November 2010 Real Estate Market Reports for Miami Shores, Bay Harbor Islands, Surfside and Fisher Island

This is a Miami Real Estate Market Report for November 2010.  We are definitely seeing more buyers in the street now.  More buyers also means that some sellers will get over zealous and overprice their homes.  It’s amazing to me that there are still sellers out there that will list their property with the agent that offers the highest price.  I get it, you are not out there on a daily basis seeing what’s happening and you will always think your house is superior than your neighbor’s, but a little homework will always pay off.   There are times when the market sits at a stand still – buyers want to pay less, sellers want more and there is no meeting of the minds.  Usually means neither party wants it bad enough.

Miami Shores Real Estate Market Report

There are currently 122 Miami Shores homes for sale (9 more than last month):

• Highest priced listing is $2.499 million (bay front home located at 1430 NE 101 Street – listed since September 2007 starting at $3.9 Million)
• Lowest priced listing is $125,000 (Short sale at 9156 NW 3rd Ave)
• Pending Sales (Properties under contract):37 (5 less than last month)
• Closed sales in November: 9 (1 more than last month)

The 9 Miami Shores homes sold in November were the following:

• 1173 NE 104 St – listed for $1,195,000 and selling for $800,000 (this home had been listed since before 2006 with a starting price of $1.75 Million and changed Realtors and listing price quite a few times)
• 290 NE 98th St – listed for $665,000 and selling for $620,000
• 530 NE 96th St – Foreclosure listed for $435,000 and selling for $414,000
• 574 NE 94th St – Short sale listed for $425,000 and selling for $400,000 (pending for 5 months before getting bank approval)
• 525 NE 92 St – listed for $399,000 and selling for $369,000
• 469 NE 91 St – short sale listed for $399,000 and selling for $349,000
• 50 NE 109 St – short sale listed for $330,000 and selling for $270,000
• 68 NW 97 St – listed for $265,000 and selling for $260,000
• 195 NW 96 St – foreclosure listed for $139,900 and selling for $145,000

The average sale price in Miami Shores in November was $364,000 which is yet another sign of a recuperating market.  There is less distressed inventory, the average price per square foot is slowly creeping up and Miami Shores homes are generally selling for more.  A perfect example that real estate is local and although we see a few neighborhoods around Miami Shores not improving, it doesn’t take away the fact that this neighborhood is seeing the light at the end of the tunnel.

Bay Harbor Islands Real Estate Market Report

There are currently 21 Bay Harbor Island Homes for sale: (3 more than last month)

• Highest priced listings is for $3,590,000 (10140 W Broadview Dr)
• Lowest priced listing is $385,000 (Bay Harbor Villa located at 9970 E Bay Harbor Dr)
• Pending Sales (properties under contract):2 (1 less than last month)
• Closed sales in November: 0 (1 less than last month)

The Bay Harbor Islands home inventory keeps increasing and we’re seeing very little movement in the islands.  With only 4 total sales this year and only 6 in 2009.  This is one of those neighborhoods that doesn’t respond to outside pressure because people that move to Bay Harbor, usually stay in Bay Harbor.

Surfside Real Estate Market Report

There are currently 53 Surfside homes for sale: (2 more than last month)

• Highest priced listing is $5,900,000 (1249 Biscaya Dr – 100 feet of water frontage on 15,000 sq. ft. lot)
• Lowest priced listing is $279,000 for the home located at 8858 Harding av.
• Pending Sales (properties under contract): 14 (same as last month)
• Closed sales in November: 1 (2 less than last month)

The Surfside home sold in November was located at 9949 Bay Drive.  It was listed for $589,000 and sold for $550,000 on 11/04/2010.

Surfside sales are all about location and condition right now.  The homes that are in move-in condition are selling quickly and the lower end inventory is all about busy streets and need a lot of work.  Surfside homes are great starter properties with small lots, close-by comforts and walking distance from the ocean!

There are currently 127 Surfside Condos for sale: (3 more than last month)

• Highest priced listings: $2,400,000 for a 3/3.5 at Azure Condo unit 407 and $2,400,000 for a 3/3 at Solimar Condo unit 1207/6
  

• Lowest priced listing: $75,000 for a 1/1 short sale at Sunset Condo

• Pending Sales (properties under contract):19 (7 less than last month)

• Closed sales in November:11 (5 more than last month)

The 11 Surfside condo sales in October were the following:

• Azure Condominium – 9401 Collins Av #806– listed for $1,579,000 and selling for $1,475,000
• Champlain Towers – 8777 Collins Av #201 – listed for $599,000 and selling for $559,500
• Spiaggia Ocean Condo – 9499 Collins Av #PH8 – foreclosure listed for $439,000 and selling for $393,750
• The Waves – 9455 Collins av #701 – listed for $395,000 and selling for $320,000
• Marbella Condo – 9341 Collins Av #404 – listed for $329,505 and selling for $300,000
• Rimini Beach Condo – 8911 Collins Av #1103 – listed for $239,000 and selling for $206,000
• Surfside Towers – 9511 Collins Av #1111 – foreclosure listed for $229,000 and selling for $230,000
• Four Winds Condo – 9225 Collins #910 – listed for $160,000 and selling for $150,000
• Manatee Condo – 9273 Collins Av #1110 – listed for $149,000 and selling for $145,000
• Spiaggia Ocean Condo – 9499 Collins Av #905 – foreclosure listed for $139,000 and selling for $140,900
• The Waverly at Surfside – 9172 Collins Av #303 – short sale listed for $130,000 and selling for $125,000

The higher end Surfside Condo inventory is starting to move, evidenced last month and this month.  This doesn’t mean the Surfside condo market is out of the woods yet, it means people are buying and recognize they can get more for their money just North of Miami Beach.

Fisher Island Real Estate Market Report

There are currently 123 Fisher Island Condos for sale: (4 less than last month)

• Highest priced listing: $30,000,000 for an exclusive Oceanside 5/5.5 home with artwork and all!
• Lowest priced listing: $139,000 for a studio at Marina Village (short sale)
• Pending Sales: 4 (2 more than last month)
• Closed sales in November : 0 (2 less than last month)

I hate seeing no sales in Fisher Island, not just because it’s boring, but because some people claim that the island is suffering.  I think the biggest mistake we see from buyers today is when they make the assumption that everyone that wants to sell is because of some kind of financial distress.  Maybe I should write a post about reasons why people sell and it is proven that the percentage that do is because they HAVE to.

**all information obtained from the SouthEast Florida Multiple Listing Service**