Leasing Activity Down In Bal Harbour / Surfside / Bay Harbor Islands In 2012 Published on 1/28/2013 4:00:00 PM
Leasing activity in the Bal Harbour / Surfside / Bay Harbor Islands market in Northeast Miami-Dade County decreased by three percent in 2012 on a year-over-year basis compared to the same January through December period in 2011 as the median rental rate increased by six percent, according to a new report from CondoVultures.com.
Tenants leased about 450 residential properties in the Bal Harbour / Surfside / Bay Harbor Islands market between January and December of 2012 compared to nearly 465 properties in the same 12-month period of 2011. A year earlier in 2010, tenants leased about 445 residential properties in the Bal Harbour / Surfside / Bay Harbor Islands market, according to an analysis by the Rental Division of the licensed Florida brokerage CVR Realty™.
Compare this to previous years when tenants leased more than 400 residences in 2009 and more than 360 residences in 2008 in the Bal Harbour / Surfside / Bay Harbor Islands market, according to an analysis based on Florida Realtors association data.
At the current leasing activity, the Bal Harbour / Surfside / Bay Harbor Islands market has nearly 160 days of residential product available for rent, according to the report.
As of Jan. 28, 2013, more than 200 properties are available for lease in the Bal Harbour / Surfside / Bay Harbor Islands market where tenants rented an average of less than 40 properties per month in the year 2012, according to the data.
CondoVultures.com is scheduled to profile condo trends in the fourth quarter of 2012 in the 10 largest coastal markets in the tricounty South Florida region of Miami-Dade, Broward, and Palm Beach counties beginning the week of Jan. 14, 2013.
The Condo Vultures® Market Intelligence Report™ is scheduled to publish a 10-part weekly series that analyzes the markets of Greater Downtown Miami, South Beach, Bal Harbour / Surfside / Bay Harbor Islands, Sunny Isles Beach, Aventura, Hollywood / Hallandale Beach, Downtown Fort Lauderdale and the Beach, Pompano Beach, Boca Raton / Deerfield Beach, and Downtown West Palm Beach and Palm Beach Island.
The Bal Harbour / Surfside / Bay Harbor Islands market is a 20-block-long stretch from 87th Street north to the Haulover Beach Inlet, and the Atlantic Ocean west to the Intracoastal Waterways on the barrier island in Northeast Miami-Dade County, according to the Condo Vultures® Official Condo Buyers Guide™ series.
The demand for rental units in the Bal Harbour / Surfside / Bay Harbor Islands market decreased as the median monthly lease price increased to about $1.70 per square foot in 2012 from about $1.60 per square foot in the same period in 2011 and less than $1.55 per square foot in 2010, according to the report.
In the year 2009, the median rental rate for a residential lease in the Bal Harbour / Surfside / Bay Harbor Islands market was less than $1.45 per square foot per month, according to the report.
It is unclear what impact if any lease renewals are having on the data.
The completed leases do not reflect any deals that that may have been transacted without being marketed on the Multiple Listing Service.
Of the Bal Harbour / Surfside / Bay Harbor Islands market's current inventory available for rent, more than 90 properties have two bedrooms with a median asking price of about $2.28 per square foot per month. An additional 55 properties have one bedroom with a median asking price of more than $2.10 per square foot per month.
Nearly 30 three-bedroom units are available for rent at a median asking price of about $2.33 per square foot per month. More than 15 properties with at least four bedrooms are available for rent at a median asking price of nearly $3.05 per square foot per month..
Less than a dozen studios are available for rent at a median asking price of more than $3.75 per square foot per month, according to the data.
It is important to note there are various stages to a residential real estate transaction in South Florida.
A transaction begins when a property is made available for sale and ends when a title is conveyed from one party to another party as a result of the recording of a deed with the local government.
As part of the process, a property typically goes under contract and into a due diligence phase by which a deal can be canceled.
The CondoVultures.com new condo sales report is based on completed transactions where a deed is recorded and taxes paid as a result of the sale.
Condo Vultures® LLC is a real estate consultancy and marketing company based in the 225 Midtown Building at 225 NE 34th St., Suite 209B, Downtown Miami, Florida, 33137. Condo Vultures® LLC can be reached at 800-750-0517.
Don't forget to sign up for our weekly Market Intelligence Report™ for detailed condo reports to stay informed on the latest market trends and to find out about our various Condo Vultures® Seminars. Looking for a property at a deep discount? Take a peek at the Vultures Database™ or view our Video Library. Looking for bulk projects direct from developers or lenders? Visit the Condo Vultures® Bulk Deals Database™. Our new books, the Official Condo Buyers Guide to Miami™, Official Condo Buyers Guide To South Beach™, Official Condo Buyers Guide to Sunny Isles Beach™, Official Condo Buyers Guide to Downtown Fort Lauderdale and the Beach™, Official Condo Buyers Guide to Hollywood / Hallandale Beach™, Official Condo Buyers Guide to Downtown West Palm Beach™, and Official Condo Buyers Guide to Boca Raton / Deerfield Beach™, are now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure Database™.
© Copyright 2013. Condo Vultures® LLC. All Rights Reserved.