Tag: Miami Beach Real Estate

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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?

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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 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.

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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.

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Buying Miami Beach Selling

Miami Beach Condos Have Many Different Architectural Styles

resized sobeThere are so many different styles of architecture on Miami Beach, it is no wonder that just about anyone can find their ideal building or home on the Beach.  From the Art Deco and post war buildings of passed decades to the current luxurious high rises, there are plenty of options in all price ranges for condo buyers.

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Buying Investment Real Estate Selling

South Florida Real Estate – Third Quarter Summary

According to the National Association of Realtors third quarter report, sales are up throughout most of the country.  The biggest increase in sales was in Florida at 36.8%.  This is no surprise considering that we are also the state with the highest number (9 out of the top 15) of metro area price decreases in the double digits.  Miami-Fort Lauderdale-Miami Beach metro area had a price decrease of 24.6 percent.  What this means to you depends on whether you are a:

  • Seller – Pricing is everything in this market.  Although sales are up, the high unemployment rate and continued high inventories mean that prices will not be going up any time soon.
  • Buyer – If you are waiting for the bottom of the market, you probably missed it, but high inventory levels, low interest rates and the extension and expansion of the First Time Homebuyers Tax Credit, still equal a great time to buy.
  • Investor – There are and will continue to be good buys but the high unemployment rate and inventory levels will  continue to put downward pressure on rental and vacancy rates across the commercial/investment sector.-

More detailed information regarding specific real estate markets in Miami-Dade County can be found in Miami Real Estate – Single Family Homes Market  Summary

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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 Marinas, Yacht Clubs and other Boating Information

Miami Beach Condo For Sale – No Tricks, Just Treats

Miami Beach condo
Miami Beach condo

The updated kitchen isn’t the only thing this 2 bedroom 2 bath condo has going for it.  It is two blocks to the beach, walking distance to shopping and restaurants, has ocean and city views, a ton of closet space, on public transportation route,  and internet, cable,  hot water and air conditioning are all included in the maintenance.  The building has a marina, gym, pool, and sauna.

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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.