and properly marketed in order to get top dollar.

Bay Harbor Islands Real Estate Market Report

There are currently 14 Bay Harbor Island Homes for sale: (1 more than last month)

• Highest priced listings is for $3,290,000 (9520 W Broadview Dr)
• Lowest priced listing is $659,000 (1210 98 St)
• Pending Sales (properties under contract): 2 (same last month)
• Closed sales in July: 1 (2 less than last month)

The Bay Harbor Island Home that sold in July was located at 1211 97 St, listed for $1,150,000 and sold for $950,000 on 7/29/11.  The home was listed for $1,250,000 on 9/15/2010 with one price reduction and a fairly quick sale considering the inventory in Bay Harbor Islands.

That makes 8 Bay Harbor Island homes sold this year!! This makes me very happy because Bay Harbor Islands is an amazing place to live with proximity to everything.  Is this a sure sign of a recuperating South Florida housing market? You better believe it!

Surfside Real Estate Market Report

There are currently 48 Surfside homes for sale: (3 more than last month)

• Highest priced listing is $6,500,000 (1249 Biscaya Dr)
• Lowest priced listing is $329,000 for the home located at 9432 Abbott Ave
• Pending Sales (properties under contract): 13 (5 less than last month)
• Closed sales in July: 8 (4 more than last month)

The 8 Surfside homes sold in July were the following:

• 9572 Byron Av – listed for $479,000 and selling for $460,000 on 7/11/11
• 9157 Emerson Av – listed for $440,000 and selling for $420,000 on 7/6/11
• 9117 Emerson Av – listed for $429,000 and selling for $383,000 on 7/8/11
• 717 Surfside Bl – short sale listed for $379,000 and selling for $310,000
• 9141 Garland Av – listed for $349,000 and selling for $337,000 on 7/25/11
• 9517 Bay Dr – short sale listed for $340,000 and selling for $290,000 on 7/14/11
• 9556 Abbott Av – short sale listed for $280,000 and selling for $270,000 on 7/21/11
• 8705 Carlyle Av – bank owned foreclosure listed for $224,900 and selling for $331,000 on 7/29.11

Surfside homes are selling and prices ARE increasing.  There are no more homes in the $200k range and those in the $300k’s are mostly fixer uppers or the location is not all that great.  Surfside continues to be a very desirable place to live because of the proximity of the ocean and the fact that they now have an amazing community center!

There are currently 77 Surfside Condos for sale: (2 more than last month)

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

• Lowest priced listing: $109,000 for studio at Four Winds Condo unit 307

• Pending Sales (properties under contract): 25 (same last month)

• Closed sales in July: 6 (1 less than last month)

The 6 Surfside condo sales in July were the following:

• Solimar Condo – 9595 Collins Av #503– listed for $815,000 and selling for $770,000
• Carlisle on The Ocean – 9195 Collins Av #502 – listed for $459,000 and selling for $407,000
• Spiaggia ocean Condo – 9499Collins Av #809– listed for $248,999 and selling for $240,000
• Manatee Condo– 9273 Collins Av #902 – listed for $208,000 and selling for $208,000
• Manatee Condo – 9273 Collins Av #707 –listed for $195,000 and selling for $210,000
• Winter Gardens Condo – 8955 Collins Av #106– listed for $175,00 and selling for $155,000

There are still good deals out there when it comes to Surfside condos, but don’t expect new, 2 bedroom with direct ocean views in the $200k’s ….that’s long gone!!  Be reasonable and see that the sales under $400,000 don’t have direct views, are not big and may need work.

Fisher Island Real Estate Market Report

There are currently 112 Fisher Island Condos for sale: (2 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: 2 (6 less than last month)
• Closed sales in July: 3  (6 less than last month)

The 3 Fisher Island Condos sold in July were the following:

• Oceanside at Fisher Island – 7734 Fisher Island Dr – listed for $8,900,000 and selling for $7,250,000
• Oceanside at Fisher Island – 7232 Fisher Island Dr – listed for $3,900,000 and selling for $3,900,000
• Oceanside at Fisher Island – 7251 Fisher Island Dr – listed for $2,490,000 and selling for $2,501,000

Glad to see movement pick up in Fisher Island, especially at Oceanside.  With a mega sale over $7 Million, this puts Fisher Island back on the map!  Doesn’t surprise me, since it’s the perfect vacation spot for those that seek privacy.

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