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Miami Shores Real Estate Market - July 2016

Ines Hegedus-Garcia
ines@miamism.com

How is the Miami Shores Real Estate Market Doing?

Miami Shores Real Estate Market Report There are currently 104 Miami Shores homes for sale: (compared to 103 in June)

  • Highest priced listing is $3,999,000 $3,795,000 for the bay front home at 1300 NE 94 St (has been listed since December 2013)
  • Lowest priced listing is $239,900 for the Foreclosure at 269 NW 111 Ter
  • Pending Sales (Properties under contract): 33 (same as in June)
  • Median Sales Price in July: $479(compared to $489 in June)
  • Closed sales in July: 11 (compared to 22 in June)

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

  • 24 NW 98 St - 2 bedrooms / 1 bathroom with 1,377 SF of living space on 5,100 SF lot - listed in November of 2015 for $389,000 and selling for $373,000 ($271/SF)
  • 77 NE 95 St - 2 bedrooms / 2 bathrooms with 1,659 SF of living space on 11,440 SF lot - listed in January for $455,000, with several reductions and selling for $340,000 ($205/SF)
  • 965 NE 92 St - 3 bedrooms / 2 bathrooms with 1,458 SF of living space on 7,000 SF lot - listed for $525,000 in April, with several price reductions and closing for $400,000 ($274/SF)
  • 922 NE 91st Ter - 3 bedrooms / 2 bathrooms Short Sale with 2,223 SF of living space on 12,375 SF lot - listed for $510,000 in February with 2 contracts that fell through according to the MLS, and finally selling for $430,000 ($193/SF)
  • 2 NE 108 St - 3 bedrooms / 2 bathrooms with 1,513 SF of living space on 9,194 SF lot - listed for $450,000 in April and selling for $435,000 ($288/SF)
  • 10326 NW 1 St - 3 bedrooms / 2 bathrooms with 1,638 SF of living space on 9,797 SF lot - This house sold for $165,000 in March of 2015, was relisted for $259,000 in April of 2015 and sold for $236,000 in May of 2015.  It was re-listed again for $489,900 in February of 2016, then increased to $519,000 just 13 days later then dropped a few times and selling for $455,000 ($278/SF) <<this one has been busy!
  • 112 NE 111 St - 3 bedrooms / 2 bathrooms with 1,836 SF of living space on 9,225 SF lot - listed for $569,000 in February, showing a few price drops and closing at $520,000 ($283/SF)
  • 990 NE 99th St - 3 bedrooms / 2 bathrooms with 1,724 SF of living space on 11,841 SF lot - listed for $765,000 in August of 2015, with several price reductions and canceled contracts, and finally selling for $640,000 ($371/SF)
  • 335 NE 101 St - 4 bedrooms / 3 bathrooms with 2,690 SF of living space on 10,350 SF lot - listed for $950,000 in August of 2015, with several price drops and selling for $756,000 ($281/SF)
  • 680 NE 97 St - 4 bedrooms / 3 bathrooms with 2,427 SF of living space on 15,197 SF lot - listed for $1,200,000 in March, showing several price drops and finally selling for $929,000 ($383/SF)
  • 925 NE 98 St - 4 bedrooms / 4 bathrooms with 2,999 SF of living space on 15,450 SF lot - listed for $1,100,000 in October of 2015, several price reductions and selling for $990,000 ($330/SF)

The average sold price per square foot in Miami Shores in July was $287compared to:

  • June average $255
  • May average $275
  • April average $281
  • March average $308
  • February average $319
  • January average $249
  • 2015’s average $264

Some people claim Miami Shores is already a buyer's market but I don't quite agree.  The market is still correcting and although properties are taking a bit longer to sell and the inventory has increased a bit, sellers still have somewhat of the upper hand.  The reason for this is that the bulk of the inventory needs work.  Those homes that are in move-in condition, because there are not many of them for sale, are getting top dollar and are selling quickly. Please keep this in mind because a few upgrades like paint and new appliances or even a kitchen counter-top, may come a long way.  Because I'm an architect and because we know what buyers are looking for, we will let you know where to best spend your money.  You would be shocked at what you think is a good upgrade compared to what a buyer is looking for.  One example is sod - buyers don't care if the grass is perfect, they rather see a new air conditioning or new appliances.  Be smart about your quick fixes and that's what we're here for. We would be happy to give you a no obligation consultation.  Send us a text message, an email, or better yet, give us a call. If you are curious about where your house is priced, you can always log into MiamismValue.com and request an automate value, just keep in mind that price will ALWAYS need to be verified and tweaked, because a machine will never be able to estimate the true value of a home.

Miami Shores House of The Month

We are sooo excited to tell you about this Miami Shores House of The Month.  It's a new listing that will soon come on the market and it is quite a treat.  This East of The Boulevard home is not just artist owned and designed, but it's a piece of art in itself.  The home has 3 bedrooms and 2.5 bathrooms, beautiful pool area, and top of the line finishes.  It's a green home and was completely remodeled last year with the most beautiful and intricate finishes I have seen in Miami Shores in quite some time. It's the epitome of luxury from custom European kitchen, electric blinds and awnings, state-of-the-art security and lighting system, Geothermal air conditioning....the list goes on and on! Call us for a showing appointment – 1195 NE 100 St Priced at $1,300,000 1195 NE 100 St - Miami Shores Home for Sale Please contact us for more information and to coordinate a showing appointment.

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