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

This is a Miami Real Estate Market Report for October 2010.  With the whole foreclosure moratorium, we’ve seen people actually making a move on regular sales and wanting to stay away from distressed sales.  The truth is that big spenders are still worried about the housing market, but those that HAVE to move, are not thinking twice.  It’s the ones that are considering a move “up” or buying a second home that are being extra cautious, and I don’t blame them one bit.  Still….when you add 2+2, moving is becoming less expensive than adding on in many cases…..I don’t have to do the math for you.

Miami Shores Real Estate Market Report

There are currently 113 Miami Shores homes for sale (7 less than last month):

• Highest priced listing is $2.995 million (bay front home located at 1480 NE 103 Street – reduced $255,000 from last month)
• Lowest priced listing is $125,000 (Short sale at 9156 NW 3rd Ave)
• Pending Sales (Properties under contract):42 (1 less than last month)
• Closed sales in October: 8 (3 less than last month)

The 8 Miami Shores homes sold in October were the following:

• 9820 NE 5 Ave Rd – listed for $499,000 and selling for $455,000 (originally listed for $550,000 in March of 2010)
• 803 NE 99 St – listed for $449,000 and selling for $415,000 (originally listed for $475,00 in March of 2010)
• 288 NE 104th St– listed for $399,000 and selling for $395,000
• 9350 NE 9 Pl – listed for $385,000 and selling for $333,000 (originally listed for $430,000 January of 2009)
• 534 NE 92 St – listed for $375,000 and selling for $348,500
• 50 NE 91 St – foreclosure listed for $299,900 and selling for $325,000
• 195 NW 103 St – short sale listed for $199,000 and selling for $187,500
• 210 NE 102 St – foreclosure listed for $174,900 and selling for $153,000

Every sale in Miami Shores in October was under $500,000, which is the lower end of the market, but the market that is obviously still moving.  We are seeing with our own listings and buyers, that the $500,000 and above is pickier and holding back, waiting for the perfect house to come on the market.

Bay Harbor Islands Real Estate Market Report

There are currently 18 Bay Harbor Island Homes for sale: (3 more than last month)

• Highest priced listings is for $3,800,000 (9406 W Broadview Dr)
• Lowest priced listing is $669,000 (1210 103 St)
• Pending Sales (properties under contract):3 (same as last month)
• Closed sales in October: 1 (1 more than last month)

The Bay Harbor Islands home sold in October was the house located at 9641 Broadview Terrace.  It was listed for $995,000 and sold for $775,000.  This house had originally been listed for $1.4 Million in January of 2007 and went through several price reductions and status changes before selling on October 15th, 2010.

YAY! Another sale for Bay Harbor Islands – the 4th this year.

Surfside Real Estate Market Report

There are currently 51 Surfside homes for sale: (5 less 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 $224,900 for the home located at 8705 Carlyle Av
• Pending Sales (properties under contract): 14 (3 more than last month)
• Closed sales in October: 3 (2 more than last month)

The 3 Surfside homes sold in October were the following:

• 1355 Biscaya Dr – foreclosure listed for $720,000 and selling for $720,000
• 8866 Emerson Av – listed for $459,000 and selling for $455,000
• 8926 Emerson Av – foreclosure listed for $324,900 and selling for $324,000

Talk about selling prices in October being really close or at asking price!  There are less Surfside homes for sale now and the ones priced right and going quickly.  We can also see the lower end inventory moving more than the luxury one -a commonality in South Florida right now.

There are currently 124 Surfside Condos for sale: (7 less 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):26 (same as last month)

• Closed sales in October:6 (3 less than last month)

The 6 Surfside condo sales in October were the following:

• Azure Condominium – 9401 Collins Av #307 – listed for $1,499,000 and selling for $1,225,000
• The Waverly at Surfside  – 9201 Collins Av #721 – foreclosure listed for $250,000 and selling for $250,000
• 9500 Ocean Condo – 9511 Collins Av #809 – listed for $249,000 and selling for $240,000
• Four Winds Condo – 9225 Collins Av #912 – listed for $235,000 and selling for $210,000
• Manatee Condo – 9273 Collins Av #1109 – short sale listed for $198,500 and selling for $190,000
• The Waverly at Surfside – 9172 Collins Av #310 o- short sale listed for $175,000 and selling for $175,000

Nice to see another over a million dollar condo sale this month in Surfside, but as you can tell….it’s the lower end inventory that’s moving (I sound like a broken record).  Out of the  124 Surfside condo listings currently on the market, only 16 are under $200,000 (all are 1 bedrooms, one is a study, and they are all in older buildings).  For those people that call us to buy a 3 bedroom on the ocean for $200k….IT’S NOT HAPPENING!

Fisher Island Real Estate Market Report

There are currently 127 Fisher Island Condos for sale: (4 more 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: 2 (1 less than last month)
• Closed sales in October : 2 (same as last month)

The 2 Fisher Island condo sales in the month of October were the following:

• Bayview VIII – 5274 Fisher Island Dr – listed for $1,750,000 and selling for $1,500,000
• Bayside Village – 2122 Fisher Island Dr – listed for $895,000 and selling for $725,000

I already told you last month about “Forbes Most Expensive Zip Code List” where Fisher Island moved from 33 to 37th.  You will be surprised to hear that there are 11 distressed listings in Fisher right now, including a $2 Million foreclosure at Bayview and a $2.1 Million short sale at Oceanside.  But even THAT inventory is slowly disappearing.

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