The Miami Beaches Market Pulse – May 2017 Results

MLS Search for Miami Real Estate Listings
Christopher J. Lazaro’s MLS Website is REBroker.Miami

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

As the Spring ended and Summer began, the month of May saw some interesting changes in data.  For example, the prior month, Miami Real Estate searches on the Internet were topped by foreign nationals in Brasil, but this month, Colombia has taken the top spot.  I asked a friend of mine why this might be, as only a couple of years ago it was my understanding Colombia was exploding with business opportunities.  He believes the country is likely to be the next nation is South America to follow Brasil, Argentina, and Venezuela in terms of shifting to a more socialist system, and by consequence, likely substantial corruption.  We will see how that situation unfolds, but one thing is clear, there is a lot of Colombian nationals searching South Florida for real estate opportunities presently.

Also in the news, after Memorial Day violence, there is a growing demand by locals and the politicians to do away with Urban Beach Week.  This has been an ongoing issue as seemingly every year there are dozens of dozens of arrests (in 2012 there were 431 arrests), dozens of guns confiscated, etc.  It is unfortunate that those who come here for that weekend seeking only music, sand, sun & fun are accompanied by armed, gangster-like ( I would not want to insult gangsters, particularly those of the days of Capone, who were reputedly gentlemen…murderers, yes, but well-dressed and well-mannered gentlemen overall).  I am all for putting an end to this weekend as it is common knowledge many locals, both renters and owners, literally flee the area ahead of this week/weekend for no other reason than this event.

I continue to try and improve the format of my articles.  If you have any suggestions (or requests), please let me know!  Now, onto the data!

33139 – South Beach & The Venetian Islands

Click here to receive the Market Activity Report for 33139

Click here to receive the Neighborhood Report for 33139

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

There is a lot of construction in South Beach (and I will be covering these projects in a forthcoming issue); luxury, ultra-luxury, and a more “affordable” upper-end (500K+) class of assets being built and many of these are being listed the moment the building comes online, further driving listing volume to the upside.  Sales Volume has decreased, in large part to the well-known Summer Slowdown in real estate sales.  Also, people are not willing to overpay anymore just for the privilege of being on South Beach.  The Buyer’s Market continues and I am beginning to see some good opportunities come, and go quickly while overpriced assets languish on the market for an average of 4 months (twice the national average).

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

Click here to receive the Market Activity Report for 33140

Click here to receive the Neighborhood Report for 33140

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

I love this area of the Miami beaches and recommend it highly.  The west side of this area is one of the most beautiful and family-oriented neighborhoods in all of the Miami Beaches.  A median listing price of 390K warrants any logical buyer to start viewing properties NOW as I do not see this phenomenon persisting for very long.

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

Click here to receive the Market Activity Report for 33141

Click here to receive the Neighborhood Report for 33141

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

Median List price is also at a NEW 3-year low.  I have been urging customers to consider buying in this area as I believe it represents the best and most affordable area-of-opportunity for an average family to own a piece of the Miami Beaches, and frankly, the location is superior for the working person who has to commute on a daily basis.  At $200-$300 per existing square foot, you cannot build anything for that cheap anymore!  I do not expect the market to move lower.  For some time there were assets selling in the low 200s per square foot for Class B condominium units, but those have grown fewer and more far between.  This is a Buyer’s Market and I think the waiting is over.  If you are waiting for lower prices on the retail (non-distressed) market, you will be both disappointed and be living elsewhere.

33154 – Bal Harbour, Surfside & Bay Harbor Islands

Click here to receive the Market Activity Report for 33154

Click here to receive the Neighborhood Report for 33154

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

Despite a spate of buying in the prior few months which drove sales volume higher (albeit to the 3-year average), it appears Bal Harbour is not immune to the Summer Slowdown, posting a new 3-year low in sales volume and a new 3-year high in listing volume.  Keep in mind, the median list price is well within its 3-year range AND Bal Harbour continues to be one of the most sought after places to live in the United States.

33160 – Sunny Isles Beach, Eastern Shores & Golden Beach

Click here to receive the Market Activity Report for 33160

Click here to receive the Neighborhood Report for 33160

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

I have called Sunny Isles Beach “Home” for nearly 8 years and I am looking forward to having many more years as a resident here.  The City of Sunny Isles Beach has been undergoing a massive transformation since 1997 when the City first incorporated and was no longer part of the City of North Miami Beach.  I am looking forward to, hopefully sooner than later, enjoying some years here without an endless stream of construction vehicles and lane closures; and, in approximately 2 years, when the City completes its endeavor to sink all the power lines under the A1A and replace the ugly streetlamps with more aesthetically pleasing, and perhaps innovative lighting along the corridor.

Sales Volume is down and Listing Volume is up, however, more than HALF of all homes sold in the past year (over 300) have been under 600K.  There are still plenty of existing construction bargains (in my opinion) to be had.

Summary

Is it a good time to buy or sell?

This is the most commonly asked question of me.  It should be noted that the average time on market for listings ticked down by as much as 12% in all zip codes.  This could be an indicator that certain asset classes have reached their inflection points in the market, the point where Sellers have become more realistic with their asking prices and Buyers are coming back into the market as a result.

The overall market continues to correct slowly, and it remains to be seen whether or not this trend will worsen; as it stands right now it has been very slow and gradual; but painful enough to drive many Realtors from the Beaches in search of more active/easier markets to compete in; or, in some cases, move on to greener pastures in other fields.  However, if the US Dollar should weaken against the major currencies of the world, expect a jump in prices as Foreign Direct Investment will likely become resurgent as it did between 2010 and 2013.  As of late, the Dollar is well off its post-election highs, and some economists are predicting the Dollar will see new historical lows in as early as the next 1-2 years.

I believe that in some markets where the trend is up, if you are considering selling, it is always better to sell into a trend (or “too early” as Warren Buffet says); and if you are looking to buy, I would consider looking at markets that have corrected to their 3+ year averages or below to look for opportunities AND also consider price per square foot to buy versus to build.  There are a great number of opportunities to buy in the Miami Beaches, right now, to buy for a lot less than the cost to build new.

 

Noteworthy Articles & Studies from May 2017

  1. National Association of Realtors Commercial Real Estate Report – May 2017 – This is a 6MB download with an extensive analysis on emerging trends & risks in the Commercial Rel Estate Market – https://www.nar.realtor/sites/default/files/reports/2017/2017-commercial-real-estate-alert-05-17-2017.pdf
  2. The Miami Association of Realtors Market Update:  Single Family Homes in Miami-Dade County showed another increase in sales in April.  As I have been commenting, the Condo Market is a mess, and this is weighing down the numbers for the Beach-centric reports I publish monthly, but single-family homes are a very strong market (56% jump in Luxury Single-Family Homes Sales!!!) right now making it a Seller’s Market for that asset class.  http://www.miamire.com/news/news/releases/2017/05/24/miami-single-family-home-sales-increase-again-in-april
  3. Luxury Condo Sales Slowing – http://miami.cbslocal.com/2017/04/12/sales-slowing-down-miami-luxury-real-estate-market/
  4. In May, Colombia was the Top Country Searching for Real Estate in Miami: http://www.miamire.com/news/news/releases/2017/06/08/colombia-tops-all-countries-searching-miami-real-estate  This article lists the Top 10 Countries searching for real estate in Miami; dated June 8th, 2017.
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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The Miami Beaches Market Pulse – April 2017 Results

Floatopia - Miami Beach - April 2017
Floatopia – Miami Beach – April 2017

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

April was a great month, personally, and I was able to take some time off to enjoy the beauty of the Miami Beaches for my 43rd Birthday!  Spring was certainly in the air, and the ending of the winter season was evident as many homes and apartments were once again shuttered as the snowbirds head back north to their summer homes.  However, none of this seems to lighten up the traffic on Collins Avenue, unfortunately!

33139 – South Beach

 

Click here to receive the 33139 Market Activity Report

Click here to receive the 33139 Neighborhood Report

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

This is perhaps one of the worst reports I have seen for South Beach yet, however, as prices have slowly started to come down this has resulted in less time on the market; but still, the average home sits on MLS for 4 months, which is WELL ABOVE (not a good thing) the national average of approximately 35 days on the market! (See: https://themortgagereports.com/27536/nar-existing-home-sales-median-days-on-market-march-2017).  Pricing still has room to correct lower; it is a Buyer’s market and the current demographics (Millenials and BabyBoomers seeking to downsize) that are solidly in the market to purchase a home are seeking 1) value and 2) open kitchens that are well equipped (not exactly a common feature of South Beach properties in the sub-400K price range.)  In my experience over the past 2 years, this has been a big problem with Buyers in that price range seeking a home in 33139 and elsewhere throughout the Miami Beaches.

33140 – Mid-Beach

Click here to receive the 33140 Market Activity Report

Click here to receive the 33140 Neighborhood Report

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

Certainly not a stellar report here either and listing prices have been trending steadily lower for months!  Sales volume is abysmal and Listing volume spiked markedly higher.

33141 – North Beach & North Bay Village

Click here to receive the 33141 Market Activity Report

Click here to receive the 33141 Neighborhood Report

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

Listing volume spiked higher in April, but to be fair Sales volume came up off of its lows; while still down year over year, there was a substantial decrease in average time on the market. I have long pounded on the subject of 33141 offering the best values available on the Miami Beaches…at least 2-3 years now; and at the time, the Median Estimated Home Value was in the 200k range…now it has just inched above 300K!  I told you so 😉.

33154 – Bal Harbour & Bay Harbor Islands

Click here to receive the 33154 Market Activity Report

Click here to receive the 33154 Neighborhood Report

MLS Sales Volume substantially off of its 3-year lows.  Listing Volume is at a 3 year high.

In light of the other zip codes in the Miami Beaches, not a terrible report.  Bal Harbour and Bay Harbor I remain one of the most sought after places to live in the United States.  The area is beautiful and the restaurants & shopping are first class. Median Listing Volume vs Median Sales Price continues to trend sideways demonstrating a rock solid stability.  Do not expect much price flexibility in 33154.  The area has had a substantial correction already and time on market has decreased by 5% as wealthy buyers are seeing more value and less downside risk.  Note the “chop” in Median Sales Price vs Sales Volume I called out a couple of times over previous articles.  These graphs can be misleading when big ticket homes sell and skew the graph.  Median Listing Price vs Listing Volume is a good indicator for where the meat of the transaction market is really at.

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 appears to be settling into a “New Normal” and is off of its lows, but 33-50% off of where its previous “normal” was just2 and 3 years ago.  Listing Volume notched a NEW 3-year high.

Median Listing Prices are falling, specifically because of increased inventory on the west side of the A1A. I am noting a lot of turnover in progress in areas like Winston Towers.  Having personally shown more than 30 properties on the west side of the A1A in the past 60 days I can objectively state that Sellers & Prospective Sellers need a reality check on values.  Too many apartments are priced in the 300s when they should be in the 200s (because they need 100K in updates), and some are getting aggressive with pricing units in the 500s, when in fact the market is at 450K (for 1800-2300 sqft units in Winston Towers).  Just because a similar size unit in the same building sells for 350K (hypothetically), a Seller should consider the condition it was sold in.  Was it updated?  New Kitchen?  New Bathrooms?  Buyers are typically not stupid, especially if they have a good Broker who takes the time to show them and educate them about every aspect of the type of home they are looking for.

In other news, the frustrating traffic in Sunny Isles will not be letting up anytime soon.  Aside from the tower construction projects that are in progress, Sunny Isles Beach is also sinking the power lines into the A1A, which is a good thing.  What is not a good thing: I read the Sunny Isles newsletter recently and, apparently, it is a project that will NOT complete for another two years!  Despite the traffic and what appears to be years of construction remaining ahead of us, I love living in Sunny Isles Beach, and given that I live here, walking is often far more pleasurable (and safer), than driving.

For the official April 2017 Market Focus Report from the Miami Association of Realtors®, view the video here:  https://youtu.be/XOh5T98R9ao?list=PLXlUiLzqHSaKnrq3ylH4k-4Pw-2yPW12M.  It is certainly more upbeat than my blog, but the bright side of the Miami market is in single family housing, particularly the RE1 (single family housing) market outside of the Miami Beaches (the vast majority of dwellings in the Miami Beaches are condos, obviously, and that market has been feeling the pain for a couple years now).  In addition, one would be hard-pressed to find affordable (100-400k) single-family homes in the Miami Beaches, but that is quite an easy task when considering the entirety of Miami-Dade County.

Well, that concludes my April 2017 Miami Beaches Market Pulse Update.  I am now working on my May updates and will have them out when I have completed my analysis.  If you are a Prospective Buyer or Prospective Seller and wish to have a consultation with me, call me anytime for the most current information I have available and let’s discuss your goals.

 

 

The Miami Beaches Market Pulse – March 2017 Results

Sunrise on Miami Beach
Sunrise on Miami Beach

Welcome to the March 2017 edition of the Miami Beaches Market Pulse, by yours truly, Christopher J. Lazaro, Licensed Real Estate Broker.  I have lived in Florida for the past 15 years, most recent 8 years of which I have lived in the Miami Beaches with the A1A, Collins Avenue, just outside my doorstep.  In that time I have witnessed the continued transformation of the Miami Beaches as new towers go up, old buildings being rehabilitated and repurposed, and even the complete destruction of small shopping centers to make way for parks & green space.  Since I have lived on the beach, I have watched rents skyrocket, even recently as the glut of luxury inventory continues to build and loom over the market, in the same manner, the shadow of the towers loom over the beach in the afternoon.  What is interesting, however, is we are in a very similar circumstance to where we were in 2006 & 2007 when renting a unit on the beach was far less expensive than the cost of ownership.  In economic terms, from an Opportunity Cost perspective, why own on the beach at all when renting, despite 7 consecutive years of rent increases (sometimes substantial), is by far and away the more financially sensible option?  Peter Schiff, known economist, self-made millionaire, and CEO of EuroPacific Capital & EuroPacific Bank, pointed out this very paradigm (rents versus the cost of home ownership) just before the collapse of the prior real estate market.  I subscribe to Peter Schiff’s YouTube Channel and recommend it.

Do not get me wrong, while I am a “Bear” on the higher-end condominium market, there remain excellent opportunities to be had on the Miami Beaches, one just needs to know what to look for and where.  In addition, the growing inventory of new and newer condominiums on the resale market will eventually become heavy enough to break through their current Price Support Levels and towards more sensible and affordable price levels.  Listing Volume continues it’s 3-year climb and Sales Volume is so low that it has forced many Realtors to find greener pastures elsewhere.  I expect in some cases properties will eventually trade at levels at or lower than their cost to build.  Don’t just take it from me, The Daily Business Review did a recent article on the subject on February 1st, 2017 entitled “2,550 For Sale: Miami Sees Record Luxury Condo Glut”.  This article comes on the heels of numerous others discussing similar circumstances in Downtown Miami; Wolf Street published “In Miami Condo Glut, Preconstruction Resale Market Freezes Up” and following that article from September of last year, there was another, published in the Miami Herald, on March 17th entitled “The number of new downtown Miami condos will surge this year — and then fall“.

Spring is in the air, and as we head further into April I am excited by the prospect of at least one large commercial sale on Ocean Drive my team and I have been working for months on.  Whether the market is going up or down, the fact remains that the Miami Beaches are, and will continue to be, one of the most desirable locations to live and invest in for the foreseeable future!  Now, onto the reporting for the Month of March 2017!

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

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

The Median Sales Price has been buoyed by higher than average real estate sales.  The average property is listed on the MLS for 4 months before it sells!

Click here to see Active Real Estate Listings in South Beach & the Venetian Islands. 

33140 – Mid-Beach

Click here to receive the 33140 Market Activity Report.

Click here to receive the 33139 Neighborhood Report.

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

Click here to see Active Miami Beach Listings in Mid-Beach, 33140.

33141 – North Beach & 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 3 year low.  Listing Volume is at a 3 year high.

Click here to see Active Miami Beach Listings in North Beach & North Bay Village in 33141. 

33154 – Surfside, Bal Harbour & Bay Harbor Islands

Click here to receive the 33154 Market Activity Report

Click here to receive the 33154 Neighborhood Report

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

Click here to see Active Miami Beach Listings in Surfside, Bal Harbour & Bay Harbor Island in 33154. 

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.

Click here to see Active Listings in Sunny Isles Beach, 33160.

This concludes my report for March 2017 versus March 2016.  It appears the decline in the market is largely centered on condominiums as single family housing remains very strong in Miami-Dade County at large.  For the time being, renting, or owning a single family home appears to be the most financially sensible options available to the prospective new resident of the Miami Beaches.  If you have any questions or would like to be shown potential new homes or investments in the Miami Beaches, feel free to contact me anytime.  1-800-798-9192 ext. 333.

Yours truly,

Christopher J. Lazaro

Licensed Real Estate Broker

Metro International Investments

The Miami Beaches Market Pulse – February 2017 Results

Miami Beach
Aerial View of Miami Beach

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

33139 – South Beach


Click here to receive the 33139 Market Activity Report.

Click here to receive the 33139 Neighborhood Report.

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

Nothing new here.  My firm has two listings in South Beach and has had these for over a year.  Price reductions have finally be permitted, but not enough to generate interest in, what is still, overpriced real estate.  It is a Buyer’s Market and will continue to be so into the foreseeable future.

33140 – Mid-Beach

Click here to receive the 33140 Market Activity Report.

Click here to receive the 33140 Neighborhood Report.

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

Sales Price vs Sales Volume ticked higher due to well above average closing prices on some high-ticket properties, but this does not change the fact that Listing Price is declining as Listing Volume increases.  Sales Volume continues to diminish.

33141 – North Beach & 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 3 year low.  Listing Volume is at a 3 year high.

I continue to reiterate my position on 33141.  I believe this is the last vestige of affordability for the average to above average earner(s).  There are very good buying opportunities here for people with 5-10 year investment time horizons.  Listing Prices continue to decline and Sales Volume is way down; there are Sellers ready to make a deal.  Call me for an appointment!

 33154 – Bal Harbour & 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 3 year low.  Listing Volume is at a 3 year high.

We are coming off January’s uptick; Listing Volume continues its northward climb, Sales Volume is heading back lower.  I expect the Bal Harbour Market will re-synchronize with the rest of the Miami Beaches Real Estate Market.

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.

Listing Volume inched higher while Sales Volume dropped further.  Many of the new listings are coming out of new/newer buildings that were recently completed.  I believe we are going to see a mass exodus, dwarfing the current trend, from overpriced luxury and ultra luxury condo assets.  Between the taxes and the condo association fees, it is impossible to recover an investment in any of these as asset appreciation cannot possibly increase in value enough and fast enough; especially in light of even more, newer, capacity coming online.

The Miami Association of REALTORS® publishes a market update themselves called Market Focus.  For the Miami-Dade County area in February, this is the South Florida Market Focus Update for February 2017.

Updated: The Miami Beaches Market Pulse – January 2017 Results

For most tourists this is one of the happiest sites of their whole visit.

Updated the Link (sorry for the double post!) It was a very busy 1st quarter for me and now I find myself with 3 months of catching up on my blog (I will, however, date the reports appropriately on my blog)!  January appears to be little different than the prior months with Sales Volume(s) at 3-year lows and Listing Volume(s) pushing new 3-year highs.  The majority of the issue, in my opinion, is the condo market on the beach.  We are, and have been for quite some time, in a Buyer’s Market for condominiums.  I also believe we are far too overbuilt on the luxury side and underbuilt for housing that even above average income earners can afford.  The structural imbalances I perceive in the market are bound to correct, perhaps drastically, in the coming 1-2 years.  With that said, on with the data!

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

33139 – South Beach

Click here to receive the 33139 Market Activity Report.

Click here to receive the 33139 Neighborhood Report

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

33140 – Mid-Beach

Click here to receive the 33140 Market Activity Report.

Click here to receive the 33140 Neighborhood Report

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

33141 – North Beach & 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 3 year low.  Listing Volume is at a 3 year high.

 I will reiterate my comments about this zip code.  In my opinion, this is the best
area for the money to buy in if you want to live in the Miami Beaches.  I know several
buildings that are trading at half the cost of their replacement value.  Call me for 
appointments and showings!

33154 – Bal Harbour & Bay Harbor Islands

Click here to receive the 33154 Market Activity Report.

Click here to receive the 33154 Neighborhood Report.

MLS Sales Volume has spiked higher for a 2nd consecutive month.  Listing Volume is at a 3 year high.

There was a flurry of activity in Bal Harbour, a difficult market to predict,
as several large 7 figure transactions occurred, which skews the Median Sales 
Price Chart substantially, as well a considerable number of sales UNDER the 
Median Estimated Home Value (200K+ under).  There appears to be a healthy 
number of sales in Pending, and these will likely show up in the next report.
However, there were a considerable number expired listings this month, and 90% 
of the time this occurs because the home is OVER PRICED relative to the supply 
& demand factors which ultimately effect comparable properties by which these 
expired listings were being judged.

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.

Again we see a spike in the Sales Price versus Sales Volume chart due to several 7 figure closings. A very large number of listings expired in January; a sign that Seller’s have not woken up to the fact that their property is not nearly as valuable as they believe it is. Supply continues to grow and demand remains in a weakening state.

Thank you for reading another edition of The Miami Beaches Market Pulse.  I am going to publish February & March’s results shortly.  Also check back for a couple of Special Edition Reports I have been working on as I track the Distressed Asset Market Trends and, very soon, I will be examining the trends in the Commercial Real Estate Market of the Miami Beaches.

Cheers,

photo
Christopher J. Lazaro, MBA
Licensed Real Estate Broker at Metro International Investments
Direct  1-800-798-9192 Ext. 333         Phone  1-800-798-9192         Mobile  305-878-2288         Fax  305-521-8995         Email  chris@mii.miami         Website  http://www.mii.miami       
“Quality is never an accident; it is always the result of high intention, sincere effort, intelligent direction and skillful execution; it represents the wise choice of many alternatives.”

The Miami Beaches Market Pulse – December 2016 Results

Welcome to Miami Beach - Christmas
Welcome to Miami Beach – Christmas

Welcome to the December Results Edition of the Miami Beaches Market Pulse!  I truly hope everyone had a happy & healthy holiday season and wish you all the very best in 2017!

The Miami Beaches are especially beautiful during the holiday season with mesmerizing lighting and festive decorations running from Golden Beach through South Beach to South Pointe Park.

I will be as brief as possible in this report as I am drafting the 2016 year-end wrap-up report for the beaches and Miami-Dade County as a whole which I expect to have completed later this week.

The data I am publishing today remains consistent with the findings of the Miami Association of REALTORS® Intelligence Report for November 2016.  In a nutshell, there is strong demand for single family homes throughout the county; and therefore that market is up nearly 14% for the year, higher than it has been since as early as 2009.  It is a Seller’s Market for single family homes county-wide.  However, the condo market continues to decline (down over 11% year over year); leaving that market in a Buyer’s Market.  Given the concentration of condos on the Miami Beaches, the overall aggregate sales numbers have been weighed down considerably when contrasted against the backdrop of the rest of the county due to the weakness in the condo market.

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

33139 – South Beach & the Venetian Islands

33139 Market Snapshot Dec 2016 vs. December 2016
33139 Market Snapshot Dec 2016 vs. December 2016

Click here to receive the 33139 Market Activity Report

Click here to receive the 33139 Neighborhood Report

33139 Median Sales Price vs. Sales Volume - December 2016
33139 Median Sales Price vs. Sales Volume – December 2016
33139 Median List Price vs. Listing Volume - December 2016
33139 Median List Price vs. Listing Volume – December 2016

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


33140 – Mid-Beach

The 33140 Market Snapshot - December 2016 vs. December 2015
The 33140 Market Snapshot – December 2016 vs. December 2015

Click here to receive the 33140 Market Activity Report

Click here to receive the 33140 Neighborhood Report

33140 - Median Sales Price vs. Sales Volume - December 2016
33140 – Median Sales Price vs. Sales Volume – December 2016
33140 - Median List Price vs. Listing Volume - December 2016
33140 – Median List Price vs. Listing Volume – December 2016

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


33141 – North Beach, Normandy Island & North Bay Village

The 33141 Market Snapshot - December 2016 vs. December 2015
The 33141 Market Snapshot – December 2016 vs. December 2015

Click here to receive the 33141 Market Activity Report

Click here to receive the 33141 Neighborhood Report

33141 Median Sales Price vs. Sales Volume
33141 Median Sales Price vs. Sales Volume
33141 Median List Price vs. Listing Volume
33141 Median List Price vs. Listing Volume

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


33154 – Bal Harbour & Bay Harbor Islands

33154 Market Snapshot - December 2016 vs. December 2015
33154 Market Snapshot – December 2016 vs. December 2015

Click here to receive the 33154 Market Activity Report

Click here to receive the 33154 Neighborhood Report

33154 Median Sales Price vs. Sales Volume - December 2016
33154 Median Sales Price vs. Sales Volume – December 2016
33154 Median List Price vs. Listing Volume - December 2016
33154 Median List Price vs. Listing Volume – December 2016

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


33160 – Sunny Isles Beach, Eastern Shores & Golden Beach

33160 Market Snapshot - December 2016 vs. December 2015
33160 Market Snapshot – December 2016 vs. December 2015

Click here to receive the 33160 Market Activity Report

Click here to receive the 33160 Neighborhood Report

33160 Median Sales Price vs. Sales Volume for December 2016
33160 Median Sales Price vs. Sales Volume for December 2016
33160 Median List Price vs. Listing Volume for December 2016
33160 Median List Price vs. Listing Volume for December 2016

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


As I mentioned in my introduction, the condo market is weighing heavily on the overall market; and because of this, this is a time when Buyers can negotiate the best possible deals on condo purchases.  I encourage you to visit my MLS website: http://www,REBroker.Miami and inquire about any Miami Real Estate listing you may be interested in.  I will be happy to work with you towards your real estate ambitions and welcome you into the Miami Beach Lifestyle!

Cheers,

photo
Christopher J. Lazaro, MBA
Licensed Real Estate Broker at Metro International Investments
Direct  1-800-798-9192 Ext. 333         Phone  1-800-798-9192         Mobile  305-878-2288         Fax  305-521-8995         Email  chris@mii.miami         Website  http://www.mii.miami       
“Quality is never an accident; it is always the result of high intention, sincere effort, intelligent direction and skillful execution; it represents the wise choice of many alternatives.”

The Miami Beaches Market Pulse – November 2016 Results

An afternoon on Miami Beach
An afternoon on Miami Beach

Welcome to the November 2016 Edition of the Miami Beaches Market Pulse.  In this issue I will be simply laying out the data.  For my latest commentary, forecasts and recommendations, please reference my 3rd Quarter 2016 Market Analysis for the Miami Beaches, which included information on what appears to be a resurgence in the distressed asset market. Additional analysis, explaining the macroeconomic threats & challenges facing the Miami Beaches can be found in my February 2016 Edition of the Miami Beaches Market Pulse and in my 1st Quarter 2016 Analysis of the Miami Beaches Real Estate Market.

My next full length analysese will not be published until early to mid January 2017 when I wrap up the 2016 Retail & Distressed Miami Beach Real Estate Markets in what will be two or three full-length reports covering the data and developments of 2016; and looking forward towards forecasting the 2017 economic year from a real estate broker & investor’s perspective.

 

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

33139 – South Beach

Median Est. Home Value: $387K, Down -1.5%; Median Est. Listing Price: $150K, Down -42.3%; Median Days in RPR: 126 Down –6.7%; Sales Volume: 73, Down –31.1%

Click here to receive the 33139 Market Activity Report

Click here to receive the 33139 Neighborhood Report

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

OF NOTE for 33139 (found in the Neighborhood Report):

33139 Median Listing Prices takes a HUGE dive!
33139 Median Listing Prices takes a HUGE dive!  Listing Volume at NEW 3 Year High!

33140 – Mid-Beach

Median Est. Home Value: $534K,  Up 11.9%; Median Est. Listing Price: $377K, Down 10.2%; Median Days in RPR: 132, Up 5.6%; Sales Volume: 33, Down –52.9%

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 at a NEW 3 year high. 

See the Neighborhood Report (above) for full graphs and statistics.  Similar to 33139, this area is seeing a drop in both Sales Volume and Median Listing Price while at the same time seeing a build up in Listing Volume / Available Inventory For Sale.

screen-shot-2016-12-31-at-6-39-38-pm

33141 – North Beach & North Bay Village

Median Est. Home Value: $273K, Up 1.9%; Median Est. Listing Price: $198K, Down -17.5%; Median Days in RPR: 102, Down –4.7%; Sales Volume: 56, Down –37.8%

Click here to receive the 33141 Market Activity Report

Click here to receive the 33141 Neighborhood Report

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

Of Note – Listing Volume continues to spike.  I still believe the best-deals-for-the-location are to be found HERE!!  Call me for more details!

screen-shot-2016-12-31-at-6-31-38-pm

33154 – Bal Harbour & Bay Harbor Islands

Median Est. Home Value: $668K, Up 4.4%; Median Est. Listing Price: $399K, Down 16.2%; Median Days in RPR: 131, Down –3%; Sales Volume: 20, Down –50%

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.

Of Note – Median Listing Price is ALSO at a 3-Year Low:

screen-shot-2016-12-31-at-6-38-05-pm

33160 – Sunny Isles Beach, Eastern Shores & Golden Beach

Median Est. Home Value: $354K, Up 0.4%;  Median Est. Listing Price: $239K, Down 9.8%; Median Days in RPR: 145, Up 10.7%; Sales Volume: 87, Down –31.%

Click here to receive the 33160 Market Activity Report

Click here to receive the 33160 Neighborhood Report

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

Of Note – Median Listing Price continues to decline!

screen-shot-2016-12-31-at-6-45-23-pm

 It has been a wonderful holiday season and I hope all of you have been enjoying as well.  This is a time for both introspection and giving as we head into a brand new year.  For those who have emailed me in the past several months about NOT providing e

And, let me not forgot:  For those who have emailed me or commented otherwise, in the past several months, about NOT providing enough analysis or data; I have only this to say; “Bitch, PAY ME!”.  My service via this blog is both a hobby and, as I said…a service; which I perform at my leisure.  My vision and goal over 2017 is to expand the usefulness of this website to become a more encompassing resource for people to better get a feel for not only the real estate market, but the growing culture of the Miami Beaches Community.

My next blogs will happen in a series of 3-4 posts before Mid-January.  I wish you all a HAPPY NEW YEAR!

Cheers,

photo
Christopher J. Lazaro, MBA
Licensed Real Estate Broker at Metro International Investments
Direct  1-800-798-9192 Ext. 333         Phone  1-800-798-9192         Mobile  305-878-2288         Fax  305-521-8995         Email  chris@mii.miami         Website  http://www.mii.miami       
“Quality is never an accident; it is always the result of high intention, sincere effort, intelligent direction and skillful execution; it represents the wise choice of many alternatives.”