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.”

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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.”

BeachBroker.MIAMI Update

Christopher J. Lazaro
An evening in NYC at Ink 48 rooftop bar/lounge.

It has certainly been an interesting 20 days in the world of business!  After my last post, our brokerage absorbed nearly 70 short sale listings from an agent who rejoined my firm after a two year stint going it alone and making it on her own (I am very proud of her!).  In the midst of this activity, and in addition to the usual order & chaos of my own residential & commercial real estate brokerage endeavors, I took a trip to NYC over the coldest weekend on record (-24 degrees F on the night of Saturday the 13th, Feb 2016!!!) to meet with new and existing business associates in the commercial real estate arena.

It is important, I think, to recognize the importance of meeting people in-person.  I have found the Internet has made it difficult, at best, to differentiate a real business player from a fraud; and not not mention there is a big difference from being nothing more than words in an email and/or a voice on the phone than being (to another person) a living, breathing, in-the-flesh businessman who has gone out of his way (leaving the warmth of Miami for the cold of NY; not to mention the expense of NY lol) to meet you, shake your hand and sit down with you over a meal to discuss not just business, but life, liberty and the pursuit of happiness.

I am happy to say that my business trip was quite an extraordinary experience, and with some people perhaps long overdue.  It pleases me to have had the good fortune to have been able to take the trip and establish what I believe will be long term friendships and business relationships.

Metro International Investments - http://MII.MIAMI
Metro International Investments
http://MII.MIAMI

In tandem with my business trip, work continued on our official brokerage website for Metro International Investments, http://MII.Miami.  My graphic designer, Lorena, created and finalized a fantastic logo (both a square and a rectangle), that I am happy to share with my readers today.  The website itself is up, but still subject to more customizations as we diligently work towards having it clearly convey our message to our target market; the Commercial Real Estate Investor.

The residential real estate aspect of the business is handled mainly by myself and my team of agents.  Our residential real estate MLS website can be found at http://REBroker.Miami.  I am putting my agent’s profiles together now and the site, like most healthy websites, continue to be works-in-progress.  Any and all feedback from customers and industry professionals is welcome!

REBroker.MIAMI is a residential real estate search site for property & rentals!
REBroker.MIAMI is a residential real estate search site for property & rentals!

Additional blog entries can be found (and will be found) on each of these sites as both time and subject matter permits.  I am a strong believer in educating my customers and sharing my experiences so as to empower them to make the best possible decisions for their unique set of needs, wants and goals.

 

BeachBroker.MIAMI
The Broker for the Miami Beaches

 

 

I publish market analysis and other information of interest, mainly regarding the Miami Beaches, at http://BeachBroker.Miami (special thanks to Lorena for the new BeachBroker.Miami logo as well!).  This too is a growing work-in-progress and at some point I believe I will be enlisting the aid of some motivated and talented writers with similar goals to mine.  Until then I remain the sole author of this informational blog and enjoy writing articles for it.  Following the publication of this article will be the next edition of The Miami Beaches Market Pulse – January 2016 versus January 2015; and The Most Expensive Listings of February 2016 on the Miami Beaches.  In fact, I already have an initial draft of February 2016 versus February 2015 in draft and expect to have it out by mid-month.  Beyond the planned publications, I have plans to make accessible other resources to the Miami Beaches that are invaluable.  I will announce each of them as I deploy them.

Well, it is time to complete my latest edition of the Market Pulse; and so I will conclude here and endeavor to get my latest market update published for the coming business week.

Thank you for your readership!  Please contact me with any suggestions, commentary or questions you may have!

Cheers,

Miami Realtor, Miami Real Estate Professional
Christopher Lazaro, MBA & Licensed Real Estate Broker.  International Realtor® of Miami