This is a Miami Real Estate Market Report for the first 5 months of 2008. You will notice an increase in sales which is indicative of a recuperating market. I do these market reports on a monthly basis and you can go back to compare sales and real estate movement in prior months. Working with a Miami Real Estate Agent that knows the area is crucial to buying and selling real estate. Historically, the Summer months are slower than the rest of the year when it comes to sales, but because we are recuperating, it may be different in 2008.
There are currently 231 listings in Miami Shores: (8 less than last month)
- Highest priced listing is $2,999,000
- Lowest priced listing is $195,000 (bank-owned)
- Pending Sales (Properties under contract):16
- Closed sales in 2008: 38 (13 sales in May, 5 of these in April as opposed to 12 in March)
Although 25 of those sales were under $500,000 – you can definitely see a shift in the upper tear market with 6 sales over $800,000 and the highest sale of $850,000 for the property located at 1092 NE 94th Street on 4/16/08.
There are currently 23 single-family home listings in Bay Harbor Islands: (4 more from last month)
- Highest priced listing is $5,200,000
- Lowest priced listing is $575,000
- Pending Sales (properties under contract):0
- Closed sales in 2008: 1
The only closed sale this year was 10161 E. Broadview Drive which closed for $1,543,500 on May 30, 08. The house had been on the market since August 4, 2006 (listed for $1,795,000) ….taking almost 2 years to sell the property.
There are currently 93 single-family home listings in Surfside:(6 more than last month)
- Highest priced listing is $6,599,000
- Lowest priced listing is $349,000
- Pending Sales (properties under contract): 2 (2 less than last month)
- Closed sales in 2008: 10 (2 of them in May)
8 of those sales were under $600,000 and the highest at $3.2 million for a bayfront home (1356 Biscaya Drive) purchased in 2002 for $2.2 million.
There are currently 246 condo listings in Surfside: (as compared to 239 last month)
- Highest priced listing: $2,595,000 a 3/3 at Azure
- Lowest priced listing: $148,000 a 1/1 at Seaside Terrace Condo
- Pending Sales (properties under contract):11 (1 more than last month)
- Closed sales in 2008: 14 ( 2 closed sales in the month of May with highest sale at $1,250,000 for a 3/2 at Champlain Towers East and the lowest sale at $173,000 for a 1/1 at 9140 Collins Ave Condo)
Surfside’s Urban Plan, in my opinion, is one of the best because of the oceanfront buildings allowed density. I have told you about the 12 story max allowed on the oceanfront condos, which keeps the scale of those buildings manageable. If you dont like high-rises, Surfside may be for you. It also has a great close community with shopping and restaurants as well as Bal Harbour Shops within walking distance.
There are currently 136 listings in Fisher Island: (2 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: $275,000 for a 1/1 at Marina Village
- Pending Sales: 2 (same as last t month)
- Closed sales in 2008: 6 (1 closing in May at Palazzo del Mare for $4,250,000)
Fisher Island is Fisher Island…no explanation needed – but if you want to get an idea of Fisher Island’s Real Estate, read Miami Luxury Real Estate
There are currently 2267 condo listings in Aventura: (30 more than last month)
- Highest priced listing: $6,000,000 for a 4/6 at Porto Vita
- Lowest priced listing: $79,900 for a 1/1 at Point East (which is a 55+ gated community)
- Pending sales: 171 (compared to 182 last month)
- Closed sales in 2008: 282 (87 closings in May alone)
The highest closed sale this year in Aventura was at Porto Vita for $3,600,000 and the lowest was $12,000 at Hamptons West Condo for a poolside cabana where buyer had to be a Hamptons West Condo owner.
There are currently 52 single-family listings in Biscayne Park: (2 less than last month)
- Highest priced listing $769,215
- Lowest priced listing $184,000
- Pending sales (properties under contract):3 (1 more than last month)
- Closed sales in 2008: 7 ( 3 sales in May and 3 sales in April)
The highest sale in Biscayne Park was for $875,000 for the property located at 11080 Griffin Boulevard ( 4,384 sq. ft. canal-front home with 4 bedrooms / 2 bathrooms and 2 half baths on May 14, 2008). The lowest sale was for $305,000 on May 1, 2008,
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: 2 (1 in the month of May)
The 2 closed sales this year in El Portal were for $259,000 for a 2 bedroom / 2 bathroom house located at 465 NE 89th Street on April 15, 2008 and $185,000 for a 2 bedroom / 1 bathroom house located at 335 NE 87th Street on May 27th, 2008
**all information obtained from the SouthEast Florida Multiple Listing Service**