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Surfside Real Estate Market Report - August 2020

Ines Hegedus-Garcia
ines@miamism.com

How is the Surfside Real Estate Market Doing?

There are currently 37 Surfside homes for sale (same as last month):

  • Highest priced listing:  $6,550,000 for the 7 bedroom / 8.5 bathroom new construction waterfront home at 9408 Bay Dr with estimated completion date of Oct/Nov 2020 and 50' of water frontage facing Bay Harbor Island. ($963/SF)

  • Lowest priced listing: $578,000 for the 2 bedroom / 2 bathroom fixer upper at 8835 Byron Ave ($437/SF)

  • Pending Sales: 17 (homes with a sales contract that have not yet closed)

  • Closed Sales in August: 5 (same as in July)

  • Median Sales Price in August: $740,000

DOWNLOAD SURFSIDE MARKET REPORT

Surfside Home Sales in August

The Surfside homes sold in August were the following:

  • 8858 Froude Ave - 4 bedrooms / 3 bathrooms, 2,614 SF on 8,400 SF lot. Completely remodeled home with top of the line finishes. Originally listed in September of 2019 for $1,550,000, reduced twice and selling for $1,340,000 ($523/SF)
  • 8911 Byron Ave - 3 bedrooms / 3 bathrooms, 1,911 SF on 5,600 SF lot.  Remodeled, charming and includes furniture.  Originally listed in August of 2019 for $845,000.  Price was increased to $899,000, then lowered a few times, then increased again and after a slight rollercoaster of pricing, sold for $853,000 ($442/SF)
  • 9040 Dickens Ave - 3 bedrooms / 2 bathrooms, 1,306 SF on 5,600 SF lot.  Listed in March for $799,000 and sold for $740,000 ($567/SF)
  • 8911 Hawthorne Ave - beautiful 40's home with 3 bedrooms / 2 bathrooms, 1,755 SF on 5,600 SF lot. Originally listed in March of 2019 for $849,900, lowered to $780,000 in October, then again a couple of times and sold for $715,000 ($436/SF) **cash transaction
  • 9064 Harding Ave - 3 bedrooms / 2 bathrooms, 1,521 SF on 5,600 SF lot. Originally listed for $575,000 in March of 2020, lowered to $495,000 and sold for $465,000 ($331/SF)

DOWNLOAD SURFSIDE MARKET REPORT

Surfside Price per Square Foot

The average price per square foot in July for Surfside homes not on the water was $460, compared to previous months:

  • July's average $377
  • June's average $409
  • May's average $528 (one sale)
  • April's average $508
  • March's average $354 (one sale)
  • February's average $382 (one sale)
  • January's average $328
  • 2019's average $386
  • 2018's average $360

There were no waterfront sales in the month of August in Surfside, compared to previous months:

  • July's average **no sales
  • June's average **no sales
  • May's average **no sales
  • April's average **no sales
  • March's average **no sales
  • February's average **no sales
  • January's average $782 (one sale)

DOWNLOAD SURFSIDE MARKET REPORT

Surfside Real Estate Stats

I'm going to be brutally honest - listing prices are all over the place right now in Surfside and it does not make it easy for the untrained consumer.  It's as if people are barfing up random listing prices without any thought or logic.  Look at this month's original listing prices compared to selling prices to understand what I'm saying.  The worst part is that if you overprice, you ultimately will get less than market when you finally sell!!

Surfside continues to be a buyer's market but absorption rates are at 8 months. Yes, ladies and gents, overpricing will do this when demand is limited.  The average discount has increased remains at 7% and average price per square foot in the last 12 months is at $417.

 

To know where and how to price a home (as well as what to offer), you need to understand the make up of primary home owners to investors and nationality of buyers.  The graph above shows you that 72.3% of buyers are primary residents with a 27.7% of investors/vacation/2nd home owners.  The graph also shows you that not just Americans are buying in Surfside but also Italians, Argentinians and Spaniards.

To get a copy of our in-depth 3D-analyzer report for Surfside, with micro-market insights, please CLICK HERE!

It's all about Data and the right analysis to understand how the market is behaving.  Contact us for a no-obligation consultation and we'll let you know if it's the right time to sell according to your specific situation.

Featured Surfside Home For Sale

The home pictured above is located at 8943 Carlyle Ave.  It's a pristine 1952 home with 3 bedrooms / 2 bathrooms, 1,902 sq.ft. on 5,600 sq.ft. lot.  It's been tastefully renovated with a newer roof and beautiful amenities.  This is one of Surfside gems, priced at $779,500 ($410/SF)

For additional information, please contact us.


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