Surfside Houses for Sale, Q2 2020 Market UpdateMay 20, 2020
Surfside, Florida 33154, a beachside town located north of Miami Beach, has real estate properties increasing in value at a faster rate than other areas within Miami & The Beaches.
When The WiseCat first landed on the shores of South Beach (back in 2008 from NYC) Spanish was the primary language of Surfside spoken by almost half of the population who came from Brazil, Colombia, and Cuba. At first, it felt like I was in a foreign country. However, during the last 20 years, the demographics have changed a lot – just like real estate valuations have increased dramatically – in this quiet 10 block town located within walking distance to Bal Harbour and Bay Harbor Islands.
In Q1 2020, before the current pandemic, single-family homes were quickly approaching a Sellers Market due to low inventory and increased sale prices. As we start to experience the effects COVID-19 has had on this niche market, it’s safe to assume, “Surfside real estate is business as usual!”
As of May 20th, Surfside had (52) single-family houses on the market. The lowest-priced was $570,000 for 9024 Byron Ave – your basic 1,500sf house with a 7-minute walk to the beach. Not bad!
The entry-level market for Surfside homes for sale priced below $1M includes single-family houses with 1500-2000sf. Most have 3-bedrooms and 2 bathrooms (only a few have 4br’s). They range in price from $750,000 to $1M. This sector has (19) houses for sale. 2 of them have a Pool; and more than 50% of them have a Garage. During the last year, (23) comparable homes have sold. This equates to less than one year of inventory to absorb. Two years of inventory equals a “healthy market.” Three years of inventory equals a “Buyers Market.”
The interesting thing to note about Surfside homes for sale is, entry-level homes that sold last year below $800,000 are now flipping with a profit because of the high demand to live in Surfside, FL 33154
Either way, keep in mind, finding a 4 bedroom house in Surfside for less than $1m is difficult. In fact, there are only 5.
if you’re looking for something more upscale, there are (16) Surfside Homes for sale priced from $1m to $7m. The Median List Price is $3m and 50% are located on the water with a pool. FYI: The offerings below $2.4m are very slim.
Alternatives to the current inventory crunch include single-family homes in Bal Harbour and Bay Harbor Islands, as well as oceanfront condos in Surfside and Bal Harbour and waterfront condos in Bay Harbor Islands.
For details on the best homes to purchase in Surfside, “Get Wise with The WiseCat” because WiseCat Realtors Knows Surfside!
This month, The WiseCat’s Surfside Spotlight shines brightly on a special house located only 3 blocks from the ocean beaches at 9116 Byron Avenue. This house is super cute and has a lot of potential for expansion. In fact, if you watch the video (above) you might think it doesn’t need any work at all.
9116 Byron Avenue is a modern renovated 2500sf, 2-story, Surfside home with heated pool and impact windows throughout. It features a 30-foot long elevated living room with Terrazzo floors and lots of natural sunlight. A chef’s kitchen with adjoining family/dining area, gas stove, granite countertops, and solid maple wood cabinetry with lots of storage space.
Call WiseCat Realtors today on 305-523-9323