July 2012 Housing Market Report for Mid-Beach

The 6 Mid-Beach homes sold in July were the following:

• 4821 Pinetree Dr – 13 bedroom / 13 bathroom / 4 half-bathroom waterfront estate with 18,006 sf of living space and 80,600 sf lot – listed for $19.8 million and selling for $13.1 million
• 5501 Pinetree Dr – 8 bedroom / 5 bathroom waterfront home with 4,748 sf of living space and 14,140 sf lot – listed for $2.4 million and selling for $2.35 million.
• 4505 Meridian Av – 4 bedroom / 3.5 bathroom waterfront home with 3,372 sf of living space and 9,923 sf lot – listed for $1.675 million and selling for $1.585 million.
• 5205 Alton Rd – 5 bedroom / 3.5 bathroom golf-course front home with 3,731 sf of living space and 15,625 sf lot – listed for $1.3 Million and selling for $1 million.
• 4485 Nautilus Dr – 3 bedroom / 4 bathroom home with 3,106 sf of living space and 11,188 sf lot – listed for $1,099,999 and selling for $940,000.
• 5250 Alton Rd – 4 bedroom / 3 bathroom home with 3,059 sf of living space and 8,212 sf lot – listed for $699,000 and selling for $635,000.

The median sales price for the mid-beach area of Miami Beach was $1,475,000 and none of these sales were distressed.  The average price was $3.4 million but please keep in mind that this average is not a fair assessment – 3 of the homes were waterfront and 1 was golf-front.  The average sale price for dry-lot homes comes in at $787,500.  Out of the 112 homes currently for sale, 7 of them are distressed – that’s less than 7% of the current inventory.

 

It always helps to define the competing inventory when you are about to list your Miami Beach home for sale.  Here is the breakdown of the bulk of the 112 homes for sale:

• Alton Rd homes – 20 listings ranging from $525,000 to $2,395,000
• North Bay Road homes – 24 listings ranging from $1,099,000 to $17,950,000 – (13 of those are waterfront)
• 5 are on Flamingo Dr – ranging between $1.495 million and $3.5 million
• 7 are on La Gorce Dr – ranging between $603,750 and $1.925 Million
• 6 are on Meridian Dr – ranging between $625,000 and $2.9 million.
• 18 are on Pinetree Dr – ranging between $1,175,000 and $18.77 million – (13 of these are waterfront)

All of Miami Beach has recuperated and the area of mid-beach remains a favorite for single family home owners that don’t want to be on islands.  We are seeing a decrease in distressed inventory and increase in demand of homes.  We are also seeing a lot of investor movement in the area which is good news for those that are planning to sell in the near future.  One thing remains a constant in all of the areas we report, condition of the home when you are ready to sell is key – paint, declutter, stage!  It will make all the difference in the world. 

MID-Beach Map and boundaries

Here’s the map we are using to define the area of this market report.