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2014 Miami Realtors – Board Leaders

February 17, 2014

Screen Shot 2014 02 16 at 9.25.37 PM 2014 Miami Realtors – Board LeadersWhat a great surprise to find in Sunday’s Miami Herald – Congratulating 2014 Miami Leaders from Miami Association of REALTORS (the largest Realtor Association in the nation!).  Proud to serve with such esteemed colleagues in the YPN Leadership Board.  (yours truly in lower left corner)

Miami Beach Waterfront Homes Sold in 2013

January 8, 2014

Miami Beach real estate is being watched closely by the rest of the country because it keeps beating records and many think it’s another real estate bubble.  But the numbers may surprise a lot of you because the waterfront luxury market has remained strong but has not appreciated at a fast speed from last year as many hoped.  I can even venture to say that the growth and appreciation in the Miami Beach waterfront real estate market was conservative in 2013.

There are currently 153 Miami Beach waterfront homes for sale right now ranging from a $549,000 North Beach home, to the previously JLo owned $40 Million North Bay Road home.

Although Miami Beach homes remain extremely desirable by locals as well as foreigners, the stable numbers may be a relief for many that remain skeptical.  The median listing price for a Miami Beach waterfront home is currently $5.5 Million.  Out of the 120 waterfront homes sold in 2013, the median sold price was $2.185 Million (compared to $2.8 Million in 2012).  Because real estate is local in nature and I don’t like giving you generalized figures for all of Miami Beach that may ultimately mean nothing to you, let’s look at the Miami Beach real estate market by island.

Star Island Home Sales

1 Star Island waterfront homes sold – located at 43 Star Island Dr – selling at $1,486 per square foot at $16.5 Million.  This Star Island estate has a main house with over 11,000 sq.ft. of living space, and 2 separate guesthouses on a 48,266 sq.ft. lot with over 200′ of water frontage and docking.

43 Star Island Dr Miami Beach Waterfront Homes Sold in 2013

Palm Island Home Sales

8 Palm Island homes sold on the water -  highest sale at $10,625,000 for newer construction home located at 130 Palm Ave. with 7,940 sq.ft. of living space, 6 bedrooms / 8 bathrooms and 1 half bath, sitting on a 30,000 sq. ft. lot with 100 feet of water frontage.  The average price per square foot for Palm Island homes coming in at $1,004 which is slightly lower than 2012′s average of $1,211.

Check out this beauty that sold for $7,431,750 in June of 2013- formerly home to Al Capone and totally renovated. The home sits on a 30,000 sq.ft. lot with 100′ of water frontage, over 6,000 sq.ft. of living space and separate cabana. It had been originally listed for $9.95 Million in 2012 and is now back on the market for $8.9 Million after selling for $1,218/sq.ft.

93 Palm Av Miami Beach Waterfront Homes Sold in 2013

Hibiscus Island Home Sales

2 Hibiscus Island homes sold on the water –one for $8 Million (pictured below), located at 432 S Hibiscus, with bay and downtown Miami views and the other one for $3.2 Million at 151 N Hibiscus Dr.  Bringing the average price per square foot for Hibiscus Island in 2013 to $967, compared to $1,099 in 2012.

432 S Hibiscus Dr Miami Beach Waterfront Homes Sold in 2013

Venetian Islands Home Sales

There were 13 Venetian Island waterfront homes sold – prices ranging between $2.775 and $14 Million, with an average price per sf of $965 compared to 2012′s average of $804.  The highest sale was for Villa Fendi at 1 E Dilido Dr, super contemporary new construction, with media room that doubles as own private nightclub. The home was originally listed for $14.9 Million in October of 2011.

Villa Fendi 1 E Dilido Dr Miami Beach Waterfront Homes Sold in 2013

Sunset Islands Home Sales

There were 12 Sunset Island homes sold on the water – prices ranging between $2.9 million and $15.45 Million.  The average price per sq.ft. coming in at $1,029 compared to $976 in 2012.

The highest sale was for the home located at 2555 Lake Av (Sunset Island II), that was marketed as having been owned by “William Pawley, whose son was engaged to legendary Elizabeth Taylor.  The famous couple spent many romantic times at the property, enjoying countless hours by the pool, under the brilliant sun, and later, under the soft Miami moonlight” << gotta love Miami celebrity homes!  The home was renovated – with 7 bedrooms, 9 bathrooms and 1 half bath, over 9000 sq.ft. of living space, 35,100 sq.f.t lot and 150′ of water frontage.

2555 lake av Miami Beach Waterfront Homes Sold in 2013

North Bay Road Home Sales

There were 5 North Bay Rd waterfront homes sold this year.  Their prices ranging between $30 to $3.25 Million and averaging $976 per sq.ft. compared to $964 in 2013.  The highest sale was for A-Rod’s Miami Beach home, an ultra modern estate with almost 20,000 sq.ft. of living space, 275′ of open bay frontage, complete with interior batting – located at 4358 N Bay Rd and selling for $30 Million.

Screen shot 2014 01 05 at 10.44.29 AM1 Miami Beach Waterfront Homes Sold in 2013

This is also where Matt Damon’s Miami Beach home is and is currently for sale for $18,999,000.

La Gorce Island Home Sales

There were 2 waterfront La Gorce Island homes sold. One for $30 Million and the other for $13.75 Million and averaging $1,658 per sq.ft. compared to $908 in 2013 < talk about a HUGE jump!  The highest sale was Castello del Sole, an Italianate estate with 349′ of open bay water frontage, almost 17,000 sq.ft. of living space, 3 docks, lighted tennis court, tiki bar, Versace furniture, double kitchen, rotunda ceiling, library, theater, safe room, 5-car garage and 70,913 sq.ft. lot – nothing humble about this magnificent property.

42 La Gorce Cr1 Miami Beach Waterfront Homes Sold in 2013

Allison Island Home Sales

There were 2 Allison Island homes sold on the water in 2013.  Their prices ranging from $8.6 Million to $3.22 Million with an average price per square foot of $664, compared to $685 in 2013.  The highest sale was for the new construction (from 2011) located at 6633 Allison Rd which was the highest sale in 2012, selling then for $8,325,000 and again in December of 2013 for $8,600,000.  That’s a nice profit for holding the house for 12 months.

6633 Allison Rd Miami Beach Waterfront Homes Sold in 2013

North Bay Island Home Sales

There were no waterfront homes sold in N. Bay Island

 

Normandy Island Home Sales

There were 16 waterfront homes sold in Normandy Island. They ranged in price between $740,000 and $3.02 Million for the mid-century modern (featured in our Mia-Mod Homes series), bay front home located at 1001 N Shore Dr – with 5,000 sq.ft. of living space, 5 bedrooms, over 16,000 SF of land and 95 feet of water frontage.  The average price per sq.ft. in Normandy Island coming in at $444, compared to $346 in 2012.

1001 N Shore Dr Screen shot1 Miami Beach Waterfront Homes Sold in 2013

Biscayne Point Home Sales

22 Biscayne Point waterfront homes sold in 2013 ranging between $550,000 for a short-sale , to $3,425,000  for the home located at 1651 Cleveland Rd.  This completely remodeled 2-story home has 4,647 sq.ft. of living space, 11,250 sq.ft. lot, has 6 bedrooms, 5 bathrooms with new dock and boat lift and 75′ of open bay water frontage.  The average price per sq.ft. in Biscayne Point increasing to $450, compared to $393 in 2012.

1651 Cleveland Rd Miami Beach Waterfront Homes Sold in 2013

Stillwater Island Home Sales

5 Stillwater Island waterfront homes sold ranging between $750,000 for a fixer-upper, to $1,517,500 for the home at 1151 Stillwater Dr– with 1,816 sq.ft. of living space, 3 bedrooms, 7,500 sf lot and 50 feet of water frontage.  The average price per square feet for Stillwater decreasing to $523, compared to $590 in 2012.

Pinetree Drive Home Sales

There were 8 Pinetree waterfront homes sold ranging between $1.5 Million for a short sale at 6165 Pinetree Dr., to $10.2 Million.  The highest sale of $10,200,000 was for the remodeled mediterranean mansion built in 1929 with over 14,000 sq.ft. of living space, a 67,000 sq.ft. lot, over 200 feet of water frontage – 2 docks, 3,200 sq.ft. master suite, separate guest house, billiards room, and tennis court.  The average price per sq.ft. in Pinetree coming in at $714, compared to $660 in 2012.

4549 Pinetree Dr Miami Beach Waterfront Homes Sold in 2013


Miami Beach’s waterfront housing market showed really fast recovery in 2012 but as numbers show, that recovery has remained stable. There were some record-breaking sales that may have skewed the numbers in the past, but it does feel good to reach stability and get away from crazy price increases.  What makes our market different that any other is how desirability of a property can change due to:

  • location even if in very close proximity from another property
  • history of the home – from a picturesque past to celebrity ownership
  • how the house sits on a property related to how the sun rises and sets
  • architectural design and involvement of top name designers
  • water frontage description and views

We also need to keep in mind that 61% of all sales in Miami were CASH as reported in the International Real Estate Congress held by The Miami Board of Realtors this past November.  Cash deals lead to fluctuation in sale prices because these are not bound by appraisals of comparable sales by financial institutions, but buyers still do their numbers and do not just throw money at sellers blindly.  We are seeing properties listed way above market prices with sellers hoping to become another record sale, but just keep in mind that these are no longer the norm, as evidenced by sales in 2013.

Take a look at this graph and see how different islands compare.  The big surprise is how La Gorce Island surpassed Star Island by price per square foot.  The other change is how there is not much disparity between Palm, Hibiscus, The Venetians, Sunset Islands and North Bay Road.  If you are interested in seeing last year’s graph, click HERE.

Screen shot 2014 01 05 at 9.58.55 PM Miami Beach Waterfront Homes Sold in 2013

So what will 2014 bring us?  We can always expect some record sales, but we see more of a normalized market that does appreciate conservatively.  Lack of housing inventory will drive prices up in some desirable areas, so be ready to open your wallets in certain scenarios.  And we also expect some unique properties being erected and sold for unexpected prices because we are Miami after all.

We remind you that we specialize in luxury properties in Miami Beach and welcome the opportunity to represent you in your next real estate transaction.  We keep all of our client communications and inquiries confidential.

Bay Harbor Islands Real Estate Market Report for September 2013

October 30, 2013

Bay Harbor Islands Real Estate Market Report

1360 98 St Bay Harbor Islands Bay Harbor Islands Real Estate Market Report for September 2013

** see below for featured Bay Harbor Island home sale information**

There are currently 12 Bay Harbor Island Homes for sale: (1 more than last month)

  • Highest priced listings is for $5,750,000 $5,500,000 (9800 W Broadview Dr)
  • Lowest priced listing is $8799,000 (1350 98 St)
  • Pending Sales (properties under contract): 1 (3 less than last month)
  • Closed sales in September: 0 (compared to 2 last month)

There were no Bay Harbor Island homes sold in September but don’t let that scare you.  The inventory is low and the demand is always there.  Some property currently listed are a bit overpriced compared to recent comparable sales, but Bay Harbor Island sellers are known to be firm and patient.

Please take a look at our featured property this month, is one of those that excite us and the architecture is superb!!  Just add a pool and impact windows and you have a dream home!

Contact us at BayHarborIslands@miamism.com

**1360 98 St – Bay Harbor Islands – Mid Century Modern gem by acclaimed architect Don Reiff.  With everything you want from a Tropical Modernist home, including terrazzo floors, open beamed ceilings, clerestory lighting, covered porch ….and more.  The house has been meticulously cared for with 4 bedrooms / 3 bathrooms, 2380 sq. ft. of living space, 85′ X 125′ LOT, located on the North side of Bay Harbor Islands on a dry lot.  Priced at $1,195,000.

Bay Harbor Islands Real Estate Market Report for August 2013

September 25, 2013

Bay Harbor Islands Real Estate Market Report

10201 E Broadview Dr Bay Harbor Islands Real Estate Market Report for August 2013

** see below for featured Bay Harbor Island home sale information**

There are currently 11 Bay Harbor Island Homes for sale: (same as last month)

  • Highest priced listings is for $5,750,000 (9800 W Broadview Dr)
  • Lowest priced listing is $890,000 (1230 98 St)
  • Pending Sales (properties under contract): 4 (same as last month)
  • Closed sales in August: 2 (compared to 1 last month)

The 2 Bay Harbor Island homes sold in August were the following:

  • 1250 102 St – 3 bedroom/ 2 bathroom mid-century modern home on a dry lot, listed for $895,000 and selling for $850,000.
  • 1270 102 St – 4 bedroom / 4 bathroom mid-century modern home also on a dry lot, listed for $849,000 and selling for $805,000.

Bay Harbor Island homes priced under $1 Million sell quickly because of the desirability of the area with A+ schools and low crime rate.  The home sale inventory in Bay Harbor Islands is always low and there is a list of people waiting for homes to go on the market to jump on them.  We’ve seen multiple offer scenarios and people selling above market for this reason.  It remains one of the hot Miami real estate markets.  Contact Team Miamism to buy or sell you Bay Harbor Island Home.

Contact us at BayHarborIslands@miamism.com

**10201 E Broadview Dr – Bay Harbor Islands – Waterfront home on 11,250 sf lot with 75′ of canal frontage– 3,766 sf of living space with 4 bedrooms and 5 bathrooms.  Contemporary home designed by Kobi Karp and built in 1995  Priced at $2,950,000.

Bay Harbor Islands Real Estate Market Report for July 2013

August 21, 2013

Bay Harbor Islands Real Estate Market Report

10200 W Broadview Dr Bay Harbor Islands Real Estate Market Report for July 2013

** see below for featured home sale information**

There are currently 11 Bay Harbor Island Homes for sale: (same as last month)

  • Highest priced listings is for $5,750,000 (9800 W Broadview Dr)
  • Lowest priced listing is $1,075,000 (1311 100 St)
  • Pending Sales (properties under contract): 4 (same as last month)
  • Closed sales in July: 1 (compared to 0 last month)

The Bay Harbor Island home sold in July was located at 9661 E Broadview Dr. -  It had been listed since April of 2013 for $1,450,000 and sold for $1,250,000.  With 2,591 sf of living space, 11,230 sf lot, 5 bedrooms / 4 bathrooms and waterfront (canal facing east towards condos).

Bay Harbor Islands real estate movement is nothing short of boring, with very little movement and very little change.  But as boring as it may be to report, it’s good news for Bay Harbor Islands because it shows consistency!  We’re talking homes that hold their value (even in the down market), home owners that are not desperate to sell, and buyers that appreciate the area.  We’re big advocates of the area, so call us to buy or sell in Bay Harbor Islands.

Contact us at BayHarborIslands@miamism.com

**10200 W Broadview Dr – Bay Harbor Islands – Bay-front home on 19,688 sf lot – 4,757 sf of living space with 5 bedrooms and 4 bathrooms, gourmet kitchen, built in 1951.  Priced at $5,200,000.

Bay Harbor Islands Real Estate Market Report for June 2013

July 17, 2013

Bay Harbor Islands Real Estate Market Report

9800 W Broadview Dr Bay Harbor Islands Real Estate Market Report for June 2013

There are currently 11 Bay Harbor Island Homes for sale:

  • Highest priced listings is for $5,750,000 (9800 W Broadview Dr) **pictured above
  • Lowest priced listing is $1,149,000 (1311 100 St)
  • Pending Sales (properties under contract): 4
  • Closed sales in June: none

Although there were no Bay Harbor Island homes sold in June, don’t interpret this to be a bad sign.  On the contrary.  Low inventory is positive for the area.  There have been 6 Bay Harbor Island homes sold this year ranging from $900,000 to $1.6 Million.  Bay Harbor is still a quaint area with amazing community amenities and the lowest crime rate per capita in South Florida.  And not to forget the proximity to Bal Harbour Shops, ocean and amazing open bay views.  We are fans of the area, call us if you want to buy or sell in Bay Harbor Islands.

Bay Harbor Islands Housing Market Report for April 2013

May 22, 2013

bay harbor islands housing market Bay Harbor Islands Housing Market Report for April 2013

There are currently 13 Bay Harbor Island Homes for sale: (same as last month)

  • Highest priced listings is for $5,750,000 (9800 W Broadview Dr) **pictured above
  • Lowest priced listing is $ 685,000 (1260 96 St – lowered from $749,000)
  • Pending Sales (properties under contract): 2 (1 less than last month)
  • Closed sales in April: 2 (compared to none last month)

The 2 Bay Harbor Islands homes sold in April were the following:

  • 9933 E Broadview Dr – canal front mid-century modern home with 2,802 sf of living space – 4 bedrooms / 3.5 bathrooms – 11,250 sf lot – 75′ of water frontage.  It was listed on and off since May of 2007 with an original listing price of $2.15 Million, reduced to $1.8 Million in 2011 and then again to $1.65 Million in 2012.  The home finally sold for $1,550,000 on April 15, 2013.
  • 1045 & 1047 92 St – Don’t know if we could call these single family homes, although they appear in the Multiple Listing Service as such.  These should be categorized as multi-family dwelling but we will still provide the info.  They were listed on and off since August of 2005 with a starting price of $1.39 Million and after several price reductions and years later, this property sold for $925,000.  The property had 2 separate homes with a total of 4 bedrooms and 4 bathrooms, built in 1955 and lot size of 11,250 sf.

It should not surprise you to see homes selling after being on the market for a few years.  Remember that Bay Harbor Islands saw no sales or movement in the down market and still kept high values because of the area’s desirability.  Bay Harbor Islands is one of those areas where buyers should not ask “how long has it been on the market?” because it truly is irrelevant.  Sellers stood their ground and will finally begin to reap the benefits.

Your perfect Miami Beach Realtor

May 3, 2013

If you are thinking of selling your house, what’s the ideal Realtor for you?

  • Is it the one that will tell you what you want to hear?
  • Is it the one that will list your house at the highest price?
  • Is it the one that works for the biggest brokerage?

If you are like most people, you will talk to a couple of Realtors to get an idea of pricing and see how the market is doing.  You may have an idea of what your house is worth and hope your number is close to reality.  You may even have a grasp of reality but know your house is superior and NEED to sell for more than the market dictates.  Even if you don’t know it, you establish a selling strategy before you even interview a Realtor – you set goals in your head of what you want to happen and have pre-conceived ideas on how to achieve those goals.

When the time comes to interview different Realtors, you will end up hiring the one that comes closer to your predetermined plan.  This may be a good thing if your plan comes close to reality and what’s happening in your local real estate market – but what if you are really off?

So let me ask you a question from a Realtor’s perspective.  Wouldn’t it be easy for me, as a Miami and Miami Beach Realtor, to tell you what you want to hear in order to get the listing?  It would look great in my long register of listings, even if the house doesn’t sell – it’s a numbers game, so the more listings I have, the better the chance I have of selling and making money.

Why can’t you realize that overpricing your house will not benefit you!!

Screen shot 2010 07 28 at 5.36.41 PM Your perfect Miami Beach Realtor

Many agents out there will list it at whatever price you want – it’s simple (and one of the reasons the Real Estate Industry has such a bad reputation).  Here’s another scenario: you may think, let’s list high now and we’ll see if the market responds and then we will lower the price. …but you wait, and wait and wait.  You don’t lower the price and then blame the agent for not doing their job.

I just want you to be realistic here.  Please think strategy before you even list your home.  Please take a deep look into your pre-conceived ideas of what is to happen, and hire a Realtor because they will get the job done right.  Take a look at their reputation, at their ability to market the property not only locally but nationally and abroad.  Take a look at how they will make your property stand out from other listings,  how they will communicate and how available they are.

Then make an educated and rational decision of who’s the best man for the job.  And if you decide not to hire the best one for the job, at least know why you did it.

I’ll leave you with a great article written by a colleague in Tucson:  The Effect of Great Marketing – And Good Pricing

The intent here was to make you think – Please know that our team will always tell it like it is – no fluff, just plain truth.  Keep in mind that if you are looking for fluff, we may not be the perfect Miami Beach Realtor for you.

*original article from July 2010

Bay Harbor Islands Housing Market Report for March 2013

April 24, 2013

Bay Harbor Islands Real Estate Market Report

9800 W Broadview Dr Bay Harbor Islands.png Bay Harbor Islands Housing Market Report for March 2013

There are currently 13 Bay Harbor Island Homes for sale: (2 more than last month)

  • Highest priced listings is for $5,750,000 (9800 W Broadview Dr) **pictured above
  • Lowest priced listing is $ 685,000 (1260 96 St – lowered from $749,000)
  • Pending Sales (properties under contract): 1 (2 less than last month)
  • Closed sales in March: 0 (compared to 1 last month)

No Bay Harbor Island Home sales for the month of March but this is how this  market has been behaving.  Remember there is not much inventory and the area is small.  There have been only 4 home sales in 2013 in Bay Harbor Islands and they have all been under the $2 Million range – curious to see how the big-ticket inventory will move.  Out of the 13 Bay Harbor Island Homes listed for sale right now, 8 of them are above $2 Million and 3 above $4 Million.  Only time will tell how these luxury homes will compare to the rest of Miami Beach.

There were 9 Bay Harbor Island Homes sold in 2012 with a median sales price of $1,125,000 and average price per square foot of  $366. Bay Harbor Island’s sales have been slow and in-between, but it only strengthens the fact that the area is desirable and little for sale inventory is always good.

Click here to search for Bay Harbor Islands homes for sale

Another Miami Real Estate Crash

March 28, 2013

There are so many differing opinions on the current Miami Real Estate market conditions.   Some are rushing to buy into one of the country’s hottest real estate markets, others feel the comeback is too good to be true.

So which one is it? Who do you believe and what does your gut tell you?

miamism skyline.png Another Miami Real Estate Crash

The truth is that fast growth is always scary, especially right after one of the most horrible real estate crashes in history. But there are some facts that can’t be ignored and that has to do with Foreign Nationals trusting and buying into our market.  South Americans are rushing to buy in Miami because let’s face it, many see a brighter future here and the return on their investment is secure.

Secondly, Miami is a vacation destination that as Richard Florida, founder of The Creative Class Group, mentions, is “different” than other second-home destinations.

Miami is not just a resort destination, but a global economic spike. The flip side of globalization has been the transformation of a small number of global cities — London, New York, and Hong Kong, for example — into locational hubs for what Chrystia Freeland has dubbed “the global super-elite.” Miami fills an intriguing niche in the global economy, which combines elements of a global economic and financial center and an international resort and second-home destination, with all the growth and unevenness that comes with it.

Miami has become a “go-to” destination with arts and culture (ART BASEL leading that effort), with renowned architects changing our city’s skyline (Herzog and De Meuron, Zaha Hadid,Frank Gehry), not to forget a hub for celebrities, and all of that topped with perfect weather,gorgeous beaches and global connectivity which makes it easy to travel in and out of.

Of course as real estate professionals, we want to make you believe that there is no bubble and there will not be another crash, but not even the most in-tune economists can predict that.  The question remains whether or not foreign national investments will be enough to keep our hot market afloat and whether or not the diversity in economic backgrounds will ever start converging in our magnificent city.

I was glad to hear that our colleague, Peter Zalewski agrees with us:

It is impossible to argue decisively for or against the hypothesis of no more real estate boom-and-bust cycles for South Florida given that data necessary to prove or disprove the hypothesis will not be available for several decades.

As your Miami Beach REALTORS we will always make you scrutinize your own personal real estate goals and will give you direct, honest and realistic information.  Just because the highest condo sale of $34 Million was just recorded in Miami Beach may not at all be relevant to your own objectives.

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Contact Us

Enrique Garcia & Ines Hegedus-Garcia
35 NE 40th Street
Design District
Miami, FL 33137
P: 305.758.2323
F: 305.758.2324
E: info [at] miamism [dot] com

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