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Surfside Real Estate Market Report - November 2020

Ines Hegedus-Garcia
ines@miamism.com

How is the Surfside Real Estate Market Doing?

There are currently 38 Surfside homes for sale (same as last month):

  • Highest priced listing:  $6,550,000 $7,450,000 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: $530,000 for the 2 bedroom / 2 bathroom home at 8943 Hawthorne Ave ($357/SF)

  • Pending Sales: 15 (homes with a sales contract that have not yet closed)

  • Closed Sales in November: 6 (compared to 5 in October)

  • Median Sales Price in November: $790,000

DOWNLOAD SURFSIDE MARKET REPORT

Surfside Home Sales in November

The Surfside homes sold in November were the following:

  • 9472 Byron Ave - fully remodeled 3 bedroom / 2 bathroom home with 1,605 SF on 5,600 SF lot. Originally listed for $790,000 in August of 2018, shows a contract that fell through.  Was relisted for $755,000 in July of 2019, had a few price reductions and sold for $730,000 ($463/SF)
  • 9008 Froude Ave - investment property with 4 bedrooms / 3 bathrooms, 1,968 SF on 5,600 SF lot. Originally listed for $780,000 in September of 2019, MLS shows contract that fell-through, went under contract again a few days later and sold for $715,000 ($370/SF)
  • 7959 Carlyle Ave - move-in ready 3 bedroom / 2 bathroom home with 1,848 SF on 5,600 SF lot. Listed for $789,000 in July and sold for $773,500 ($419/SF)
  • 8810 Byron Ave - beautifully remodeled 4 bedroom / 3 bathroom home with 1,987 SF on 5,600 SF lot. Originally listed in June of 2019 for $825,000 and again in February 2020 for $799,000 and selling for $790,000 ($426/SF)
  • 1277 Biscaya Dr - waterfront home with 3 bedrooms / 3 bathrooms, 2,615 SF on 8,261 SF lot with 60' of water frontage. Listed for $1,700,000 in July of 2019 and sold for $1,325,000 ($532/SF) **cash transaction
  • 1276 Biscaya Dr - open bay beauty with 6 bedrooms / 6.5 bathrooms, 4,900 SF on 10,000 SF lot with 50' of water frontage. Originally listed for $6,295,000 in December of 2019, again for $5,675,000 in September of 2020 and selling for $5,525,000 ($1,125/SF) **cash transaction

DOWNLOAD SURFSIDE MARKET REPORT

Surfside Price per Square Foot

The average price per square foot in November for Surfside homes not on the water was $420 compared to previous months:

  • October's average $394
  • September's average $453
  • August's average $460
  • 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

The average price per square foot in Surfside in November for waterfront homes was $829, compared to previous months:

  • October's average **no sales
  • September's average $486 (one sale)
  • August's average **no sales
  • 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

Surfside's real estate market may feel like a seller's market because of the low inventory, but it's still a buyer's market with 8 months of inventory.  Price per square foot has increased a bit to $436 (this is for the last 12 months, not monthly). And the average closed price increased also to $935,000.

If you are a buyer feeling frustrated at the market and feeling you cannot get into a house, keep in mind that the "sweet spot" is between $600k-800k. << price range that everyone is looking for.

Those overpriced homes are seeing price corrections (take a look at original prices of sold homes last month).

It's interesting to note that 38.8% of all deals in the last 12 months were cash (no financing), and buyers are not just local and from other parts of the U.S., they are also coming from Italy. 80.4% of all purchases were for primary residences which identifies a true neighborhood with a low investment ratio.

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

This month's featured Surfside Home for sale is located at 8934 Carlyle Ave. Beautiful 1941 home that has been renovated and has 5 bedrooms / 4 bathrooms and 2,177 Sq.Ft. of living space on an average 5,600 Sq.Ft. lot. The home features open beam ceilings in living room, open kitchen, hardwood floors and great location. 

Asking price $799,000 ($367/SF)

For additional information, please contact us.


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