This is a Miami Real Estate Market Report for March 2009 - The media is finally getting good news out there and people are buying real estate in South Florida. Although the economy still has a lot of people in the dumps, the energy around Miami Real Estate has changed. We still see the occasional buyer going into a home to tear it to pieces thinking that's going to get them a better price, but overall - distressed property inventory is decreasing and real estate is moving. Everyone seems so much more rational about buying and selling, it's a good thing to see.
The highest closed sale last month in Miami Shores was the property located at 1294 NE 96th Street which started off with a listing price (or should I say "over listing price") of over $2,000,000 in 2006 and ended up selling as a short sale for $850,000. The lowest closed sale in Miami Shores was the bank owned property at 89 NW 110th Street for $100,000. The Miami Shores Luxury Market is still the same - no sales over $1,000,000 in 2008 or 2009.
The Bay Harbor Islands Real Estate Market is at a stand still with no movement whatsoever! We see a change in the amount of properties that are pending, but don't see any closings. I'm keeping my eye out here since Bay Harbor Islands Real Estate has historically been a sound investment.
Highest priced listing is $6,900,000 (this one makes me smile because it is a hotel listed as a single-family residence with 24 bedrooms - located at 9578 Collins Avenue).
Surfside Real Estate has been recuperating slowly - although out of the 71 properties for sale right now, 11 are short sales and 1 is a bank owned property - those numbers have been slowly decreasing. Historically, once those foreclosure and short sale properties are sold, prices will begin to increase slowly. The Luxury Surfside Real Estate market is also at a stand still with only 2 luxury single-family home sales in 2008 and 2009 - one for $3.2 million and the other for $2.4 million.
You can still get a good deal on a Surfside Condo - I love the low density buildings (they are 12 stories on the ocean) and the beach is fabulous. There's also a nice diversity of building types from full-amenity buildings with higher maintenance fees to no-amenities and very low maintenance fees. There are new and old buildings and worth taking a look being only steps from Bal Harbour Shops and close enough to the action in South Beach. The St. Regis Bal Harbour is HOT! Becoming one of the most sought out Miami Beach Luxury Condo Projects outside of SoFi - and those sales will not be recorded for a while, since they are still in pre-construction. Crazy to think anyone is building today, but Luxury is Luxury!
As much as people think that Fisher Island defines the Miami Beach Luxury Real Estate Market, it really is in a league of its own with 10 luxury sales this year alone totalling $22,675,000. But don't think that the economy doesn't affect the rich - there are currently 15 short sales within the Fisher Island Condo Inventory ranging from $3.1 million for a Bayside Village condo to $695,000 for a Seaside Villas unit.
The highest closed sale in February was at 6000 Williams Island for $1,174,000 and the lowest was for $75,000 for a 1 bedroom / 1 bathroom residence at the Commodore Plaza.
Aventura Real Estate is certainly recuperating - out of 1846 condo listings, only 343 are short sales and 34 are bank owned - that's 20% of its inventory compared to almost 40% a few months ago.
Biscayne Park Real Estate is priced well for first time home buyers. It's a great neighborhood nestled in between historic trees, with its own police force and improving code enforcement. Many people discard it from the get-go, but it's one of those neighborhoods with great architecture and descent urban planning that I've always liked.
El Portal Real Estate at least is seeing some sales now - it was really slow for a period of time. Great area for first time home buyers and homes have charm and character.