This is a Miami Real Estate Market Report for the first 10 months of 2008. The good news is that the amount of properties on the market (inventory) is slowly decreasing…..which means that the large gap between supply and demand is closing in – a sure sign of a stabilizing market. We are seeing more investors jump in and take advantage of good deals in the Miami Real Estate Market but we are also seeing corporate owned type of inventory slowly decrease. Prices are still dropping and it is evident in the price per square foot as well as the average sale price in each particular area. I predict that sales will pick up in December and those closings will reflect in January when the properties close. Last year we had an unusual amount of movement and sales in December from those that bought thinking no one else was.
I do these real estate market reports on a monthly basis, feel free to check back to see the change – or e-mail me if you want us to analyze any particular figures or cities we don’t cover here.
There are currently 185 listings in Miami Shores: (9 less than last month)
- Highest priced listing is $3.5 million (bayfront home located at 1680 NE 104th Street)
- Lowest priced listing is $155,000 (corporate-owned located at 52 NW 111th Street)
- Pending Sales (Properties under contract):26 (2 less than last month)
- Closed sales in 2008: 81 (9 sales in the past month)
Still no sales over $1 million in Miami Shores this year – the highest sale was for $932,000 for the property located at 453 NE 92 Street that was originally listed for $1,249,000. The average sale price in Miami Shores is $465,000 and the average price per square foot (including distress sales like short sales and foreclosures) has come down to $211 (compared to $212 last month).
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 29 single-family home listings in Bay Harbor Islands: (3 more than last month)
- Highest priced listings are for $5,200,000 (9530 W. Broadview Drive – listed since March of 08 and 10200 W. Broadview Drive listed since January or 07)
- 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 (same as 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). No changes at all in Bay Harbor Islands this month either.
There are currently 73 single-family home listings in Surfside:(8 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): 4 (same as last month)
- Closed sales in 2008: 28 (2 sales in the last month)
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). The average sale price in Surfside has decreased a bit from $614,000 to $606,000 and the average price per square feet decreased from $271.00 $269,000 – both of these numbers include Surfside waterfront homes.
There are currently 210 condo listings in Surfside: (1 more than last month)
- Highest priced listing: $2,525,000 a 3/3 at Azure
- Lowest priced listing: $147,500 a 1/1 at Hillcrest by the Sea
- Pending Sales (properties under contract):14 (2 less than last month)
- Closed sales in 2008: 36 (5 sales since last month)
There have been 3 Surfside Luxury Condo sales over $1 million in 2008. The highest sale was for a 3 bedroom / 3 bathroom at Azure which closed on October 7th 2008 for $1,600,000 – and took one year to sell. The lowest sale was for $145,000 for a 1/1 at Regent Place. The average Surfside condo sale this year has increase from $489,000 to $511,000 – which means higher priced condos are selling.
There are currently 144 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: $335,000 for a 1/1 at Marina Village
- Pending Sales: 1 (same as last month)
- Closed sales in 2008: 20 (1 in the last month)
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 – 3 sales
- Seaside Village – 1 sale
- Pallazzo de Mare – 6 sales
- Oceanside – 2 sales
- Marina Village Fisher Island – 1 sale
- Marina Village Gardens – 2 sales
- Bayview at Fisher Island– 3 sales
- Bayside Village – 1 sale
There are currently 3070 condo listings in Aventura: (32 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: 201 (14 more than last month)
- Closed sales in 2008: 686 (91 Closings in the last month)
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 18 sales over $1 million in Aventura, keeping The Aventura Luxury Real Estate Market strong. Aventura is still a desirable place not only for Miami Residents but for a lot of Foreign Nationals because of Aventura Mall and the proximity to the beach and both airports. There’s something for everyone in Aventura and although it is not fair to compare co-ops to Luxury Condos, the average price per square foot calculated from this year’s sales is $217 with an average sale price of $353,000.
There are currently 45 single-family listings in Biscayne Park: (7 less than last month)
- Highest priced listing $769,215 (660 NE 120th Street – listed since May 2008)
- Lowest priced listing $180,000 (11320 NE 10 Ave – fixer-upper listed since August 2007 for $385,000)
- Pending sales (properties under contract):7 (2 more than last month)
- Closed sales in 2008: 18 (3 sales last month)
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. The average sale price in Biscayne Park is has decreased from $360,000 to $348,000 and the price per square foot according to sales in 2008 has come down to $175.
There are 47 listings in El Portal: (4 more than last month)
- Highest priced listing is $549,000 (69 NE 87 St – listed since August 06, started at $749,900)
- Lowest priced listing $84,900(Auction Sale 468 NE 90th Street) Auction date is 11/23/08
- Pending sales (properties under contract):8 (1 more than last month)
- Closed sales in 2008: 8 (2 in the last month)
The 8 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
- $325,000 for a 2 bedroom / 1 bathroom house located at 137 NE 89th Street on October 15, 2008
- $188,500 for a 2 bedroom / 1 bathroom house located at 335 NE 87th Street on October 30th, 2008
**all information obtained from the SouthEast Florida Multiple Listing Service**