This is a Miami Real Estate Market Report for February 2011. Not a very exciting month in these particular cities except for some record high sales in Miami Shores and Fisher Island. We are seeing a lot more cash buyers and foreign nationals purchasing multiple properties – could it be they see something we don’t? Or are we more conservative because of the grim picture painted by the media and “know-it-all economists”? Whatever it is, they are giving a boost to our housing market and we welcome their enthusiasm and optimism.
There are currently 113 Miami Shores homes for sale 4 more 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 $90,000 (Short sale at 279 NW 109th Street)
- Pending Sales (Properties under contract):36 (6 less than last month)
- Closed sales in February: 15 (9 more than last month)
The 15 Miami Shores homes sold in February were the following:
- 548 Grand Concourse – Originally listed in July of 2007 for $1,595,000 and selling for $1,180,000 **highest non-waterfront home sale in 3 years!!**
- 10090 NE 12 Ave – Listed in November 2010 $925,000 and selling for $809,000
- 950 NE 95 St – listed for $699,000 and selling for $675,000
- 9200 N Bayshore Dr – Originally listed for $749,000 in may of 2010 and selling for $639,250
- 333 NE 92 St – short sale listed for $599,000 and selling for $455,000
- 423 NE 92 St – listed for $625,000 and selling for $550,000
- 70 NE 92 St – listed for $399,000 and selling for $335,000
- 1043 NE 98th St – foreclosure listed for $359,900 and selling for $335,333
- 1086 NE 96th St – foreclosure originally listed for $499,000 in May of 2009 and selling for $325,000
- 10690 NE 11 Ct – foreclosure listed for $307,900 and selling for $308,124
- 10601 NE 6 Av – short ale listed for $305,000 and selling for $270,000
- 9760 N Miami Av – originally listed for$399,000 and selling for $275,000
- 69 NE 98th St – originally listed for $359,000 and selling for $225,000
- 134 NW 94 St – listed for $192,000 and selling for $192,000
- 69 NW 104 St – foreclosure listed for $164,900 and selling for $165,000
Although we have been telling that Miami Shores is one of those recuperating markets and there’s been an increase in price per square foot as well as decrease in distressed inventory, there are months that the sales do not reflect that. February was one of those months with the highest non-waterfront sale in years and at the same time, a record number of distressed sales. Anyone that doesn’t know Miami Shores would interpret February sales to be grim, but just shows that the “pending” inventory (homes under contract), needs to close eventually and some months will show a very high number of those.
There are currently 16 Bay Harbor Island Homes for sale: (2 less than last month)
- Highest priced listings is for $3,590,000 (10140 W Broadview Dr)
- Lowest priced listing is $495,000 (1261 95 St)
- Pending Sales (properties under contract): 3 (one more than last month)
- Closed sales in February: 1 (same as last month)
Another sale this year! The February Bay Harbor Islands home sold was located at 1270 101 Street. Short sale originally listed for $995,000 in May of 2010 finally sold after a few reductions for $687,455. A Mid-century modern spacious home with great features – some lucky buyer gets to restore one of our beauties (hopefully not tear it apart).
There are currently 59 Surfside homes for sale: (1 less than last month)
- Highest priced listing is $5,500,000 (1332 Biscaya Dr)
- Lowest priced listing is $280,000 for the home located at 9556 Abbott Av (approved short sale)
- Pending Sales (properties under contract): 14 (5 more than last month)
- Closed sales in February: 2 (1 less than last month)
The 2 Surfside homes sold in February were the following:
- 801 90 St – short sale listed for $499,000 and selling for $470,000
- 9008 Garland Av – listed for $449,000 and selling for $436,000
Surfside has not had inventory under $200,000 in a few months which is great news for locals. The lower price range seems to attract “flippers” and investors that use the properties as rentals. This is good news for locals who are looking for stability in the housing market.
There are currently 107 Surfside Condos for sale: (8 less than last month)
- Highest priced listings: $2,400,000 for a 3/3.5 at Azure Condo unit 407 and $2,400,000 for a 3/3 at Solimar Condo unit 1207/6
- Lowest priced listing: $70,000 for a short sale of a one bedroom at Sunset Condo
- Pending Sales (properties under contract):21 (4 more than last month)
- Closed sales in February: 2 (1 less than last month)
The 2 Surfside condo sales in February were the following:
- Azure Condo – 9401 Collins Av #PH1205– foreclosure listed for $553,000 and selling for $610,000
- 9140 Collins Condo – 9140 Collins Av #L– listed for $107,900 and selling for $105,000
Someone got an amazing Surfside condo deal in February with Azure, the newest and best building in Surfside (in my humble opinion). Penthouse 1205 closing above listing price, which means there were some smart bidders that recognized the value. That unit is assessed by the county at $688,110 which puts its real value above $700,000. If you are looking for a great deal, make sure you do your homework and don’t just go by the listing price, just like this buyer did by going above asking and still getting a steal of a deal.
There are currently 117 Fisher Island Condos for sale: (10 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: $180,000 for a one bedroom at Marina Village No2 (short sale)
- Pending Sales: 5 (2 more than last month)
- Closed sales in February : 2 (2 less than last month)
The 2 Fisher Island Condos sold in February were the following:
- 7400 Oceanside– 7464 Fisher Island Dr – listed for $2,990,000 and selling for $3,025,000
- Bayside Village – 2312 Fisher Island Dr #4102– listed for $785,000 and selling for $705,000
Fisher Island Condo sales have been slow and with huge disparities – with multi-million dollar properties as well as lower end properties selling. Yes, there are lower end condos inside Fisher Island, but that’s only price….the lifestyle is still there and it remains exclusive and very desirable. The lower price sales represent second and third homes for the purpose of vacation destinations.
**all information obtained from the SouthEast Florida Multiple Listing Service**