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

This is a Miami Real Estate Market Report for March 2011.  People cannot believe when I tell them that certain cities in Miami are already out of the “grim picture” and starting to see an increase in prices.  Unless you are in the market to buy a home, you are still hearing bad news from the media because it tends to generalize and group together huge areas which doesn’t really reflect the local nature of the housing market.  Buying real estate is not what it used to be, make sure you are pre-approved or can show proof of funds before you begin looking – sellers will not even open their homes for you to look.

Miami Shores Real Estate Market Report

There are currently 102 Miami Shores homes for sale (11 less 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 $135,000 (Foreclosure at 55 NW 92 St)
  • Pending Sales (Properties under contract):37  (1 more than last month)
  • Closed sales in March: 6 (9 less than last month)

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

  • 1341 NE 103rd Street – Listed for $549,000 and selling for $525,000 (originally listed for $650,000 in July 2010, with several price reductions)
  • 139 NE 101st St – Listed for $387,000 and selling for $370,000 (originally listed for $429,000 in June 2010 with several price reductions)
  • 1060 NE 95th St – listed for $379,500 and selling for $340,000
  • 179 NE 94th St – listed for $334,000 and selling for $310,000
  • 1035 NE 99th St –  short-sale listed for $325,000 and selling for $325,000
  • 195 NW 96th St – listed for $319,500 and selling for $310,000 (this house was purchased for $145,000 as a foreclosure in November 2010 and flipped for a nice profit).

The price range that is moving in Miami Shores is anything under $500,000.  The problem is that there is not much inventory at that price range which means properties go quickly! Especially if they are in good condition.    The good news is that only 27% of the total inventory is distressed (either short sales or foreclosures) and out of those, 86% are below $500,000.  I know these numbers may not mean much to many that come back to read these reports, but keep in mind that distressed inventory in close to 50% in many areas within Miami, so anything in the 20’s is great news.

Bay Harbor Islands Real Estate Market Report

There are currently 16 Bay Harbor Island Homes for sale: (same as last month)

  • Highest priced listings is for $3,590,000 (10140 W Broadview Dr)
  • Lowest priced listing is $599,999 (1250 95 St)
  • Pending Sales (properties under contract): 3 (same as last month)
  • Closed sales in March: 1 (same as last month)

The March Bay Harbor Islands home sold was located at 1210 103rd Street.  Here’s a house with quite a listing history, this would be similar to someone’s resume.  The home was listed in 2009 for $915,000 and went through several price drops, cancellations, and Realtor changes until finally selling for $595,000 last month.

That’s 3 total Bay Harbor Island homes sold this year, compared to 5 sales in all of 2010.  Keep in mind that there have not been any waterfront sales yet, but we keep an optimistic outlook when it comes to Bay Harbor Islands.

Surfside Real Estate Market Report

There are currently 55 Surfside homes for sale: (4 less than last month)

  • Highest priced listing is $5,500,000 (1332 Biscaya Dr)
  • Lowest priced listing is $260,000 for the home located at 8818 Harding Ave ( short sale)
  • Pending Sales (properties under contract): 17 (3 more than last month)
  • Closed sales in March: 7 (5 more than last month)

The 7 Surfside homes sold in March were the following:

  • 8950 Irving Av – Listed for $695,000 and selling for $633,500
  • 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
  • 525 95 St – listed for $359,000 and selling for $344,000
  • 9289 Abbott Av – listed for $319,000 and selling for $235,000
  • 9289 Abbott Av – listed for $319,000 and selling for $282,500
  • 9156 Abbott Av – approved short sale listed for $250,000 and selling for $235,000

Only 4 out of the 55 Surfside homes for sale are distressed and none are foreclosures – Big Hand of Applause for Surfside….may be out of the housing crisis completely!!

There are currently 99 Surfside Condos for sale: (8 less than last month)

  • Highest priced listing:  $2,400,000 for a 3/3 at Solimar Condo unit 1207/6
  • Lowest priced listing: $72,000 for an approved short sale of a one bedroom at Sunset Condo
  • Pending Sales (properties under contract):29 (8 more than last month)
  • Closed sales in March:3 (1 more than last month)

The 3 Surfside condo sales in March were the following:

  • Champlain Towers – 8855 Collins Av #12D– listed for $559,000 and selling for $505,000
  • The Waverly at Surfside – 9201 Collins Av #826 – foreclosure listed at $449,900 and selling for $440,000
  • Surfside Palms Condo – 8888 Collins Ave #108 – approved short sale listed at $120,000 and selling for $115,000.

The Surfside Condo market is slightly behind the Surfside home market with 16% of its inventory being distressed – but as I mentioned before, any number bellow the 20’s is great news.  There are still some good buys in Surfside, but expect frustration with the lower price ranges because agents keep them as active when they may be under contract….just because there are so many deals still falling apart because of financing.

Fisher Island Real Estate Market Report

There are currently 117 Fisher Island Condos for sale: (same as 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: 3 (2 less than last month)
  • Closed sales in March : 2  (same as last month)

The 2 Fisher Island Condos sold in March were the following:

  • Oceanside Fisher Island– 7755 Fisher Island Dr – listed for $3,900,000 and selling for $3,100,000
  • Bayside Village – 2212 Fisher Island Dr #3102– listed for $988,000 and selling for $840,000

Fisher Island Condos are moving very slowly, but the good news is that only 9% of the inventory is distressed!!  This should be quite a relief not only for the residents and vacation owners of Fisher Island condos, but also to the The Fisher Island Hotel that was starting to get a bad rap for its hotel program because there was distressed inventory in the island!!  Soon enough that will be old news and Fisher Island will start getting its great reputation back.

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

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