This is a Miami Real Estate Market Report for October 2012. We’ve been reporting on a monthly basis about the improving real estate situation in Miami. Now we open a new chapter which is extremely frustrating for those of us actively working in this industry. Historically, you see markets begin to improve and then seller begin to over price their properties. What’s sad is that a lot of sellers don’t realize that some real estate agents will list the property at whatever price they say just to have listing inventory under their belt. If you are selling, you fit into 2 categories, the realist that will look at closed comparables and will price your home accordingly, and the dreamer who thinks your house is superior than the rest and will grossly over price. If you fit into the 2nd category, please don’t even call us, we’re in the business to sell properties, not dream about selling them.
There are currently 62 Miami Shores homes for sale: (2 more than last month)
- Highest priced listing is $3,399,000 (Short Sale listing at 1680 NE 104th St)
- Lowest priced listing is $208,900 (217 NW 91 St)
- Pending Sales (Properties under contract): 38 (4 more than last month)
- Closed sales in October: 10 (same as last month)
The 10 Miami Shores homes sold in October ranged from a $272,500 short sale at 125 NE 98 St, to a $699,000 canal front home at 10600 NE 10th Ct in the North Country Club area of Miami Shores.
The Median price for Miami Shores homes sold in October was $424,500 with an average price of $440,500. The distressed inventory continues to decrease and 2 out of the 10 October Miami Shores homes sold were distressed. There are currently no foreclosure listings showing in the Multiple Listing Service. Also notice that there is no inventory under $200,000 right now in Miami Shores, that is 2 months in a row.
There are currently 13 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): 2 (same as last month)
- Closed sales in October: 1 (compared to none in September)
The sold Bay Harbor Island home in October was an impeccable mid-century modern home that was listed for $1,295,000 and sold for $1.2 Million. The home had been on and off the market since September of 2010 with a starting price of $1.6 Million.
There have been 7 Bay Harbor Island Homes sold this year with a median price of $1,125,000 – not bad at all for an area that wasn’t moving at all a year ago. This shows that no matter the movement or lack there off in real estate in the island, it is still an extremely desirable area to live.
There are currently 25 Surfside homes for sale: (4 more than last month)
- Highest priced listing is $5,500,000 (1332 Biscaya Dr)
- Lowest priced listing is $430,000 (9232 Dickens Av)
- Pending Sales (properties under contract): 11 (one more than last month)
- Closed sales in October: 4 (one more than last month)
The 4 Surfside homes sold in September were the following:
- 8939 Abbott Av – listed for $630,000 and selling for $600,000
- 9009 Hawthorne Av – listed for $565,000 and selling for $560,000
- 9341 Bay Dr – short sale listed for $445,000 and selling for $400,500
- 9124 Harding Av – foreclosure listed for $292,000 and selling for $305,100
The median sales price in October for Surfside homes was $480,2500. Notice how the one foreclosure sold above listing price. Surfside has gone a lot of changes in the past few years, and now even has new sewer lines for its residents. Properties are selling close to listing prices, so make sure you do your homework if interested in buying a Surfside home.
There are currently 63 Surfside Condos for sale: (6 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: $193,500 for a studio at Spiaggia.
- Pending Sales (properties under contract): 23 (same as last month)
- Closed sales in October: 3 (same as last month)
The 3 Surfside condos sold in October were the following:
- The Waverly at Surfside Beach – 9201 Collins Av #926 – listed for $610,000 and selling for $600,000.
- The Waverly at Surfside Beach – 9201 Collins Av #1022 – listed for $520,000 and selling for $510,000.
- Ocean 91 Condo – 0156 Collins Av #208 – listed for $250,000 and selling for $217,000.
Out of the 63 Surfside condos for sale, there are currently no short sales and only 2 foreclosures. We mentioned last month that the distressed inventory for Surfside condos is almost non-existent, and it is demonstrated time and time again within these monthly market reports. The median closed price for Surfside condos this month is $510,000. I am personally very glad to see that Surfside is completely out of the woods when it comes to a recuperating South Florida real estate market.
There are currently 75 Fisher Island Condos for sale: (17 less than last month)
- Highest priced listing: $14,000,000 for an exclusive Oceanside 6/6/1
- Lowest priced listing: $170,000 for a 1 bedroom / 1 bathroom at Marina Village
- Pending Sales: 4 (one more than last month)
- Closed sales in October: 2 (same as last month)
The 2 Fisher Island Condos sold in October were:
- Oceanside at Fisher Island – 7941 Fisher Island Dr – Listed for $3,750,000 and selling for $3,450,000.
- Bayside Village – 2224 Fisher Island Dr – listed for $1,700,000 and selling for $1,450,000.
Out of the 75 Fisher Island condos for sale, only 3 are distressed and they are all short sales (no foreclosures). I know it has been difficult to stomach an area like Fisher Island having distressed inventory, but we can say that THAT particular chapter is almost over.
**all information obtained from the Southeast Florida Multiple Listing Service**