Categories
Buying Foreclosures Market Summary Miami Beach Selling

Miami Beach, FL Real Estate – Market Summary

1835 W 27 Street
1835 W 27 Street

Market information from the Multiple Listing Service for single family homes for the month of January are as follows:

  1. Closed sales: 16.  2 short sales 2 REOs.  7 were cash sales, including the one for $3.86 million.
  2. Price range of closed sales: $3.86 million – $375,000
  3. Pending sales: 20. 3 short sales, 4 REOs
  4. Price range of pending sales: $2.950 million – $230,000
  5. Active listings: 316, 42 of which were listed in February.  18 short sales, 1 REO.  164 are waterfront
  6. Price range of active listings: $50 million – $199,000

Distressed sales are still making up the larger part of the market in terms of listings going to contract.  Based on the number of active listings, distressed sales make up about 8% of the market, but half of the closed sales.

What does this mean if you are a buyer? Based on the number of active listings to closed sales, there is still a lot of inventory to work through, so it is still a buyers market.  Once you narrow down your price range and specifications however, there won’t be as much to choose from, so use the statistics and market information to negotiate your price.  If the house you like is a regular sale and it is priced right, you won’t have as much room to negotiate as you will on one that is overpriced.  If you are going to make an offer on a short sale bring patience and realize that when the bank finally does answer, they may ask for more than what you offered, even if what you offered was the full asking price.

What does this mean if you are a seller? You have a lot of competition so price really does matter.  Look at the active sales that most closely match your home in terms of size, location, updates, lot size, amenities.  Consider pricing it 10-15% below your closest competition, make sure it has great curb appeal, and de-clutter and freshen up the inside with some elbow grease and a fresh coat of neutral paint.  The good news is that if your house is priced right compared to your competition, it will sell.

Categories
Market Summary Miami Beach

Miami Beach, FL Real Estate – Market Summary

5 Star Island Dr., Miami Beach
5 Star Island Dr., Miami Beach

Market information from the Multiple Listing Service for single family homes for the month of January are as follows:

  1. Closed sales:  8.  Two were short sales, two were  REOs. 4, including the $2.7 million sale, were cash sales.
  2. Price range of closed sales: $2.7 million – $370,000
  3. Pending sales: 58.  27 short sales, 8 REOs
  4. Price range of pending sales: $6.8 million – $195,000
  5. Active listings: 353.  26 short sales, 4 REOs
  6. Price range of active listings: $50 million – $199,000

Distressed sales are still making up the larger part of the market in terms of listings going to contract.  Based on the number of active listings, distressed sales make up about 8% of the market, but half of the closed sales.

What does this mean if you are a buyer? Based on the number of active listings to closed sales, there is still a lot of inventory to work through, so it is still a buyers market.  Once you narrow down your price range and specifications however, there won’t be as much to choose from, so use the statistics and market information to negotiate your price.  If the house you like is a regular sale and it is priced right, you won’t have as much room to negotiate as you will on one that is overpriced.  If you are going to make an offer on a short sale bring patience and realize that when the bank finally does answer, they may ask for more than what you offered, even if what you offered was the full asking price.

What does this mean if you are a seller? You have a lot of competition so price really does matter.  Look at the active sales that most closely match your home in terms of size, location, updates, lot size, amenities.  Consider pricing it 10-15% below your closest competition, make sure it has great curb appeal, and de-clutter and freshen up the inside with some elbow grease and a fresh coat of neutral paint.  The good news is that if your house is priced right compared to your competition, it will sell.

Categories
Buying Florida Life Miami Beach

5601 Collins Avenue #810, Miami Beach, FL

IMG_0886According to AccuWeather.com, it was 29 degrees in New York and Boston yesterday, and 74 degrees on Miami Beach.   This is the view from every room in this beautiful one bedroom apartment, smack dab on the beach.  Instead of shoveling snow, you could be frolicking in the surf, playing volleyball or taking a leisurely stroll down the beach.

Wish you were here?

Categories
Brickell/Downtown Miami Coconut Grove Florida Life Miami Beach Neighborhood News Things To Do

Miami ING Marathon Route – Plan Your Driving Accordingly

The ING Miami Marathon is this Sunday and, with a projected 20,000 runners, there will be traffic disruptions along the route.  Please plan accordingly or bring plenty of patience and courtesy.  This is a pretty big event that showcases our beautiful city and we want to roll out the welcome mat.  Traffic disruptions will probably start around 5:30 a.m. and last unit noon.

If you are a runner, consider joining the fun in either the 5K, 1/2 marathon or full marathon.

Categories
Florida Life Miami Beach Neighborhood News Restaurants Things To Do

Miami Beach – Last Day of Art Deco Weekend

Flamingo Plaza - 1015 Meridian Ave.
Flamingo Plaza - 1051 Meridian Ave.

Today is the last day of Art Deco Weekend on Miami Beach.  Take advantage of our glorious Miami weather (Boston had a high of 26% yesterday)  and head to the beach to learn about our backyard.  Events and tours start at 10:00 a.m. so if you are a football fan, you still have plenty of time to tour and get home for the Patriot/Jets game at 4:30.  Or better yet, enjoy it at one of the many restaurant/bars, such as the ClevelanderBig Pink or just about any other bar on the beach!

Categories
Florida Life Miami Beach

South Beach Life Guard Huts – Another Reason I Love South Florida!

South Beach Lifeguard Hut
South Beach Lifeguard Hut

Categories
Miami Beach Neighborhood News

Miami Beach Real Estate – North Shore Makes National Register of Historic Places

Miami Beach’s North Shore District boundaries are 73 street to the south, 87 street to the north, the Atlantic Ocean, and Crespi Boulevard to the west.  This funky area of Miami Beach has long been in the shadows of South Beach and did not enjoy much improvement during the building boom.  That is actually good news because it means many of the area’s Miami Modern, or MiMo, buildings were saved from the wrecking ball.

Now that North Shore is on the National Register of Historic Places, city officials hope that interest in the area will increase and that the MiMo buildings will be rehabilitated and restored.

What is your favorite MiMo building in Miami Beach?

Categories
Buying Market Summary Miami Beach Selling

South Beach Real Estate – Continuum Condo Market Update

This gorgeous oceanfront development on 12 acres is a true vacation destination, even if you live here year round!  The Continuum, in Miami Beach’s South of Fifth neighborhood, currently consists of two condo towers and several lofts. The North Tower is 50 S Pointe Drive and the South Tower is 100 S Pointe drive.

The market information as of today for 2 bedroom units in each of the two towers is as follows:

  • The average price per square foot for 2 bedrooms sold this year in 50 S Pointe is $ 716.  At 100 S Pointe the average is $652.
  • 36 2-bedroom units currently for sale in Continuum (both towers)
  • 17 in 50 S Pointe (2008)
  • 19 in 100 S Pointe (2002)
  • 4 are townhomes/lofts
  • Highest list price is $3.299 million for a townhouse
  • Lowest list price is $1,150,000 for unit 1901 at 100 S Pointe
  • 9 2-bedroom units have sold this year in 50 S Pointe.   Highest sales price was for Loft-1.  It sold for $1,700,000, $732 per square foot, on 9/29.  The lowest sale was unit 805. It sold on Sept. 25 for $900,000 or $452 per square foot.  Highest per square foot price $838 for unit 1404.  Lowest price per square foot was unit 805 at $452.  There are currently no pending sales in 50 S Pointe.
  • 10 2-bedroom units have sold this year in 100 S Pointe.  Highest price was unit 804 at $2,325,000 or $1014 per square foot.  Lowest was unit 605 at $940,000 or $502 per square foot.  Those are also the highest and lowest prices on a square foot basis.  There are two pending sales.  One is listed at $1034 per square foot the other at $931.

Categories
Buying Miami Beach Neighborhood News Restaurants

Miami Beach South of Fifth Condos – Direct Ocean Views!

There are currently 23 one to 3 bedroom units on the market in the South of Fifth area of Miami Beach.  This is a great area of Miami Beach to be near every thing without being too close to the night clubs and heavy tourist area.  Your neighbors include Joe’s Stone Crab, The Big Pink, Nemos, Prime 112, Nikki Beach, Smith and Wollensky, DeVitos, Opa, and many more restaurants.  The shopping along 5th street, including the new Publix, make leaving your car at home easy.  Plus you have miles of beach for walking, jogging, or just soaking up the sun, and great parks nearby.

Categories
Buying Foreclosures Miami Beach

Miami Beach Condos – Best Buys under $300,000

Even though the week of Thanksgiving normally kicks off the “slow” time for most real estate sales, in Miami it often kicks up the second high season.  With the opening of Art Basel, Miami this week and the start of winter up North, traffic increases again, especially for condos on the beach.  Here is a run down of some of the best buys for one and two bedroom condos on Miami Beach, all in waterfront buildings.  Since most of the current sales are under $300,000, I started there.  The listings from 1980 – current include all waterfront buildings whereas those from 1979 and older are only oceanfront and direct ocean views.  The bulk of the condos are from 1960-1979.  To view additional pages, click on the arrows at the top left hand corner.  To view additional pictures for any particular listing, click on the number box inside the first picture.

Under $300,000 built after 2000

Under $300,000 built 1990-1999

Under $300,000 built1980-1989

Under $300,000 built 1970-1979

Under $300,000 built 1960-1969

Under $300,000 built up to 1959

Go to Property Search to look for properties in other price ranges.