Pre-Season Sales-What is Selling and for How Much: Part 2

 

 

 

 

 

 

 

 

 

 

 

 

My post yesterday discussed oceanfront condos and provided some very revealing statistics about the market.  I wanted to follow up yesterdays article with information on waterfront homes.  The data below refers to homes either on the ocean or the intracoastal.

In the past 90 days 17 waterfront homes over $1million have closed in either Broward or Dade counties.  Those counties include Miami Beach, Bal Harbour, Golden Beach, Sunny Isles, Hallandale/Hollywood, Fort Lauderdale, Lauderdale by the Sea, Lauderhill, Lighthouse Point and Pompano Beach.

The housing market is quite different than the condo market.  An oceanfront home in Golden Beach closed today.  It was listed for $8,800,000 and closed for $6,300,000. That sold at a 29% reduction! That home is 8718 square feet under air 6 bedrooms 8 and one half baths situated directly on the beach.
The Golden Beach home is a very unique property as there are not many homes in South Florida that are directly on the beach.  However, we are seeing greater discounts on homes then there are for condominiums.  It is all very location specific and home specific.

The data below provides some interesting details on the sales activity of waterfront homes in South Florida.

So here are some statistics on the 17 waterfront homes over $1 million that sold in the last 90 days.

2- Number of closed sales on the Ocean ( both over $6 million)
3- The number of homes sold that were on the market for less than 30 days
10, 242- The square footage of the largest home sold ( Lighthouse Point sold for $5,650,000)
1929- The age of the oldest house sold
2006- The age of the newest house sold
$1507- The most expensive per square foot price (Key Biscayne 4311 square foot home)
$205- The least expensive per square foot price ( A 2796 square foot fixer upper and a short sale in Deerfield Beach)
10- The number of homes that sold for more than 10% less than asking price
7- The number of homes that sold for less than 10% of asking price
17 out 17- All the homes sold had pools
2- The number of homes sold that were short sales
2- The number of homes sold that were bank owned
7- The number of homes sold in Miami Dade County
10- The number of homes sold in Broward County
213- The number of actively listed waterfront homes with this criteria
9- The number of homes currently under contract.

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