surfside-real-estate-market-report-july-2016

Surfside Real Estate Market Report – July 2016

Surfside Real Estate Market Report

Every month, we publish a Surfside Real Estate Market report for the previous month.  So in case you wonder, “Wait, it’s August, why would the report say July?” – now you know it’s for the previous month. There are currently  38 Surfside homes for sale: (compared to 33 in June)

  • 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: 4 (compared to 9 in June)
  • Closed sales in July: 6 (compared to 5 in June)
  • Median Sales Price in July: $681,500

The 6 Surfside homes sold in July were the following:

  • 8811 Emerson Av – 3 bedrooms / 2 bathrooms – 1,610 SF on 5,600 SF lot – listed in October 2015 for $685, with several price reductions and finally selling at $525,000 ($326/SF)
  • 500 91 St – 2 bedrooms / 2 bathrooms – 1,629 SF on 5,625 SF lot – listed and closed for $609,000 on same day (maybe it never hit the market) – ($374/SF)
  • 9349 Abbott Av – 3 bedrooms / 2 bathrooms – 2,142 SF on 5,600 SF lot – listed for $699,000 in April and selling for $660,000 ($308/SF)
  • 9208 Byron Av – 3 bedrooms / 3 bathrooms – 1,656 SF  on 5,600 SF lot – listed for $689,000 in May and selling for $660,000 ($399/SF)
  • 8943 Carlyle Av – 3 bedrooms / 2 bathrooms – 1,902 SF on 5,600 SF lot – listed for $779,000 in March and selling for $714,500 ($376/SF)
  • 8911 Byron Av – 3 bedrooms / 2 bathrooms – 1,930 SF on 5,600 SF lot – llisted for $790,000 in May and selling for $750,000 ($389/SF)

The average selling price per square foot for Surfside homes not in the water in July was $362 compared to:

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

Surfside happens to be one of the most stable real estate markets in Miami-Dade.  Crazy to think that values increased so much and so quickly but inventory remains pretty constant and so do prices.  The only thing that varies drastically is when a waterfront property sells and that’s because the sales are rare and so very different in location, condition and views. Notice how most homes sit on 5,600 SF lots and notice how most homes are under 2,000 SF.  If your house is slightly larger or your lot is bigger, expect to sell quickly because you live in what we call, a “rare find”.  Here’s what you need to know if you are thinking of selling.  Buyers that are willing to remodel will expect a good deal and will not want to pay market value.  Buyers that don’t want to do work, will pay top dollar to avoid the hassle. And for the record, offering less commission to the cooperating agent is a total disservice to you and your home.  An agent working with a buyer is more likely to push homes that will make them more money.  Although commissions are not fixed, make sure you understand the importance of fair compensation for both listing and selling agents. 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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