Miami Shores Real Estate Market Report for July 2015

Miami Shores Homes – Real Estate Market Report

There are currently 73 Miami Shores homes for sale (3 more than last month):

• Highest priced listing is $3,975,000 for the bay front fixer upper at 1680 NE 104 St

• Lowest priced listing is $364,900 $349,900 for the 3 bedroom / 2 bathroom home at 190 NW 100 Te. (flip-job purchased for $230,000 in October of 2014)

• Pending Sales (Properties under contract): 35 (compared to 43 last month)

• Closed sales in July: 19 (compared to 16 in June)

The 19 Miami Shores homes sold in July ranged from $323,400 for the “AS-IS FORECLOSURE” at 101 NW 102 St, which had been listed for $495,000 in September of 2014 and later reduced to $365,800 – to $1,550,000 for the bay front home located at 9125 N Bayshore Dr.  This property was listed in May for $1.3 Million and was under contract in less than 1 month. Out of the 19 Miami Shores homes sold in July, only one was waterfront (highest sale mentioned above) and selling for $478/sq.ft. (quite a steal even for a small 8,350 sq.ft. lot) The average price per square foot in Miami Shores in July dropped to $233 compared to:

• June $240
• May $256
• April $256
• March $247
• February $227
• January $225

Keep in mind that although average prices can fluctuate from month to month, looking at yearly averages is the real representation.  2014’s average was $236 and year to date average for 2014 is $240.00.  Miami Shores continues to appreciate conservatively which is good news for residents since rapid and massive appreciations can be attributed to temporary external reasons. For great news in Miami Shores, there were 2 non-waterfront homes that sold above the $400/sq.ft. mark.  Both homes were historic and in immaculate condition.  601 Grand Concourse sold for $457/sq.ft. and 682 NE 98 St sold for $414/sq.ft. Give us a call for a no obligation, consultation of your home.  Remember that I have an architectural background and will help you stage your property in order to get the highest price possible.

Miami Shores House of The Month

The Miamism Sales Team recommends the Miami Shores home located at 905 NE 92 St  This 3 bedroom / 2 bathroom home needs work but has amazing potential.  Please note, this home is only for those with vision because it sits on a 17,455 sq.ft. lot that is East of Biscayne Boulevard and in a very private location with low vehicular traffic. The asking price is $599,000 ($236/sq.ft.) – but it’s all about the land and the potential.  The house was purchased by current owners for $420,100 in August of last year, so I’m sure the price is negotiable. Please contact us for more information and we will also be happy to arrange a showing appointment. Our “I LOVE MIAMI SHORES” magnets have been a big hit!  If you want one, send us your name, email and address and we’ll be happy to send one to you for free.

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To sign up to our Home Trend Reports, go to MiamismTRENDS.com and fill in your information. Call us Today for a listing appointment! If you are interested in getting a list of all properties currently for sale in Miami Shores, we will be happy to send you a digital copy at your request.  We can also send you monthly market reports directly to your inbox. Feel free to email us at MiamiShores@miamism.com