surfside-real-estate-market-report-august-2016

Surfside Real Estate Market Report – August 2016

Surfside Real Estate Market Report

There are currently  34 Surfside homes for sale: (compared to 38 in July)

  • Highest priced listing: $5,000,000 (for the partially renovated, Biscaya Island home with 100′ of water frontage, located at 1332 Biscaya Dr)
  • Lowest priced listing: $669,000 $629,000 (8934 Harding Ave)
  • Pending Sales: 5 (compared to 4 in July)
  • Closed sales in August: 2 (compared to 6 in July)
  • Median Sales Price in August: $829,500

The 2 Surfside homes sold in August were the following:

  • 8830 Byron Ave – 4 bedrooms / 2.5 bathrooms with 2,769 SF of living space on 8,400 SF lot – listed for $929,000 in June, increased to $949,000 3 days after listing and selling for $929,000 ($336/SF)
  • 9357 Abbott Ave – 3 bedrooms / 2 bathrooms with 1,521 SF of living space on 5,600 SF lot – listed for $749,000 in May and sold for $730,000 ($480/SF)

The average selling price per square foot for Surfside homes not in the water in August was $408 compared to:

  • July average $362
  • June average $356
  • May average $373
  • April average $396
  • March average $372
  • February average $338
  • January average $390
  • 2015’s average of $350.

Who would have thought that a small neighborhood like Surfside, where the average size lot is only 5,600 SF and the average size house is 1,500 SF, would flourish so beautifully?  Real estate is about location and Surfside's proximity to the beach is a huge factor for its success.  But it's also about good planning and I'm talking urban planning – 12 story condo buildings on the ocean as the highest density, then 4-story residential west of Collins Avenue, followed by single-family homes all the way to the bay.  Texbook planning that works, that makes community, that encourages pedestrian traffic … it's our South Florida pride. So the inventory continues to decrease, the demand continues to increase and this is one strong market that is here to stay.  Look at the lowest priced home offered right now – it's above $600,000!  If you are a seller, you need to understand Surfside's intricate buyers and have a strategy that will get you the most money.  Contact us any time if you want to hear how we work.  Our forte is listings and architecture! To get a FREE, no obligation CMA (comparable market analysis) go to MiamismValue.com and fill in your information. Call us Today for a listing appointment! If you are interested in getting a list of all properties currently for sale in Surfside, we will be happy to send you a digital copy at your request.  We can also send you monthly market reports directly to your inbox. Feel free to email us at Surfside@miamism.com

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