Miami Real Estate Update Belle Meade & Bayside Historic District
Market Update: VIDEO – MARKET UPDATE: Miami Real Estate Update Belle Meade & Bayside Historic District
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Hi, my name is Ognjen Prezzi with the Prezzis in Miami City Diggs. And today I’m going to do a market report, market update, for two areas, Bayside Historic District, and Belle Meade. I chose these two areas because they are literally next to each other. The location is excellent. They have the same zip code as Miami Shores, 33138.
A lot of times people they’re looking to buy something in Miami Shores, they have a tendency to look here as well. Also the location is excellent. You’re literally short drive to Downtown and also to Miami Beach. So a lot of people, always consider this and they love there, people especially they live there. So let’s talk about activity, let’s talk about what’s happening there. What kind of movement we see there.
Right now we have 53 properties there currently on the market. Now we talk about houses, so 53 homes. Five new homes came on the market in last 30 days. Four properties right now, they’re under contract, which means these properties they receive a contract. They’re just waiting for the contingencies to be cleared and finally sold. Now right now we don’t know how much they’re gonna sell for because we don’t know the number when that finally is, when they’re finally sold.
So in the past six months, there were 17 houses that sold. Now I always use a six months period because this is what the banks will use as well. They take this period of time, when the appraisers find their comps and they base the comps based on this period of time. Also this is the best indication what’s happening in the market right now, the six months period. This activity’s a little bit less, well little bit less, 29% less than exactly the year before.
This can change all the time, depends on how many properties go into contract, how fast they sell. Now the highest sale, the highest sale in this area, actually there was land, it was actually the Bayside located at 1000 Northeast 72nd Street. At this level it was 36,000 square, I mean 36,000 square foot lot. That’s a big, big lot, waterfront completely. It sold for four million. That was actually a really good sale, actually and the other house.
Now we have a house that sold in Belle Meade, 765 Northeast 77th Street, it sold for 3.55 million. Now this property 5000 square foot property, brand new construction, six bedrooms, seven bathrooms, waterfront, I mean, it was just a spectacular property. So they sold basically in June and July. This was the highest sale in this area. Now let’s talk about total months of inventory. If you’re a buyer, if you’re a seller you should know how long approximately would it take for all these properties to be sold in this area in this specific amount of time.
If nothing else comes on the market. So five to seven months, we talk about a balanced inventory or balanced market. Five months or less we talk about a seller’s market. Seven months and up we are talking about a buyer’s market. Right now in this area, we’re talking about 12 months of inventory. So we’re about a year. We are in a buyer’s market, overall. Now I’m going to break it down by different price points, and we’ll see what’s happening.
Two million dollars and up we have 18 months of inventory, one million dollars to two million dollars, 18 months of inventory again. Now look at this, look at this, $700,000 dollars to one million dollars, 20 months of inventory. So it goes up, obviously we haven’t seen that many crazy amount of sales, but we are seeing more inventory at this price point. $600,000 dollars to $700,000 dollars we’re not seeing so many sales right now so it’s higher amount inventory, probably it’s over 20 months right now.
I’ll tell you why. Now let’s look at this, $500,000 dollars to $600,000 dollars, right now we’re talking about seven months of inventory. So that’s like a balanced market. It dropped down really fast and obviously everything under $500,000 dollars or less, the properties, they come and they go off the market, typically these sometimes properties that may need some, you know some fixing up. They may need like a little love to make them what they should be.
Now again what I mentioned before, a lot of times this area could be a little more expensive compared maybe to Miami Shores, which I said 33138 the same zip code. Sometimes people have a tendency when they don’t find what they’re looking for here for this type of property they go to Miami Shores and they may find like a little bit bigger property or at least they may feel like they find a better property. So if you’re a seller, definitely look at these numbers.
Look at this inventory, monthly inventory, what does it take for you to sell the property in a certain amount of time? Well at least what are your expectations? Which means you have to price it correctly. It doesn’t matter which price point, pricing correctly in the right amount of market and always to show the property, be able to show your property real easily, and you should be able to sell the property at some point, clearly. Now if you’re a buyer, if you look at these price points, good for you.
Definitely more inventory, and you should be able to have more negotiating power in this area. So if you have any questions, if you have any questions about this area, Belle Meade, Bayside, just let me know, or any other areas, Miami Shores, we can go to Miami Beach.
I’ll do this number weekly basis and you can let me know if you have any particular questions about any, the street, the area, let me know. If you like what we’re doing every week, send us love, make a comment, we always here to give you more information to empower you to make a better decision when you’re ready to buy or sell. My number is 305-439-7511.
Thank you so much for tuning in and have a great day.