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

Miami Shores Real Estate Market Report – September 2016

How is the Miami Shores Real Estate Market Doing?

There are currently 114 Miami Shores homes for sale: (compared to 105 in August)

  • Highest priced listing is $5,400,000 for the bay front house we sold back in 2014, located at 9275 N Bayshore Dr
  • Lowest priced listing is $209,000 for the starter home in West Shores at 580 NW 113 St
  • Pending Sales (Properties under contract): 27 (compared to 29 in August)
  • Median Sales Price in September: $516,250(compared to $422,500 in August)
  • Closed sales in September: 16 (compared to 12 in August)

The 16 Miami Shores homes sold in September were the following:

  • 565 NE 102 St – Short Sale with 3 bedrooms / 2 bathrooms, 2,414 SF on 9,300 SF lot – listed in march for $360,000, under contract in 7 days and closing 6 months later for $380,000 ($157/SF)
  • 10417 NE 2 Ave – 3 bedrooms / 2 bathrooms, 2,014 SF on 9,750 SF lot – sold in January for $330,000, re-listed in June for $529,000, with several reductions and selling for $450,000 ($223/SF)
  • 815 NE 92 St – 2 bedrooms / 2 bathrooms, 1,835 SF on 11,284 SF lot – Listed for $550,000 in March and selling for $465,000 after a few price reductions ($253/SF)
  • 246 NE 105 St – 3 bedrooms / 2 bathrooms, 2,095 SF on 9,300 SF lot – listed for $549,000 in February and selling for $482,000 after a few price reductions ($230/SF)
  • 825 NE 98 St – 2 bedrooms / 2 bathrooms, 1,473 SF on 7,575 SF lot – listed in July for $509,000 and selling for $480,000 ($326/SF)
  • 334 NE 100 St – 3 bedrooms / 2 bathrooms, 1,626 SF on 8,625 SF lot – listed in May for $525,000 and selling for $505,000 ($311/SF)
  • 467 NE 100 St – 2 bedrooms / 2 bathrooms, 1,554 SF on 5,750 SF lot – listed in July for $525,000 and selling for $506,100 ($326/SF)
  • 925 NE 95 St – 3 bedrooms / 2 bathrooms, 1,817 SF on 11,293 SF lot – fixer upper listed in July for $595,000 and selling for $517,500 ($285/SF)
  • 425 NE 93 St – original condition home with 3 bedrooms / 2 bathrooms, 2,042 SF on 9,600 SF lot – listed in September of 2015 for $599,000 and selling for $515,000 after several price reductions ($252/SF)
  • 373 NE 101 St – Central Shores in original condition with 3 bedrooms / 2 bathrooms, 2,344 SF on 11,500 SF lot – listed for 624,999 in June and selling for $528,500 after a price reduction and fallen-through contract ($225/SF)
  • 90 NE 96 St – large fixer upper with 4 bedrooms / 3 bathrooms with 3,236 SF on 15,187 SF lot – listed for $625,000 in June and selling for $600,000 ($185/SF)
  • 1099 NE 97 St – original condition but pristine home with 3 bedrooms / 2 bathrooms, 2,009 SF on 8,475 SF lot – originally listed in October of 2015 for $699,000 and selling for $616,000 after a few price reductions ($307/SF)
  • 957 NE 99 St – 4 bedrooms / 3 bathrooms with 1,851 SF on 8,925 SF lot – listed in February for $815,000 and selling for $699,000 ($378/SF)
  • 1179 NE 98 St – 4 bedrooms / 3 bathrooms with 2,200 SF on 9,457 SF lot – originally listed for $929,000 in April of 2014, then again for $869,000 in February of 2016, with several price reductions and a couple of pending contracts – finally selling for $715,000 ($325/SF)
  • 920 NE 95 St – remodeled home with 3 bedrooms / 3 bathrooms, 2,355 SF on 16,442 SF lot – originally listed for $1,400,000 in May of 2015, selling for $865,000 after several reductions ($367/SF)
  • 280 NE 91 St – historic, Mediterranean Revival Home with 4 bedrooms / 3 bathrooms, 2,540 SF on 9,000 SF lot – originally listed for $829,900 in June of 2015, raised to $989,899 in May 2016 and selling for $890,000 ($350/SF)

The average sold price per square foot in Miami Shores in September was $281 compared to:

  • August average $268
  • 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

We are beginning to see an increase in inventory in Miami Shores right now.  It's common to see this in a shifting market and if there's more supply and less demand, the shift to a buyer's market will occur faster.  We will keep an eye on this because we are still in a seller's market but buyers are behaving as if they have the upper hand.  We are seeing a lot of low ball offers, we are seeing agents not doing their homework when submitting offers and just hoping offers will stick. Sellers, you need to always assess your urgency in selling to determine if you will accept offers bellow market.  Also be realistic, real estate is always about location but it's also about the condition and marketability of your home.  Your REALTOR should be able to help you set realistic goals, and as always we are always here to help, even if it's only about asking us a few questions. Please note the sales above.  Homes in great condition are unequivocally selling above $300 per square foot, no matter the location.  Completely remodeled homes are selling in the mid to high $300's per sq. ft. To receive this market report directly to your inbox on the first week of every month, just email me your contact information to ines@miamism.com and I will be happy to send it to you. 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 540 NE 103 St.  Very large modern colonial, built in 1963 priced at $256/SF.  This is a home run for someone looking for square footage in Central Shores.  Although the home is on busy 103 Street, the price, size and condition is worth the trouble. The home has 3,906 SF of living space with 5 bedrooms and 2.5 bathrooms.  It sits on a 12,300 SF lot and has pool, natural gas generator and great features. It's being offered at $999,000 Please contact us for more information and to coordinate a showing appointment.

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