January 2012 Housing Market Report for Miami Shores, Bay Harbor Islands, Surfside and Fisher Island

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This is a Miami Real Estate Market Report for January 2012.  If you are still looking for signs of recuperating real estate markets in these desirable areas of Miami, then it’s time for you to wake up.  The bottom is long gone and all these areas are already on an upward swing.  The increase in prices will be very slow, but evidence has been there for a year and the areas will continue to improve.  Please don’t go crazy overpricing your listings because your house is better than the rest….be objective! be realistic!  And yes foreign nationals are buying properties, but they do their homework and they don’t over pay.

Miami Shores Real Estate Market Report

There are currently 85 Miami Shores homes for sale:

  • Highest priced listing is $2,990,000 (totally remodeled bay front home located at 1480 NE 103 St)
  • Lowest priced listing is $95,000 (Short Sale at 9525 NW 2 Av) with 1 bad image and still no description by listing agent.
  • Pending Sales (Properties under contract): 39
  • Closed sales in January: 4

The 4 Miami Shores homes sold in January were the following:

  • 9259 N Bayshore Dr – complete gutted house that had been listed since May of 2007 with a starting price of $2.795 Million – closing at $835,000 (here say is that property had over $500,000 in fines, penalties and violations from the city – and it had to be a cash purchase because of the condition of the home).
  • 674 Grand Concourse – historic home that had been listed since September of 2009 at a starting price of $1.1 Million, finally selling for $685,000.
  • 1453 NE 104 St – canal front mid-century modern listed for $739,000 and selling for $675,000.
  • 9535 Biscayne Blvd – short sale on busy Biscayne originally listed for $438,900 in November of 2010, selling for $300,000.

We are seeing an increase of inventory in Miami Shores and also seeing unrealistic listing prices.  Never ceases to amaze us that when the market starts picking up strength, sellers seem to think that this calls for overpricing their properties.  If you are thinking of selling your Miami Shores home, please be realistic and look at comparable sales to come up with a logic listing price.  And be warned, everyone thinks their house is special and better than the comps, that’s the reason you hire a professional that can set you straight.

Bay Harbor Islands Real Estate Market Report

There are currently 12 Bay Harbor Island Homes for sale:

  • Highest priced listings is for $3,290,000 (9520 W Broadview Dr)
  • Lowest priced listing is $805,000 (1230 96 St)
  • Pending Sales (properties under contract): 3
  • Closed sales in January: 0

There were no Bay Harbor Island Homes sold in the month of January, but don’t let this be a negative sign.  Bay Harbor Island is in a category of its own and sets its own pace and rhythm.  Residents are loyal and love their community.

Surfside Real Estate Market Report

There are currently 50 Surfside homes for sale:

  • Highest priced listing is $5,500,000 (1332 Biscaya Dr)
  • Lowest priced listing is $250,000 (Foreclosure at 9273 Abbott Av)
  • Pending Sales (properties under contract): 12
  • Closed sales in January: 3

The Surfside homes sold in January were the following:

  • 9133 Garland Av – listed for $548,000 and selling for $472,500
  • 8942 Hawthorne Av – listed for $399,000 and selling for $375,000
  • 9133 Froude Av – short sale listed for $290,000 (cash only deal) and selling for $290,000.

We have not seen many Surfside homes listed under $300,000 in the past year and when they do, they go quickly.  My guess is that the short sale at Abbott will close for a higher price than listed, but time will only tell.  The inventory of homes for sale in surfside is remaining steady, which is great for the neighborhood – hopefully we won’t start seeing overpriced homes like we do in Miami Shores.

There are currently 78 Surfside Condos for sale:

  • 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): 20
  • Closed sales in January: 5

The Surfside condos sold in January were the following:

  • Azure Condo located at 9401 Collins Av # 707 – a 3/1/1 PH listed for $1,695,000 and selling for $1,475,000.
  • Spiaggia Ocean Condo located at 9499 Collins Av #PH05 – a 4/3/1 foreclosure listed for $509,900 and selling for $525,100.
  • Champlain Towers at 8855 Collins Ave #10G– a 3/2/1 short sale listed for $499,000 and selling for $529,000.
  • Spiaggia Condo at 9499 Collins Av #806 – a 2/2 short sale listed for $280,000 and selling for $300,000.
  • Manatee Condo located at 9273 Collins Av #803 – a 2/2 short sale listed for $208,000 and selling for $208,000.

If you are seeing short sales and foreclosure Surfside Condos being sold it’s because they have been under contract for a bit.  The distressed inventory is minimal, making up less than 10% of the active condos currently for sale.  Also notice that these are selling at or above asking price.  If you are looking for a distressed property in a desirable location like Surfside, you will have to move quickly and this doesn’t guarantee that you will buy a property that is priced better than regular sales.  The median listing price for Surfside condos right now is $415,000.

Fisher Island Real Estate Market Report

There are currently 103 Fisher Island Condos for sale:

  • 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: 3
  • Closed sales in January: 2

The 2 Fisher Island Condos sold in January were:

  • Bayview Fisher Island – 5223 Fisher Island Dr – listed for $2,900,000 and selling for $2,450,000.
  • Marina Village Fisher Island – 42203 Fisher Island Dr – Foreclosure listed for $450,000 and selling for $405,000.

The median listing price in Fisher Island is $2.45 Million.  Distressed properties make up less than 8% of current for sale inventory.  Fisher Island sales may be slow, but the steady inventory and decrease in distressed inventory is a sure sign the bottom of the market is behind us.  Fisher Island is always a fun market to follow since it’s so different from the rest of Miami.

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

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