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The Miami Beaches Market Pulse – June 2017 Results

Christopher J. Lazaro, MBA Licensed Real Estate Broker & REALTOR® Christopher J. Lazaro, MBA, Licensed Real Estate Broker & REALTOR®, 1-800-798-9192 ext. 333, License #: BK3252123, Metro International Investments, MLS: http://REBroker.Miami

Visit my NEW MLS Website at http://REBroker.Miami!

Market Activity & Neighborhood Reports by Zip Code for the Miami Beaches

Welcome to the June 2017 edition of the Miami Beaches Market Pulse!  For me, and I realize this is the case for many, but not all, the Summer Slowdown is in full effect but I am making use of my time to retool my business, strategize my marketing plans and learn lessons from the first six months of data I collect across my websites and online service providers.  As you can see by the image above, I am very excited by the launch of my new website, built off the same template my company’s website is built on.  Each of the website’s content will now begin to diverge, but I believe these websites are infinitely better than the platform we were previously using.

I have also been taking the time to train up a couple of new agents; one already knowing their “niche” well, and the other still getting their bearings but I am optimistic they will find their stride as we go forward.  I am actively looking for experienced agents to join my firm, I believe that my information technology prowess and the system(s) I have put into place could really help streamline many experienced real estate agents businesses, especially if information technology is not part of their background, as it is mine.  I am open to interviewing new agents as well but will only select highly motivated and information technology savvy agents; school is out, you should be able to use a web browser, fill in forms and easily pick up on simple point and click applications, especially apps designed specifically for real estate people (who are not typically holding a degree in computer science).

On to the state of the Miami Beach Real Estate Markets!

33139 – South Beach & The Venetian Islands

Click here to receive the 33139 Market Activity Report

Click here to receive the 33139 Neighborhood Report

MLS Sales Volume is at a NEW 3 year low.  Listing Volume is at a 3 year high.

Real Estate Professionals & title companies are felt the pain in June over 33139!  Sales fell out of bed as the median estimated home value dropped nearly 8%, listing prices fell 20% versus June 2016 and sales volume is down over 90% versus the same time period in 2016.  However, this may be just the legendary “Summer slowdown” everyone not in pre-construction and new home sales talks about while drowning their sorrows at a Friday happy hour at their local watering hole (I prefer the Porterhouse in Sunny Isles Beach).  With that said, I have been documenting since as far back as 2013 a stalling and then decline in the Miami Beaches Real Estate Market.  Back in February 2016’s issue of the Miami Beaches Market Pulse, I got into a few of the big reasons we are seeing this fall off and at least one unfortunate circumstance that is always possible.

33140 – Mid-Beach, Bayshore, Sunset Islands, La Gorce & La Gorce Island

Click here to receive the 33140 Market Activity Report

Click here to receive the 33140 Neighborhood Report

MLS Sales Volume is at a NEW 3 year low.  Listing Volume is revisiting a 3 year high.  

Sales volume barely registered as all of 33140 had only 4 sales in the month of June.  Compared to June of 2016 that represents a 92% decline in sales volume; the median estimated listing price also dropped substantially, 15%.  As I am going through these reports, I am thinking about the distressed asset market, something I have not reported on in a while…perhaps I should endeavor to look into it?

33141 – North Beach, Normandy Isle, Normandy Shores & North Bay Village

Click here to receive the 33141 Market Activity Report

Click here to receive the 33141 Neighborhood Report

MLS Sales Volume is at a NEW 3 year low.  Listing Volume is at a NEW 3 year high.

 At first, I thought I made a mistake and I was looking at 33139’s results again.  Then I looked more closely.  For the longest time, I have been pitching this zip code as one of the best deals on the market, and I still believe I am correct. Notice that the time on the market has dropped by 10%, home values are actually up 3% since last June.  This could be a great opportunity to buy at a potential bottom for certain asset classes in 33141.

33154 – Bal Harbour, Surfside & Bay Harbor Islands

Click here to receive the 33154 Market Activity Report

Click here to receive the 33154 Neighborhood Report

MLS Sales Volume is at a NEW 3 year low.  Listing Volume is at a NEW 3 year high.

Once again, sales were anemic but time on the market dropped by nearly 10% and the median listing price dropped by nearly 20%,  This could be the reason time on the market has moved down so sharply (after all, this is Bal Harbour), as Sellers lower their ask prices to find a market for their properties.

33160 – Sunny Isles Beach, Eastern Shores & Golden Beach

Click here to receive the 33160 Market Activity Report

Click here to receive the 33160 Neighborhood Report

MLS Sales Volume is at a 3 year low.  Listing Volume is at a 3 year high.

I went back and looked at last year’s June report; 89 listings sold in 33139; this year, 11!  It bothers me to see what was a thriving real estate market suddenly stall in this manner; however, I have to think, given the sheer volume of new construction on this particular part of the beach, that new construction is pirating the sales of existing construction.

Summary

Well, it was an abysmal month for sales agents and brokers trying to sell assets in the Miami Beaches.  All the zip codes are sporting the most epically tragic sales numbers I have seen in 5 years.  Listing Volumes are moving higher and it is my belief that the markets with recent drops in time on the market are mostly because of Sellers dropping their prices (as is evident by the substantial declines in median estimated listing prices).  There is further to go I am sure, and what could really accelerate things would be an economic shock of some kind, either in the financial markets or if our luck with hurricanes does not continue to hold.

As I point out in my February 2016 article, the end of the hottest real estate market in Southeast Florida’s history ended in October 2005 with Hurricane Wilma, 2+ years prior to the collapse of the national market; there was a dead silence in the markets and sales volumes plummeted and listing volumes climbed sharply in many areas.  12 years later, we have a huge population of “new residents” who have never witnessed the awesome power of one of these beasts, and for sure there will be a percentage of these “new arrivals” (which amounts to thousands of households) who will be getting “out of Dodge” expeditiously should a category 3 or greater make landfall in this area again.

Thank you for your time and readership!  Please contact me if you have any feedback or would like to do business.

Cheers,

Christopher J. Lazaro, Licensed Real Estate Broker

 

Noteworthy News Articles from June 2017

  1. Riding the Condo Roller Coaster – Interview with Jorge Perez, Miami’s Condo King.
  2. Too Many Keys, Too Few Takers –  Banks pulling back on financing new hotel capacity.
  3. A Good Time To Buy A Mansion – Sellers are dropping prices by millions as Listing Volume climbs and Sales Volume gets precariously close to zero (per my findings above in this June 2017 edition)
  4. Building Momentum – Is the Southeast Florida rental market nearing a tipping point?

 

About the Miami Beaches Market Pulse

The Miami Beaches Market Pulse is a monthly market analysis by Christopher J. Lazaro, MBA & Licensed Real Estate Broker, featuring professional commentary, data & statistics, downloadable market reports & neighborhood reports, of the five zip codes of the Miami Beaches: 33139 (South Beach & The Venetian Islands), 33140 (Mid-Beach, the Sunset Islands, Bayshore, La Gorce & La Gorce Island), 33141 (North Beach, Normandy Isle, Normandy Shores, North Bay Village), 33154 (Surfside, Bal Harbour & Bay Harbor Island), 33160 (Sunny Isles Beach, Eastern Shores & Golden Beach).

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About Christopher J. Lazaro (51 Articles)
I am a Licensed Real Estate Broker specializing in Residential Real Estate transactions from Downtown Miami, through the Miami Beaches and into Fort Lauderdale along the US1 Corridor and East. Whether you are a First Time Home Buyer, an Institutional Buyer, or Private Investor, I will be happy to provide you a consultation to evaluate your real estate investment goals. I can be reached at 1-800-798-9192 ext. 333. My MLS Website can be found at http://REBroker.Miami. I am a Qualifying Broker for and partner in, Metro International Investments.

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