Surfside Real Estate - monthly market report - Feb 2021

How is the Surfside Real Estate Market Doing?

There are currently 18 Surfside homes for sale (compared to 17 last month):

Highest priced listing: $4.5 Million for the waterfront teardown at 600 88th Street (has a 3/2 home with 2,815 SF, built in 1937) on 15,075 SF lot with 75′ of water frontage. ($1,599/SF)
Tied for highest priced listing: $4.5 Million for the waterfront fixer upper at 1385 Biscaya Dr with 9 bedrooms / 5.5 bathrooms, 5,606 SF on 19,554 SF lot with 80′ of water frontage ($803/SF)
Lowest priced listing: $749,000 for the 3/2 with 1,659 SF on 5,600 SF lot at 8827 Hawthorne Ave ($451/SF)
Pending Sales: 21 (homes with a sales contract that have not yet closed)
Closed Sales in February: 9 (compared to 7 in Jan)
Median Sales Price in February: $760,000

For a list of all properties sold in February please email us at Surfside@miamism.com

The average sold price per square foot in Surfside in February for homes not on the water was $437, compared to:

The average sold price per square foot in Surfside in February for waterfront homes was $829, compared to:

732 88th St – waterfront home with 4 bedrooms / 3.5 bathrooms, 2,256 SF on 15,150 SF lot with 75′ of water frontage. This home was originally listed in June of 2019 for $2,595,000, lowered and then relisted for $2,695,000 in December of 2020. Closing at $2,685,000 in February ($921/SF) **cash transaction
9208 Bay Dr – waterfront home with 4 bedrooms / 2.5 bathrooms, 2,426 SF on 12,689 SF lot with 55′ of water frontage. Listed for $2,400,000 in October of 2020 and sold for $2.2 Million ($736/SF)
9264 Dickens Ave – dry lot home with 3 bedrooms / 2 bathrooms, 1,685 SF on 5,600 SF lot. Originally listed in September of 2019 for $750,000 and selling for $750,000 ($508/SF) **cash transaction

We provide a comprehensive 3D market report with in-depth data from the last 12 months that you can download HERE.

Some key points you should know:

Aggressive Seller’s Market with 3 months of inventory (at the current rate of sales).
Average Sales Price is $1 Million
Average Discount is 7%
Sweet spot in sales are homes priced between $700,000 – $800,000
49.2% of all deals are CASH
71.6% of buyers are primary residents