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TRENDS BISCAYNE POINT I MID BEACH

2013

M I D -Y E A R

UPDATE


M I D -Y E A R U P DAT E

2013

And the Beat goes on The beat goes on as the Miami real estate market continues to be on the upswing. Inventory continues to drop and the number of sales continue to increase, resulting in price increases. The shadow inventory finally came onto the market in the first six months of 2013, with an increase in inventory of 30% over the same six months in 2012. These foreclosures primarily impact the under $300,000 market segment. Short sales moved in the opposite direction, with a dramatic 77% reduction in inventory. Overall, these distressed properties only represent 16% of what is available for sale. New construction is coming on line with new projects being introduced each month, but the question remains: will there be enough resale inventory to keep pace with the demand? In the meantime, expect prices to continue to rise through the rest of 2013.

Presented by

Darryl Fox & Daniela Bonetti Estate Agents

Average Sales Price

4

Miami-Dade County

Single Family Homes

Condos

$600,000

$500,000

$400,000

$300,000

HOW LOW CAN YOU GO?

$200,000

$100,000

$0

305.788.3699 I 305.582.1639 dfox@onesothebysrealty.com dbonetti@onesothebysrealty.com

Jan

Feb

Mar

Apr

May

Jun

As the inventory of single family homes dips to a scarce 4 month supply, the chances of finding a house are down about 25% from the same time last year. Keep on looking as about 2000 new homes come on the market each month. Source: Trendgraphix

The overall Average Sales Price for all sold properties in Miami Dade County is $358,000 for the first six months of 2013, up 13.6% from the same time period in 2012. Source: Trendgraphix


IN DEPTH COMMUNITY PROFILE

Biscayne Point Sales started to pick up in the second quarter as well as prices. Canal homes are starting to sell at over $580 a square foot and the open bay homes are starting to get around $730 a square foot. In July, the first open bay home sold for over 3 million dollars for the first time in years. While renovated homes seem to sell the quickest, we are starting to see movement of homes that need some TLC.

Waterfront Properties

Single Family Homes

# of Transactions

Average Sales Price

Median Sales Price

Average $ / Sq Ft

Mid-Year 2012

10

$1,193,050

$1,162,500

$307

Mid-Year 2013

20

$1,129,271

$892,500

$443

100%

-5%

-23%

44%

Change

Condos

1525 Daytonia Road, Biscayne Point SOLD in June 2013 for $1,060,000

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Waterfront Properties

Condos

# of Transactions

Average Sales Price

Median Sales Price

Average $ / Sq Ft

Mid-Year 2012

269

$475,145

$300,000

$393

Mid-Year 2013

293

$545,136

$375,000

$463

Change

9%

15%

25%

18%


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SALES REPRESENTATION EXCLUSIVELY BY

ONE Sotheby’s International Realty

TRENDS IS PROVIDED BY: Darryl Fox & Daniela Bonetti Estate Agents 305.788.3699 I 305.582.1639 dfox@onesothebysrealty.com dbonetti@onesothebysrealty.com

onesothebysrealty.com

Source: Trendgraphix.com and Southeast Florida Regional MLS

This material is based upon information that we consider reliable, but because it has been supplied by third parties, we cannot represent that it is accurate or complete, and it should not be relied upon as such. This offering is subject to errors, omissions, changes, including price, or withdrawal without notice. ©MMXIII Sotheby’s International Realty Affiliates LLC. All Rights Reserved. An Equal Opportunity Company. Equal Housing Opportunity.


Darryl Fox & Daniela Bonetti TRENDS Mid-Year 2013 Update