This is a Miami Real Estate Market Report for February 2012. Stop asking us to send you short sales and foreclosures in desirable areas in Miami…..they almost don’t exist and the ones that do are under contract! Many of you think you missed your chance to buy but that is not the case, many areas are seeing increase in prices already, but those increases shouldn’t stop you since they will only keep going up. Many of you ask if you should wait to buy, the answer is very personal, just keep in mind that you will most likely buy at higher prices in a year from now. Talk to us and we will be glad to provide you with local stats, the bottom if over!
There are currently 85 Miami Shores homes for sale (same as last month):
- Highest priced listing is $2,990,000 (totally remodeled bay front home located at 1480 NE 103 St)
- Lowest priced listing is $90,000 (Short Sale at 9554 NW 3 Av)
- Pending Sales (Properties under contract): 44 (5 more than last month)
- Closed sales in February: 7 (3 more than previous month)
The 7 Miami Shores homes sold in February were the following:
- 1070 NE 96th St – Listed for $699,000 and selling for $680,000
- 1020 NE 104th St – short sale listed for $480,000 and selling for $470,000 (showing pending since June of 2011 – 8 months for approval!)
- 9802 NW 1 Ave – listed for $279,900 and selling for $250,000.
- 142 NW 100 St – listed for $169,000 and selling for $155,000.
- 54 NE 100 St – short sale listed for $261,000 and selling for $250,000 ( 6 months for approval since it went as pending sale in the MLS)
- 60 NE 102 St – listed for $219,000 and selling for $215,000
- 52 NW 99 St – foreclosure listed for $63,140 and selling for $70,000 – MLS notes read “use caution when accessing this property, pieces of ceiling have water damage and all parties must exercise caution when entering the property).
Miami Shores homes sold in February were mainly in the lower end spectrum. This is bound to happen based on the fact that there are over 40 homes under contract at any given point, which is equivalent to half the inventory for sale. The distressed inventory right now in Miami Shores is up to 31% but only 1 of those properties is a foreclosure, the rest are short sales. As for real stats you can count on, the average price per square foot of homes sold in the past 6 months is up to $167. If you grab the average price per square foot of homes sold East of Biscayne Boulevard in the past 6 months, that number goes up to $208. No one said the ride wouldn’t be bumpy, but depending on the price range of your home, will determine the amount of demand and competition and how aggressive you need to be when buying or selling in Miami Shores.
There are currently 13 Bay Harbor Island Homes for sale (one more than last month):
- Highest priced listings is for $4,900,000 (10140 W Broadview Dr)
- Lowest priced listing is $805,000 (1230 96 St)
- Pending Sales (properties under contract): 1 (2 less than last month)
- Closed sales in February: 1
There Bay Harbor Island Home sold in the month of February was located at 9725 Broadview Terrace. New 2011 construction, mediterranean revival style with 5,384 square feet of living space, 6 bedrooms, 5 bathrooms and 2 half-baths. And no, it was not waterfront. This Bay Harbor Island home was listed for $2.5 Million in August of 2010 and sold for $1.9 Million on 2/7/2012.
There are currently 43 Surfside homes for sale (7 less than previous month):
- Highest priced listing is $5,500,000 (1332 Biscaya Dr)
- Lowest priced listing is $259,000 (9516 Abbott Av)
- Pending Sales (properties under contract): 15 (3 more than previous month)
- Closed sales in February: 2 (1 less than previous month)
The 2 Surfside homes sold in February were the following:
- 9517 Carlyle Ave – listed for $610,000 and selling for $475,000.
- 8830 Byron Av– listed for $549,000 and selling for $443,000
The Distressed inventory in Surfside is down to 7% which is great news for the area. In addition to that, the lower end inventory is non-existent and homes below $300,000 are difficult to find, if at all. Surfside has had a lot of road construction and improvements in the past 6 months and residents will start to enjoy the benefits, right before the summer.
There are currently 75 Surfside Condos for sale (3 less than last month):
- Highest priced listing: $2,400,000 for a 3/3/1 at Solimar, unit N5-B
- Lowest priced listing: $130,000 for a 1/1 short sale at Winter Gardens Condo
- Pending Sales (properties under contract): 26 (6 more than previous month)
- Closed sales in February: 2 (3 less than previous month)
The 2 Surfside condos sold in February were the following:
- Marbella Condo located at 9341 Collins Av # 901 – a 3/2/1 listed for $599,000 and selling for $595,000.
- Solimar Condo located at 9595 Collins Av #N11F– a 2/2 listed for $599,000 and selling for $547,000.
8% of the Active Surfside Condo inventory for sale is distressed, which is a low number compared to many other areas within Dade County. Out of the 26 Surfside condos currently under contract, 50% are distressed. I point this out because we will see a lot of distressed sales in the coming months, but you need to keep in mind that they will be from properties that have been under contract for a while. Low distressed inventory is a sign of increasing prices, a real improvement for Surfside condos!
There are currently 97 Fisher Island Condos for sale (6 less than last month):
- Highest priced listing: $30,000,000 for an exclusive Oceanside 5/5.5 (this home has been listed since April of 2008)
- Lowest priced listing: $180,000 for a 1 bedroom / 1 bathroom residence at Marina Village (short sale)
- Pending Sales: 5 (2 more than last month)
- Closed sales in February: 3 (1 more than last month)
The 3 Fisher Island Condos sold in February were:
- Oceanside Fisher Island– 7927 Fisher Island Dr – listed for $1,899,000 and selling for $2,000,000.
- Seaside Village Fisher Island – 19113 Fisher Island Dr – listed for $850,000 and selling for $780,000.
- Marina Village Fisher Island – 42308 Fisher Island Dr – listed for $195,000 and selling for $145,000.
The median listing price in Fisher Island is still $2.45 Million. Distressed properties make up less than 6% of current for sale inventory (this number has been decreasing on a consistent basis). Fisher Island is still one of the most desirable areas to live and vacation in the country and no stats can stand in the way of that…just glad that numbers are showing favorable results.
**all information obtained from the Southeast Florida Multiple Listing Service**