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

This is a Miami Real Estate Market Report for June 2011.  We keep getting calls from the media to share good news because they are tired of the existing grim picture.  The common question is:  Are you working in any areas within Miami that is already seeing signs of recuperation and normalcy?  And the answer is YES!!! just with the few examples below you will be able to see change from month to month.  When the media wants to report good news in the housing market, it must mean something!

Miami Shores Real Estate Market Report

There are currently 92 Miami Shores homes for sale (5 less than last month):

• Highest priced listing is $2.499 million (bay front home located at 1430 NE 101 Street – listed since September 2007 starting at $3.9 Million)
• Lowest priced listing is $105,000 (Foreclosure at 9826 NW 1 Av)
• Pending Sales (Properties under contract):51  (13 more than last month)
• Closed sales in June: 9 (3 less than last month)

The 9 Miami Shores homes sold in June were the following:

• 9901 NE 13 Av – listed for $1,795,000 and selling for $1,562,500 on 6/3/11
• 571 NE 94th St – listed for $699,000 and selling for $675,000 on 6/6/11
• 1115 NE 97th St – listed for $625,000 and selling for $590,000 on 6/6/11
• 390 NE 93 St – listed for $449,000 and selling for $430,000 on 6/3/11
• 78 NW 106 St – listed for $285,000 and selling for $281,000 on 6/10/11
• 138 NE 106 St – short sale listed for $275,000 and selling for $219,500 on 6/23/11
• 373 NE 104 St – listed for $249,500 and selling for $225,000 on 6/6/11
• 9802 NW 1 Av – short sale listed for $200,511 and selling for $191,511
• 9545 Biscayne Blv – foreclosure listed for $194,750 and selling for $190,000

There hasn’t been much change in the mid to high end inventory in Miami Shores which means there are a lot of people ready to buy but are waiting for those homes to come on the market.  We’re talking pre-aproved, ready buyers ready to pull the trigger but the inventory is not there.  So if you are in the market to sell between $500,000 and $1 Million…..just know that there are people looking in that price range!

Bay Harbor Islands Real Estate Market Report

There are currently 12 Bay Harbor Island Homes for sale: (3 less than last month)

• Highest priced listings is for $3,500,000 (9930 W Broadview Dr)
• Lowest priced listing is $735,000 (1250 103 St)
• Pending Sales (properties under contract): 2 (1 more than last month)
• Closed sales in June: 3 (3 more than last month)

The 3 Bay Harbor Island Homes that sold in June were the following:

• 10140 W Broadview Dr – listed for $3,590,000 and selling for $3,200,000 on 6/30/11 (originally listed for $3,590,000 on 11/14/10)
• 10236 W Broadview Dr – listed for $3,400,000 and selling for $2,692,000 on 6/30/11 (this home was originally listed for $5.1 Million in October of 2007).
• 1350 96 St – short sale listed for $650,000 and selling for $515,000 on 6/24/11

3 Bay Harbor Island homes sold in June!! That’s a record for this area, considering there were a total of 5 sales in 2010 and 6 in 2009.  The positive change in Bay Harbor Island’s housing market is more than evident with 7 sales this year already and 2 of the sales in June being multi-million dollar sales.

Surfside Real Estate Market Report

There are currently 45 Surfside homes for sale: (4 less 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): 18 (1 less than last month)
• Closed sales in June: 4 (2 less than last month)

The 4 Surfside homes sold in June were the following:

• 9233 Dickens Av – listed for $399,000 and selling for $370,000 on 6/13/11
• 420 88 St – listed for $295,000 and selling for $220,000 on 6/20/11
• 9333 Harding Av – listed for $285,000 and selling for $285,000 on 6/24/11

I loved seeing a city like Surfside defeat the odds and all the negative housing market media news.  Surfside’s prices are seeing an increase, the inventory is limited and the desirability of the area increasing every day – one of our South Florida Neighborhoods that’s seeing the light at the end of the tunnel.

There are currently 75 Surfside Condos for sale: (6 less than last month)

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

• Lowest priced listing: $129,000 for studio at Four Winds Condo unit 307

• Pending Sales (properties under contract): 25 (3 less than last month)

• Closed sales in June: 7 (same as last month)

The 7 Surfside condo sales in June were the following:

• Solimar Condo – 9595 Collins Av #N10E– listed for $1,100,000 and selling for $1,060,000
• Four Winds Condo – 9225 Collins Av #PHD – listed for $438,000 and selling for $405,000
• Mirage Condo – 8925 Collins Av #7f – short sale listed for $399,800 and selling for $340,000
• Four Winds Condo – 9225 Collins Av #1102 – listed for $319,000 and selling for $300,000
• Champlain Towers North Condo – 8877 Collins Av #604 – foreclosure listed for $318,497 and selling for $271,150
• Carlisle on The Ocean – 9195 Collins Av #1113 – listed for $229,00 and selling for $200,000
• Seaway Villas Condo – 9149 Collins Av #302 – listed for $220,000 and selling for $185,000

June Surfside Condo sales are not much different than the previous few months – inventory is slightly decreasing and demand about the same.  One thing is for sure, when comparing price per square foot, buying in Surfside is still a great deal and the beach is beautiful!

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 June : 9  (8 more than last month)

The 9 Fisher Island Condos sold in June were the following:

• Bay View at Fisher Island – 5161 Fisher Island Dr – listed for $6,900,000 and selling for $5,287,500
• Oceanside at Fisher Island – 7611 Fisher Island Dr – listed for $6,750,000 and selling for $5,500,000
• Oceanside at Fisher island – 7925 Fisher Island Dr – listed for $3,000,000 and selling for $2,700,000
• Bayview at Fisher island – 5132 Fisher Island Dr – listed for $2,800,000 and selling for $2,500,000
• Oceanside at Fisher Island – 7936 Fisher Island Dr – listed for $1,950,000 and selling for $1,950,000
• Seaside Condo – 19226 Fisher Island Dr – listed for $1,825,000 and selling for $1,630,000
• Bayview at Fisher Island – 5143 Fisher Island Dr – foreclosure listed for $1,734,000 and selling for $1,650,000
• Bayside Village – 2134 Fisher Island Dr – listed for $1,495,000 and selling for $1,350,000
• Bayside Village – 2421 Fisher Island Dr – listed for $1,300,000 and selling for $900,000
• was located in Oceanside at Fisher Island (unit 7938).  It was originally listed in May of 2010 for $3,3 Million and lowered to $2.9 Million in June of 2010 and then again to $2.499 Million in November – finally closing on May 18th, 2011 for $2 Million.  The sellers had bought this residence in August of 2001 for $1.725 Million.

Talk about a drastic change in sales in Fisher Island in the month of June.  From one single sale, to 9 and with 3 being above the $2.5 Million mark.  Oceanside and Bayview tore the sales stats for last month in Fisher with the most sales in these 2 buildings.

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