November 2011 Housing Market Report for Miami Shores, Bay Harbor Islands, Surfside and Fisher Island

This is a Miami Real Estate Market Report for November 2011.  Although November was still a slow month for these neighborhoods, it showed an improvement from the exceptionally low sales in October.  Each neighborhood is showing great signs including reduced number of houses and condos for sale, reduced number of distressed inventory, higher number of sales, increasing median sales and price per square foot.  Some sellers are getting a false sense of security and are overpricing homes, but thankfully, we are not seeing a lot of this.  The great news is that buyers with “low ball offers” are getting no where, time to realize that they need to pay market value to get into great neighborhoods.

Miami Shores Real Estate Market Report

There are currently 76 Miami Shores homes for sale (15 less than last month):

  • Highest priced listing is $2,990,000 (totally remodelled bay front home located at 1480 NE 103 St)
  • Lowest priced listing is $99,000 (Short Sale at 169 NW 97th St) with 1 bad image and still no description by listing agent.
  • Pending Sales (Properties under contract):39  (2 less than last month)
  • Closed sales in November: 17 (9 more than last month)

The 17 Miami Shores homes sold in November ranged from a $85,000 foreclosure with a long list of of violations (listed in the MLS in excess of $200,000 in fees and fines) to a $1.4 Million bay front.  The median sale being $299,000 and average price of $429,000.   Five of the 17 sales were above $500,000 and shows that October was a low month, but November made up for it.

Bay Harbor Islands Real Estate Market Report

There are currently 13 Bay Harbor Island Homes for sale: (3 more than last month)

  • Highest priced listings is for $3,290,000 (9520 W Broadview Dr)
  • Lowest priced listing is $805,000 (1230 96 St)
  • Pending Sales (properties under contract): 1 (same as last month)
  • Closed sales in November: 0 (same as last month)

There were no Bay Harbor Island Homes sold in the month of November either, but the inventory is still low and Bay Harbor Islands already did its part this year to show major improvement in its housing market.

Surfside Real Estate Market Report

There are currently 46 Surfside homes for sale: (3 less than last month)

  • Highest priced listing is $5,500,000 (1332 Biscaya Dr)
  • Lowest priced listing is $329,000 (9432 Abbott Av)
  • Pending Sales (properties under contract): 9 (2 less than last month)
  • Closed sales in November: 4 (3 more than last month)

The Surfside homes sold in November were the following:

  • 9216 Byron Av – listed for $499,000 and selling for $480,000
  • 9249 Dickens Av – listed for $458,000 and selling for $390,000
  • 8827 Emerson Av – Short Sale listed for $449,000 and selling for $350,000 (MLS shows a few contracts falling through).
  • 9141 Harding Av – Short Sale listed for $260,000 and selling for $260,000 (listed in August 2011, sold in 8 days and got bank approval in 3 months).

Surfside shows a similar trend as Miami Shores with a slow month of October and sales picking up again in November.  It’s similar to life, we’re allowed a bad day, the housing market is allowed a bad month (as long as numbers back it up).  The median sales price was $370,000 with an average sales price of $370,000 as well.

There are currently 70 Surfside Condos for sale: (4 more than last month)

  • Highest priced listing:  $2,500,000 for a 3/3/1 at Solimar, unit N10A
  • Lowest priced listing: $180,000 for a 1/1 foreclosure at Ocean 91 Condo
  • Pending Sales (properties under contract): 19 (1 less than last month)
  • Closed sales in November: 5 (2 less than last month)

The Surfside condos sold in November were the following:

  • Champlain Towers at 8855 Collins Av #12J – a 3/2/1 PH listed for $950,000 and selling for $875,000.
  • Marbella Condo at 9341 Collins Av #208 – a 3/2/1 listed for $439,000 and selling for $380,000.
  • The Waverly at Surfside located at 9201 Collins Ave #924 – a 2/2 listed for $435,999 and selling for $400,000.
  • Spiaggia Condo at 9499 Collins Av #806 – a 2/2 short sale listed for $280,000 and selling for $300,000.
  • The Waverly at Surfside located at 9201 Collins Av #421 – a 2/2 short sale listed for $250,000 and selling for $220,000.

The Median sales price for a Surfside Condo in November was $400,000 and the average sales price was $435,000.  The Surfside housing market is showing a real improvement with only 5 short sales and 1 foreclosure in its current for sale inventory – that’s less than 9% of distressed inventory left in Surfside Condos!

Fisher Island Real Estate Market Report

There are currently 105 Fisher Island Condos for sale: (1 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: $180,000 for a 1 bedroom / 1 bathroom residence at Marina Village (short sale)
  • Pending Sales: 4 (1 less than last month)
  • Closed sales in November: 2  (same as last month)

The 2 Fisher Island Condos sold in November were:

  • Seaside – 19223 Fisher Island Dr – listed for $1,699,000 and selling for $950,000.
  • Bay View – 5211 Fisher Island Dr – Foreclosure listed for $1,663,600 and selling for $1,810,000.

Many will say that Fisher Island is back but most will agree that it was never gone.  Of course the luxury real estate market gets hit, but it doesn’t ever get hit as badly as the rest.  We will continue seeing some fluctuation in sales on the island since there’s still a 12% distressed inventory with 8 short sales and 4 foreclosures.

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

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