Surfside Homes Real Estate Market Report for 2011

There were 50 Surfside homes sold in 2011, only 4 of those being waterfront.  Out of the 46 Surfside homes sold on dry lots, 30% were distressed (short sales and foreclosures) – compared to 36% in 2010 and 45% in the last half of 2009.  The average price per square foot dropping from $199 in 2010 to $193 in 2011 but if we take the last 6 months of 2011, the price per square foot goes up to $204.

The overall drop in price per square foot may give you the impression that the market is not improving, but you need to understand that there is lingering distressed inventory that is taking months to close because they require bank approval (short sales).  What’s important to notice is that of the current 42 homes now listed for sale in Surfside, only 2 are short sales and there are no foreclosures. That’s less than 5% of the inventory!!  And the lowest priced property is $498,750 on Harding Avenue.

The 4 Surfside waterfront homes sold in 2011 were the following:

• 908 88 St – a 2,630 sf home with 3 bedrooms and 3 bathrooms, on a 15,075 sf lot, with 75′ of water frontage.  Listed for $1.9 Million and selling for $1,710,000.

• 700 95 St – a 3,332 sf foreclosure with 3 bedrooms and 4/5 bathrooms, on a 10,010 sf lot, with 55′ of water frontage.  Listed for $774,200 and selling for $760,710.

• 8950 Irving Av – a 2,293 sf home with 3 bedrooms and 2 bathrooms, on a 7,500 sf lot, with 50′ of canal frontage.  Listed for $695,000 and selling for $633,500.

• 9705 Carlyle Av – a 1,294 sf foreclosure with 2 bedroms and 2 bathrooms, on a 5,726 sf lot.  Listed for $224,900 and selling for $331,000.  (taking 6 months to close from time in went under contract).

Surfise remains a desirable community because its proximity to the ocean and because of its density.  The city is small with condos only on the ocean side and urban planning unparalleled around South Florida (but not to say it won’t change with the help of clueless city officials).

The 3 highest Surfside homes sold in 2011 on dry lots were the following:

• 9557 Bay Dr – 2,305 sf with 4 bedrooms and 2 bathrooms – listed for $549,900 and selling for $520,000.

• 9180 Byron Av – 1,933 sf with 4 bedrooms and 3 bathrooms – listed for $539,000 and selling for $515,000.

• 411 88 St – 1,938 sf with 3 bedrooms and 3 bathrooms – listed for $545,000 and selling for $500,000.

**Data obtained from SEF MLS**