This is a Miami Real Estate Market Report for the months of January, February and March 2008. The question of the day is, “Has the Miami real estate market picked up?”. I’m glad to report that the answer is YES! Of course I’m not counting the eggs before they hatch. Spring is historically HOT for sales here in Miami and most closings occur right before the hot Summer months, but it definitely is a nice change seeing people in open houses and actually buying real estate.
There are currently 233 listings in Miami Shores:
- Highest priced listing is $3,250,000
- Lowest priced listing is $222,000
- Pending Sales (Properties under contract):11
- Closed sales in 2008: 20 (12 of these in March as opposed to 8 in both January and February combined)
13 of those 20 sales were under $500,000 and the highest sale was $860,000 at 490 NE 96th Street. This particular house was purchased for $1,508,000 in September 2005….talk about a big OUCH for those sellers!!
There are currently 18 single-family home listings in Bay Harbor Islands: (one more from last month)
- Highest priced listing is $5,200,000
- Lowest priced listing is $575,000
- Pending Sales (properties under contract):1
- Closed sales in 2008: 0
No sales this year at all…….let’s see if this changes next month. Bay Harbor Islands remains a stable community with no transient traffic (now the lack of sales really reflects that).
There are currently 88 single-family home listings in Surfside:(6 more than last month)
- Highest priced listing is $8,000,000
- Lowest priced listing is $359,000
- Pending Sales (properties under contract): 1 (3 less than last month)
- Closed sales in 2008: 7 (4 of them in March)
6 of those sales were under $600,000 and the highest at $3.2 million of a bayfront home (1356 Biscaya Drive) purchased in 2002 for $2.2 million.
There are currently 231 condo listings in Surfside: (as compared to 237 last month)
- Highest priced listing: $2,600,000
- Lowest priced listing: $168,000
- Pending Sales (properties under contract):11 (1 more than last month)
- Closed sales in 2008: 6 ( 3 closed sales in the month of March with highest sale at $1,250,000 at Champlain Towers East – purchased for $470,000 in 1999)
Most of you know that my beachfront condo preference is Surfside because of the density (12 story buildings on the beach side). It’s also close enough to South Beach to join in the action as needed. There are some great deals now like a 6th floor 3 bedroom beachfront condo at The Waverly for $749,000.
There are currently 134 listings in Fisher Island: (37 more than last month)
- Highest priced listing: $15,000,000
- Lowest priced listing: $299,000
- Pending Sales: 2 (as compared to 0 last month)
- Closed sales in 2008: 3 (2 closings in March – $12,360,000 at Villa del Mare and $7,200,000 at Palazzo del Mar)
Fisher Island is Fisher Island…..no explanation needed.
There are currently 2325 condo listings in Aventura: (37 less than last month)
- Highest priced listing: $6,000,000
- Lowest priced listing: $94,900
- Pending sales: 134 (compared to 136 last month)
- Closed sales in 2008: 140 (56 closings in March alone)
The highest closed sale this year in Aventura was at Porto Vita for $3,600,000 and the lowest was $59,000 at Commodore Plaza which is a 55 and over community.
There are currently 58 single-family listings in Biscayne Park: (3 more than last month)
- Highest priced listing $975,000
- Lowest priced listing $249,000
- Pending sales (properties under contract):2
- Closed sales in 2008: 1 for $353,000 (no closings in February nor Mach)
The last 2 months we said “There has not been a lot of movement in Biscayne Park and the inventory is slowly increasing every month”, exactly the same applies this month.
There are 62 listings in El Portal: (1 more than last month)
- Highest priced listing is $925,000
- Lowest priced listing $215,000
- Pending sales (properties under contract):0 (compared to 2 last month)
- Closed sales in 2008: 0
Still no closed sales this year in El Portal – it is a tough market for those selling there, but you can be sure to find some great deals as well as motivated sellers.
**all information obtained from the SouthEast Florida Multiple Listing Service**