Category: Market Summary

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Market Summary

Miami Has A High Number of Distressed Commercial Properties

Miami ranked third in the nation in the number of distressed commercial properties.  Miami has $7.6 billion worth of properties that can be considered distressed, according to Real Capital Analytics, a real estate research firm.  Las Vegas was the worst off  with $17.7 billion and Manhattan was third with $12.3 billion.  Since the total nationwide is estimated to be $180 billion of distressed properties there is plenty of pain in other states.  It makes sense that the sectors of commercial real estate hardest hit are the retail and hotel sectors, followed by apartment buildings and finally, the industrial sector, which wasn’t as heavily leveraged as the other sectors.

RCA’s Market Stats for Miami, FL Past 6 months Reported closed/in contract
Volume ($mil.) $872.2
No. of props sold 75
Avg. price in mil. $11.6

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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.

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Buying Market Summary Selling

Miami Real Estate – Market Update November, 2009

November Sales stats trendgraphix

This chart shows all of the single-family homes and condos that are currently on the market for sale, are under contract and pending, or that have sold.  The most telling one is the For Sale bars as it shows a steady decrease in inventory as properties are either pended, sold, or taken off of the market.  The number of homes pended and sold in November is down slightly from those in October, but the overall direction of the inventory is still heading downward.  Granted, based on November’s inventory and sales, we still have approximately 18 months of inventory to plow through, but as long as inventory keeps going down, the market is moving in the right direction.

Remember that this is a county-wide snapshot and each neighborhood or even building is going to have it’s own unique market.  What are you seeing in your neighborhood or building?

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Buying Market Summary Selling

Sales Under $250,000 Drive October’s Existing-Home Sales Surge

48.5% of the increase in sales reported by NAR were under $250,000.  In the South, 51.6% of the sales were under $250,000.  The increase in sales was largely due to the expiration of the first-time homebuyers credit, which President Obama ended up extending and expanding.  Most experts expect the next couple of months sales to slide back a bit.

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Buying Market Summary Selling

Sales Under $250,000 Drive October's Existing-Home Sales Surge

48.5% of the increase in sales reported by NAR were under $250,000.  In the South, 51.6% of the sales were under $250,000.  The increase in sales was largely due to the expiration of the first-time homebuyers credit, which President Obama ended up extending and expanding.  Most experts expect the next couple of months sales to slide back a bit.

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Buying Investment Real Estate Market Summary Selling

Commercial Property Sales In Miami Down 70% In 3rd Quarter

Third quarter commercial sales decreased 70% across the board from last year’s third quarter sales.  The price per square foot fell

  • 12% for office
  • 14% for multi-family
  • 23% for industrial and
  • 9% for retail.

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Buying Foreclosures Market Summary Selling

Miami Real Estate – Single Family Homes Market Summary

Below is a quick snap shot of what the real estate market for single family homes looked like in October.  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: 14.  3 short sales, 1 REO. Highest Sales Price: $1.7 million. Lowest Sales Price: $154,900.
  • Pending Sales: 22
  • Active Listings: 177 down from 217 at end of Sept.   Highest List Price: $18 million. Lowest List Price: $65,900.
  • Summary: Inventory is down from the end of the third quarter.

Coral Gables

  • Closed Sales: 33.   1 short sales, 2 REOs.   Highest Sales Price: $5.15 million.  Lowest Sales Price: $358,000.
  • Pending Sales: 89
  • Active Listings: 432.  Highest List Price: $49.5 million.  Lowest List Price: $235,000
  • Summary: Inventory  decreased to 432 down from 450 at the end of  the third quarter.   The number of closed sales that were short sales or REOs are down significantly from the end of the third quarter, when there were 11 each closed short sales and REOs.

Key Biscayne

  • Closed Sales: 3.  0 short sales, 1 REO.   Highest Sales Price: $3.5 million.   Lowest Sales Price: $820,000.
  • Pending Sales: 4.
  • Active Listings: 129.   Highest List Price: $24.950 million.   Lowest List Price: $789,000.
  • Summary: Sales are down, inventory is the same as of the end of the third quarter.

Miami Beach

  • Closed Sales: 13.  No short sales, 4 REOs.  Highest Sales Price: $9.7 million.  Lowest Sales Price: $240,000
  • Pending Sales: 53
  • Active Listings: 380.  Highest List Price: $29.9 million.  Lowest List Price: $200,000.
  • Summary: Inventory has decreased slightly.  The number of closings that were short sales or REOs have decreased significantly since the end of last quarter.

Palmetto Bay

  • Closed Sales: 6. 1 short sale, 1 REO.   Highest Sales Price: $625,00. Lowest Sales Price: $142,600.
  • Pending Sales: 52
  • Active Listings: 154.  Highest List Price: $2.85 million. Lowest List Price: $155,000.
  • Summary: The number of closed sales due to short sales is down significantly from the end of September.

Pinecrest

  • Closed Sales: 14.  1 short sale and 2 REOs.  Highest Sales Price: $2.6 million.  Lowest Sales Price: $419,000.
  • Pending Sales: 35
  • Active Listings: 211.  Highest List Price: $5.9 million. Lowest List Price: $349,000.
  • Summary: Although the inventory in Pinecrest decreased slightly from 227 at the end of  September to 210 at the end of October, the current inventory level divided by the number of sales closed in October result in a 15 month supply of properties.  The median price of current listings is $1.395 million and 30% of the listings are over $2 million.

South Miami

  • Closed Sales: 3. 0 short sales, 1 REO.   Highest Sales Price: $325,000. Lowest Sales Price: $266,000.
  • Pending Sales: 30
  • Active Listings: 68.  Highest List Price: $1.880 million. Lowest List Price: $62,300.
  • 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.


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Buying Market Summary Selling

Miami Real Estate Market – Pending Sales, What Do They Really Mean?

pending sale signThe National Association of Realtors reported a 21.2 percent increase  in pending home sales for the month of September. This is the 8th consecutive monthly gain so, what does that mean in terms of the real estate market?  The answer, as always, is it depends on the location.  The NAR number is a national number so it takes in the number of pending sales across the country.  There are some areas of the country, such as the Northeast, that had a decrease in pending sales  from August to September.

On a national basis, the increase in pending home sales bodes well for the housing market since most pending sales result in closed sales within 1 – 4 months.  If you are currently trying to buy or sell real estate, you need to look at what all the numbers are doing in the location where you are buying or selling.  In addition to looking at pending and closed sales; look at the inventory;  price per square foot of listings, pending and recently closed sales; and the number of short sales and foreclosures in each category.  All of these numbers will give you a good picture of what is going on in your market and will guide you in your offers if you are a buyer and your pricing if you are a seller.

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Buying Foreclosures Luxury Real Estate Market Summary Selling

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.


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Buying Coral Gables Key Biscayne Luxury Real Estate Market Summary Miami Beach Selling

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.