Bal Harbour is one of the most sought after areas around Miami. Located off of the coast and nestled in to the east of Biscayne Park and alongside Surfside, this is one of the more high end areas of the entire region. It also saw an extreme value crash when the housing bubble burst towards the end of 2006.
However, it has recovered desirably in the last several years. While it is nowhere near the median home value in 2006 (which is the case in almost every other zip code of the country), it is still seeing an upgward trend in home values.
In the beginning of 2010, the median sales price for homes in Bal Harbour were at one of the lowest points since 2004. The average house sold for around $400,000. In retrospect, the average house sold for $1.48 million in the middle of 2006. The drop off of nearly two thirds proved to be rather significant for many home owners in the area. Now though, as the end of 2015 approaches, the housing market is at its highest point since the drop off, with the median sales price of a home in Bal Harbour going for around $1.1 million.
In hindsight, fewer homes are being sold off in Bal Harbour. There are a few different reasons as to why this might be the case. Some might be waiting for the market to even out before selling, in order to maximize the total potential value of their home.
Others might have just moved into their homes, leaving fewer houses on the market. Either way, it is at the lowest number of available homes in for sale in Bal Harbour since the beginning of 2009 and there is no turnaround in sight. As of June, 2015, a total of 10 houses were sold. The high point in the last five years occurred in 2010, when 48 houses were sold in a single month.
This is not to suggest there are no Bal Harbour homes for sale. It just means there are fewer houses for sale, which means fewer homes being sold. As of the beginning of September, fewer than 200 houses were listed for sale in all of Bal Harbour. This is down drastically even from the month prior, as 236 houses were listed in the beginning of August.
In terms of demographics, there is around 2,600 residents, with 95 percent of these residents caucasian (including white hispanic). The median housing income per home sat at around $68,000 with less than 10% sitting under the poverty line.
If you are looking to Bal Harbour commerical real estate listings of Bal Harbour homes for rent listings to find your ideal property, then you need to make sure you have a South Florida real estate agent by your side. Choose Elite Rank Realty.