Real Estate Market Reports for Miami Shores, Bay Harbor Islands, Surfside, Fisher Island, Aventura, Biscayne Park and El Portal

This is a Miami Real Estate Market Report for 11 months of 2008 – if we can’t get a clear picture of Miami Real Estate this year with this report, I don’t know what to say. There’s still a lot of gloom with the media and tons of forelosures. As a matter of fact according to a Florida Association of Realtors’ report, Florida foreclosure figures for the third quarter of 2008 are 7.32%, the highest in the country!. The rental market is hot and properties are flying off the shelves, except owners need to tripple check tenants because there are nightmares with credit reports and poor financial histories. if we are capable of discriminating between the distressed and regular real estate markets, we can see that the later is stabilizing and properties are selling. From a Realtor’s point of view, I can tell you that transactions are taking 4 times the amount of work and many times sweat and tears to make them happen. No deal is easy today and you have to be ready to jump through hoops. Investors are diving into the Miami Real Estate Market – from condos to single family homes – they know that there are good deals out there. We’ll see what December sales bring.

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.

Miami Shores Real Estate Market Report

There are currently 189 listings in Miami Shores:
(3 more than last month)

• Highest priced listing is
  $3.5 million (bayfront home located at 1680 NE 104th Street)
• Lowest priced listing is
  $139,900 (corporate-owned located at 9338 NW 2 Av.)
• Pending Sales (Properties
  under contract):17 (9 less than last month)
• Closed sales in 2008: 95
  (14 sales in the past month)

Still no sales over $1 million in Miami Shores this
year – the highest sale is still the one for $932,000 for the property located at
453 NE 92 Street that was originally listed for $1,249,000. And although the Miami Shores Luxury Real Estate Market has been affected, there are some gorgeous Luxury properties for sale including some amazing bayfront homes.

Bay Harbor Islands Real
Estate Market Report

There are currently 29 single-family home listings in Bay Harbor
Islands: (same as 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

Same numbers as last month – no sales and The Bay Harbor Islands Real Estate Market remains is still at a stand still – can we say OUCH!! 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.

Surfside Real Estate Market Report

There are currently 76 single-family home listings in Surfside: (3 more 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
  $274,000 for a pre-foreclosure at 9156 Harding Avenue
• Pending Sales (properties
  under contract): 4 (same as last month)
• Closed sales in 2008: 30 (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). There has not been much change in Surfside Real Estate from last month and we’ll see the average prices for the year in next month’s market report.

There are currently 199 condo listings in Surfside: (11 less than last month)

• Highest priced listing: $2,525,000
  a 3/3 at Azure

• Lowest priced listing: $144,500
  a 1/1 at Carlisle on The Ocean
  

• Pending Sales (properties
  under contract):12 (2 less than last month)

• Closed sales in 2008: 41 (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. There is a recognizable increase in movement in the last few months in the Surfside Condo Market.

Fisher Island Real Estate Market Report

There are currently 162 listings in Fisher Island: (18 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: 0 (1 less than last month)
• Closed sales in 2008: 21 (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 – 4 sales
• Seaside Village – 1 sale
• Pallazzo de Mare – 6 sales
• Oceanside – 2 sales
• Marina Village Fisher Island – 1 sale
• Marina Village Gardens – 1 sale
• Bayview at Fisher Island– 3 sales
• Bayside Village – 1 sale

Aventura Real Estate Market Report

There are currently 2062 condo listings in Aventura: (1008 less
than last month – I could not believe this number)

• 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: 184 (17 less than last month)
• Closed sales in 2008: 741 (55 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 20 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. We’ll see average prices in next months market report (thelast of the year)

Biscayne Park Real Estate Market Report

There are currently 42 single-family listings in Biscayne Park: (4 less than last month)

• Highest priced listing $699,000 (11500 Griffing Blvd – a canal front home listed for $735,000 on October of this year)
• Lowest priced listing $180,000 (11320 NE 10 Ave – fixer-upper listed since August 2007 for $385,000)
• Pending sales (properties
  under contract):3 (4 less than last month)
• Closed sales in 2008: 23 (5 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. Biscayne Park Real Estate is seeing positive change – a decrease in listings and more sales….the smaller neighborhoods tend to recuperate at a higher pace.

El Portal Real Estate Market Report

There are 42 listings in El Portal: (5 less than last
month)

• Highest priced listing is
  $549,000 (69 NE 87 St – listed since August 06, started at $749,900)
• Lowest priced listing
  $171,000 (for a short sale at 380 NE 87 Street)
• Pending sales (properties
  under contract):11 (3 more than last month)
• Closed sales in 2008: 9 (1 in the last month)

The 9 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 87^th
  Street on May 27^th,
  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 August 1, 2008
• $390,000 for a 3 bedroom / 3 bathroom house located at 8895 NE 4th Avenue on August 7, 2008
• $140,000 for a 3 bedroom / 3 bathroom house located at 61 NE 86th Street on November 21, 208
• $325,000 for a 2 bedroom / 1 bathroom house located at 137 NE 89th Street on October 15, 2008
• $185,000 for a 2 bedroom / 1 bathroom house located at 335 NE 87th Street on May 27th, 2008
• $188,500 for a 3 bedroom / 2 bathroom house located at 430 NW 88th Street on October 30th , 2008

**all information obtained from the SouthEast
Florida Multiple Listing Service**