All weekend I was out showing homes in Miami Beach. Many of my typical condo buyers have switched/expanded from Miami Beach condos to Miami Beach Single Family Homes. Why? Because of the financing restrictions on condo buildings. That’s not to say all buildings have these restrictions for lending, there are conventional loans closing on the beach but many of my buyers are concerned that they are going to miss a good buying opportunity so they have expanded their criteria to single family homes too. It’s a good thing, there are some great values out there. A lot of people think that they cannot afford to purchase a home on the beach but honestly there are price points for everyone, so do what my clients do; a little research and see if it makes sense for you.
Miami Beach Single Family Home Real Estate Market Data
- There are 433 active Single Family Homes on Miami Beach. 8 are bank owned properties and 45 are short sales.
- There are currently 51 sales pending.
- Over the last six months there were 85 homes sold in Miami Beach. The most expensive property that sold was a seven bedroom property on Star Island for $16 million; while one of the least expensive properties was a corporate owned three bedroom/2 bath foreclosure and it sold for $94,500.
- In the 33139 area of Miami Beach there are 104 (of the 433) Single Family Homes listed. The average listing price is $4.1 million, but don’t let the numbers sway you away because there are 13 properties listed below $1 million and one is even listed at $449,000 (a little 2/2 bungalow by The Standard on Belle Island).
- In 33139 there were 15 Single Family Homes that sold over the last six months. An interesting property that sold (but I cannot blog directly about the address because of MLS blogging regulations) was a 3 bedroom/2 bath 1764 square foot REO. It was listed at $293,000 and sold for $380,000. It closed with cash.
What Miami Beach Neighborhoods had a lot of sales of Single Family Homes over the last six months?
Biscayne Point had 9 closed sales over the last 6 months. These single family homes closed from $225,000 to $2.45 million.
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