October 2011 Housing Market Report for Miami Shores, Bay Harbor Islands, Surfside and Fisher Island
This is a Miami Real Estate Market Report for October 2011. This Halloween month was not a scary one for these cities, but did show a slow down in “improvement” in the housing market for each. Miami Shores and Surfside showing lower than usual sales, Bay Harbor Islands back to no movement and Fisher Island showing a foreclosure selling above asking price. Historically, the real estate market slows down in November, so I foresee similar numbers in the next 2 months. Just hold on to your hat in January though…sales will be hot in 2012.
Miami Shores Real Estate Market Report
There are currently 91 Miami Shores homes for sale (3 more 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 no images or description yet by listing agent.
- Pending Sales (Properties under contract):41 (1 less than last month)
- Closed sales in October: 8 (4 less than last month)
The 8 Miami Shores homes sold in October ranged from a $85,500 short sale located on the NW side of The Shores (fixer upper with city fines and code violations) to a $370,000 home East of The Boulevard that was listed for only 3 months. The median sale being $145,000, quite a bit lower than last month’s $400,000. We can interpret this data to mean that Miami Shores had a slow month in October and not showing the previous price increases from past months.
Bay Harbor Islands Real Estate Market Report
There are currently 10 Bay Harbor Island Homes for sale: (1 less 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 (1 same as last month)
- Closed sales in October: 0 (1 less than last month)
There were no Bay Harbor Island Homes sold in the month of October, but this shouldn’t alarm anyone based on the fact that with sales up to date on the island, there is already a significant improvement evident in Bay Harbor Island’s housing market.
Surfside Real Estate Market Report
There are currently 49 Surfside homes for sale: (4 less than last month)
- Highest priced listing is $5,500,000 (1332 Biscaya Dr)
- Lowest priced listing is $258,500 for a short sale at 8927 Froude Av.
- Pending Sales (properties under contract): 11 (3 more than last month)
- Closed sales in October: 1 (3 less than last month)
The Surfside homes sold in October as located at 8911 Byron Av. It was originally listed for $625,000 in February of 2010, lowered to $499,000 in August of 2011, and finally sold at $460,000.
Surfside also shows a slow down in sales this past month, but it’s common for the end of the year. We should see a further drop until January.
There are currently 66 Surfside Condos for sale: (8 more than last month)
- Highest priced listing: $2,500,000 for a 3/3/1 at Solimar, unit N10A
- Lowest priced listing: $139,000 for a short sale studio at Spiaggia unit 805
- Pending Sales (properties under contract): 20 (6 less than last month)
- Closed sales in October: 7 (1 more than last month)
The Surfside condos sold in October ranged in price between $100,000 for a 450 sf studio at The Four Winds Condo, to $200,000 for a 1 bedroom / 2 bathroom unit at The Manatee. We are seeing a lot of the pending short sales finally closing giving us a false sense of the market. What this means is that there were distressed units under contract for a long time that are finally closing, does not mean that you can still find those deals in the area.
Fisher Island Real Estate Market Report
There are currently 106 Fisher Island Condos for sale: (6 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: $81,500 for a studio at Marina Village Gardens (short sale) << in heart of commercial sector (perfect for crew or visitors)
- Pending Sales: 5 (3 more than last month)
- Closed sales in October: 2 (1 less than last month)
The 2 Fisher Island Condos sold in October were:
- 2426 Fisher Island Dr #5206 – Bayside Village condo listed for $1,590,000 and selling for $1,450,000.
- 2435 Fisher Island Dr #5305 – Bayside Village foreclosure condo listed for $699,900 and selling for $735,000.
Fisher Island is definitely reaching normalcy with the regular cold months with no real estate activity and the random multi-million dollar sales. The 2 types of buyers for Fisher Island are those looking for privacy for their second home destinations and those that want to live there year round because of the island amenities, family feel of the island and unparalleled security.
**all information obtained from the Southeast Florida Multiple Listing Service**