This is a Miami Real Estate Market Report for the first 8 months of 2008. We are seeing change! Renters are buying, investors are buying and everyone is taking advantage of Miami Real Estate Lower Prices. It’s important for sellers to be realistic and respond to offers…..but I don think it’s the end of the low balling period since more offers are being submitted. Keep an eye out for distress sales in your area thought, they will affect the price of your home and the perception from buyers. I do these market reports on a monthly basis and you can go back to compare sales and real estate movement in prior months. My duty is to tell you thata working with a Miami Real Estate Agent that knows the area is crucial to buying and selling real estate – but know a lot of people that are more than capable….and others that think they are and end up screwed clueless.
There are currently 207 listings in Miami Shores: (16 less than last month)
- Highest priced listing is $3.5 million (bayfront home located at 1680 NE 104th Street)
- Lowest priced listing is $164,000 (corporate-owned located at 189 NW 99th Street)
- Pending Sales (Properties under contract):24 (10 more than last month)
- Closed sales in 2008: 65 (8 sales in August)
42 of those 65 sales have been under $500,000 – which means more than 1/2 of 2008 sales in Miami Shores have been for homes $500,000 and under. The average price per square foot in all of Miami Shores right now has dropped to $220 compared to $275 one year ago…..this means the distress sales are affecting that average price. The average sale price so far this year in Miami Shores is $485,000.
There has been NO 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 26 single-family home listings in Bay Harbor Islands: (3 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):0 (as compared to 1 last month)
- Closed sales in 2008: 2
The 2 closed sales this year were at 10161 E. Broadview Drive which closed for $1,543,500 on May 30 and 1251 98th Street which closed for $642,000 on August 15th. The Bay Harbor Islands Real Estate Market remains at a stand still – let’s see what happens in the remaining months of 2008)
There are currently 76 single-family home listings in Surfside:(6 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 $349,000 for a pre-foreclosure at 9156 Harding Avenue
- Pending Sales (properties under contract): 7 (same as last month)
- Closed sales in 2008: 23 (10 in the month of August)
16 out of the 23 sales were under $500,000 – that’s more than 2/3 of the sales! 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 a short sale for $262,000 (8819 Garland Avenue). Talk about a disparity in numbers! With a decreasing inventory and slowly increasing sales, Surfside is slowly coming out of the woodworks.
There are currently 215 condo listings in Surfside: (12 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):14 (4 more than last month)
- Closed sales in 2008: 26 (4 more than last month)
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. 12 of the 26 sales were under $500,000 9 (almost half the sales). The lowest sale was for $145,000 for a 1/1 at Regent Place.
There are currently 144 listings in Fisher Island: (8 more than last month)
- Highest priced listing: $30,000,000 for an exclusive Oceanside 5/5.5 home with artwork and all!
- Lowest priced listing: $335,000 for a 1/1 at Marina Village
- Pending Sales: 1 (2 less than last month)
- Closed sales in 2008: 19 (3 in the month of August)
Fisher Island is Fisher Island…no explanation needed when it comes to Miami Beach Luxury Real Estate – 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
- Pallazzo de Mare – 5 sales
- Oceanside – 2 sale
- Marina Village – 3 sales
- Bayview – 3 sales
- Bayside Village – 1 sale
There are currently 2131 condo listings in Aventura: (65 less than last month)
- Highest priced listing: $6,000,000 for a 4/6 at Porto Vita
- Lowest priced listing: $12,000 for a covered parking space at The Venture
- Pending sales: 178 (11 less than last month)
- Closed sales in 2008: 529 (89 Closings in August)
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.
439 of the 529 sales were under $500,000 – that’s over 3/4 of all the sales! There have been 17 sales over $1 million in Aventura, keeping The Aventura Luxury Real Estate Market strong.
There are currently 52 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….and it has been listed since May 2008)
- Lowest priced listing $180,000
- Pending sales (properties under contract):2 (compared to 0 last month)
- Closed sales in 2008: 15 ( 2 sales in August)
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. 13 out of the 15 sales were priced under $500,000 and the average sale price was $360,000.
There are 45 listings in El Portal: (17 less than last month)
- Highest priced listing is $549,000
- Lowest priced listing $125,000
- Pending sales (properties under contract):5 (compared to 0 last month)
- Closed sales in 2008: 6 (2 in the month of August)
The 3 closed sales this year in El Portal were:
- $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
- $230,000 for a 2 bedroom / 2 bathroom house located at 134 NW 87th Street on June 11, 2008
- $212,000 for a 3 bedroom / 1 bathroom house located at 164 NW 87th Street on July 31, 2008
- $390,000 for a 3 bedroom / 3 bathroom house located at 8895 NE 4th Avenue on August 7, 2008
- $196,000 for a 3 bedroom / 2 bathroom house located at 2 NW 89th Street on August 18, 2008
**all information obtained from the SouthEast Florida Multiple Listing Service**