7 things to consider when buying a Miami Beach Waterfront Home

If you are buying a Miami Beach waterfront home, you are likely to have a boat or will be considering a boat in the near future. We are constantly asked a number of questions regarding waterfront purchases and Rick and I decided to write a list of 7 important factors to consider when buying a waterfront home in Miami.

Condition of Sea wall –

It is important for anyone buying a waterfront property to get a seawall inspection by a structural engineer or a seawall specialist.  Inspections should include not only the actual seawall but also settling cracks within the main house, patios and pool as well as dock areas.  Because most canal systems in Miami and Miami Beach are artificially made or made with landfills, the integrity of the seawall could ultimately determine the integrity of the structure of the home.  Doing a visual inspection of seawalls of adjacent properties is also recommended in order to avoid future settling.

Type of waterfront property

- If you look at an aerial view of Miami and Miami Beach, you will notice that there are numerous types of waterfront properties:  lakes, rivers, canals with direct ocean access, canals with fixed bridges, canals with no ocean access, non-navigable canals, and bayfront homes, to name a few.  Depending on the type of boat you have, you will need to consider fixed bridges (clearance heights), depth of canals, and proximity to bay and or ocean access.  There are several waterfront communities in Miami and Miami Beach that have direct ocean access but you have to navigate at idle speed for miles which can mean being on your boat for a couple of hours before you can really do some boating.

Boat Dock

- it is important to inspect not only the condition of an existing dock, but also if the type of dock can accommodate your boat. There are a lot of canals in Miami with natural coral sea walls and no docks – you may not want to dock your boat next to natural coral.  If there is no dock on the property, it may be a good idea to contact DERM (Department of Environmental Resources Management) about what kind of dock they will allow in a particular canal.  DERM may even send an inspector out to the property in order to make recommendations.

Davits and/or Boat Lift

- depending on the size of the boat, most boat owners will not keep the vessel inside the water and use davits and/or boat lifts to raise the boat out of the water while not in use. Whichever your choice, make sure to inspect existing davits or make sure the existing seawall can accommodate a boat lift of your choice.

Protection from the elements

Bayfront homes are obviously the most desired type of waterfront property but can also leave your property very exposed to the elements (weather and hurricanes).  Canal front properties are said to protect not only your house, but boats as well in case of increment weather.  This doesn’t mean that you should not purchase a bayfront home, it means you should consider location when purchasing.

Location of home within a canal

- because of the intricate design of canals in Miami and Miami Beach, some canals may be comparable to dead-end streets.  These canals, depending on currents and wind may accumulate debris and garbage that can become a nuisance.  If a property is located at the end of a dead-end canal, make sure you ask about accumulation of debris throughout the year.

Insurance Costs

- just keep in mind that property insurance costs will be higher for waterfront homes, especially open bay properties.

 

There is nothing like owning a Miami Beach waterfront home. To be able to enjoy our beautiful weather as well as the views is priceless and it is what makes Miami Waterfront Real Estate so unique.

*originally published on Nov. 23, 2008*

Miami Beach Luxury Housing Report – first half of 2011

I can’t believe 1/2 of 2011 is already gone!  Fortunately for Miami Beach Realtors, things are improving on a daily basis and we have been busy!  So here is the scoop on what has happened with Miami Beach homes in the first half of the year.  There were 130 Miami Beach homes sold already in 2011 – out of those, 55 were sales over $1 Million which is 42% of all sales….not bad for a “depreciating market”.  You need to keep in mind that when the big honchos like the Case-Shiller Index, come up with their data interpretation, they pull together ALL of Miami-Dade County and the numbers look grim – so the need to go local is crucial to get a real perspective (yes, I sound like a broken record).

Because we do specialize in Miami Beach luxury homes and waterfront homes, I will give you a summary of all the waterfront homes sold this year in Miami Beach and I will break those down by island or desirable location within Miami Beach.  You will see a lot of Mega sales (the ones above $3 Million), which is a change from 2010. (click on the graph above to download PDF of all sales to date).

Star Island Home Sales

There were only 3 Star Island homes sold so far this year ranging from $7.1 million to $25.5 million!  The average price per square foot coming in at $1,028 and the highest for all of Miami Beach.

13 Star Island was listed for $32,000,000 and sold for $25,500,000.  With 8 bedrooms / 8 bathrooms / 2 half-baths, 15,008 square feet of living space on a 100′ X 400′ lot with private dock, pool, boat lift, state of the art electronics ….yada yada yada – (everything you would expect from a 15,000 sf mansion).  What’s amazing is that this house was listed January of 2011 and sold in only 2 months!  (the monthly rental for this gem was $325,000 – higher than the average home in Dade-County!) << that’s why I love Miami.

Hibiscus Island Home Sales

There were 3 Hibiscus Island homes sold this year ranging from $2.4 Million to $9.35 Million.  The average price per square foot for the island coming in at $828.  The highest sale in Hibiscus was my all-time favorite home designed by Oppenheim at 40 South Hibiscus Drive – Miami Beach Luxury Home Pick – Hibiscus Island << click to see the photos - A – MA- ZING!!  and the lucky buyer walked away with this beauty for $9.350 Million.  The house was originally listed for $13,995,000 in June of 2010, was reduced several times and sold in May.

Venetian Islands Home Sales

The Venetian Islands are seeing quite a bit of movement in the past 2 months, and there have been 12 waterfront home sales this year with an average price per square foot of $725 – quite an increase from the average $634/sf in 2010! The highest sale was for unfinished construction at $5.5 Million back in March.

1424 N Venetian Way came in as the 2nd highest Miami Beach home sold in March of 2011.  It was originally listed at $6.5 Million in August of 2009 and finally sold for $5.5.

Sunset Islands Home Sales

The Sunset islands have seen better days with only 2 sales so far this year and average price per square foot of $717 (less than The Venetian Islands which is unheard of!).

1410 W 25 St – sold for $5,000,000 on June 7th, 2011.  Located in Sunset Island 2 – with 5,920 sf and 20,200 sf lot (inside lot, not open bay).  This house was purchased for $6.5 Million in November 2005 and took only 3 weeks to sell when they listed it for $5.499 Million in April of this year.  The Marketing description reading: screaming in all caps:

GREAT MIAMI BEACH WATERFRONT ESTATE WHERE QUIET COLORS CREATE A BOLD IMPACT YET A RELAXED SENSE OF INDULGENCE. BEST DESCRIBED AS THE HOUSE THAT BECOMES YOUR HOME, THIS BEAUTIFULLY REMODELED FIVE BEDROOM, (WITH OPTION TO USE THE STUDY AS A SIXTH BEDROOM) AND SIX AND ONE HALF BATH ISLAND OASIS, EXUDES TRANQUILITY AWASH A SEA OF WIDE-OPEN SPACES, LUSH TROPICAL LANDSCAPING AND 100 FEET OF WATERFRONT FRONTAGE.  A STONE-THROW AWAY FROM THE OPEN BAY!

North Bay Road Home Sales

I’m always curious to analyze how North Bay Road Mansions stand up against the rest of Miami Beach.  There are no private gates, but gorgeous open bay views that take your breath away.  There have been 5 North Bay Road homes sold this year, which are not a real representation of what usually sells and the average price per sq.ft. coming in at $769.  The highest sale was in our Top 3 highest Miami Beach Homes – April edition.

Pinetree Drive Home Sales

Pinetree has only had 2 waterfront home sales this year, with an average price per sq.ft. $621.  The highest Pinetree Drive Home was in our Top 3 Miami Beach Home Sales – March edition.

More Miami Beach Home Sales

In addition to the mentioned sales, there was also one sale in Allison Island for $2.45 Million (fixer upper selling at $491 / square foot), and no waterfront sales yet in La Gorce Island, Bal Harbour, Bay Harbor Islands, Indian Creek Village or Palm Island.  Normandy Island had 5 sales with an average price per square foot of $436 and we decided to add Golden Beach to the mix because we are seeing a lot of people considering the move there because of affordability factors.

Golden Beach Home Sales

There have been  7 waterfront Golden Beach homes sold this year with an average price of $621/sq.ft.  The highest sale was an oceanfront house selling at $7.7 Million

277 Ocean Blvd sold in March for $1,186 / sq.ft. – that’s higher than the Star Island home sale but then again, we are talking beach front.  A 6,495 sf house on a 20,700 sf lot with 6 bedrooms, 6 bathrooms and 1 half-bath, 2-car garage, totally renovated with a monthly rental price of $42,000.  It was originally listed for $11,800,000 in 2006.  Remember that Ricky Martin is also selling his Golden Beach home – that one listed for $18.9 Million.

So there you have a brief synopsis of what has happened to the Miami Beach Waterfront Housing Market in the first half of the year.  To download the data associated with this article, please click on the button bellow.  **all information obtained from the Southeast Florida Multiple Listing Service**

Google your Miami Beach REALTOR

Dear Miami Beach home Seller:

Do you realize that today’s real estate buyer is smart? is educated? and will research your property to death before they even place an offer?

Most of you are even aware that almost 90% of buyers start their search on the Internet, so what do you have to do to sell your home?

If you are planning to sell, you have to be just as smart as those buyers and you need to do a little homework.  Your research should start with Google.

Google the area you live in to see which agents have a strong Internet presence.  Those agents that have a strong presence will know how to market your property on-line and will know how to expose your listing to millions of buyers.

Example:  You want to sell you Miami Shores Home – you should Google “Miami Shores Real Estate”, “Miami Shores”, “Miami Shores Homes” and any other combination thereof.  Take a look at the first 2 (maybe even 3) pages of Google Searches and find out what each one of those Realtors is doing to market their listings.

It’s not about your Realtor having a website anymore, it’s about your Realtor knowing where to place your listing, exposing your property in not only local web-portals, but all over the world.

If you are not finding your favorite agent in Google, or the properties they are selling, it may be time to re-examine your “selling strategy”.

Please remember that although this is a very important part of the equation, once you find that “Googable Realtor” (no that’s not a real word), you should also follow home preparation and pricing recommendations.

• Staging your Miami Home

• Why isn’t your Miami home selling?

• Pricing your Miami Home

• How to Sell Your Home in Black and White

• Home Sellers Can’t Handle The Truth

• First Impressions in Real Estate

**originally published June 25th, 2008**

Why pick THAT Miami Beach Realtor?

You are interviewing Miami Beach REALTORS and have no idea who to hire because they all have something that impresses you, good track record, good communication skills, good client testimonials, good Internet presence…..so how can you make up your mind?

The key is to be able to identify how they market themselves as opposed to how they market properties.  At first this may seem like easy task, but once you start thinking about it you realize that most REALTORS spend more money branding themselves that promoting their properties.  Not that there’s anything wrong with that, it’s only wrong when they want to sell you their branding efforts as property marketing.

In addition to identifying the type of marketing an agent does, it’s good to know where marketing efforts need to be more aggressive and where buyers will ultimately find your home.  The National Association of Realtors (NAR) just published a 2010 profile of home buyers and sellers which includes this graph that details where buyers found the home they purchased from 2001 through 2010.

Interestingly enough, in 2010, 75% of buyers bound their home with the help of another REALTOR or on-line! (and the Internet is half of that number).  Which just means that yard signs, open houses, newspaper and magazine ads and brochures are a minuscule part of the equation!  Seriously??  But those property brochures are so pretty!!  And what have we been telling you?  The brochures are part of an agent’s branding efforts, it gets them more listings….not necessarily sell homes.

Brand Marketing vs. Product Marketing

A good REALTOR will use both types of marketing not only to attract more clients but to ultimately sell real estate.  Furthermore, Brand and Product will often be combined because in real estate, you really can’t separate one from the other.  A good example of this will be direct mailers with “just listed” information – the property will be shown and described and the agent brand will be emphasized – but do you see these in the list above? Yet one overly used home selling pitch is that “neighbors will tell friends and family about the home, which is the best type of word-of-mouth marketing” << can you say “MEANINGLESS SCRIPT”?

Tracey Drake from Suite101.com gives us a great analogy to differentiate the two:

Ford telling consumers that “Quality is Job 1″ – this is Brand Marketing

Selling that consumer a Ford Mustang – this is Product Marketing

So what am I telling you here?  In a customer service driven society, how can we not know when we are buying something for the brand, not necessarily the quality?  How can we not realize that the pretty magazine ad will not sell our home?  or the ingenious TV ad or the catchy yard sign?

So sit down with your Miami Beach Realtor and ask how they are using The Internet to reach the end buyer, what will they do differently to make your home stand out from the thousands of properties on the web and how is their business relationship with other Realtors since ultimately it will be their competition who will bring your home’s buyer.

For additional marketing insights, read Seth Godin’s What do you know? - a great list that manages to separate egos from achievers with some of my favorite points:

• Anticipated, personal and relevant advertising always does better than unsolicited junk.
• You can’t fool all the people, not even most of the time. And people, once unfooled, talk about the experience.
• Traditional ways of interrupting consumers (TV ads, trade show booths, junk mail) are losing their cost-effectiveness. At the same time, new ways of spreading ideas (blogs, permission-based RSS information, consumer fan clubs) are quickly proving how well they work.
• Good marketers tell a story.
• Living and breathing an authentic story is the best way to survive in an conversation-rich world.
• In the googleworld, the best in the world wins more often, and wins more.

Blog Action Day at Prime Miami Beach

This year over 9,000 blogs across the world have registered to write about Climate Change because there is power in numbers and together we can make a difference.

So how does Miami Beach Luxury Real Estate relate to Climate Change? easy, think of green products, how real estate is built, what waste is produced, what appliances are used, the “walkable” factor of your real estate to shopping and business. No matter the industry, there is something you can do to help our planet.

I have talked about Green Urbanism because it’s a topic dear to my heart and somehow it seems like Miami is distant from many of the walkable communities concept because of Urban Sprawl. I’ve even talked about Green Designer Finisher for your kitchen, identifying recycled glass counter tops. My favorite is Miami Green Houses from the past where I identify 3 Green Mid-century architects and their masterpieces. And lastly, 5 Green conscious moves for your home (anyone can do these).

Take a look at who else is participating in this year’s Blog Action Day:

• Six Eco Realtors to Watch- Blog Action Day 2009 (Agent Genius)
• Bloggers of all stripes grab a piece of the climate pie for Blog Action Day 2009 (Grist)
• Who’s participating at Blog Action Day

7 things to consider when buying a Miami Waterfront Home

If you are buying a Miami Beach waterfront home, you are likely to have a boat or will be considering a boat in the near future. We are constantly asked a number of questions regarding waterfront purchases and Rick and I decided to write a list of 7 important factors to consider when buying a waterfront home in Miami Beach.

Condition of Sea wall - It is important for anyone buying a waterfront property to get a seawall inspection by a structural engineer or a seawall specialist. Inspections should include not only the actual seawall but also settling cracks within the main house, patios and pool as well as dock areas. Because most canal systems in Miami and Miami Beach are artificially made or made with landfills, the integrity of the seawall could ultimately determine the integrity of the structure of the home. Doing a visual inspection of seawalls of adjacent properties is also recommended in order to avoid future settling.

Type of waterfront property – If you look at an aerial view of Miami Beach, you will notice that there are numerous types of waterfront properties: lakes, rivers, canals with direct ocean access, canals with fixed bridges, canals with no ocean access, non-navigable canals, and bayfront homes, to name a few. Depending on the type of boat you have, you will need to consider fixed bridges (clearance heights), depth of canals, and proximity to bay and or ocean access.

There are several waterfront communities in Miami Beach that have direct ocean access but you have to navigate at idle speed for miles which can mean being on your boat for a couple of hours before you can really do some boating.

Boat Dock – it is important to inspect not only the condition of an existing dock, but also if the type of dock can accommodate your boat. There are a lot of canals in Miami with natural coral sea walls and no docks – you may not want to dock your boat next to natural coral. If there is no dock on the property, it may be a good idea to contact DERM (Department of Environmental Resources Management) about what kind of dock they will allow in a particular canal. DERM may even send an inspector out to the property in order to make recommendations.

Davits and/or Boat Lift – depending on the size of the boat, most boat owners will not keep the vessel inside the water and use davits and/or boat lifts to raise the boat out of the water while not in use. Whichever your choice, make sure to inspect existing davits or make sure the existing seawall can accommodate a boat lift of your choice.

Protection from the elements - Bayfront homes are obviously the most desired type of waterfront property but can also leave your property very exposed to the elements (weather and hurricanes). Canal front properties are said to protect not only your house but boats as well in case of increment weather. This doesnt mean that you should not purchase a bayfront home, it means you should consider location when purchasing.

Location of home within a canal – because of the intricate design of canals in Miami and Miami Beach, some canals may be comparable to dead-end streets. These canals, depending on currents and wind may accumulate debris and garbage that can become a nuisance. If a property is located at the end of a dead-end canal, make sure you ask about accumulation of debris throughout the year.

Insurance Costs – just keep in mind that property insurance costs will be higher for waterfront homes, especially open bay properties.

There is nothing like owning a waterfront home in Miami Beach. To be able to enjoy our beautiful weather as well as the views is priceless and it is what makes Miami Beach Waterfront Real Estate so unique.

Filed Under Bal Harbour, Bay Harbor Islands, Blog, Hibiscus Island, Indian Creek, La Gorce Island, Miami Beach, Palm Island, Star Island, Sunset Islands, Venetian Islands · Leave a Comment