*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 – 1st Quarter 2018

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

I trust everyone is having an excellent (and HOT) Summer in Southeast Florida.  I am updating this blog with a half dozen drafts that have been lying dormant in my work queue as I have been otherwise occupied (forthcoming rant post in the works)First quarter this year (2018) saw a bounce in existing Condo Sales throughout the 5 zip codes of the Miami Beaches.  This was expected and it remains to be seen as to whether or not this is a “Dead Cat Bounce” (as they say in the stock market world), or if prices will continue to decline after a 3-4 month rise.  The single-family home market, THROUGHOUT Southeast Florida, remains very strong with a shortage of inventory (and reasonable pricing) constraining sales volume.  Nationally, housing starts began to decline significantly, and this is because National and Local Home Developers are antsy about both rising interest rates (and the Fed’s commitment to such) as well as their newfound (as of 2008-2010) conservatism towards first figuring out where they are in the macro-economic real estate cycle.  Even with a plethora of land lots already with sewer and water in many places (some dating back 1-3 decades and yet still unbuilt throughout the country), the builders are proceeding cautiously in their acquisition of both these “ancient” projects as well as virgin land for development.  No one wants to end up on the short end of a speculative stick.  This gives the appearance, at least here in SE Florida, of a “slowdown” in the housing market, but there is actually no such slowdown in my opinion.  The market is constrained.  Limited availability of affordable inventory is sidelining prospective buyers.  I believe the forthcoming mid-term elections will result in either, a new leg to the housing boom, or a recession; will it be the Capitalists or the Socialists who win the day?  We will see.

While the Miami Beaches continue to be a desired place to live, single-family housing remains out of reach for the majority of Americans; and with the value of the USD remaining where it is, it also remains out of the reach of international buyers; leaving condominium apartments are the only truly affordable vehicle to having an ownership presence in/on the Miami Beaches.

See the Miami Association of Realtors Market Focus Report here >>>>>  https://www.youtube.com/watch?v=841wF6LEgUE

The Miami Association of Realtors® is the largest Realtor Board in the United States of America consisting of more than 50,000 members.

Fact/Opinion: Miami is the Nation’s youngest MAJOR city.  Massive investment continues into necessary infrastructure for transportation, water management, waste management, cultural arts, schools, railways, roads, and ports.  If there was ever a place for an investor with a 10-year time horizon, Miami should certainly be on that short list.  

I do not publish commercial real estate data (I get paid for this), but I primarily work with small to large investors in the commercial real estate arena; my specialization is assemblages and re-zoning.  Contact me for my services in this regard.

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 Miami Beach, 33139 Market Activity Report

Click here to receive the Miami Beach, 33139 Neighborhood Report

For additional Real-Time Real Estate Market Reporting data, see the Miami Beach Market Report page.

 

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 Miami Beach, 33140 Market Activity Report

Click here to receive the Miami Beach, 33140 Neighborhood Report

For Real-Time Real Estate Market Reporting data, see the Miami Beach Market Report page.

  

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 Miami Beach, 33141 Market Activity Report

Click here to receive the Miami Beach, 33141 Neighborhood Report

For Real-Time Real Estate Market Reporting see the North Bay Village Market Report page.

Looking for a condo to rent or own?  See our Featured North Bay Village Condominiums.

Looking for a home?  See our Featured North Bay Village Homes for sale.

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 Miami Beach, 33154 Market Activity Report

Click here to receive the Miami Beach, 33154 Neighborhood Report

For Real-Time Real Estate Market Reporting see the Bal Harbour Market Report, the Bay Harbor Islands Market Report, or the  Surfside Market Report pages.

Looking for a condo to rent or own?  See our Featured Bal Harbour Condominiums, Surfside Condominiums, or Bay Harbor Island Condominiums.

Looking for a home?  See our Featured Bal Harbour Homes for sale, Surfside Homes for sale, or Bay Harbor Island Homes for sale.

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, 33160 Market Activity Report

Click here to receive the Sunny Isles Beach, 33160 Neighborhood Report

For Real-Time Real Estate Market Reporting see the Sunny Isles Beach Market Report page.

Looking for a condo to rent or own?  See our Featured Sunny Isles Beach Condominiums.

Looking for a home?  See our Featured Sunny Isles Beach Homes for Sale.

 

Coming this week:  I am releasing the 2nd quarter/first half of 2018 results for the Miami Beaches later this week as well as foreclosure data for Miami-Dade & Broward Counties.
About the Miami Beaches Market Pulse

The Miami Beaches Market Pulse is a quarterly market analysis by Christopher J. Lazaro, MBA & Licensed Real Estate Broker, featuring professional commentary, useful links, real estate market data & statistics, and downloadable Miami Beach real estate market reports & Miami Beach real estate 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 – 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.”

Happy New Year!

Happy New Year from BeachBroker.Miami!
Happy New Year from BeachBroker.Miami!

 

 

 

 

 

 

 

 

 

 

 

May all of you be blessed with Peace, Prosperity and the advantage of investing with good, actionable information in 2017!  It is and has been my privilege to serve the Public as a real estate agent & broker in Southeast Florida for 5 years; and hopefully, many more years to come!

Bright blessings upon you, your family and your loved ones!

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.”

The Miami Beaches Market Pulse – August 2016 vs August 2015

An afternoon on Miami Beach
An afternoon on Miami Beach

Welcome to another edition of the Miami Beaches Market Pulse!  This article covers August 2016 versus August 2015.  The Miami Beach Real Estate Markets have now been in a correction for at least 18 months and an equilibrium has not yet been established.  Listing Volumes are at or near 3 year highs and Sales Volumes (in so far as MLS is concerned) have been seeing a 2nd year of substantial declines.

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

33139 – South Beach

Median Est. Home Value: $392K, Down -1.3%; Median Est. Listing Price: $272K, Up 8.1%; Median Days in RPR: 130 Up 5.7%; Sales Volume: 44, Down –68.3%

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 near a 3 year high.

Estimated Home Values have begun to correct; as I have indicated earlier, the values have been increasing despite the correction beginning more than 1 year ago.  Median Listing Price has been up, but there are a large number of new and renovated units hitting the market, listing volume remains near a 3 year high, and in kind, transaction volume has plummeted.  In the basic course of economics, prices must go down for equilibrium to be established.  Transaction Volume will continue to fall barring more macro-economic considerations, such as a substantial fall in the Dollar, which would bring in another round of Foreign Direct Investment.

33140 – Mid-Beach

Median Est. Home Value: $527K,  Up 7.9%; Median Est. Listing Price: $475K, Up 20.3%; Median Days in RPR: 128, Up 1.6%; Sales Volume: 60, Down –34.1%

Click here to receive the 33140 Market Activity Report

Click here to receive the 33140 Neighborhood Report

MLS Sales Volume has ticked up and is approaching it’s 3 year average.  Listing Volume remains at a 3 year high.

This year in 33140, half of all transactions were over 600K!  Mid-Beach appears to have rebounded to a degree off of it’s lows.  It is still too early to tell if this is merely a bounce, or a greater change in trend.  Of note though, nearly 50% of all units sold were between 50-60 years old, which can possibly be attributed to entire building(s) being taken over by developers.  Despite the activity of the year, sales volume is still off by 34% August 2016 versus August 2015.

33141 – North Beach & North Bay Village

Median Est. Home Value: $266K, Down 0.5%; Median Est. Listing Price: $276K, Up 20%; Median Days in RPR: 116, Up 6.4%; Sales Volume: 23, Down –75%

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, possibly an all-time low.  Listing Volume is at a 3 year high.

North Beach & North Beach Village continues to be the laggard among the 5 zip codes of the Miami Beaches; and in my opinion, this makes it a great buy and is very likely going to see the greatest improvement in the next real estate boom.  Nearly half of all transactions in the past year have been in the 200-300K range, making it by far the most accessible location from a financial perspective for the average income.  Given it’s extraordinary location and ongoing development, I think, of all the zip codes, this is the place to find opportunities and Buy, Buy, Buy!

Furthermore, this area is displaying great chart & number characteristics pertinent to the subject of economics.  As listing volume remains flat at a 3-year high and sales volume plummets, the median listing price has finally begun to correct in kind.  I expect this trend to continue, minimally, perhaps bottoming out between 225K and 250K, telling me that we are at or near a Buy point.

33154 – Bal Harbour & Bay Harbor Islands

Median Est. Home Value: $682K, Up 8.4%; Median Est. Listing Price: $535K, Up 27.5%; Median Days in RPR: 130, Down –3.7%; Sales Volume: 12, Down –70.7%

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, possibly near an all-time low.  Listing Volume is at a 3 year high.

The vast majority of sales over the past year have been under 600K.  However, Bal Harbour and Bay Harbor Islands have seen substantial sales in pre-construction & new construction as it is one of the wealthiest zip codes in the United States and therefore is one of the most desirable places to live.  Median listing price corrected from near 600K to 525K over the past 3 months and while we continue to be in a market correction, Bal Harbour & the Bay Harbor Islands will weather the storm far better than any of the other zip codes of the Miami Beaches.  They are few and far between in this area, but focus on distressed asset purchases in this area if you are looking to build in some cushion to your investment.  Now is definitely not a market where you should feel incentivized to over pay.

33160 – Sunny Isles Beach, Eastern Shores & Golden Beach

Median Est. Home Value: $360K, Up 1.1%;  Median Est. Listing Price: $330K, Up 31.5%; Median Days in RPR: 144, Up –15.2%; Sales Volume: 26, Down –84.1%

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.

There is a great deal of uncertainty in both the microeconomic and macroeconomic environment due to the forthcoming Presidential Election, and, people are beginning to wake up to the fact that the past 8 years of fiscal & monetary policies have created yet another asset bubble.  We stand between a couple of very likely alternatives, as the Federal Reserve is basically out of bullets.  There are three possibilities – either we will see massive inflation/hyperinflation, deflation on a scale that is unprecedented, or a volatile mix of both.  Keep in mind that the Miami Beaches are amongst the MOST desirable places in the world to live; so even if the Dollar tanks/is-devalued, we have the privy of very probably influx of Foreign Direct Investment; and this could cushion if not buoy the local beach markets.

As I indicated in my prior article, if you were planning to sell within the next 3 years; Sell Now! You, the Owner/Seller, have control of the contract you sign with your Broker.  Keep the term short (3-6 months) and ensure you can withdraw the listing with minimal notice (2 weeks to 1 month).  Be sure to get 2nd and even 3rd opinions from reputable Brokers regarding your property’s value.  Don’t be bullshitted by Brokers who simply will tell you what you want to hear for your listing!!!

Visit my MLS Website and Request Your Free Broker Price Opinion of Your Property!

Cheers,

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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 – July 2016 vs July 2015

South Point & The Miami Beaches
South Point & The Miami Beaches

July was a lackluster month in terms of sales volume versus the same time period in 2015 as we saw marginal gains in listing volumes across all 5 zip codes.  I spent much of the Summer consumed with commercial real estate transactions and short sales of residential real estate throughout the Miami-Dade, Broward and Palm Beach Counties.   Via more than one analysis tool, the market is currently a BUYERS MARKET.   Listing Volume continues to increase while Sales Volume continues to decrease.  From basic observation, I am seeing what is likely a record number of price reductions in progress throughout the beaches.  We continue to remain in a market correction. In this issue and in August’s issue I am going to be brief with my commentary, as September’s issue will have a year-to-date 3rd quarter analysis & wrap-up as well as commentary regarding both the retail residential market and the residential distressed market.

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

33139 – South Beach

Median Est. Home Value: $394K, Down -0.5%; Median Est. Listing Price: $269K, Up 5.5%; Median Days in RPR: 119 Up 1.7%; Sales Volume: 61, Down –64.9%

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

Median Est. Home Value: $496K,  Up 2.4%; Median Est. Listing Price: $465K, Up 19.3%; Median Days in RPR: 119, Down –4.8%; Sales Volume: 33, Down –62.9%

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

Median Est. Home Value: $262K, Down 1.5%; Median Est. Listing Price: $260K, Up 15.6%; Median Days in RPR: 108, Up 1.9%; Sales Volume: 33, Down –73.2%

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.

33154 – Bal Harbour & Bay Harbor Islands

Median Est. Home Value: $682K, Up 10.8%; Median Est. Listing Price: $505K, Up 15%; Median Days in RPR: 133, Up 0.8%; Sales Volume: 17, Down –82.5%

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.

33160 – Sunny Isles Beach, Eastern Shores & Golden Beach

Median Est. Home Value: $352K, Up 0.7%;  Median Est. Listing Price: $325K, Up 25%; Median Days in RPR: 125, Up –10.6%; Sales Volume: 89, Down –42.2%

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.

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.”