*Updated* – The Miami Beaches Market Pulse – 2nd Quarter 2018

Sunrise on Miami Beach
Sunrise on Miami Beach

UPDATED:  Once again my brokerage business and other commitments including working on a NEW version of this blog site have taken substantial priority over my ability to publish the reports in as timely a manner as I would prefer.  As many of you may know, for the last several years my brokerage has maintained a substantial listing portfolio of distressed assets (short sales) throughout Southeast Florida.  What I have observed, in a nutshell, is that it is far more difficult to receive extensions and forestallments from the court, lenders are not as amicable as they once were in their negotiations (even when confronted with an independent general contractor report demonstrating substantial damages to a home they are looking to fetch a retail price for), and a substantial amount of resistance to closing from Sellers who are hopeful the recent upturn in the economy will somehow benefit and save them from having to sell their home and move; my response to the latter is to move on to a new place and start a new chapter in their lives with a property they can afford and do not have a long history of defaulting on.

Below are the usual reports by zip code and each is a snapshot in time as of the beginning of July 2018.  I would also encourage my readers to review the Market Focus report from the Miami Association of Realtors® by clicking here.

To see REAL-TIME Market Reports on most Southeast Florida cities, check out REBroker.Miami’s Market Reports by City.

This re-post is an update to the blog.  I pulled the 3rd Quarter Reports and will be writing my assessment of the data over the coming week.  I am looking forward to completing the newest version of BeachBroker.Miami (some new logo ideas too 😉 ) and launching it for the New Year.

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

33139 – South Beach & The Venetian Islands

Looking north from South Point, Miami Beach 33139
Looking north from South Point, Miami Beach 33139

 

Click here to receive the South Beach Market Report.

Click here to receive the South Beach Neighborhood Report.

 

Sales volume was up nearly 10% year over year with nearly all other data unchanged.  We continue to be in a Buyer’s Market for condominiums and we have transitioned to a Balanced Market from a Seller’s Market in single family homes.

After multi-year declines, it appears 2017 has seen an inflection point occur and Median Sales Price, Sales Volume and Listing Volume have normalized within medium to long-term ranges on the charts.

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

Mid-Beach & North Beach, Miami Beach FL
Mid-Beach & North Beach, Miami Beach FL

 

Click here to receive the Mid-Beach Market Report.

Click here to receive the Mid-Beach Neighborhood Report.

 

Listing Volume continues to flirt with 3-year highs and Sales Volume continues to be rangebound after bottoming in last quarter of 2017.  Median Sales Prices for listed properties hover at just over $1 Million, however, overall Median Sales Prices per Public Records (a much greater data sample) is at $500,000.  Newer and renovated properties are listing and selling for considerably more than their older and less updated equivalents.  This is evident when you look at the distribution of the Age Range of Homes Sold in the Neighborhood Report.

 

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

An oasis of neighborhood living in the center of North Biscayne Bay.
An oasis of neighborhood living in the center of North Biscayne Bay.

 

Click here to receive the North Beach Market Report.

Click here to receive the North Beach Neighborhood Report.

Median Home Values dropped 7.7% year over year as both Median Sales Price and Median Listing Prices also traded to the bottom of their 3-year ranges.  Upon a preliminary analysis, it appears a gentrification is in the process as much older properties are being purchased with either the intent of redevelopment or renovation.  I still stand by my position of the past several years that North Bay Village, specifically, offers one of the greatest values for your money when you consider location, community, and long-term investment outlook.

 

33154 – Bal Harbour, Surfside & Bay Harbor Islands

Facing Southwest at Bal Harbour from the over Atlantic Ocean
Facing Southwest at Bal Harbour from the over the Atlantic Ocean

 

Click here to receive the Bal Harbour Market Report.

Click here to receive the Bal Harbour Neighborhood Report.

Listing Volume in Bal Harbour and the 33154 zip code continues to push new highs on the 3-chart as Median Sales Volume and Median Sales Price remain flatlined/rangebound for more than a year (circa 50 Listings and 900K respectively).  Average Time on the market is up over 10% vs the same time period last year while Sales Volume is down 31% compared to the same time period.  The condominium market is weighing heavily on this area as Buyers have pulled back from extraordinary valuations that I cannot see continuing as we head further into a rising interest rate market and a market-wide preference for single-family homes over condominiums.

33160 – Sunny Isles Beach, Eastern Shores & Golden Beach

Facing South along the coast of Sunny Isles Beach, Florida's Riviera
Facing South along the coast of Sunny Isles Beach, Florida’s Riviera

 

Click here to receive the Sunny Isles Beach Market Report.

Click here to receive the Sunny Isles Beach Neighborhood Report.

 

The Sunny Isles Beach market is percolating with Median List Prices at 3-year highs, Listing Volume at a 3-year High and Sales Volume at the top of its 2-year rangebound channel; however, this is not without consequence; Sales Volume year over year has plunged 15% year over year with average time on the market up nearly 10%.  This is a heavily condominium laden market and Buyers have begun to pull back again as Sellers of existing condominiums pushed prices up to take advantage of the past year’s bounce in existing condo sales; a bounce that I largely attributed to a more robust economy with bargain seekers, averse to purchasing new construction at ridiculously inflated prices, sought to take advantage of the near 4-year slide in existing condo sales and prices.  As interest rates rise I expect to see a further multi-year decline in both price and sales volume.

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 – September 2017

Hurricane Irma
Hurricane Irma – September 2017

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

Hurricane Irma Strikes!

In prior posts I mentioned noted the long lag between this year and the last hurricane, Hurricane Wilma, we experienced in October of 2005, and that a huge number of people had moved to Southeast Florida who had not previously ever witnessed one of these beasts.  While Miami-Dade & Broward Counties suffered minimal damage, it was nearly 4 weeks before power was restored to all residences and traffic could resume normal patterns.  It will be interesting to see if Hurricane Irma results in a spike in listing volume (or not) as I believed it would.  Fortunately, Miami-Dade did not take a direct hit with this Category 4 Hurricane, at the same time, I was personally witnessing the wrath of this storm’s wind field here in Sunny Isles Beach which was both substantial, and documented with video via my Instagram and Facebook feeds.

The hurricane has most certainly affected sales data so the blips in the trends cannot be fully relied on at this time.  With the “knowing” of the oncoming storm, the resulting mass evacutation, and the effects of several days of being in the storm’s enormous wind field combined with the effects of the aftermath (power outages, blocked roads & cleanup), there is no real telling what September’s data “should have / could have been”.  Rather than make a lot of commentary on September’s data, I am simply going to publish the reports and eliminate the commentary on Sales Volume versus Listing Volume for this month.  Due to delayed reporting, as well, August’s numbers may not be as accurate as we hope and I have gone back to clarify that and adjust the report accordingly (numbers for MLS are due from Realtors by the 15th of the following month to be reported on).  Other than having commented on the Hurricane and it’s potential impact on people wanting to live here or remain living here, there is really nothing else to discuss for the month of September 2017.

See the Miami Association of Realtors® Market Focus Report for September 2017 here.

They did a great job of summarizing the issues caused by Hurricane Irma with respect to the numbers.  The expectation is for trends to resume (or so they say).  Over the following few months it will become more evident as to what, if any, impact the storm has had on the real estate markets of the Miami Beaches and Southeast Florida in general.

33139 – South Beach & The Venetian Islands

Click here to receive the 33139 Market Activity Report

Click here to receive the 33139 Neighborhood Report

** In the wake of the hurricane, no commentary will be given this month **

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

** In the wake of the hurricane, no commentary will be given this month **

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

  ** In the wake of the hurricane, no commentary will be given this month **

33154 – Bal Harbour, Surfside & Bay Harbor Islands

Click here to receive the 33154 Market Activity Report

Click here to receive the 33154 Neighborhood Report

  ** In the wake of the hurricane, no commentary will be given this month **

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

 ** In the wake of the hurricane, no commentary will be given this month **

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).

The Miami Beaches Market Pulse – August 2017 (Updated)

My MLS Website: http://REBroker.Miami is New & Improved!
My MLS Website: http://REBroker.Miami is New & Improved!

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

NOTE:  The data for the month of August may be SKEWED due to the impacts of Hurricane Irma.  Typically, numbers are due to be inputted into MLS by Realtors by the 15th of the following month.  Given that power was not restored until well after the 15th (they say the 19th, but I do not believe that is true),  This report and the September report may not reflect the true state of the market in terms of both listing volume and sales volume.

See the Miami Association of Realtors® Market Focus Report video for August 2017 here.

Due to the impacts of the Hurricane, I am withholding commentary (and have removed some previously written commentary) for the Months of August & September 2017.  The October report will be a full report as I typically publish and I will be sure to note any spikes in listing volume etc, perhaps due to the hurricane.  I am also keeping an eye out for surveys of homeowners, as I am interested in knowing what the aggregate general public’s reaction(s) and feeling(s) is/are regarding the hurricane and it’s aftermath.

I have attached the reports.  These may or may not have been affected by the hurricane, but I prefer to be sure about what I am looking at.  Much of the data is relevant of course, what is and has been listed and sales that did occur, and were documented, are properly recorded.

33139 – South Beach & The Venetian Islands

Click here to receive the 33139 Market Activity Report

Click here to receive the 33139 Neighborhood Report

 

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

 

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

33154 – Bal Harbour, Surfside & Bay Harbor Islands

Click here to receive the 33154 Market Activity Report

Click here to receive the 33154 Market Activity Report

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

 

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).

The Miami Beaches Market Pulse – July 2017 Results (Updated)

Christopher J. Lazaro, MBA & Licensed Real Estate Broker
Visit my NEW MLS Website at http://REBroker.Miami!

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

I am catching up my blog with July—->October’s results this week into next and apologize for the delay.  I was seriously injured and after a lot of suffering, jumping through Medical Insurance hoops while also navigating a personal injury suit, I had spinal surgery at the end of September and have since been recovering from that surgery.  I am happy to say that I am recovering well, and I am getting back to business.

During the past several months, at least within my brokerage, have been selling like hot cakes.  After an abysmal June in the Miami Beaches condo market, virtually any tick higher in sales can be considered an improvement; although I am still of the position that specifically the luxury & ultra-luxury market will become further depressed until the US Dollar falls further and/or we see some certainty going forward in our immigration policies, specifically those related to the EB-5 Visa, a popular conduit for Foreign Direct Investment into this country.   Overall, in Miami-Dade County, the market saw a substantial improvement versus June.  I know many customers are sitting on their hands until “December 8th, 2017”, at which time President Trump is to make an important decision regarding the EB-5 Visa Program.

Single Family Homes are HOT!  It is a Seller’s Market.  Condominiums are in a Buyer’s Market (not so hot).

See the Miami Association of Realtors® Market Focus Report for July 2017 for Miami-Dade County

I have also made another decision.  At the end of this year, the Miami Beaches Market Pulse will become quarterly (Starting in 2018).  Recent changes in the reporting tools now allow me to go back three months.  By doing so it will free me up for blogging on other subjects and be featuring a greater array of content on BeachBroker.Miami, as well as my new MLS Website, the Metro International Investments company site, and my personal MLS website, REBroker.Miami

Onto the data!

33139 – South Beach & The Venetian Islands

Click here to receive the 33139 Market Activity Report

Click here to receive the 33139 Neighborhood Report

Sales rebounded in 33139 substantially after June’s abysmal, single & low double-digit results but still remain down by over 30% versus the same time period in 2016.  A substantial number of listings expired, a large number of homes have had foreclosure filings placed against them in the past few months, and closed sales seem nicely grouped in the high sub-one million dollar range. Median Estimated Home values have dropped by 5% year over year.

MLS Sales Volume is near a 3 year low.  Listing Volume is near a 3-year low.

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

This is a similar but worse report when compared to 33139.  Home values dropped by 4.2% and sales volume is down nearly 80% when compared to the same time period last year.  Listings are on the market for 5% longer than they were last year, meaning it now takes an average of 134 days, nearly 5 months to sell your house in 33140.

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

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

Sales Volume is down over 40% versus the same time period in 2016.  I have said this numerous times, I believe there is an excellent opportunity to affordably own in the Miami Beaches in this zip code.  I am a big fan of the area and believe it may be nearing a time when values begin making, what I expect will be, a long advance forward.

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

33154 – Bal Harbour, Surfside & Bay Harbor Islands

Click here to receive the 33154 Market Activity Report

Click here to receive the 33154 Neighborhood Report

Sales Volume plunged 40% versus the same time period last year, but July’s numbers were a considerable improvement over June’s.

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

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

Sales Volume is down 44% versus the same time period last year, but nonetheless, it is a drastic improvement over June 2017’s results.  Listing Volume hovers near a 3-year high (actually, it is near a 6-year high) and while I live in Sunny Isles, and I love Sunny Isles, the drastic overbuilding of this area continues.  Aurora will begin construction soon enough, and expect at least another 2-3 years of right lane closures on the northbound side of A1A; and, now we will have them as well on the southbound side.

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

 

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).

The Miami Beaches Market Pulse – June 2017 Results

Christopher J. Lazaro, MBA & Licensed Real Estate Broker
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).

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.