This is a Miami Real Estate Market Report for November 2012. Although all markets we are reporting are seeing improvement in both prices and decreasing inventories, these are happening very slowly. Don’t expect for home values to appreciate at rates seen back in 2005-2006 when the so-called “bubble” exploded, but do expect average prices to increase at reasonable rates. It is exciting to see properties that are in move-in condition sell in only days and many times with multiple offer scenarios. Just know that these properties are not overpriced by avaricious sellers, and it’s the reason they are moving quickly.
There are currently 63 Miami Shores homes for sale: (1 more than last month)
- Highest priced listing is $3,399,000 (Short Sale listing at 1680 NE 104th St)
- Lowest priced listing is $170,000 (at very busy intersection of 9500 N Miami Avenue)
- Pending Sales (Properties under contract): 38 (same as last month)
- Closed sales in November: 8 (2 less than last month)
The 9 Miami Shores homes sold in November ranged from a $100,000 short sale at 119 NW 110th St, to a $866,000 short sale at 309 NE 99th Street (this home was originally listed for $1.5 Million and was on and off the market as a short sale since 2009.)
The Median price for Miami Shores homes sold in November was $395,000 with an average price of $423,625. Out of the 38 Miami Shores homes currently under contract, 16 of the are short sales and 4 are foreclosures. It’s important to keep in mind that when these properties finally close, their closing price will affect comparables for properties selling around the same time. Once that “pending” inventory disappears, then real property appreciations will be evident.
There are currently 16 Bay Harbor Island Homes for sale: (3 more than last month)
- Highest priced listings is for $4,700,000 (9530 W Broadview Dr)
- Lowest priced listing is $699,000 (1260 96 St)
- Pending Sales (properties under contract): 1 (1 less than last month)
- Closed sales in November: 1 (same as October)
The sold Bay Harbor Island home in November was a mid-century home located on the South side of Bay Harbor Islands on an oversized lot of 16,625 sq.ft. The home was listed for $1,295,000 and sold for $1,050,000. It was originally listed for $1.495 Million in 2008 and taken off the market in the summer of 2009, and was relisted in June of 2012.
There have been 8 Bay Harbor Island Homes sold this year with a median price of $1,125,000. The available inventory is beginning to increase slowly, we’ll see if this affects the actual average price for the island.
There are currently 21 Surfside homes for sale: (4 less than last month)
- Highest priced listing is $5,500,000 (1332 Biscaya Dr)
- Lowest priced listing is $519,000 (8910 Garland Av)
- Pending Sales (properties under contract): 10 (one less than last month)
- Closed sales in November: 2 (2 less than last month)
The 2 Surfside homes sold in November were the following:
- 9172 Carlyle Ave – listed for $550,000 and selling for $540,000.
- 9140 Abbott Ave – listed for $445,000 and selling for $445,000.
The average sales price in October for Surfside homes was $492,500. Surfside remains our champion market with textbook recuperating statistics: no distressed inventory, lower inventory of homes for sale, increased inventory of higher priced homes and increasing median prices as well as average home prices. Notice how the 2 sales were at asking or close to asking prices.
There are currently 62 Surfside Condos for sale: (1 less than last month)
- Highest priced listing: $2,950,000 for a 4/5/1 at 95th On The Ocean (new construction townhouse with expected completion date of Summer 2013)
- Lowest priced listing: $217,200 for a 1/1 at Winter Gardens Condo
- Pending Sales (properties under contract): 25 (2 more than last month)
- Closed sales in November: 5 (2 more than last month)
The 5 Surfside condos sold in November were the following:
- Champlain Towers South – 8777 Collins Ave #612 – listed for $930,000 and selling for $880,000
- Azure Condo – 9401 Collins Av #803 – listed for $750,000 and selling for $751,500.
- Beach Point Club Condo – 8900 Collins #401 – listed for $275,000 and selling for $265,000
- 9500 Oceans Condo – 9511 Collins Av #807 – listed for $259,000 and selling for $225,000
- Sunset Condo – 9248 Collins Av #205 – listed for $138,000 and selling for $131,000
There are currently no distressed Surfside Condos for sale (no short sales and no foreclosures) . Out of the 25 Surfside condos currently under contract, 12 are short sales and 2 are foreclosures. The same applies here than in Miami Shores,
“It’s important to keep in mind that when these properties finally close, their closing price will affect comparables for properties selling around the same time. Once that “pending” inventory disappears, then real property appreciations will be evident.”
There are currently 82 Fisher Island Condos for sale: (7 more than last month)
- Highest priced listing: $15,000,000 for an exclusive Oceanside 7/7/1
- Lowest priced listing: $170,000 for a 1 bedroom / 1 bathroom at Marina Village
- Pending Sales: 3 (one less than last month)
- Closed sales in November: 3 (1 more than last month)
The 3 Fisher Island Condos sold in November were:
- Bayside Village – 2234 Fisher Island Dr – listed for $1,699,o00 and sold for $1,400,000
- Seaside Villas – 15713 Fisher Island Dr – listed for $545,000 and selling for $395,000
- Marina Village – 42201 Fisher Island Dr – listed for $349,000 and selling for $300,000
Although November’s median sales price comes in at $395,000 – Fisher Island continues to be one of the most prestigious and exclusive places to live in South Florida. Of the 3 properties currently under contract, 2 of them are short sales and out of the 82 Fisher Island condos for sale, 4 are short sales.
**all information obtained from the Southeast Florida Multiple Listing Service**