2013 was an excellent year for sellers and buyers of single family homes in North Beach. Property owners who had been waiting for the market to strengthen, were able to sell their homes for a profit. The increase in prices and number of homes sold between the first and last half of 2013 is also impressive. Click on the link below to review the details and spreadsheet using data from the multiple listing service (MLS).
In the first half of 2013, there were new homes sold in the Altos Del Mar neighborhood for over $2.6M facing Collins Avenue, and just 500 feet from the ocean. These were some extraordinary sales, but not surprising given Altos Del Mar is the only neighborhood in Miami Beach that offers true beachfront living in a single family home. What’s most impressive however, is the difference in the average sale price of regular (not SS or REO) homes in the sought after areas of Normandy Shores, Normandy Isles, Biscayne Point & Stillwater. The average list price increased by $138,277 or 33% in 6 months, while the average sold price increased by $118,829 or 30% in the same period. Sellers negotiated only by 3-4% on average from their asking price. Pictured below is 6830 Rue Notre Dame, a lovingly restored Art Deco Charmer in the Normandy Isle neighborhood, which sold at the highest price for a non-waterfront home at $699,000 or $336.71 per square foot.
The demand for waterfront homes in North Beach was just as impressive. There were 21 sales in the first half of 2013 with an average sale price of $1,074,000, while 32 homes sold in the last half with an average sale price of $1,301,047. The list price for waterfront homes in North Beach increased by $240,801 in 6 months, while sale prices increased by $227,047 or by 20% over the same period. The link below will provide you more details of the closed sales for waterfront homes.
The last half of 2013 have some notable sales of waterfront homes, like 1001 North Shore Drive, which sold for just over $3 Million or $1,067.52 per square foot. Demand for homes in Normandy Shores has truly skyrocketed as this amenity rich neighborhood offers residents not just tranquility, but also a newly designed Golf Course with Clubhouse, 6 tennis courts, a beautiful playground, a soccer field, and very soon, an outdoor exercise area with state of the art gym equipment. It’s no wonder that 2014 already shows a non-waterfront home sale in Normandy Shores at $710,000. This next link will provide you with some of the current non-waterfront homes available in North Beach as well as the sales activity for the first three months of 2014.
Although buyers are paying a premium for turn key properties, it still seems there are homes available for less than $500,000 in North Beach, which is much less the average price of a home in Mid-Beach. But with sales surpassing $700,000, those more affordably priced homes won’t last long. At the moment, there also seems to be a good amount of waterfront homes for sale, but there are very few available under $1.5 Million, especially in Normandy Shores, which feature good size homes on large lots.
Given this information, if you’ve been looking for a single family residence in Miami Beach, and haven’t yet started, you may want to give us a call. With interest rates at an all time low and demand in the area increasing, procrastinating on your purchase may end up pricing you out of the market. Let’s get started!