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

This is a Miami Real Estate Market Report for March 2012.  We are sounding like a broken record but prices are going up!! If you are buying this doesn’t mean you missed your chance, because prices are going up in a rational and controlled manner…not like crazy times.  If you are investing, increasing prices means that you can also count on appreciation of the property, not just cap rates.  If your property is not moving, it means you are either overpriced and you need to change strategy (stage, be aggressive with internet marketing….inform yourself).  We are not able to keep our inventory and everything we market sells quickly, talk to us if you are curious about how we work.

Miami Shores Real Estate Market Report

There are currently 74 Miami Shores homes for sale (11 less than last month):

  • Highest priced listing is $2,000,000 (new listing at 308 NE 96 St)
  • Lowest priced listing is $90,000 (Short Sale at 9554 NW 3 Av)
  • Pending Sales (Properties under contract): 39 (5 less than last month)
  • Closed sales in March: 16 (9 more than previous month)

The 16 Miami Shores homes sold in February ranged from $160,000 for a foreclosure at 9145 NW 1 Avenue to a $2.45 Million completely remodeled bay front home located at 1480 NE 103 Street.

The Median price for Miami Shores homes sold in March was $333,000 with an average price of $498,000.  Only 4 of those 16 homes sold were distressed (2 were foreclosures and 2 were short sales).  The distressed inventory right now in Miami Shores has increased to 30% and most are short sales – meaning 30% of homes for sale right now in Miami Shores are either short sales or foreclosures.  That number has increased in the last few months but shouldn’t be a representation of already increasing prices in the area.

Bay Harbor Islands Real Estate Market Report

There are currently 12 Bay Harbor Island Homes for sale (one less 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 (same as last month)
  • Closed sales in March:  1

There Bay Harbor Island Home sold in the month of March was located at 10240 E. Boradvieew Dr.  Remodeled  1955 home with 2,818 sq ft of living space, 4 bedrooms and 3 bathrooms and sitting on a 10,000 sq ft lot.  The home had been listed since November of 2011 at an asking price of $849,000 and sold for $800,000.

The area of single family homes in Bay Harbor Islands is very small, so seeing just a few sales per year in the area is a good sign.  The median listing price in Bay Harbor Islands is $1,350,000.

Surfside Real Estate Market Report

There are currently 38 Surfside homes for sale (5 less than previous month):

  • Highest priced listing is $5,500,000 (1332 Biscaya Dr)
  • Lowest priced listing is $329,000 (9432 Abbott Av)
  • Pending Sales (properties under contract): 11 (4 less than previous month)
  • Closed sales in March: 7 (5 more than previous month)

The 5 Surfside homes sold in March were the following:

  • 9208 Carlyle Av – listed for $469,000 and selling for $410,000.
  • 8958 Abbott Av – listed for $459,000 and selling for $426,000.
  • 8841 Garland Av – listed for $417,500 and selling for $363,000.
  • 9133 Dickens Av – listed for $399,900 and selling for $370,000.
  • 9525 Byron Av – listed for $375,000 and selling for $335,000.
  • 8818 Carlyle Av – listed for $329,000 and selling for $315,000.
  • 9025 Abbott Av – short sale listed for $252,200 and selling for $245,000.

There are currently 73 Surfside Condos for sale (2 less than last month):

  • Highest priced listing:  $2,400,000 for a 3/3/1 at Solimar, unit N5-B
  • Lowest priced listing: $140,000 for a 1/1 at Sunset Condo
  • Pending Sales (properties under contract): 30 (4 more than previous month)
  • Closed sales in March: 7 (5 more than previous month)

The 7 Surfside condos sold in March were the following:

  • Champlain Towers North Condo located at 8877 Collins Av # 1008 – a 2/2  listed for $530,000 and selling for $515,000.
  • Champlain Towers South Condo located at 8777 Collins Av #508 – a 2/2 foreclosure listed for $395,900 and selling for $370,000
  • Marbella Condo located at 9341 Collins Av #604 – 2/2 listed for $349,900 and selling for $317,000.
  • 9500 Oceans Condo located at 9511 Collins Av #411 – 2/2/1 listed for $318,000 and selling for $300,000
  • Spiaggia Ocean Condo located at 9499 Collins Av #709 – 1/2 listed for $279,000 and selling for $260,000
  • Four Winds Condo located at 9225 Collins Av #1005 – 1/1/1 foreclosure listed for $219,900 and selling for $210,000
  • The Waverly at Surfside Condo located at 9172 Collins Av #402 – 2/2 short sale listed for $200,000 and selling for $182,000.

4% of the Active Surfside Condo inventory for sale is distressed, which is a low number compared to many other areas within Dade County.  And this number was at 8% last month.  We will continue to see some distressed sales, but those were properties that were already under contract.  The lower end spectrum of sales in Surfside is almost non existent, which means you’ll need at least $200,000 for a startup condo in Surfside (and that will be one in an older building without a view).

Fisher Island Real Estate Market Report

There are currently 93 Fisher Island Condos for sale (3 less than last month):

  • Highest priced listing: $14,000,000 for an exclusive Oceanside 6/6/1
  • Lowest priced listing: $170,000 for a 1 bedroom / 1 bathroom residence at Marina Village
  • Pending Sales: 5 (2 more than last month)
  • Closed sales in March: 7 (2 more than last month)

The 7 Fisher Island Condos sold in March were:

  • 5000 Bayview at Fisher Island– 5012 Fisher Island Dr – listed for $6,900,000 and selling for $5,750,000.
  • Oceanside at Fisher Island – 7281 Fisher Island Dr – listed for $6,900,000 and selling for $6,462,500.
  • 5000 Bayview at Fisher Island – 5022 Fisher Island Dr – listed for $2,450,000 and selling for $2,250,000.
  • Oceanside at Fisher Island – 7922 Fisher Island Dr – listed for $1,985,000 and selling for $2,000,000.
  • Seaside Villas – 15723 Fisher Island Dr – foreclosure listed for $425,000 and selling for $394,500.
  • Marina Village Gardens – 40207 Fisher Island Dr – listed for $185,000 and selling for $185,000.

The median listing price in Fisher Island is still $2.53 Million.  Distressed properties make up less than 10% of current for sale inventory.  Fisher Island is still one of the most desirable areas to live and vacation in the country and ultra-high end sales are proof of that.

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

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