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 the first 9 months of 2008.   The good news is that properties are selling, buyers are buying and we are seeing an influx of investors coming into the Miami Real Estate Market.  A lot of those people that were renting waiting for the market to “collapse” are also buying now because they recognize good deals.  The bad news is that prices have kept dropping (but at a much lower pace in many of the areas).  Have we reached bottom?  I personally don’t think so, but good deals are out there and if you are not looking for short-term investments, this may be the perfect time to buy.

I do these real estate market reports on a monthly basis, feel free to check back to see the change – or e-mail me if you want us to analyze any particular figures or cities we don’t cover here.

Miami Shores Real Estate Market Report

There are currently 194 listings in Miami Shores: (13 less than last month)

• Highest priced listing is $3.5 million (bayfront home located at 1680 NE 104th Street)
• Lowest priced listing is $169,900 (corporate-owned located at 145 NE 98th Street)
• Pending Sales (Properties under contract):28 (4 more than last month)
• Closed sales in 2008: 72 (7 sales in September)

Still no sales over $1 million in Miami Shores this year – the highest sale was for $932,000 for the property located at 453 NE 92 Street that was originally listed for #1,249,000.  The average sale price in Miami Shores is $467,000 and the average price per square foot (including distress sales like short sales and foreclosures) has come down to $212 (compared to $220 last month).

There has been NO sale over $1 million this year in Miami Shores, which tells you that the Miami Shores Luxury Real Estate Market has definitely been affected.

Bay Harbor Islands Real Estate Market Report

There are currently 26 single-family home listings in Bay Harbor Islands: (same as last month)

• Highest priced listing is $5,450,000 (10340 W. Broadview Drive – listed on and off since February 2006 – starting price of $6,850,000)
• Lowest priced listing is $575,000 (9970 E. Bay Harbor Drive – Villa – listed since Feb. 07 – starting price of $659,000)
• Pending Sales (properties under contract):0 (same as last month)
• Closed sales in 2008: 2

The 2 closed sales this year were at 10161 E. Broadview Drive which closed for $1,543,500 on  May 30 and 1251 98th Street which closed for $642,000 on August 15th.  The Bay Harbor Islands Real Estate Market remains at a stand still – let’s see what happens in the remaining months of 2008). No changes at all in Bay Harbor Islands this month.

Surfside Real Estate Market Report

There are currently 81 single-family home listings in Surfside:(5 more than last month)

• Highest priced listing is $6,299,000 (bayfront home located at 1249 Biscaya Drive – has been on the market since Feb. 07 and started off at $8 million).
• Lowest priced listing is $349,000 for a pre-foreclosure at 9156 Harding Avenue
• Pending Sales (properties under contract): 4 (3 less than last month)
• Closed sales in 2008: 26 (3 sales in September)

The highest sale this year in Surfside was for $3.2 million for a bayfront home (1356 Biscaya Drive) purchased in 2002 for $2.2 million, and the lowest sale was a short sale for $262,000 (8819 Garland Avenue). The average sale price in Surfside is $614,000 and the average price per square feet is $271.00 – both of these numbers include Surfside waterfront homes.  If you remove waterfront properties, the average sale price drops to $414,000 and average price per square foot becomes a more realistic $235.00.

There are currently 209 condo listings in Surfside: (6 less than last month)

• Highest priced listing: $2,700,000 a 3/3 at Azure

• Lowest priced listing: $147,500 a 1/1 at Hillcrest by the Sea
  

• Pending Sales (properties under contract):16 (2 more than last month)

• Closed sales in 2008: 31 (5 sales in September)

The have been 2 Surfside Condo sales over $1 million in 2008.  The highest sale was for a 3 bedroom / 2.5 bathroom at The Champlain Tower East which closed on March 31 for $1,250,000. 12 of the 26 sales were under $500,000 9 (almost half the sales).  The lowest sale was for $145,000 for a 1/1 at Regent Place.  The average Surfside condo sale this year is $489,000 which is impressive considering the amount of lower priced condo listings in Surfside.

Fisher Island Real Estate Market Report

There are currently 144 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: $335,000 for a 1/1 at Marina Village
• Pending Sales: 1 (same as last month)
• Closed sales in 2008: 19 (0 in the month of September)

Fisher Island is Fisher Island…no explanation needed when it comes to Miami Beach Luxury Real Estate – but if you want to get an idea of Fisher Island’s Real Estate, read Miami Luxury Real Estate.  Here’s the breakdown of sales at Fisher Island:

• Villa del Mare – 1 sale and highest this year in Fisher Island $12,360,000
• Seaside Villas – 4 sales
• Pallazzo de Mare – 5 sales
• Oceanside – 2 sales
• Marina Village – 3 sales
• Bayview – 3 sales
• Bayside Village – 1 sale

Aventura Real Estate Market Report

There are currently 2102 condo listings in Aventura: (29 less than last month)

• Highest priced listing: $6,000,000 for a 4/6 at Porto Vita
• Lowest priced listing: $12,000 for a covered parking space at The Venture
• Pending sales: 187 (9 more than last month)
• Closed sales in 2008: 595 (66 Closings in September)

The highest closed sale this year in Aventura was at Porto Vita for $3,600,000 and the lowest was $12,000 at Hamptons West Condo for a poolside cabana where buyer had to be a Hamptons West Condo owner.

There have been 18 sales over $1 million in Aventura, keeping The Aventura Luxury Real Estate Market strong.  Aventura is still a desirable place not only for Miami Residents but for a lot of Foreign Nationals because of Aventura Mall and the proximity to the beach and both airports.

Biscayne Park Real Estate Market Report

There are currently 52 single-family listings in Biscayne Park: (same as last month)

• Highest priced listing $769,215 (660 NE 120th Street – listed since May 2008)
• Lowest priced listing $180,000 (652 NE 121 Street – bank owned property listed since June 08 with a $60,000 reduction since then)
• Pending sales (properties under contract):5 (3 more than last month)
• Closed sales in 2008: 15 ( no sales in September)

The highest sale in Biscayne Park was for $875,000 for the property located at 11080 Griffin Boulevard ( 4,384 sq. ft. canal-front home with 4 bedrooms / 2 bathrooms and 2 half baths on May 14, 2008).  The lowest sale was for $140,000 on June 27, 2008, for the property at 1110 NE 119th Street which was sold for land value since it was a fire-sale in the true sense of the word – house had a fire in Jan. 08.  The average sale price in Biscayne Park is still $360,000 and the price per square foot according to sales in 2008 is $177.

El Portal Real Estate Market Report

There are 43 listings in El Portal: (2 less than last month)

• Highest priced listing is $549,000 (69 NE 87 St – listed since August 06, started at $749,900)
• Lowest priced listing $171,000(short sale at 380 NE 87th Street)
• Pending sales (properties under contract):7 (2 more than last month)
• Closed sales in 2008: 6 (0 in the month of September)

The 6 closed sales this year in El Portal were:

• $259,000 for a 2 bedroom / 2 bathroom house located at 465 NE 89th Street on  April 15, 2008
• $185,000 for a 2 bedroom / 1 bathroom house located at 335 NE 87^th Street on May 27^th, 2008
• $230,000 for a 2 bedroom / 2 bathroom house located at 134 NW 87th Street on June 11, 2008
• $212,000 for a 3 bedroom / 1 bathroom house located at 164 NW 87th Street on July 31, 2008
• $390,000 for a 3 bedroom / 3 bathroom house located at 8895 NE 4th Avenue on August 7, 2008
• $196,000 for a 3 bedroom / 2 bathroom house located at 2 NW 89th Street on August 18, 2008

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