This is a Miami Real Estate Market Report for the first 7 months of 2008. It’s a bit surreal that even after the media has stopped being negative and are now asking if the Miami Real Estate Market has hit bottom yet, some buyers want to hang on to “the power” and refuse to see the positive change. We are seeing a lot of buyers now saying “This is the time to buy” thinking that we may have hit bottom. One thing is for certain, certain markets are still decreasing in price so estimating the “bottom” is a gamble unless you work with a Realtor that is proficient in the area you are looking into. 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 Realtor that knows the area is crucial to buying and selling real estate.
There are currently 225 listings in Miami Shores: (2 more than last month)
- Highest priced listing is $3.5 million (bayfront home located at 1680 NE 104th Street)
- Lowest priced listing is $129,900 (corporate-owned and with multiple offers already)
- Pending Sales (Properties under contract):14 (5 less than last month)
- Closed sales in 2008: 57 (12 sales in July)
10 of those 57 Miami Shores Sales have been between $700,000 and $1 million. 9 sales between $500,000 and $700,000 and 38 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 has not been a sale over $1 million this year in Miami Shores, which tells you that the Miami Shores Luxury Real Estate Market has definitely been affected.
There are currently 23 single-family home listings in Bay Harbor Islands: (1 more than last month)
- Highest priced listing is $5,450,000 (10340 W. Broadview Drive – listed on and off since February 2006 – starting price of $6,850,000)
- Lowest priced listing is $575,000 (9970 E. Bay Harbor Drive – Villa – listed since Feb. 07 – starting price of $659,000)
- Pending Sales (properties under contract):1 (as compared to 0 last month)
- 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 salesthis year in Bay Harbor Islands. It is obvious that the Bay Harbor Islands Real Estate Market is at a stand still – let’s see what happens in the remaining months of 2008)
There are currently 82 single-family home listings in Surfside:(4 less than last month)
- Highest priced listing is $6,299,000 (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 $275,000 for a pre-foreclosure at 8819 Garland Ave
- Pending Sales (properties under contract): 7 (3 more than last month)
- Closed sales in 2008: 13 (2 in the month of July)
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). With a decreasing inventory and slowly increasing sales, Surfside is slowly coming out of the woodworks. There are currently 227 condo listings in Surfside: (17 less than last month)
- Highest priced listing: $2,500,000 a 3/3 at Azure
- Lowest priced listing: $160,000 a 1/1 at Regent Place
- Pending Sales (properties under contract):10 (1 more than last month)
- Closed sales in 2008: 22
The have been 2 Surfside Condo sales over $1 million in 2008. The highest sale was for a 3 bedroom / 2.5 bathroom at The Champlain Tower East which closed on March 31 for $1,250,000. There have been 8 sales between $700,000 and $1 million and 12 sales under $700,000.
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: 16
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. Here’s the breakdown of sales at Fisher Island:
- Villa del Mare – 1 sale and highest this year in Fisher Island $12,360,000
- Seaside Villas – 4 sales ( $2,788,420 – $1,400,000 – $825,000 – $750,000)
- Pallazzo de Mare – 3 sales ($7,200,000 and 2 at $3,900,000)
- Oceanside – 2 sales ($11,200,000 and $2,575,000)
- Marina Village – 3 sales (435,000, $335,000 and $275,000)
- Bayview – 3 sales ($5,700,000 – $4,000,000 – $3,795,000)
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: 440 (80 Closings in July)
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 have been 14 sales over $1 million in Aventura, 14 sales between $1 million and $700,000 and the rest of the sales were under $700,000 (412 sales).
There are currently 53 single-family listings in Biscayne Park: (2 more 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):0 (compared to 4 last month)
- Closed sales in 2008: 13 ( 4 sales in July)
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: 4 (1 in the month of July)
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 and lastly, $212,000 for a 3 bedroom 1 bathroom house located at 164 NW 87th Street on July 31, 2008. **all information obtained from the SouthEast Florida Multiple Listing Service**