Surfside Real Estate Market Report – March 2017

There are currently 53 Surfside homes for sale: (compared to 51 in February)

• Highest priced listing:  $5,000,000 (1332 Biscaya Dr – see below)
• Lowest priced listing: $569,000 $549,000 (9181 Carlyle Ave – see below)
• Pending Sales: 9 (same as in February)
• Closed Sales in March: 5 (compared to 1 in February)
• Median Sales Price in March: $770,000

The 5 Surfside homes sold in March were the following:

• 524 NE 90 St – 3 bedrooms / 3 bathrooms, 2,105 total square footage on 6,860 SF lot.  It was originally listed in July of 2016 for $780,000, was reduced to $720,000 and sold for $685,200 ($395/SF)
• 625 95 St – 5 bedrooms / 2 bathrooms, 2,017 total square footage on 6,160 SF lot. Originally listed for $849,000 in November of 2016, with a few price reductions and selling at $770,000 ($382/SF)
• 8874 Carlyle Ave – 3 bedrooms / 2 bathrooms, 1,855 total square footage on 6,860 SF lot. Originally listed for $899,000 in November of 2016, had some price reductions and sold for $770,000 ($415/SF)
• 1001 Surfside Blvd – 3 bedrooms / 3 bathrooms, 2,032 total square footage on 6,742 SF lot. Listed for $895,000 in December of 2016, increased to $950,000 10 days later, decreased to $875,000 in January, and sold for $865,000 ($501/SF)
• 1440 Biscaya Dr – waterfront 5 bedrooms / 6.5 bathrooms, 6,506 total square footage on 18,400 SF lot with 92′ of water frontage.  Listed for $5.9 Million in December 2016 and selling for $4 Million ($615/SF)

The average selling price per square foot for Surfside homes not on the water in March was $423, compared to February’s average of $423, January’s average of $363 and 2016’s average of $377/SF.

There was only one waterfront home sold in Surfside in March, and that was $615/SF.

Surfside’s inventory continues to be low and homes are taking a bit longer to sell.  We are still not seeing buyer urgency, not even with increase in finance rates.  There’s a misconception by buyers, in many cities like Surfside, that prices are very negotiable.  All you need to do is pull comps, not just look at list price.  Many sellers continue to overprice their homes and the continuous price decrease in listings makes it obvious – this does not mean, however, that prices are decreasing.  It means seller was testing possibility of selling home for more.

Contact us for a no-obligation consultation to give you an idea what your home could sell for.  It’s key to know the right market timing to get the right price for your home.

We also have our REAL-TIME market reports that will send you weekly reports with real-time stats and numbers that will make sense and will help you make a decision on when to buy or sell.  Please take a look at SURFSIDE REAL TIME TRENDS.

Surfside Home of The Month

The Miamism Sales Team recommends the waterfront home located at 9156 Bay Dr.  Mid-century modern from 1950 with 3,392 SF of living space on 14,400 SF lot with 75′ of water frontage.  Facing Indian Creek, with open areas customary to mid-century homes, dock and beautiful sunsets.

Priced at $2,470,000 ($728/SF) **see details below