Miami Shores Real Estate Market Report - February 2018

How is the Miami Shores Real Estate Market Doing?

There are currently 105 homes for sale: (compared to 99 homes in January)

Highest priced listing is ~~$6,200,000~~ ~~$5,499,000~~ ~~$4,999,995~~ $4,575,000 for the bay front home at 1600 NE 103 St (2-story Italian Mediterranean with 20,534 SF LOT and 103′ of open bay water frontage)

Lowest priced listing is $365,000 for 3 bedroom/1 bathroom home at 279 NW 111th Ter

Pending Sales (Properties under contract): 25 (compared to 31 in January)

Median Sales Price in February: $549,500

Closed sales in February: 10

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

9275 N Bayshore Dr – bay front, modern home, purchased for $4,000,000 in December of 2014 (our sale) and listed for $5.4 Million in September of 2016 – sold at a loss for $3,550,000 ($696/SF) **CASH deal
1199 NE 102 St – 4 bedrooms / 3 bathrooms with 2,787 SF of living space on 12,220 SF lot – originally listed for $900,000 in March of 2017 and selling for $775,000 ($278/SF)
960 NE 99 St – 3 bedrooms / 2 bathrooms. 2,011 SF of living space on 8,717 SF lot – listed for $650,000 in November and selling for $633,000 ($341/SF)
930 NE 99 St – 4 bedrooms / 2 bathrooms, 2,954 SF of living space on 7,725 SF lot – listed for $625,000 in May of 2016 and selling for $560,000 ($283/SF)
5 NE 105 St – 3 bedrooms / 2 bathrooms, 1,865 SF of living space on 9,225 SF lot – listed for $575,000 in November and selling for $559,000 ($300/SF)
1158 NE 99 St – 3 bedrooms / 2 bathrooms, 2,003 SF of living space on 10,400 SF lot – listed for $595,000 in December and selling for $540,000 ($353/SF) **CASH deal
10101 NW Miami Ct – 3 bedrooms / 2 bathrooms, 2,022 SF of living space on 7,704 SF lot – listed for $529,000 in January and selling for $500,000 ($270/SF) **CASH deal
1100 NE 108 St – 3 bedrooms / 2 bathrooms, 1,697 SF of living space on 11,124 SF lot – listed for $515,000 and selling for $497,000 ($293/SF)
187 NE 100 St – 3 bedrooms / 2 bathrooms, 1,860 SF of living space on 5,750 SF lot – listed for $499,000 and selling for $470,000 ($275/SF)
711 NE 93 St – 4 bedrooms / 3 bathrooms, complete fixer upper with 2,498 SF of living space on 9,675 SF lot. Originally listed for $615,000 in September of 2017 and selling for $450,000 ($154/SF) **CASH

The average sold price per square foot in Miami Shores in February for homes not on the water was $283, compared to $289 in January and 2017’s average of $293.

There was only one Miami Shores waterfront home sold in February. The above mentioned bay front home (which we had previously sold for $4 Million back in 2016), sold for $3,550,000 at a $450,000 loss and $696/SF.

The slight drop in price per square foot from January to February, has to do with the low sale at 711 NE 93 St. There’s always a property that throws off comps and it’s important to understand its condition and how it really compares to neighboring properties. That home needed a new roof, new electrical and complete renovation – hence its $154/SF sale price. If we drop that property from the average, it takes up the number to $299/SF.

Please also note that 4 out of the 10 deals were cash buyers (40%). We are seeing an increase in cash purchases in Miami Shores and will continue to monitor these.

We remind you that in addition to preparing these monthly market reports, we also have Miami Shores REAL-TIME market reports which offer weekly “market action index”, “market segments”, and “real-time market profile”. National and County-wide news sources can be slow and do not accurately represent what is happening in our local market. That’s where we can help. Our reports are localized, easy to read and provide you with a well-rounded up to date view of how the market is behaving. If you want a no-obligation home value report, please go to MiamismValue.com.

Miami Shores House of The Month

The Miamism Sales Team recommends the 1962 home at 775 NE 97th Street, in Miami Shores. Don’t let the proximity to the train tracks deter you from this gem! You will be in your own private abode once inside with impact windows, high ceilings and open spaces. This 4 bedroom / 3 bathrooms house has 2,829 SF counting the garage which is used as the 4th bedroom by current owner. It sits on 9,040 SF lot and marketing description reads as follows:

Spacious Miami Shores home in private location by the country club. Comfort and warmth define this home with generous rooms with big closets, high ceilings and lots of room to entertain. Perfect modern living that features open kitchen with stainless steel appliances, tiled throughout, beautiful family room with open beamed ceilings and vast windows opens up to back yard. Home also features in-ground spa, patio area, outdoor shower and can walk to community center and village fields.

Offered at $788,000 ($279/SF)