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More Proof Miami-Dade’s Housing Market is Turning Around
Preparing For Construction On Ponce De Leon
Miami Real Estate: New Single Family Home Listings
New single family homes listed since July 1.
- 8 in Coral Gables. Priced from $349,900 to $13,475,000
- 7 in Pinecrest. Priced from $585,000 to $2,099,999
- 5 in Coconut Grove. Priced from $450,000 to $1,300,000
- 3 in Miami Beach. Priced from $399,900 – $8,650,000
Housing Reports Expected Next Week
While the local real estate news has been giving us a snapshot of what has been happening in Miami’s real estate housing market, several housing reports are due out next week, which will give us a national picture of how the housing recovery is fairing.
- Tuesday - S&P Case Shiller home price index: this index tracks changes in the value of residential real estate at both a national level as well as in 20 metropolitan regions (Miami is one them). Although it is calculated monthly and is released on the last Tuesday of every month, it is published with a two month lag. Tuesday’s report will include values through December 2010.
- Wednesday – new home sales : this report is based on a survey conducted by the U.S. Census Bureau that starts with the number of building permits authorized for single family homes .
- Thursday – pending home sales : this index is prepared by the National Association of Realtors (NAR). Because this report looks a homes that are currently under contract, it gives a good picture of where the housing market is headed in the next couple of months. Although many of the pending sales fall through due to a variety of reasons (buyer’s don’t qualify or they get impatient waiting for a bank to approve a short sale are the main reasons in today’s market), many of the sales will close thereby absorbing inventory.
As of today, pending home sales in Coral Gables currently stand at 72 (24 since 1/1/11) versus an inventory of 410 active listings (45 new listings since 1/1/11).
Pinecrest pending home sales are 30 (7 since 1/1/11) and active homes for sale are 196 (17 added since 1/1/11).
Deering Bay, Coral Gables, FL – Progressive Brokers Open
Deering Bay Real Estate
Amazing views from this beautiful apartment at the Verona in Deering Bay. Amenities available include: small and large boat marinas, golf, tennis, restaurant, pools, gym and peace and tranquility. Proximity to downtown Miami, airport, Coral Gables, South Miami, University of Miami, Baptist Hospital, Pinecrest and Dadeland and the Falls shopping centers make this the perfect location to call home.
Deering Bay Rentals Are A Great Way to Spend the Winter
This was today’s weather report for the Midwest. While they were shoveling snow and trying to stay warm, I was planting more tomatoes, cleaning my pool, and getting surf updates from my son, who was surfing at Sebastian Inlet. Want to get away for the winter? Check out these rentals at Deering Bay.
Miami Real Estate – Third Quarter Market Update – Single Family Homes
Below is a quick snap shot of what the real estate market looked like after the third quarter. These numbers are derived from the Multiple Listing Service and though they do not include For Sale By Owners and anything not listed on the MLS, they are indicative of what is going on in our local markets. The closed sales may be slightly underestimated due to the lag time in posting the sale in the MLS.
Coconut Grove
- Closed Sales: 36. 3 short sales, 7 REOs. Highest Sales Price: $1.55 million. Lowest Sales Price: $50,000.
- Pending Sales: 28
- Active Listings: 215. Highest List Price: $18 million. Lowest List Price: $79,900.
- Summary: The number of closed sales and inventory are up from the second quarter.
Coral Gables
- Closed Sales: 93. 11 short sales, 11 REOs. Highest Sales Price: $5.5 million. Lowest Sales Price: $124,000.
- Pending Sales: 88
- Active Listings: 450. Highest List Price: $49.5 million. Lowest List Price: $189,000
- Summary: Both the number of sales (93 up from 82) and the inventory (450 up from 278) are up in the third quarter as compared to the second quarter of 2009. In both quarters, over half of the sales were listed under $600,000.
Key Biscayne
- Closed Sales: 9. No short sales, 1 REO. Highest Sales Price: $3.75 million. Lowest Sales Price: $780,000.
- Pending Sales: None.
- Active Listings: 129. Highest List Price: $24.950 million. Lowest List Price: $945,000.
- Summary: Sales are down, inventory is up and there are currently no pending sales.
Miami Beach
- Closed Sales: 51. 6 short sales, 11 REOs. Highest Sales Price: $9.5 million. Lowest Sales Price: $141,750
- Pending Sales: 57
- Active Listings: 391. Highest List Price: $29.9 million. Lowest List Price: $200,000.
- Summary: Inventory has increased from 264 at the end of the second quarter, while sales have remained at about the same from the second quarter’s 53.
Palmetto Bay
- Closed Sales: 64. 4 short sales, 10 REOs. Highest Sales Price: $1.4 million. Lowest Sales Price: $125,000.
- Pending Sales: 46
- Active Listings: 159. Highest List Price: $2.85 million. Lowest List Price: $155,000.
- Summary: The number of sales between the second and third quarter have remained relatively the same. The inventory has increased from 92 in the second quarter up to 159 in the third.
Pinecrest
- Closed Sales: 53. 2 short sales and 2 REOs. Highest Sales Price: $3.3 million. Lowest Sales Price: $283,000.
- Pending Sales: 32
- Active Listings: 227. Highest List Price: $5.9 million. Lowest List Price: $369,000.
- Summary: Both the number of sales (53 up from 50) and the inventory (227 up from 143) are up in the third quarter as compared to the second quarter of 2009.
South Miami
- Closed Sales: 22. 8 short sales, 8 REOs. Highest Sales Price: $1.3million. Lowest Sales Price: $20,000.
- Pending Sales: 22
- Active Listings: 66. Highest List Price: $1.880 million. Lowest List Price: $72,300.
- Summary: The number of closed sales is down slightly from the second quarter, which had 28 closed sales. Inventory is up from 28 at the end of June.
South Florida Luxury Home Buyers Have Plenty of Buying Opportunities
According to Forbes’ America’s Most Expensive ZIP Codes, South Florida luxury real estate is not faring too badly, compared with states like California. Granted, California has more expensive ZIPS according to the statistics used by Forbes and almost all of those ZIP codes show a decrease in price, but still, only four South Florida ZIPs made the top 500 list and only one, Fisher Island’s 33109 made the top 100 list.
Others on the list included Key Biscayne 33149 at number 199, Coral Gables 33146 at number 363 and Miami Beach 33154, which includes Indian Creek Village, Bay Harbor Islands, Bal Harbour, and Surfside, at number 494.
These South Florida cities have a high inventory, which will put a downward pressure on prices. The only city that did not see a decrease in it’s median home price was Coral Gables.
Luxury Real Estate – Coral Gables in the Top 5 of Fastest Moving Luxury Neighborhoods
A recent Forbes article rated Coral Gables, FL as one of the fastest moving luxury neighborhoods in terms of days on 
market. Forbes’ rating system, which is based on the 500 most expensive zip codes, is better than other housing indexes which cover too broad of an area to give an accurate picture of what is happening in a specific neighborhood, but their assessment also has some flaws. For example, for Coral Gables, which was rated number 5 by Forbes, the zip code they used was 33146. Don’t get me wrong, 33146 is an expensive zip code, but Coral Gables, which extends significantly further South from the better known business and restaurant district which is their formal downtown, has 7 zip codes! Based on an MLS search today, there were 69 Active listings ranging in price from $13.5 million down to $395,000 in the 33146 zip code. 14 of those listings were waterfront. However, there were a total of 261 Active MLS listings in the Gables, South of US 1. The most expensive listing was $49.5 million and was in the 33143 zip code, which also had higher closed sales prices. Having Forbes rate Coral Gables the 5th fastest moving luxury market, with an average of 66 days for the top 10 zips vs 115 days average for the whole 500 index, is great news for Coral Gables, but it doesn’t tell the story for luxury real estate in the Gables. There were several zips and luxury price ranges which had significantly longer days on market. When pricing your luxury home for sale or making an offer on your purchase of one, make sure you check with a local luxury expert.
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