miami-shores-real-estate-market-report-august-2016

Miami Shores Real Estate Market Report – August 2016

How is the Miami Shores Real Estate Market Doing?

Miami Shores Real Estate Market Report There are currently 105 Miami Shores homes for sale: (compared to 104 in July)

  • Highest priced listing is $3,850,000 for the totally remodeled, bay front home at 1460 NE 101 St
  • Lowest priced listing is $210,000 for the 837 SF home at 190 NW 103 St
  • Pending Sales (Properties under contract): 29 (compared to 33 in July)
  • Median Sales Price in August: $422,500 (compared to $479,000 in July)
  • Closed sales in August: 12 (compared to 11 in July)

The 12 Miami Shores homes sold in August were the following:

  • 19 NW 109 St – foreclosure in need of repairs with 2 bedrooms / 1 bathroom with 1,662 SF of living space and 9,150 SF lot – listed for $265,000 in May and closing for $253,189 ($162/SF) <<STEAL!! even for a fixer upper on the NW side of Miami Shores
  • 54 NW 104 St –  3 bedrooms / 2 bathrooms with 1,416 SF of living space on 9,150 SF lot – listed for $399,000 in August of 2014, then agein for same price in March of 2016, dropped in price a couple of times and finally selling for $352,088 ($249/SF)
  • 45 NW 93 St – 2 bedrooms / 2 bathrooms with 1,287 SF of living space on 9,600 SF lot – listed for $419,000 in March, reduced to $399,000 in May, and selling for $367,000 ($285/SF)
  • 241 NW 92 St – 3 bedrooms / 2 bathrooms with 1,730 SF of living space on 9,225 SF lot – listed in January for $430,000, reduced to $405,000 in May, and sold for $376,000 ($217/SF)
  • 17 NW 107 St – 2 bedrooms / 1 bathroom with 1,333 SF of living space on 9,225 SF lot – listed in April for $429,000, had several price reductions, and sold for $407,500 ($306/SF)
  • 9313 NW 2nd Ct – 3 bedrooms / 2 bathrooms with 1,329 SF of living space on 7,500 SF lot – listed for $439,000 in June and sold for $410,000 ($309/SF)
  • 10626 NE 11 Ct – 3 bedrooms / 2 bathrooms with 2,048 SF of living space on 9,750 SF lot – originally listed for $579,000 in October of 2015, had several price reductions and sold for $435,000 ($212/SF)
  • 443 NE 94 St – 2 bedrooms / 2.5 bathrooms with 1,772 SF of living space on 12,900 SF lot – listed for $467,000 in June and selling for $492,000 ($278/SF)
  • 125 NE 106 St – 3 bedrooms / 2 bathrooms with 1,715 SF of living space on 9,225 SF lot – originally listed for $575,000 on July of 2015, with a few price reductions and closing at $557,500 ($325/SF)
  • 166 NE 93 St – 3 bedrooms / 3 bathrooms with 2,100 SF of living space on 12,160 SF lot – listed for $699,000 in March and selling for $605,000 ($288/SF)
  • 251 NE 98 ST – 4 bedrooms / 5 bathrooms with 4,884 SF of living space on 11,500 SF lot – originally listed for $779,000 in May of 2015, with several price reductions and selling for $630,000 ($129/SF) <<GIFT to the lucky home buyers!!
  • 1177 NE 100 St – 5 bedrooms / 4.5 bathrooms with 3,226 SF of living space on 17,550 SF lot – listed for $1,500,000 in April and selling for record price of $1,450,000 by yours truly!!  **Miamism Sales Team listing – sold for highest price per square foot on dry lot in Miami Shores this year!!! ($450/SF)

The average sold price per square foot in Miami Shores in July was $268 compared to:

  • July average $287
  • June average $255
  • May average $275
  • April average $281
  • March average $308
  • February average $319
  • January average $249
  • 2015’s average $264

There’s a relatively low inventory of homes for sale in Miami Shores right now and the demand, although it remains high, is shifting to a pickier buyer.  We are seeing buyers taking longer to make decisions which shows there is no urgency or fear of losing out on a great property.  We are also seeing low ball offers from buyers testing the market. Please be careful, if you are a buyer and decide to strategically throw a low ball offer for a home, you may lose out because sellers do get offended.  As much as it is just business, we are dealing with homes and an emotional process that should not be played with because it is sensitive.  Do your homework! Be objective!  Use all of the inventory, not just 2 or 3 homes, and pay attention to condition and location to compare. Those properties that are in move-in condition or have something special to offer are still selling for top dollar. Take our listing at 1177 NE 100 ST, as an example – sold for record price in Miami Shores.  The location was great, it had an oversized lot, very uncommon 5 bedrooms and was in great condition. To sign up for our Miami Shores Real-Time Market Profile, send us an email at MiamiShores@miamism.com and the report will provide information like THIS. If you are curious about where your house is priced, you can always log into MiamismValue.com and request an automated value, just keep in mind that price will ALWAYS need to be verified and tweaked, because a machine will never be able to estimate the true value of a home.

Miami Shores House of The Month

The Miamism Sales Team recommends the house at 701 Grand Concourse as house of the month.  So why do we think this house is special?  For one, the prestigious Grand Concourse address and location.  Secondly, it’s huge! We’re talking 4,758 SF of living space, which is rare in Miami Shores.  The home has 5 bedrooms, 3.5 bathrooms, and 2-car garage.  And lastly, it’s priced right! It is listed for $293/SF – that’s under $300/SF for a house in great condition in a great location! It’s a win-win and we know it will sell fast. Call us for a showing appointment – 701 Grand Concourse Priced at $1,395,000 701 Grand Concourse - Miami Shores Please contact us for more information and to coordinate a showing appointment.

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