January 2011 Housing Market Report for Miami Shores, Bay Harbor Islands, Surfside and Fisher Island

This is a Miami Real Estate Market Report for January 2011.  No more tears, blood and sweat for a lot of small pockets in Miami – sellers are walking away happy and buyers are having to put up some extra cash to get the home of their dreams.  The question of the day (and yes it’s getting a little old) is, How’s Real Estate?  All I have to ask you is not to look at all of South Florida as a whole or even Dade-County.  You need to look at specific neighborhoods, study sales, movement, see what condition homes that sell at top dollar are in and vise-versa…..how bad are those that sell for the cheapest?  And for Goodness sakes, don’t be unreasonable either…..don’t expect to buy a diamond for the pennies either, those that are penny picking are not buying….they are just shopping.

Miami Shores Real Estate Market Report

There are currently 109 Miami Shores homes for sale (9 less than at the end of 2010):

• 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 $115,000 (Short sale at 200 NE 110th Terrace)
• Pending Sales (Properties under contract):42
• Closed sales in January: 6

The 6 Miami Shores homes sold in January were the following:

• 100 NE 92 St – Listed for $499,000 and selling for $430,000
• 131 NE 97th St – Listed for $379,000 and selling for $369,000
• 59 NE 101 St – listed for $339,000 and selling for $337,000
• 10130 N Miami Av – foreclosure listed for $249,000 and selling for $201,394
• 118 NW 100th St – short sale listed for $226,930 and selling for $227,000
• 10540 NW 2 Av – foreclosure listed for $164,900 and selling for $140,000

Homes in perfect, move-in condition are selling above $200 / sq.ft. which is key for those that are in the process of buying and also key for those thinking of selling.  A little paint and staging may be the answer for getting your price.  Great to know that Miami Shores is one of the recuperating markets – It would be good for all that distressed pending inventory would finally close.  Make sure you look at Miami Shores 2010 Housing Market Report which summarizes real estate market conditions for last year.

Bay Harbor Islands Real Estate Market Report

There are currently 18 Bay Harbor Island Homes for sale: (3 less than at the end of 2010)

• Highest priced listings is for $3,590,000 (10140 W Broadview Dr)
• Lowest priced listing is $599,999 (1250 95th St – recently reduced from $619,000)
• Pending Sales (properties under contract): 2
• Closed sales in January: 1

Great way to start the year for Bay Harbor Islands with one sale! considering we have not seen much movement at all in the past few years.  The Bay Harbor Islands home sold in January was located at 1360 99th Street.  The home was listed for $560,000 and sold in less than 2 months for $585,000.  This was a completely remodeled home with curb appeal, manicured landscaping.  There’s hope for Bay Harbor!

Surfside Real Estate Market Report

There are currently 60 Surfside homes for sale: (7 more than at the end of 2010)

• Highest priced listing is $5,500,000 (1332 Biscaya Dr)
• Lowest priced listing is $274,900 for the home located at 9272 Harding av. (foreclosure)
• Pending Sales (properties under contract): 9
• Closed sales in January: 3

The 3 Surfside homes sold in January were the following:

• 525 95th St – listed for $359,000 and selling for $344,000
• 9289 Abbott Av – listed for $319,000 and selling for $235,000
• 9156 Abbott Av – short sale listed for $250,000 and selling for $235,000.

Things are changing in surfside with their new community center almost completed and with great civic projects in planning stages.  A lot of people don’t know the area, it’s a small treasure in a great location with a small town feeling.  Take a look at 2010 Surfside Housing Market Report to have a good starting point for market conditions in Surfside.

There are currently 113 Surfside Condos for sale: (14 less than at the end of 2010)

• 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: $120,000 for a studio short sale at The Carlisle

• Pending Sales (properties under contract):17

• Closed sales in January:3

The 3 Surfside condo sales in January were the following:

• Mirage Condo – 8925 Collins Av #10A– listed for $775,000 and selling for $705,000
• 9500 Oceans Condo – 9511 Collins Av #1006 – listed for $219,000 and selling for $200,000
• Seaside Terrace Condo – 9241 Collins Av #10 – listed for $109,000 and selling for $105,000

Amazing to see no condos under $100,000 in Surfside, those times are over! and the least expensive listing happens to be a small studio.  Yay for Surfside!  Sometimes I feel like I’m the cheerleader for the recuperating housing markets.  Finding great deals is not easy anymore and investors are looking at cap rates under 8% for residential properties.  Greed is behind us.

Fisher Island Real Estate Market Report

There are currently 127 Fisher Island Condos for sale: (4 more than the end of 2010)

• Highest priced listing: $30,000,000 for an exclusive Oceanside 5/5.5 home with artwork and all!
• Lowest priced listing: $139,000 for a studio at Marina Village (short sale)
• Pending Sales: 3
• Closed sales in January : 4

The 4 Fisher Island Condos sold in January were the following:

• Seaside Villas – 15312 Fisher Island Dr – listed for $3,700,000 and selling for $2,400,000
• Bayview Fisher Island – 5233 Fisher Island Dr – listed for $2,300,000 and selling for $1,750,000
• Bayview Fisher Island No 2 – 5335 Fisher Island Dr – listed for $1,500,000 and selling for $1,500,000

Fisher Island is as popular as ever and people come from all over the world to stay in the hotel and enjoy the unparalleled Fisher Island Lifestyle.  Not that we need proof, but it made Businessweek’s Top 50 Small Towns in America.

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