September 2012 Housing Market Report for Miami Shores, Bay Harbor Islands, Surfside and Fisher Island

This is a Miami Real Estate Market Report for September 2012.  This improving real estate market is getting boring to report on.  No ugly pictures, no gruesome news, just good ol’ positive news.  The worst part is that our human nature looks for the horrid, ghastly and dreadful.  What to do to get your attention?  Well…at least you can count on those evil investors pulling out more cash for your properties! No easy deals or steals! YAY Miami!

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Miami Shores Real Estate Market Report

There are currently 60 Miami Shores homes for sale:

• Highest priced listing is $3,399,000  (Short Sale listing at 1680 NE 104th St)

• Lowest priced listing is $201,000 (Approved Short Sale at 10080 N Miami Av)

• Pending Sales (Properties under contract): 34

• Closed sales in September: 10

The 10 Miami Shores homes sold in September ranged from a $125,000 short sale at 9313 NW 2nd Pl, to a $930,000 totally renovated mid-century modern home at 9969 NE 4 Av Road.

The Median price for Miami Shores homes sold in September was $394,000 with an average price of $436,700.  The distressed inventory continues to decrease and homes in good condition are selling in only days.  Notice that there is no inventory under $200,000 right now in Miami Shores, we have not seen that in a few years.

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Bay Harbor Islands Real Estate Market Report

There are currently 10 Bay Harbor Island Homes for sale:

• Highest priced listings is for $4,700,000 (9530 W Broadview Dr)

• Lowest priced listing is $699,000 (1260 96 St)

• Pending Sales (properties under contract): 2

• Closed sales in September:  0

There have been 6 Bay Harbor Island Homes sold this year and based on the low inventory of the island, those are amazing stats.  Sale prices have ranged from $689,000 to $1.9 Million for new construction dry lot homes.

The median sales price this year is above $1 Million and you can’t find distressed homes in Bay Harbor Islands at all.  Our clients that live there say it is the perfect  place, close to the ocean and the action, but private and with an unmatched police force.

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Surfside Real Estate Market Report

There are currently 21 Surfside homes for sale:

• Highest priced listing is $5,500,000 (1332 Biscaya Dr)

• Lowest priced listing is $435,000 (9233 Carlyle Av)

• Pending Sales (properties under contract): 10

• Closed sales in September: 3

The 3 Surfside homes sold in September were the following:

• 9172 Froude Av – listed for $539,000 and selling for $510,000.
• 8951 Emerson Av – listed for $494,000 and selling for $475,000.
• 8850 Dickens Av – short sale listed for $390,000 and selling for $305,000.

To think that the lowest Surfside home listed for sale right now is $435,000 is crazy.  Just a few years ago, you could get a house in the low $200k’s or even high $100k’s and now….there is no way you’ll even get close.  So if you are one of the ones that bought at rock bottom prices, give yourself a pat in the back.  Surfside prices keep increasing and the desirability of the area is only getting better.

There are currently 69 Surfside Condos for sale:

• Highest priced listing:  $2,950,000 for a 4/5/1 at 95th On The Ocean (new construction townhome with expected completion date of Summer 2013)

• Lowest priced listing: $138,000 for a 1/1 at Sunset Condo

• Pending Sales (properties under contract): 23

• Closed sales in September: 3

The 3 Surfside condos sold in September were the following:

• Champlain Towers – 8777 Collins Av #710 – listed for $449,000 and selling for $400,000
• Carlisle On The Ocean – 9195 Collins Av #704 – foreclosure listed for $299,000 and selling for $260,000.
• The Waverly at Surfside Beach – 9172 Collins Av #310 – listed for $239,000 and selling for $241,200

The distressed Surfside condo inventory is almost non-existent and when a rare foreclosure goes on the market, you better be ready to pull the trigger immediately.  New foreclosures are getting bidding wars with offers above asking, some may even identify this market as a heavy seller’s market.  Surfside has come a long way in a couple of years.

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Fisher Island Real Estate Market Report

There are currently 92 Fisher Island Condos for sale: (1 less than last month)

• Highest priced listing: $14,000,000 for an exclusive Oceanside 6/6/1
• Lowest priced listing: $93,200 for a foreclosed studio at Marina Village
• Pending Sales: 3 (same as last month)
• Closed sales in September: 2

The 2 Fisher Island Condos sold in September were:

• Bayside Village – 2236 Fisher Island Dr – approved short sale listed for $1 Million and selling for $1 Million.
• Seaside Villas – 15711 Fisher Island Dr – foreclosure listed for $424,500 and selling for $400,001

To think that the 2 sales in Fisher Island last month were both distressed is not normal at all.  The median sales price has historically been above $2 Million and September was just an odd month for the island.  What I love about this business is how some people will grab on to september like Moses grabbed on to those tablets (please don’t make too much of this historic reference….my sense of humor is lacking today).

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