May 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 May 2010 – from Miami Shores to Fisher Island, there is a high percentage of distressed properties currently under contract which should be a clear indicator that distressed inventory is slowly dwindling down.  Of course, in some areas like Aventura, you still have a chance to get a great deal, but in a few months, those will be a thing of the past.  Will sales slow down in the months of July and August like we have been accustomed?  Let’s wait and see.  As for the luxury market, things are looking up – we’re seeing movement in the high end luxury sector of Miami Beach homes.

Miami Shores Real Estate Market Report

There are currently 109 Miami Shores homes for sale (7 more than last month):

• Highest priced listing is $3.250 million (bay front home located at 1480 NE 103 Street – brand new amazing new listing)
• Lowest priced listing is $148,500 (bank owned foreclosure located at 9302 NW 2nd Ct.)
• Pending Sales (Properties under contract):42 (6 less than last month)
• Closed sales in May: 13 (3 more than last month)

The 10 Miami Shores homes sold in May were the following:

• 9835 NE 4 Rd – listed for $515,000 and selling for $480,000
• 650 NE 97 St – listed for $499,000 and selling for $475,000
• 1480 NE 102 St – bank owned foreclosure listed for $375,000 and selling for $430,000 (to one of our local real estate agents who jumped on a very smart deal)
• 848 NE 91 St – listed for $349,000 and selling for $315,000
• 113 NE 105 St – listed for $289,900 and selling for $257,000
• 158 NW 94th St – listed for $285,000 and selling for $250,000
• 144 NE 101 St – listed for $279,500 and selling for $282,000
• 10010 NE 1 Ave – short sale listed for $250,000 and selling for $293,000 (taking 2.5 months for approval)
• 58 NW 104 St – listed for $249,500 and selling for $227,000
• 803 NE 91 Te – short sale listed for $245,000 and selling for $245,000
• 189 NW 100 Te – short sale listed for $199,000 and selling for $165,000
• 17 NW 107th St – short sale listed for $189,500 and selling for $180,000
• 46 NW 95th St – short sale listed for $135,000 and selling for $125,000

It’s important to note that the distressed inventory in Miami Shores is the lower priced-ranged homes and that inventory is slowly disappearing.  Of the 109 Miami Shores homes currently listed in the MLS, 4 are foreclosures and 30 are short sales, which represents 31% of the inventory.  Out of the 42 pending sales, 31 are distressed!! (74 % of the homes under contract are either short sales or foreclosures).  I will venture to say that once this inventory is gone, the market will be home free.

Bay Harbor Islands Real Estate Market Report

There are currently 18 Bay Harbor Island Homes for sale: (same as last month)

• Highest priced listings is for $3,800,000 (10340 W Broadview Dr)
• Lowest priced listing is $679,500 (1210 103 St – Active since January 2009 with starting price of $915,000)
• Pending Sales (properties under contract):4 (same as last month)
• Closed sales in May: 1

The Bay Harbor Islands home sold in May was located at 1210 102 Street.  It was listed for $699,000 and sold for $620,000 on May 6, 2010.  This home had been listed since April of 09, with a starting price of $899,000 and a couple of Realtor changes and price reductions.  Of the 18 Bay Harbor Islands homes listed, only 2 are short sales and of the 4 currently under contract, one is a short sale.

Surfside Real Estate Market Report

There are currently 44 Surfside homes for sale: (same as last month)

• Highest priced listing is $3,495,000 (1300 Biscaya Dr – unbelievable Home by MiMO architect Igor Polevitzk)
• Lowest priced listing is $160,000 for the home located at 8927 Froude Ave (Short sale)
• Pending Sales (properties under contract): 15 (same as last month)
• Closed sales in May: 5 (same as previous month)

The 5 Surfside homes sold in May were the following:

• 9473 Bay Dr – listed for $395,000 and selling for $375,000
• 8843 Abbott Av – bank owned foreclosures listed for $368,970 and selling for $355,000
• 9249 Carlyle Av – short sale listed for $335,000 and selling for $335,000
• 9156 Harding Av – short sale listed for $285,000 and selling for $245,000
• 9173 Carlyle Av – short sale listed for $259,000 and selling for $262,000

Surfside’s real estate market is looking a lot like Miami Shores, with distressed inventory in the lower range and no Surfside luxury homes selling at all.  Out of the 44 Surfside homes currently listed, 8 of them are distressed (18%) and 53% of the pending sales also being distressed.

There are currently 139 Surfside Condos for sale: (1 more than last month)

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

• Lowest priced listing: $91,000 for a bank owned one bedroom at Sunset Condo
  

• Pending Sales (properties under contract):29 (7 less than last month)

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

The 6 Surfside condo sales in May were the following:

• Azure Condo – 9401 Collins Av #504 – listed for $660,000 and selling for $600,000
• The Waverly at Surfside – 9201 Collins Av #425 – listed for $559,000 and selling for $505,000
• Spiaggia Ocean Condo – 9499 Collins Av #511 – listed for $250,000 and selling for $225,000
• 9500 Oceans Condo – 9511 Collins Av #605 – listed for $189,000 and selling for $182,000
• Carlisle on The Ocean – 9195 Collins Av #1006 – listed for $189,000 and selling for $205,000
• Carlisle on The Ocean – 9195 Collins Av #311 -bank owned foreclosure listed for $138,225 and selling for $151,000

The Carlisle wins again with the most sales in the month of May.  Also a major decrease in distress inventory with 39 out of the 139 listings being short sales and foreclosures (28% of inventory) and 58% of pending sales!!  The Surfside condos lower end inventory is slowly disappearing, this is the time to jump on a great oceanfront condo deal.

Fisher Island Real Estate Market Report

There are currently 117 Fisher Island Condos for sale: (2 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: 10 (2 more than last month)
• Closed sales in May : 3 (1 more than last month)

The 3 Fisher Island condo sales in the month of May were the following:

• Seaside Villas – 15913 Fisher Island Dr – listed for $4,900,000 and selling for $2,650,000 (This unit had been listed since 07 for $5.6 million with several price reductions and brokerage changes – owners had bought it for $1,55 in 2002, so the 46% price reduction looks worse than it really is)
• Oceanside Fisher Island – 7823 Fisher Island Dr – listed for $3,100,000 and selling for $2,500,000 (this condo had been listed since May of 09 with a starting price of $4.6 million)
• Bayview at Fisher Island – 4153 Fisher Island Dr – listed for $2,750,000 and selling for $2,100,000 (listed on and off since 06 starting at $3.85 million)

Fisher Island’s Luxury market has definitely gotten hit, but the truth is that most of the residents are second home owners who can deal with the loss.  15% of the current Fisher Island Condo inventory is distressed with 15 short sales and 3 bank owned foreclosures.  The impressive number is the percentage of distressed properties from the pending sales – 30% of the current contracts in Fisher Island are short sales ranging between $525,000 to $1,095,000.  I suspect we will see the same projections in Fisher Island as the rest of the county – a decrease in short sales and foreclosures.

Aventura Real Estate Market Report

There are currently 1422 Aventura condos for sale: (1 less than last month)

• Highest priced listing: $12,000,000 for a 5/6 at Porto Vita
• Lowest priced listing: $58,500 for a 1/1 at Biscayne Lake Gardens
  
• Pending sales: 314 (7 more than last month)
• Closed sales in May: 71 (2 more than last month)

The highest Aventura Condo sale in the month of May was for the 5 bedroom, 5 bathroom residence at Bellamare (6000 Island Bl #401 in Williams Island) which was listed for $1,875,000 and sold for $1,457,000.

The lowest Aventura condo sale in May was for the 1 bedroom, 1 bathroom unit at Pointe East II (a 55+ community).  It was listed for $45,000 and sold for $42,500.

Aventura condos are a little behind the rest of the cities mentioned above when it comes to recuperating, which means deals are still to be found.  23% of its current condo inventory is distressed and 65% of the pending contracts are also distressed.  42% of Aventura condo sales in May were either short sales or foreclosures.

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