This is a Miami Real Estate Market Report for the first 6 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 223 listings in Miami Shores: (8 less than last month)
- Highest priced listing is $2,995,000 (bayfront home located at 9215 N. Bayshore Drive – listed since March 06 and started at $4.6 million)
- Lowest priced listing is $149,999 (bank-owned)
- Pending Sales (Properties under contract):19 (3 more than last month)
- Closed sales in 2008: 46 (8 sales in June, 13 in May)
10 of those 46 Miami Shores Sales have been between $700,000 and $1 million. 7 sales between $500,000 and $700,000 and 29 sales under $500,000 – which identifies the price range under $500,000 as more popular in today’s market. The lowest sale this year in Miami Shores was for the home located at 31 NW 92nd Street which sold for $269,000 ($101,000 less than it was listed for on May 29th, 2007)
There are currently 22 single-family home listings in Bay Harbor Islands: (1 less than 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 were no additional closed sales in the month of June.
There are currently 86 single-family home listings in Surfside:(7 less than last month)
- Highest priced listing is $6,499,000 (bayfront home located at 1249 Biscaya Drive – has been on the market since Feb. 07 and started off at $8 million).
- Lowest priced listing is $349,000
- Pending Sales (properties under contract): 4 (2 more than last month)
- Closed sales in 2008: 11 (1 in the month of June)
The highest sale this year in Surfside was for $3.2 million for a bayfront home (1356 Biscaya Drive) purchased in 2002 for $2.2 million, and the lowest sale was for $365,000 (9056 Byron Avenue). The average price per square foot in Surfside according to those 11 sales is $338.98.
There are currently 244 condo listings in Surfside: (2 less than last month)
- Highest priced listing: $2,595,000 a 3/3 at Azure
- Lowest priced listing: $140,000 a 1/1 at Seaside Terrace Condo
- Pending Sales (properties under contract):9 (2 less than last month)
- Closed sales in 2008: 19 ( 5 closed sales in the month of June with highest sale at $1,250,000 for a 3/2 at Champlain Towers East and the lowest sale at $170,000 for a 1/1 at 9140 Collins Ave Condo)
The Surfside Condo inventory is barely moving this year with only 19 closed sales in 2008. Although the beaches are some of the best and the density of the buildings is comfortable, this may be the time to get a good buy. Surfside has a tight-nit community with shopping and restaurants as well as Bal Harbour Shops within walking distance.
There are currently 136 listings in Fisher Island: (same as 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: 3 (1 more than last month)
- Closed sales in 2008: 11 (5 closings in June: 1 at Palazzo Del Mare, 2 at Seaside Village and 2 at Marina Village)
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 The average price per square foot in Fisher Island according to the 11 sales this year is $1176.62
There are currently 2196 condo listings in Aventura: (71 less than last month)
- Highest priced listing: $6,000,000 for a 4/6 at Porto Vita
- Lowest priced listing: $24,000 for a covered parking space at The Venture
- Pending sales: 189 (compared to 171 las month)
- Closed sales in 2008: 360 (78 Closings in June & 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.
So if you have some pocket change laying around (like $24,000 worth), remember you will be able to afford a parking space at The Venture in sought after Aventura.
There are currently 51 single-family listings in Biscayne Park: (1 less than last month)
- Highest priced listing $769,215 (I think these sellers are playing the “no-zero” strategy)
- Lowest priced listing $160,000
- Pending sales (properties under contract):4 (1 more than last month)
- Closed sales in 2008: 9 ( 2 sales in June and 3 sales in May)
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 $140,000 on June 27, 2008, for the property at 1110 NE 119th Street which was sold for land value since it was a fire-sale in the true sense of the word – house had a fire in Jan. 08.
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: 3 (1 in the month of June and 1 in the month of May)
The 3 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; $185,000 for a 2 bedroom / 1 bathroom house located at 335 NE 87th Street on May 27th, 2008; and $230,000 for a 2 bedroom / 2 bathroom house located at 134 NW 87th Street on June 11, 2008.
**all information obtained from the SouthEast Florida Multiple Listing Service**