March 2010 Real Estate Market Reports for Miami Shores, Bay Harbor Islands, Surfside, Fisher Island and Aventura

This is a Miami Real Estate Market Report for March 2010 – Some areas of Miami have reached normalcy (as unbelievable as it may sound).  There are regular amounts of sales, inventory has dropped, so has distressed property inventory and those areas may be seeing a bright future and saying buh bye to the down market.  Will you be able to find an occasional good deal in these areas? absolutely, but will it be the norm? not a chance.  Bad news for some of you that were waiting for the collapse…but not to late to make a move.

Miami Shores Real Estate Market Report

There are currently 106 Miami Shores homes for sale:

• Highest priced listing is $2.699 million (bay front home located at 1430 NE 101 Street –listed since September 2007 for $3.9 million )
• Lowest priced listing is $189,500  (approved short sale located at 17 NW 107 St)
• Pending Sales (Properties under contract):55 (5 more than last month)
• Closed sales in March: 15 (9 more than last month)

The 15 Miami Shores homes sold last month were the following:

• 379 NE 94 St – listed for $985,000 and selling for $925,000 (listed for $1,699,000 since December 07) – one of Miami Shores Historic Gems from the Shoreland Company
• 448 NE 96th St – listed for $774,900 and selling for $801,000 (this was a Foreclosure that caused quite a commotion because it’s a spectacular brand new home originally priced at $1,995,000 and so worth it!)
• 1130 NE 100 St – listed for $479,000 and selling for $465,000
• 10050 NE 102 St – listed for $425,000 and selling for $410,000
• 230 NE 102 St – listed for $390,000 and selling for $380,000 (short sale originally listed for $589,000 in September 07)
• 766 NE 95 St – listed for $350,000 and selling for $342,850 (short sale originally listed for $549,000 in November 07)
• 1000 NE 96 St – listed for $350,000 and selling for $320,000 (originally listed for $515,000 in August 09)
• 101 NW 101 St – listed for $349,900 and selling for $316,500 (originally listed for $383,500 since February 2009)
• 10560 NE 2 Ct – listed for $329,900 and selling for $323,500 (originally listed for $$518,000 in September 06)
• 812 NE 92 St – listed for $259,000 and selling for $255,000 (this house was under contract several times before it finally closed – with same listing price)
• 38 NE 108 St – listed for $255,000 and selling for $223,500
• 12 NE 101 St – listed for $250,000 and selling for $250,000 (originally listed for $580,000 in September 07)
• 710 NE 94 St – listed for $249,000 and selling for $235,000
• 49 NE 110th St – listed for $225,000 and selling for $220,000 (originally listed for $258,000 in November 09)
• 162 NW 102 St – listed for $139,900 and selling for $140,000 (bank owned foreclosure originally priced at $499,000 in February 2008 – with several contracts not going through)

I did a comprehensive Real Estate Market Report for Miami Shores Homes sold in 2009 – go to: Miami Shores Real Estate Market Report for 2009

The lower end inventory is slowly disappearing in Miami Shores – there are still a lot of properties with contracts that have not closed and definitely a decreased inventory in distressed properties (meaning short sales and foreclosures).  I do think we are back to a normal market in Miami Shores. YAY for residents!

Bay Harbor Islands Real Estate Market Report

There are currently 22 Bay Harbor Island Homes for sale: (1 more than last month)

• Highest priced listings is for $4,950,000 (10200 W Broadview Drive – listed since December of 2008 for $5,200,000)
• Lowest priced listing is $499,000 (9970 E. Bay Harbor Drive – Villa – listed since Feb. 07 – starting price of $659,000)
• Pending Sales (properties under contract):4 (1 more than last month)
• Closed sales in March: 0

No Bay Harbor Island homes yet sold this year! let’s see how long it takes for those 4 properties currently under contract to close.

Surfside Real Estate Market Report

There are currently 45 Surfside homes for sale: (5 less than last month)

• Highest priced listing is $4,990,000 (for 7,000 square foot “master peace” **thinking listing agent meant “master piece” – with 100 feet of water frontage – being sold as a short sale at 1249 Biscaya Drive).
• Lowest priced listing is $245,000 for the home located at 9333 Carlyle Ave
• Pending Sales (properties under contract): 12 (1 less than last month)
• Closed sales in March: 7 (3 more than previous month)

The 7 Surfside homes sold in February were the following:

• 8859 Dickens Ave – listed for $449,000 and selling for $375,000 (short sale originally priced at $475,000)
• 9157 Emerson Ave – listed for $429,000 and selling for $407,000 (this house closed for $200,000 on September 09, was updated and listed for $435,000 in December 09 – a good flip job!)
• 8910 Abbott Ave – listed for $359,000 and selling for $330,000 (originally priced for $589,000 in April of 08)
• 8918 Garland Ave – listed for $349,900 and selling for $332,000 (bank owned foreclosure originally priced at $899,000 in September 07…OUCH!)
• 9041 Garland Ave – listed for $330,000 and selling for $330,000 (approved short sale originally priced at $437,500)
• 9157 Carlyle Ave – listed for $329,000 and selling for $315,000 (originally listed for $369,000)
• 8934 Froude Ave 0 listed for $260,000 and selling for $260,000 (approved short sale originally priced at $695,00 in June 05)

All but 2 homes listed under $400,000 are fixer uppers – these are the homes usually bought by first time home buyers or investors and there are only 9 Surfside homes in this price range.  The market is slowly turning around and normalizing.  If you are waiting for good deals, you better make a move now or may miss the train.

There are currently 150 Surfside Condos for sale: (8more than last month)

• Highest priced listing: $2,500,000 a 3/3 at Azure Condo unit 707
  

• Lowest priced listing: $99,900 for a bank owned one bedroom at Sunset Condo
  

• Pending Sales (properties under contract):31 (4 more than last month)

• Closed sales in March: 6 (2 more than last month)

The 6 Surfside condo sales in March were the following:

• Solimar Condo – 9595 Collins Ave #N11E – listed for $1,250,000 and selling for $950,000
• Solimar Condo – 9559 Collins Ave #S8-H – listed for $1,050,000 and selling for $900,000
• Waverly at Surfside – 9201 Collins Ave #625 – listed for $500,000 and selling for $500,000 (approved short sale)
• Marbella Condo – 9341 Collins Ave #502 – listed for $499,000 and selling for $425,000
• Four Winds Condo – 9225 Collins Ave #1211 – listed for $239,000 and selling for $215,000
• Atlantic Rose Condo– 8816 Collins Ave #301 – listed for $179,000 and selling for $168,750

Only one of the 6 Surfside condos sold in March was a distressed sale (At the Waverly in Surfside, which is one of my favorite buildings).  We’re also seeing movement in higher priced condos as evidenced by the Solimar Condo sales in the $900,000’s – inventory keeps increasing though, let’s see what the next couple of months have to say about Surfside condos.

Fisher Island Real Estate Market Report

There are currently 126 Fisher Island Condos for sale: (3 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: $190,000 for a studio at Marina Village
• Pending Sales: 8 (1 more than previous month)
• Closed sales in March : 5 (3 more than last month)

The 5 Fisher Island condo sale in the month of March were the following:

• Villa de Mare – 7223 Fisher Island Dr – listed for $8,000,000 and selling for $6,750,000
• Bayview at Fisher Island– 5033 Fisher Island Dr – listed for $2,350,000 and selling for $1,850,000
• Bayside Village East – 2111 Fisher Island Dr – listed for $2,150,000 and selling for $1,800,000
• Bayview at Fisher Island – 5345 Fisher Island Dr – listed for $1,095,000 and selling for $1,089,000
• Bayview at Fisher Island – 5344 Fisher Island Dr – listed for $1,050,000 and selling for $625,000

There were 32 Fisher Island Condo sales in 2008 ranging in price between $700,000 and $5,457,000 compared to 25 sales in 2008.  We are starting to see higher priced listings selling in Fisher Island… not just the Condo-Hotel opportunities from Seaside Villas.  We’re also seeing a huge price disparity from listing to selling prices – Fisher Island Condos are suffering just as much as the Miami Beach Luxury Condo Market.

Aventura Real Estate Market Report

There are currently 1423 Aventura condos for sale: (1 more than last month)

• Highest priced listing: $5,300,000 for a 4/6 at Porto Vita
• Lowest priced listing: $45,000 for a 1/1 at Point East (a 55+ community)
  
• Pending sales: 307 (13 less than last month)
• Closed sales in March: 91 (40 more than last month)

The highest Aventura Condo sale in the month of March was for the 5 bedroom, 5.5 bathroom residence at Bellamare at Williams Island (6000 Island Bl #501) which was listed for $1,590,000 and sold for $1,386,000.

The lowest Aventura Condo sale in March was a 1 bedroom / 1 bath at Biscayne Lake Garden.  It was listed for $56,500 and sold for $50,000.

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