by Jamey on January 26, 2010
Last week I was showing properties off of Collins Avenue. One of the buildings that I showed and love is MEI. MEI is a high end luxury condo located at 5875 Collins Avenue. One of the units that my client loved was on the 01 line, a corner two bedroom unit that features an expansive corner balcony facing north and east.
SEE MEI UNITS FOR SALE
SEE MEI UNITS FOR RENT
by Jamey on November 18, 2009
According to the MLS, over the last six months in Miami Beach there were 106 single family homes sold in Miami Beach. The image below notes where some of these sales occurred. If you were to drive around Miami Beach on the “popular streets” you may not even realize that we have pretty spectacular neighborhoods tucked away in seclusion and off the beaten path.
One key issue to know is that if you are looking into purchasing a Miami Beach home, although the prices have come down from previous markets; if you are expecting modern updates, they may not be as inexpensive as what you may think. (At least this is the feedback from a few of my current buyers).
***Just going by varied price points that my buyers give me…
- Out of these 106 homes that sold over the last six months, 20 sold for $400,000 or less. 9 were REOS and 4 were short sales
- In the $500 to 800,000 price point 29 sold. 9 were REOS and 3 were short sales
One property that sold that was not a short sale or REO was a Biscayne Point Island home. It was a 4 bedroom/ 2 bath, 2865 square foot home located on Daytonia Road. It was an Estate Sale property, listed at $1.193 million and sold for $800,000. In relation to Collins Avenue (the road that goes north and south up and down Miami Beach close to the ocean, it’s directly across from about 79th street).
Map view of home that sold on Daytonia in Miami Beach.
Pictures of property: It was a 1953 year old home and sold as-is
- In the $800,000 plus price point there were 47 sales. 2 were REOS and 2 were short sales
One property that sold was a massive Pine Tree Drive property. The last listing price was at $9.5 million and it sold for $8 million. It has 8 bedrooms/ 10.5 bathroom and 11,638 square feet.
Specifically speaking to waterfront single family homes in Miami Beach, if you are looking for the best deals, based on what has closed over the last six months if you want to spend no more than $600,000 it looks like the area from 77th street to 85th street on the Biscayne Bay side of Miami Beach (also known as Biscayne Point Island/ Stillwater area) may have some of the best closing prices. 10 sold that were listed at $600,000 or less. (& then again 33 sold that were $601,000 plus).
See map below of this area:
Market Analysis Report: Sold Miami Beach Waterfront Properties that sold over last six months listed at $600,000 or less.
| Property Type: Single Family (RE1) |
Status: Closed Sale |
Number of Properties: 10 |
|
|
Beds |
Baths |
SqFt |
Listing Price |
Selling Price |
SP/SqFt |
DOM |
| High |
5 |
3 |
3,260 |
$845,000 |
$580,000 |
$326 |
257 |
| Low |
2 |
2 |
1,470 |
$184 |
$433,000 |
63.91% |
4 |
| Average |
3.7 |
2.6 |
2,187.8 |
$584,810 |
$511,158 |
$243 |
124 |
| Median |
4 |
3 |
2,090.5 |
$579,950 |
$517,350 |
92.38% |
126 |
|
The compilation of listing and market data information is provided by the REALTORS Association of Greater Miami and the Beaches. All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties are subject to prior sale or rental.
I do my best to double check for accuracy, however I am human and errors can occur. Please contact me if you find something that doesn’t look correct and I will be happy to look into it and correct if necessary.
by Jamey on April 10, 2009
Last week someone wrote in and asked me about the rental rates over the last five years in the Miami Beach Historic Districts. It’s an interesting question and definitely made me think a little bit and do a little work for this post. From memory, I don’t think I have ever had a rental customer request specifically to live in a “historic district”, rather the concerns usually fall into the categories from most important to least important: budget, location, interior unit/exterior building, parking, & amenities.
What are the historic districts in Miami Beach?
According to the Miami Design Preservation League, the Historic Districts starting from the North part of Miami Beach to the South include: Altos Del Mar, Harding Town site/South Altos Del Mar, North Beach Resort, Flamingo Waterway, Collins Waterfront, Museum, Palm View, Ocean Drive/Collins Avenue, Espanola Way, Flamingo Park and Ocean Beach. If you want to preview a map of the Miami Beach Historic Districts click here.
Have the rental rates gone up or down over the past five years in the Miami Beach Historic Districts?
Although I would love to put together a result list based specifically on your question there are a couple of issues with compiling these results. (1) In order to pull the most accurate numbers, it would be best to do a map search based on the actual Miami Beach historic district map boundaries, however the lines within this map are so tight that I am not able to accurately draw that specific within my MLS database map. (2) There are 11 different areas which would be a huge search to compile individually going five years back. (3) The data past 2006 is not so great. (4) I would focus on just one area of the 11 historic districts and do the results going back to 2006 but I think if I do that it would not be an accurate picture of the overall rental activity because there could be one luxury building or not so luxury building in that area that could skew the numbers. (5) Unfortunately the way in which the data is entered into our database also skews the numbers. Some agents enter the closing sales price as the gross yearly rent, others enter the monthly rent. Huge difference. When there were only 2000 results, I could sift through those numbers but when it got up to over 3200 like in 2008, not so possible.
Taking all of this into consideration, I am going to do all of Miami Beach as well as restrict the listing price (rental price per month) to a minimum of $1000 and sales price (rental price per month) to a maximum of $8000. It’s not going to be as accurate as I would like but the averages should give you a better general overview. It’s really better to be more building specific rather than area specific because that’s where the good data lies, inside the individual building’s rental comps.
If in fact you are interested in a very specific Miami Beach condo building, let me know and I will do a more detailed building search for you and provide results in that fashion.
In 2006 there were 2061 units rented on Miami Beach.
(provided for the comps below: 1768)
Miami Beach Real Estate Market Analysis Report:
2006 MIAMI BEACH AVERAGE RENTAL PRICES
|
|
| |
Total Units |
Total SqFt |
Listing Price |
Selling Price |
SP/SqFt |
DOM |
| 0 |
283,242 |
$9,250 |
$8,000 |
$9 |
904 |
| 0 |
310 |
$1,000 |
$1,000 |
$0 |
0 |
| 0 |
1,266.97 |
$2,126 |
$2,045 |
$2 |
69.91 |
| 0 |
910 |
$1,700 |
$1,650 |
$2 |
47 |
|
In 2007 there were 2708 units rented on Miami Beach.
(provided for the comps below: 2317)
Miami Beach Real Estate Market Analysis Report:
2007 MIAMI BEACH AVERAGE RENTAL PRICES
|
|
| |
Total Units |
Total SqFt |
Listing Price |
Selling Price |
SP/SqFt |
DOM |
| 0 |
564,364 |
$11,000 |
$8,000 |
$8 |
1,132 |
| 0 |
235 |
$1,000 |
$0 |
$1,000 |
0 |
| 0 |
1,731.32 |
$2,152 |
$2,051 |
$2 |
78.85 |
| 0 |
890 |
$1,700 |
$1,600 |
$2 |
54 |
|
In 2008 there were 3289 units rented on Miami Beach.
(provided for the comps below: 2619)
Miami Beach Real Estate Market Analysis Report:
2008 MIAMI BEACH AVERAGE RENTAL PRICES
|
|
| |
Total Units |
Total SqFt |
Listing Price |
Selling Price |
SP/SqFt |
DOM |
| 0 |
30,085 |
$10,000 |
$8,000 |
$9 |
1,012 |
| 0 |
300 |
$1,000 |
$1,000 |
$0 |
0 |
| 0 |
1,095.46 |
$2,158 |
$2,045 |
$2 |
80.16 |
| 0 |
921 |
$1,650 |
$1,600 |
$2 |
61 |
|
Although I know that the prices on Miami Beach for rentals have held more than in other areas, I was kind of shocked at how consistent the averages were year to year. So I thought I made a mistake. I went back and took out the dollar amount minimums and maximums, although the average prices were a little higher (because of agents entering in the gross yearly totals), it was still fairly consistent from 2006 to 2008.
If you look at the average selling prices (rental prices per month) over the last three years it is pretty impressive because it demonstrates how strong the Miami Beach Rental market is holding. It’s also interesting because based on my current data, I have been telling my property owners that when price, condition and location are correct, on average it takes about 2 to 3 months to rent out a unit. These graphs show that this statement has been true for about the past three years.
I think this is a good “overall” view but let’s be honest, I bet if I were to be a little more building specific the numbers would be a little more reflective of our overall market. With that said Miami Beach is still a very in demand place to live.
UPDATE: It’s also important to know that in Miami Beach there are some very expensive rentals so these definitely keep the averages up.
The compilation of listing and market data information is provided by the REALTORS Association of Greater Miami and the Beaches. All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties are subject to prior sale or rental.
I do my best to double check for accuracy, however I am human and errors can occur. Please contact me if you find something that doesn’t look correct and I will be happy to look into it and correct if necessary.
