September 2011 Housing Market Report for Miami Shores, Bay Harbor Islands, Surfside and Fisher Island

This is a Miami Real Estate Market Report for September 2011.  Glad to report that most of the areas we service as REALTORS are completely out of the hole and seeing and upward trend in pricing (moderate one….not a crazy price increase).  But unfortunately, Miami in General is not quite out of the glut completely with some areas still seeing a great number of foreclosures and short sales and prices still looking grim for those having to get out of their properties.  On a positive note, those generalized numbers and data that I despise too much because they make stereotypical assumptions about our huge city, are all seeing an improvement! Miami Real Estate Search Porn by Realtor.com

I love how mainstream media is starting to report the numbers I have been giving you for months – maybe it’s not that they are behind, maybe they are conservative?  or cynics?

Miami Shores Real Estate Market Report

There are currently 88 Miami Shores homes for sale (3 more than last month):

  • Highest priced listing is $1,795,000 million (bay front home located at 1550 NE 103 St)
  • Lowest priced listing is $99,000 (Short Sale at 169 NW 97th St) with no images or description yet by listing agent.
  • Pending Sales (Properties under contract):42  (5 less than last month)
  • Closed sales in September: 12 (8 less than last month)

The 12 Miami Shores homes sold in September ranged from a $210,000 home located on the NW side of The Shores to a $670,000 home on main road, Shoreland Boulevard, that had been listed since December of 2010 with a starting price of $749,900.  The median sale being $400,000 and the average sale coming in at $365,492. (both media and average prices increasing from the previous month).

Bay Harbor Islands Real Estate Market Report

There are currently 11 Bay Harbor Island Homes for sale: (1 less than last month)

  • Highest priced listings is for $3,290,000 (9520 W Broadview Dr)
  • Lowest priced listing is $800,000 (1311 97 St)
  • Pending Sales (properties under contract): 1 (1 same as last month)
  • Closed sales in September: 1 (1 less than last month)

The Bay Harbor Island Home that sold in September was located at 10040 E Broadview Dr.  It sold for $795,000 and was originally listed in December of 2009 for $1,125,000.  That’s a 30% discount for a 3,000 square foot home with a pool (that was not quite updated, but in great condition).

You’ve read it from us time and time again that we are ecstatic about Bay Harbour Island Real Estate finally moving, but please also realize it’s moving with a price.  There has been a significant price drop and obvious flexibility from sellers that has opened up this stagnant market.

Surfside Real Estate Market Report

There are currently 53 Surfside homes for sale: (6 more than last month)

  • Highest priced listing is $5,500,000 (1332 Biscaya Dr)
  • Lowest priced listing is $325,000 for a short sale at 8850 Dickens Av
  • Pending Sales (properties under contract): 8 (9 less than last month)
  • Closed sales in September: 4 (1 more than last month)

The 4 Surfside homes sold in September were the following:

  • 700 95th St –  foreclosure listed for $774,200 and selling for $760,710
  • 9064 Byron Av – listed for $539,000 and selling for $456,856 (<numerology anyone?)
  • 9417 Byron Av – listed for $425,000 and selling for $370,000
  • 9157 Abbott Av – foreclosure listed for $419,900 and selling for $411,502

The Median Sales price for Surfside homes in september increased to $415,000 and average price also increased to $500,000.  Notice that there is no inventory under $300,000 and the number of homes for sale is decreasing slowly.

There are currently 58 Surfside Condos for sale: (7 less than last month)

  • Highest priced listing:  $3,915,000 for a 4/3/1 at Majestic Towers unit 1606
  • Lowest priced listing: $139,000 for a short sale studio at Spiaggia unit 805
  • Pending Sales (properties under contract): 26 (4 less than last month)
  • Closed sales in September: 6 (2 less than last month)

The Surfside condos sold in September ranged in price between $130,000 for a 2 bedroom / 2 bath short sale at The Surfside Palms, to $370,000 for a 2 bedroom / 2 bathroom short sale at Champlain Towers.  Notice that 3 out of the 6 sales were distressed – this inventory is decreasing, and a lot of the short sales we are finally seeing closed have been under contract for a few months.

Fisher Island Real Estate Market Report

There are currently 106 Fisher Island Condos for sale: (6 less than last month)

  • Highest priced listing: $30,000,000 for an exclusive Oceanside 5/5.5 home with artwork and all!
  • Lowest priced listing: $81,500 for a studio at Marina Village Gardens (short sale) << in heart of commercial sector (perfect for crew or visitors)
  • Pending Sales: 5 (3 more than last month)
  • Closed sales in September: 3  (2 more than last month)

The 3 Fisher Island Condos sold in September were:

  • 7852 Fisher Island Dr – Oceanside condo listed for $5,750,000 and selling for $5,000,000
  • 2036 Fisher Island Dr – Bayside condo listed for $1,495,000 and selling for $1,350,000
  • 19123 Fisher Island Dr – Seaside Village Condo listed for $775,000 and selling for $685,000

The Median sales price for September in Fisher Island was $1.3 Million and the average sales price was $2.345 Million.  And just in case you missed it, please read Fisher Island is America’s Richest Place according to Forbes.

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

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