Miami Shores Real Estate Market Report for 2010

Miami Shores! One of the recuperating real estate markets in South Florida!  And by recuperating I mean prices are already in an upward trend which is great news for all of us who live here.  The distressed inventory (short sales and foreclosures) is almost non-existent.  Price per square foot is already going up evidenced from an average in 2009 of  $153 and $189 in the last six months of 2010.   We even had one Miami Shores Luxury sale in 2010 which we hadn’t seen in a couple of years.

So here’s the reality, if your house is in perfect showing condition (that means remodeled, painted, decluttered and beautifully decorated and staged), you can expect to get top dollar if you sell.  Top dollar may still disappoint you though – I’m talking above $200/sq.ft. which is still nowhere near the $350’s that we were getting at the top of the market.  We do warn you that appraisals are still giving problems though – even when the house does appraise, sometimes underwriters are questioning the numbers (this has happened to a few of our own sales).  It makes you wonder if appraisers are conveniently picking lower end sales because they are afraid to loose their license or if banks themselves are mandating only lower sales <<< talk about defeating the purpose of an objective pricing analysis.

There are a few out of range properties on the market right now, sellers listing at $350+  per sq.ft. for example…..makes you wonder, “what are those people smoking?”  Not even if Chris Bosh or Ricky Martin lived there would they get that price for those homes.

Here are the general figures for 2010 (click HERE to see 2009 figures)

• There were 144 Miami Shores Homes sold in 2010 – The average priced listing was $377,093 but the average price sold was $344,615.

• The highest sale in Miami Shores in 2010 was $2,320,000 for the property located at 1480 NE 103rd St – a gorgeous, impeccable and completely remodeled bay-front home that was listed for $3,995,000 in 2008.

• The lowest sale was $41,000 for the property located at 173 NW 99th St which was a foreclosure with code violations (disclosure in MLS remarks) and did not appear as a listing, only as a pending sale since December of 2009 – closing in April of 2010.

• In 2009, 60% of the properties sold were under $200,000 – In 2010, only 28% of the properties sold were under $200,000.  And 18% of the properties sold were above $500,000.  This is proof of the decreasing distressed inventory and normalizing housing market.

• 27 out of the 144 Miami Shores homes sold in 2010 (19%), sold above $200/sq.ft. with the highest sale for a dry-lot home (non-waterfront) at $260/sq.ft.

To see all sales in Miami Shores in 2009, click thumbnail:

**Data obtained from SEF MLS**