• 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

Closed sales:  94. Low of $190,000 to a high of $25,500,000.  9 of the closed sales were foreclosures, 6 were short sales.   Only 16% were distressed sales. 49 closed in the second quarter.

• Pending sales: 57.  Low $200,000 to a high of $14,900,00. 2 of the pending sales are foreclosures, 23 are short sales.  Almost 44% distressed.  21 went pending in the second quarter.
• Active sales: 282.  Low of $205,900,high of $49,995,000.  16 are short sales, 1 is a foreclosure. Only 6% distressed.  76 of the active sales were listed in the second quarter.

What does this mean if you are a seller?  The good news is that the majority of the closed sales are not distressed sales.  If you are priced right for a buyer’s market, you have a closing window of opportunity to sell at a higher price than you will get later this year.  I think prices of active listings are going to come down as we come closer to the end of the summer buying season.

What does this mean if you are a buyer?  Many buyers are still looking for a “deal” without realizing that they are already looking at one.  Just because a property is not a foreclosure or a short sale, does not mean it is not a good deal.  A lot of sellers have come down significantly in their pricing, in large part due to the pressure of distressed properties on the market.  As the distressed properties listed for sale decrease, they become less of a factor on the overall market.  If you are financing your property and only looking at distressed sales, you are going to have even more frustration as you are competing with cash buyers.

Note:  These numbers are going to change a bit due to fluctuations at the end of the month when a lot of properties status changes, but those changes don’t get recorded in the MLS until the following month.

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.

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.

Wish you were here?

Direct Ocean View

This is not a view that you have to crane your neck to see, but rather the beautiful ocean and beach that is seen from every window in this updated 1 bedroom 1.5 bath at 5601 Collins Ave., in Miami Beach.  Walk along the beach during the day, then down the street to Don Shula’s Steakhouse.  Plenty of shopping nearby at Bal Harbour or hop in a cab for a short ride to the Fountainebleau

Coconut Grove

• Closed Sales: 23.  5 short sales, 3 REO. None of the closings in December were Short Sales or REO.  Highest Sales Price: $2.2 million. Highest Price/Square Foot:  $437.98. Lowest Sales Price: $154,900.  Lowest Price/Square Foot: $82.97
• Pending Sales: 22, 14 of which went pending in the fourth quarter.
• Active Listings: 165,  down from 217 at end of Sept.   Highest List Price: $18 million. Lowest List Price: $65,900.

Coral Gables

• Closed Sales: 101.  6 short sales, 10 REOs.   Highest Sales Price: $5.15 million.  Lowest Sales Price: $250,000.
• Pending Sales: 74
• Active Listings: 421, down from 450 at the end of the third quarter.  Highest List Price: $49.5 million.  Lowest List Price: $89,500

Key Biscayne

• Closed Sales: 13.  0 short sales, 1 REO.   Highest Sales Price: $6.15 million.   Lowest Sales Price: $820,000.
• Pending Sales: 3.
• Active Listings: 122.   Highest List Price: $24.950 million.   Lowest List Price: $985,000.

Miami Beach

• Closed Sales: 41.  5 short sales, 7 REOs.  Highest Sales Price: $9.75 million.  Lowest Sales Price: $240,000
• Pending Sales: 53
• Active Listings: 380.  Highest List Price: $29.9 million.  Lowest List Price: $181,000.

Palmetto Bay

• Closed Sales: 42. 8 short sale, 4 REO.   Highest Sales Price: $1.45 million. Lowest Sales Price: $140,000.
• Pending Sales: 63
• Active Listings: 139.  Highest List Price: $2.85 million. Lowest List Price: $165,000.

Pinecrest

• Closed Sales: 45.  4 short sale and 5 REOs.  Highest Sales Price: $3.5 million.  Lowest Sales Price: $236,000.
• Pending Sales: 29
• Active Listings: 199.  Highest List Price: $5.9 million. Lowest List Price: $265,000.

South Miami

• Closed Sales: 24. 3 short sales, 9 REO.   Highest Sales Price: $870,000. Lowest Sales Price: $87,500.
• Pending Sales: 21
• Active Listings: 71.  Highest List Price: $1.899 million. Lowest List Price: $57,270.

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?

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.