Top 3 Most Expensive Miami Beach Homes Sold in July 2010

There were 18 Miami Beach homes sold in the month of July 2010.  The highest sale was for $2.175 million and the lowest was a Normandy Island short sale at 765 S Shore Drive, selling for $350,000 on July 28th.  This month’s sales certainly do not represent the Miami Beach Luxury Home market, but that’s expected for a slow Summer month.  One thing is for sure though, with the distressed market diminishing each month, we are, without a doubt, looking at a recuperating market.

July’s Most Expensive Miami Beach Home Sale

81 N Hibiscus Dr – Miami Beach, FL 33139

Listed for $2,750,000 and sold for $2,175,000 on July 30th, 2010

Steffi Graf’s home finally sells!! After 3 years of listing the property with an original asking price of $3.5 Million.  This was one of the lingering listings that everyone hoped would sell, starting with yours truly.  Back in April in an article titled, Steffi Graf’s House for Sale in Miami Beach, and in the comment section said I thought the house would sell in the low $2M’s…so I was right!  Here’s what the article says:

I wrote this article back on September 3rd, 2007 (that’s 2 1/2 years ago!) and unfortunately, Steffi Graf’s house is STILL on the market today.  It is now priced at $2,750,000.  It has gone through price reductions to new Realtors and NOTHING! So what’s the problem here?  The house sits on Hibiscus Island with Northern exposure and gorgeous bay views as well as views of The Venetian Islands.  The MLS description now reads:

Charming Mediterranean home on this fantastic property on gated Hibiscus Island with stunning wide bay views.  This two-story residence encompasses over 3000 square feet including 4 bedrooms, 5 bathrooms.  60 feet of water frontage, pool and dock.  Enjoy the South Florida lifestyle; just minutes from downtown Miami or South Beach. Renovate or re-develop this amazing property located on one of Florida’s most prestigious islands.

The MLS history shows that it was under contract at the end of 2008 and didn’t sell.  Although the photos are better than the previous ones, this Hibiscus Island home is obviously stale and needs a marketing pick me up and can you say PRICE REDUCTION?

Features:

• 3,010 square feet of living space
• 10,500 square foot lot with 60′ of water frontage
• 4 bedrooms / 5 bathrooms
• built in 1935
• private dock
• pool
• 2-story home / Mediterranean revival
• Hibiscus Island location

July’s Second Most Expensive Miami Beach Home Sale

803 E Dilido Dr, Miami Beach, FL  33139

Listed for $2,485,000 and sold for $1,900,000 on June 2nd, 2010

Here’s a Venetian Island home that was originally listed for $2,695,000.  I submitted an offer for some clients almost a year ago under $2M and the listing agent guaranteed that it would sell above $2M – the seller never even countered!   This deal would have closed and saved the seller a year of expenses, goes to show that no offer is a bad one and sellers should consider all options.  The house was dated needing major upgrades including kitchen, bathrooms, windows and finishes and had no pool. MLS description read:

Wide bay views, open floor plan, entire second floor features the master bedroom with sitting and/or office room, wood floors, double bath, picture window overlooking great wide views. An art gallery room with pitched ceiling, kitchen counters and floors with carrera marble, room for a pool and lushly landscaped.

Features:

• 3,346 square feet of living space
• 10,500 square foot lot
• Eastern exposure with 60 feet of water frontage
• 3 bedrooms / 3 bathrooms
• private dock
• room for pool
• built in 1939

July’s Third Most Expensive Miami Beach Home Sale

770 W 50th St, Miami Beach, FL 33140

Listed for $1,499,000 and sold for $1,230,000 on July 28th, 2010

Here’s a dry lot home (meaning NOT on the water), just North of Surprise Lake in a Miami Beach subdivision called Lake View Heights.  I just love seeing a meticulously maintained home from the 30′s.  This house was completely renovated with finishes appropriate to it’s style and in a great location in Miami Beach.  The MLS description read:

WALK IN AND FALL IN LOVE WITH THIS TASTEFULLY RENOVATED MEDITERRANEAN HOME ON FAMILY ORIENTED LAKE VIEW AREA. LIMESTONE & WOOD FLOORS THROUGHOUT, LRG FAMILY ROOM OVERLOOKING BACKYARD, POOL AND SPA. GOURMET KITCHEN, 4 OVERSIZED BEDRMS, A GREAT HOME FOR FAMILY LIVING & ENTERTAINING. TOTAL RENOVATION COMPLETED IN 2008.

Features:

• 3,727 square feet of living space
• 8,385 sq. ft. lot
• 4 bedrooms / 3 bathrooms / 1 half bathroom
• built in 1930
• completely renovated in 2008
• pool
• 1-car garage
• 2-story house

**all information obtained from the Southeast Florida Multiple Listing Service**

Fisher Island Real Estate Market Report – July 2010

There are currently 120 Fisher Island Condos for sale: (5 more than last month)

• Highest priced listing: $30,000,000 for an exclusive Oceanside 5/5.5 home with artwork and all!
• Lowest priced listing: $190,000 for a studio at Marina Village
• Pending Sales: 7 (3 less than last month)
• Closed sales in July : 2 (2 less than last month)

The 2 Fisher Island condo sales in the month of July were the following:

• Palazzo Del Mare – 7183 Fisher Island Dr – listed for $3,900,000 and selling for $3,200,000
• Palazzo Del Mare – 7182 Fisher Island Dr – listed for $3,200,000 and selling for $2,750,000

Here we are seeing, once again, a huge disparity between listing and sales price – with a $700k reduction in one and $450k in the other.  Most don’t realize that Fisher Island makes the perfect second home for those that like and need privacy…selling at a loss is not a problem as long as both parties are reasonable with terms and conditions.  There are deals to be found and incredible opportunities out there, but you need to know how to handle them and cannot be arrogant about the transaction (absurd to think that arrogance can kill a real estate deal no?).

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Top 3 Most Expensive Miami Beach Condo Sales – June 2010

There were 195 Miami Beach condos sold in the month of June of 2010. The disparity in pricing is surreal to say the least, and ranged from $30,000 for a 1 bedroom / 1 bathroom, 667 sq.ft. foreclosure at Marseille Condo in Normandy Island to $15 Million for a penthouse villa at The Setai.  21 of those sales were condos over $1 Million and only 2 of the 21 were over $5 Million.  What’s amazing about Miami Beach condo sales today is that most are cash deals.  I’ve talked to a few colleagues who have admitted to not doing a financed deal in over 2 years!  Personally, I don’t blame them, some of the bank underwriting requirements nowadays can be ridiculous, to say the least.  In the month of June, The Setai, Apogee and The Caribbean made the list of The 3 most expensive Miami Beach condos sold.

June’s Most Expensive Miami Beach Condo Sale

The Setai Resort & Residences: 101 20th Street – Miami Beach, FL 33139

Listed for $19,999,999 and sold for $15,000,000 on 06/04/2010

The Setai is the epitome of luxury, service and prized oceanfront property in South Beach.  It’s an amazing oceanfront resort hotel adjoined by a 40-story residential tower with tropical gardens, pools and sundecks that lead you to the gorgeous beaches of the Atlantic Ocean.  Now that I’ve set the tone, imagine the whole 40th floor of the Setai with over 6,000 square feet of living space, over 4,000 square feet of terraces with private pool, garden and outside dining area.  Completely furnished and with the most amazing views.

PH Villa B had been on and off the market for a while and was purchased in 2004 for $9.5 Million before finally selling last month.  The listing description read:

Palace in the sky! The ‘Imperial Suite’ is the only fully furnished penthouse in the Setai Hotel Rental Program. One-of-a-kind terrace with pool, garden, & outdoor dining areas. This PH encompasses the entire 40th floor (6,000sqft interior/4,000sqft terrace) offering stunning, panoramic ocean, intracoastal, and city views. Price includes all art, electronics and furnishings by renowned architectural design team. Rack rate offered for this unit is $30,000/night.

Features:

• 6,208 square feet of living space
• built in 2005
• over 4,000 of terraces and outside living spaces
• private pool
• designer furnished
• 4 bedrooms / 4 bathrooms / 1 half-bath
• 4 parking spaces
• Hardwood floors
• Maintenance = $13,053/month

June’s Second Most Expensive Miami Beach Condo Sale

Apogee South Beach:  800 S Pointe Drive, #604 – Miami Beach, FL 33139

Listed for $6,250,000 and sold for $5,800,000 on 5/21/2010

Apogee is all about modern Luxury and location – the South of Fifth address with the most accolades.  And proof is in the pudding when we keep seeing record breaking sales month after month.  Unit 604 is equivalent to last months 904 sale of $6.55 Million, but at a much better value – also considering 904 was designer ready and this was was not.  The difference in price per square foot is $181, which many could argue is worth the 3 higher floors (but I doubt it).  The property was listed in January 2009 with a starting price of $6.25 Million.  The MLS screams:

STAR ISLAND IN THE SKY, SOUTH OF FIFTH! ULTIMATE LIFESTYLE, PERSONAL SERVICE & HOTTEST DINING SPOTS. READY TO MOVE IN WITH 36 BY 36 LIMESTONE FLOORS THROUGHOUT, 4 BEDROOMS, MEDIA ROOM, & 2450 SQ. FT. WITH 11 FT. WIDE WRAPAROUND BALCONY W/SUMMER KITCHEN. AMAZING GOURMET KITCHEN W/GAS COOK TOP, MIDNIGHT KITCHEN IN MASTER W/DOUBLE STEAM SHOWER. 2 CAR A/C GARAGE. 5 STAR LIVING FOR THE CLIENT WHO WANTS THE BEST! UNIT SQ.FT. AS PER DEVELOPER

Features:

• 4,154 square feet of living space
• 2-car a/c garage
• 4 bedrooms / 3 bathrooms / 1 half bathroom
• summer kitchen
• limestone floors
• 2,450 sq.ft. – wraparound terrace/balcony
• Midnight kitchen in Master bedroom
• Maintenance = $5025/month

June’s Third Most Expensive Miami Beach Condo Sale

The Caribbean Condo: 3737 Collins Ave, #PH-1 – Miami Beach, FL 33140

Listed for $3,900,000 and sold for $3,500,000 on 6/15/2010

The Caribbean Condo is a luxury ocean front high-rise between South Beach and Millionaire’s Row.  It’s located in a historic district and the original Caribbean Hotel was designed by famed architect L. Murray Dixon – the original hotel was restored and a new residence tower constructed right next to it to compliment the newly restored ambiance.  What’s happening in the location of The Caribbean is incredible – including the recently announced site for the New Edition Hotel by Marriott – which only reinforces how much money is being pumped into this area of Miami Beach.

So here we have a penthouse unit with Eastern as well as Western views where you get the best of both worlds – ocean views in the day and city lights at night.  It was originally listed for $3.9 Million in December of 2009.  MLS reads:

ABSOLUTELY AMAZING! THIS STUNNING PENTHOUSE IS THE NICEST AVAILABLE IN MIAMI BEACH! 3900+ SQ FT, 4/4.5, SPECTACULAR PRIVATE MASTER SUITE, DIRECT EAST AND WEST VIEWS, SUMMER KITCHEN, AND ENDLESS VIEWS OF MIAMI BEACH! ONE OF A KIND – A MUST SEE!

Features:

• 3,900 square feet of living space
• 1,625 sq. ft. of balcony/terrace
• built in 2009
• 1 parking space
• designer ready
• 4 bedrooms / 4 bathrooms / 1 half-bathroom
• Maintenance = $2,418 / month

**all information obtained from the SouthEast Florida Multiple Listing Service**

Top 3 Most Expensive Miami Beach Home Sales – June 2010

The month of June was HOT when it comes to Miami Beach homes sold.  We’re talking the higher end of the Miami Beach Luxury home market, the one I’ve been telling you has been at a standstill .  I hope this doesn’t mean our “quota” has been met….I’m hoping the Luxury market is picking up.  There were 20 sales ranging from $250,000 for a 3 bedroom short sale at 1234 13th Street in South Beach to $16 million for an amazing Todd Michael Glaser masterpiece.  These Miami Beach home sales represent the highest sales seen in quite some time, so let’s take it all in.

June’s Most Expensive Miami Beach Home Sale

88 La Gorce Cr – Miami Beach, FL 33141

Listed for $19,500,000 and sold for $16,000,000 on June 11th, 2010

I had written about this impressive Miami Beach Luxury Estate back in December of 2009, where I said:

The home is impressive to say the least – contemporary, simple, austere and phenomenal.  With over 20,000 square feet of living space, sitting on a 48,000 square foot lot, guest cabana, elevator, 5-car garage, amazing landscaping….what else could you want?  My only concern of course is that we have not seen any waterfront sales in La Gorce in 2009….the whole mega luxury home real estate market in Miami Beach is at a standstill….waiting waiting waiting.  The house has been active for sale since January of 2008 starting at $25,000,000 ($5,500,000 reduction is not bad at all).  It’s also currently for rent at $100,000 per month and known to house a few celebs on a short-term basis.

And Todd Michael Glaser himself, describes as:

The property, called OKTO, features a brand-new 20,000-square-foot house, which my team and I built from the ground up in just 10 months. It is one project that I am particularly proud of. The flowing floor plan separates “back of house” function spaces (such as dual laundry rooms, staff quarters, ample storage spaces, and a five-car garage with berthing large enough for limousines), from the opulent living areas. The master bed and bath have floor-to-ceiling glass sliders that seem to disappear when opened, exposing the his-and-her soaking tubs to the direct Florida sunlight. The terrace overlooks the pool and manicured lawns, as well as the elevated guesthouse and cabana. With all of this, I am not surprised it wasn’t on the market for very long.

(for those that don’t know who Todd Michael Glaser is – he’s a builder…but not just any builder, he builds Luxury Estates that have been featured in HGTV, and said to have “started” the Miami Design District)

Features:

• 17,183 square feet of living space
• built in 2008
• 10 bedrooms / 12 bathrooms / 3 half-baths
• 5-car garage
• 48,024 sq.ft. lot with 260′ of water frontage
• 2 docks
• lap pool and spa
• rooftop terrace
• staff house
• elevator
• La Gorce Island location

June’s Second Most Expensive Miami Beach Home Sale

55 Palm Ave, Miami Beach, FL  33139

Listed for $15,500,000 and sold for $11,950,000 on June 16th, 2010

This was a Mediterranean Revival restoration also done by Todd Michael Glaser – damn Todd! you are on a roll!  The 1928 home Palm Island residence is best described in Todd’s  own words:

This project was extremely interesting for me, as it involved a unique historical restoration of an original 1920s Spanish Colonial-style residence on Palm Island, providing city tax abatement for 10 years. Set on a 30,000-square-foot lot, the home features a three-car garage, service quarters, formal dining room, elevator, a grand waterfront master suite and sitting area, his-and-her baths and walk-in closets, and more. We incorporated a 10,000-square-foot modern addition, careful to blend the old and the new, and the possibilities are endless. There is room for a media room, library, office, gym, outdoor barbecue, separate guest rooms, a playroom, sitting areas, and more. The details are what really sets it apart, though: 12-foot cathedral beamed ceilings, quatrefoils windows, fireplaces, a romantic interior courtyard, oversize heated pool on beautifully landscaped grounds featuring flowering vines. It’s the quintessential Miami Beach island property.

And MLS description reads:

Unique historical restoration of original 1920′s Spanish Colonial Palm Island residence providing city tax abatement for 10 years plus a 10,000 SF modern addition.  12 foot Cathedral & coffered ceilings, Bulthaup kitchen, interior courtyard, amazing backyard w/ gazebo & pool cabana.  Gorgeous views of intercostals & MB skyline.  One of a kind master suite w/ private terr.  Enchanting guesthouse w/ plenty of rm & privacy and much more.

Features:

• 12,184 square feet of living space
• 8 bedrooms / 9 bathrooms / 2 half-baths
• built in 1928 and restored in 2008
• 30,000 sq.ft. lot with 100′ of water frontage
• 3-car garage
• service quarters
• elevator
• media room
• library
• 12-foot cathedral beamed ceilings
• interior courtyard
• pool
• Palm Island Location

June’s Third Most Expensive Miami Beach Home Sale

40 La Gorce Cr, Miami Beach, FL 33141

Listed for $7,900,000 and sold for $7,400,000 on June 11th, 2010

There are not even photos of this home because it sold in 4 days!  The 1937 home of known attorney Dan Paul, author of Miami-Dade county charter, with an MLS description that leaves us wanting more:

This extraordinary waterfront property is located on the tip of prestigious La Gorce Island in Miami Beach. The most sought after wide bay, city and sunset views. Upon entering the sumptuous courtyard you will be enchanted by the beautiful architecture of this 8,200+SF Gem. Nothing short of a South Florida masterpiece, this residence has it all.

Features:

• 8,284 square feet of living space
• 6 bedrooms / 8 bathrooms / 1 half-baths
• built in 1937
• 23,145 sq.ft. lot with 115′ of water frontage
• 2-car garage
• dock
• pool
• La Gorce Island Location

>>>> BONUS SALE you absolutely have to know about<<<<<

4358 N. Bay Road – Miami Beach, FL 33140

Listed for $8,300,000 and sold for $7,400,000

This amazing piece of land was bought by none other that Alex Rodriguez after many rumors of offers on different properties around Miami.  And guess who’s helping A-Rod build the house of his dreams?  Yes…you got it….Todd Michael Glaser!!!  (and all I hope is that he convinces him to go modern and not do another Spanish-Med wanna be with a million ballustrades – somehow….I have confidence that this time will be different!)

**all information obtained from the Southeast Florida Multiple Listing Service**

Fisher Island Real Estate Market Report – June 2010

There are currently 115 Fisher Island Condos for sale: (2 less than last month)

• Highest priced listing: $30,000,000 for an exclusive Oceanside 5/5.5 home with artwork and all!
• Lowest priced listing: $190,000 for a studio at Marina Village
• Pending Sales: 10 (same as last month)
• Closed sales in June : 4 (1 more than last month)

The 4 Fisher Island condo sales in the month of June were the following:

• Bayview at Fisher Island– 4931 Fisher Island Dr – listed for $3,200,000 and selling for $2,600,000
• 5000 Bayview at Fisher Island – 5044 Fisher Island Dr – listed for $2,890,000 and selling for $2,500,000
• Oceanside – 8031 Fisher Island Dr – listed for $2,498,000 and selling for $1,800,000
• Seaside Villas – 15923 Fisher Island Dr – listed for $820,000 and selling for $750,000

We are seeing a huge disparity between Fisher Island listing and sales prices.  It seems that owners are being flexible and realizing that they most sell at a loss rather than keep the inventory.  We have seen 19 Fisher Island condo sales this year which is not bad considering that there were 25 total sales in 2008 and 32 in 2009.

Ricky Martin’s Golden Beach Home For Sale

Ricky Martin’s mugshot by lander2006 on Flickr

Deidre Woollard from Luxist gives us the scoop on Ricky Martin’s home in Golden Beach.

Martin bought the home in April 2007 for $16.5 million and by December of that year it was on the market for $22.5 million. The home didn’t sell and eventually appears to have come off the market. Earlier this year I learned that the home was back up for sale with a new lower price.

The main draw of this two-story Mediterranean home is its location in a private oceanfront community. The five-bedroom home has a a beautiful pool and spa that is just a short walk away from a secluded beach. The home’s interior is Florida Spanish luxe with a double-height living room that has marble floors, monumental fireplaces and large French doors that open to the outside. The new gourmet kitchen has a brick barrel vaulted ceiling and tile. The master suite has walk-in closets, terrace and open views. It is now listed at $18.9 million, which still makes it the highest listed Golden Beach house currently.

My take is that 641 Ocean Blvd is one of Golden Beach’s beauts with over 29,000 square feet of land and 100 feet of ocean frontage – yes, we said ocean.  The down side of living on the ocean is the inability to dock a boat, but imagine the sunrise in your private beach.  The MLS shows a $17.5 million listing price on November of 05, then $22.5 million on December of 07, $22.5 million November of 08 and $18.9 million October of 09.  Here’s the description:

2 Story Mediterranean estate in one of Florida’s most exclusive private oceanfront communities, 24 hour security patrol in community and beach!!! Making it a desirable location for celebrities and int’l homeowners. Your own private 108 FT beach modern comfort throughout. New gourmet kitchen with morning room, Top of the line finishes. Formal dining plus open living area. Master suite with his and her bath, walk-in closets, terrace and stunning open views.

Deidre is absolutely right about Ricky’s home being the most expensive in Golden Beach – but you have to admit that buying Ricky Martin’s home should carry a nice extra price tag with it.  The next highest priced Golden Beach home is just $400,000 under at $18.5 million – and that’s for a modern 14,000 square foot ocean front built in 2007.

The least expensive Golden Beach home for sale on the ocean is 495 Ocean Blvd which is a tear down on a lot half the size.  I visited the home this past weekend and confirmed the $3.9 million price is lot value alone.  But here’s the view

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Sports Celebrity Carlos Boozer sells his Miami Home

Sports celebrity Carlos Boozer, from Utah Jazz, sold his Coconut Grove Estate on June 15th at a loss of $800,000 (as per the MLS numbers) – Deseret News informs us:

But don’t take that to mean the Jazz’s unrestricted free agent power forward wouldn’t still love to play for the Miami Heat, in the city where he makes his offseason home.

Boozer previously has said he and his family were planning to move from the Coconut Grove area of Miami to nearby Coral Gables.

According to the MLS history, he bought the home for $6.3 million in May of 2007 and then put it up for sale for $8.9 million in September 08 with a price decreases in February 09 ($7.9 million) and then again July 09 ($6.9 million).  The final sales price was $5.5 million. The listing description reads:

Custom Mediterranean estate overlooking Biscayne Bay on quiet private street with gated entrance. Home has state of the art media room, smart house technology, security camera system, quality finishes and custom mill work throughout the home, gourmet kitchen featuring top of the line appliances with large eat in area open to terraces. Detached guest house with private entrance includes living, bedroom and private terrace. Bring your most selective clients for this special home.

As expected with any Miami Celebrity Home, the listing caused quite a buzz and appeared in many Luxury Home sites including Luxist and Big Time Listings.

Here are some photos of 3581 Crystal View Ct in Coconut Grove.

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Not all Miami Beach Waterfront homes are created equal

Miami Beach locals seem to understand that not all Miami Beach waterfront real estate is the same, but instead of assuming, I decided to do a brief synopsis of the different types of waterfront homes in Miami Beach. Many relocating to South Florida think waterfront means “beach-front” – you have no idea how many calls we get from Europeans wanting a beachfront home when they really mean canal-front. It has to do with knowing the local landscape and also language idiosyncrasies – the type of waterfront has obvious implications on the price.

Miami Beach ocean-front homes

There are not many oceanfront Miami Beach homes – it is PRIME real estate! This type of waterfront real estate is the most exclusive and most expensive for obvious reasons (nothing like the Atlantic Ocean as your backyard)- A few beachfront homes can be found in a very small residential pocket South of Surfside called Altos del Mar and also Golden Beach – where the oceanfront homes will be everything but modest- talk about Miami Beach Luxury Real Estate! Otherwise, all other beach-front or ocean-front real estate will be condos.

Miami Beach Bay-front homes

The next best thing from beachfront is bay-front since you will have open bay views and more privacy (literally no rear neighbor and open bay views from your backyard). Miami Beach Bay-front homes are also not all created equal. The only down side is the lack of protection from the elements, but that’s what insurance, good construction and proper weather preventive methods are for.

Miami Beach Canal front homes

There are many types of canal-front homes in Miami Beach. Pricing of these will take into consideration many factors including: location of canal, type of canal, size of canal, location of home within the canal, etc.

• Wide canals

This is when the home is located on a canal but the the canal is wide and homes still have privacy – examples of these are homes on the South side of Hibiscus Island or North side of Palm Island, The Venetian Islands or Surprise Lake in Miami Beach.

• Narrow canals

The word says it – you can see your neighbor across the canal, privacy is limited since you usually would have a fence and landscaping separating a backyard neighbor – in this case, you would have the canal and in many instances could see right in their backyard or home. This does not mean that canal-front homes are bad by any means, it just explains that there are many considerations when buying waterfront properties.  Other factors to consider with regards to canal-front properties are:

• navigable – if you have a boat, this is a good question to ask – some canals do not allow boats, others don’t have access to the ocean

• no fixed bridges – canal-front properties with direct ocean access and no fixed bridges are more expensive.  If you are contemplating buying a property and you know there are fixed bridges and you have a boat, make sure you know what the clearance of those bridges are in high tide to make sure your boat will be able to go through.

• deep canals – many canals are deep and can accommodate sail boats – if you are a sailor and want to purchase a canal-front home, you need to make sure the canal is deep enough for the draft of the boat.

• debris – some canals have dead ends and they have a tendency to collect debris which can often be an eyesore or even worse, bring a horrible smell.

More food for thought:

Location of the property – If you are a boater and hate idling in the no-wake zones for an extended period of time, consider where, within the intricate canal infrastructure of Miami and Miami Beach, the property will be located. Golden Beach and Eastern Shores for example has a long trajectory from their waterfront homes to the open bay and ocean where you can really crank up the engines and go at a descent speed – the same thing happens at Coral Gables. If you are a true boater, it would be a good idea for you to navigate those canals first.

Seawall and Condition – knowing a seawall can cost up to $1000 per linear foot – you should inspect the seawall with a good professional and possibly structural engineer.  Don’t discard Natural Coral Seawalls, they are known to have very strong structural qualities – but don’t take my word for it, ask any Structural Engineer.

Type of dock DERM will allow – looking at the adjacent neighbors’ docks usually gives you a good idea, but don’t always trust that – their dock may be “grandfathered in” or have some special circumstances that you don’t know about. Rule of thumb is that you can usually build a dock out 20% of the width of the canal, bay-fronts all have different requirements. A DERM inspector will sometimes be willing to visit the property prior to you buying the property, to assess it.

If you thought the Miami Beach Waterfront real estate market was not intricate, think again!

*original article posted February 28th, 2009*

Top 3 Most Expensive Miami Beach Condo Sales – May 2010

There were 158 Miami Beach condos sold in the month of May 2010.  They ranged in price from $9 million to $36,000 for a studio foreclosure at Fashion Condo in South Beach.  Thirteen of the 158 sold over $1 million and only 2 of the 13 were over $5 million – which shows once again that the high end Luxury market is not moving as it used to.  Apogee in South Beach keeps showing great trends and gets the number 2 and 3 highest sales this month.  The regular suspects have sales in May including Continuum South Beach, Canyon Ranch, The Bath Club and Icon South Beach.

May’s Most Expensive Miami Beach Condo Sale

Fontainebleau II Condos:  4441 Collins Ave #PH-NO – Miami Beach, FL 33140

Listed for $9,800,000 and sold for $9,000,000 on 05/14/2010

The Fontainebleau needs no introduction with the most incredible amenities of Miami Beach, including restaurants, pools, nightclubs, Lapis Spa, Cabanas, beach side service ….the fun goes on and on.  It’s considered  luxury resort living at its best and many choose Fontainebleau as their second home.  This particular breath-taking penthouse was originally listed for $16,000,000 in January of 2009, reduced to $13.5 million in February of 09 and again to $9.8 million in May of 2010…which was the clincher for the sale.  Selling at $2,000 per square foot! The MLS description says it all:

Fabulous one-of-a-kind 4,500 sq. ft., 5 bed/,5 full plus 2 half baths. This spectacular Fontainebleau penthouse spans the entire half of the Tresor building from city to ocean. Breathtaking view, over 2,500 sq. ft. of terraces with private jacuzzi. Open floor plan with 15′ceilings. 24 hour full hotel services available .11 restaurants and nightclubs, 40,000 sq. ft. spa and private poolside cabanas. Penthouse is fully furnished and equipped with high def flat -screen TV’s, and ultra luxurious amenities.

Features:

• 4,500 square feet of living space
• 2,500 square feet of terraces/balconies
• 5 bedrooms / 5 bathrooms
• Built in 2005
• 2 parking spaces
• Direct Ocean Views
• Monthly Maintenance Fee = $6,000

May’s Second Most Expensive Miami Beach Condo Sale

Apogee South Beach:  800 S Pointe Drive, #904 – Miami Beach, FL 33139

Listed for $6,850,000 and sold for $6,550,000 on 5/21/2010

I can talk about Apogee all day long – ultra luxury, austere architecture, never pretentious, and VIEWS!! (although it does  not have a marina or a beach…but it’s obvious that many don’t care, because sales keep defeating the odds).   This particular residence was listed for $6.85 million in January of 2009 and shows it went pending in May of 09 and closed exactly one year later.  Could have been an option, delayed closing or just a mistake in the MLS.  Either way, closes at $1,577 per square foot which is above average closed sales this year at Apogee.  MLS reads:

APOGEE! Most exclusive bldg. in South Beach only 67 exclusive homes in the sky. Best line in the bldg. watch the Miami Skyline as sit comes to life at night, Fisher Island, City of Miami Beach plus watch the cruise ships sail while relaxing on your over-sized terrace. 4 Bedrooms, 3 baths and media room.Unit features gas stove, huge center island, summer kitchen on balcony, midnight kitchen in master, steam shower and jacuzzi tub plus upgraded lighting. Private Air conditioned  over-sized garage.

Features:

• 4,154 square feet of living space
• 4 bedrooms / 4.5 bathrooms
• built in 2008
• 2 parking spaces / private air conditioned garage
• Bayfront condo
• Summer Kitchen
• Monthly maintenance = $5,046

May’s Third Most Expensive Miami Beach Condo Sale

Apogee South Beach:  800 S Pointe Drive, #503 – Miami Beach, FL 33139

Listed for $3,395,000 and sold for $3,000,000 on 5/21/2010

Another Apogee Sale, but this one ready to move in rather than designer ready.  Listed originally for $3.85 million in January 2009, reduced to $3.69 million on February of 09 and again in September of 09 to $3.395 million.  This residence is the lowest sale per square foot at Apogee this year ($967/sq.ft.) – with average price being $1,292 per sq. ft.  The MLS description reads:

The APOGEE, a premium residence suitable for the most discriminating individuals is situated in the “SOFI” neighborhood on South Beach. With only 67 residences, this waterfront property offers resort like amenities, flow through floor plans, 11ft balconies, the highest end appliances, Biometric unit access, interactive AMX “Smart Lifestyle” technology and over-sized private air-conditioned garages. This unit has received a full build out and is turnkey ready to move in. Furniture is negotiable.

Features:

• 3,103 square feet
• 3 bedrooms / 3 bathrooms
• built in 2008
• 2 parking spaces / private air conditioned garage
• Bayfront condo
• Summer Kitchen
• Monthly maintenance = $3,810

**all information obtained from the SouthEast Florida Multiple Listing Service**

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3 Most Expensive Miami Beach Home Sales – May 2010

There were 17 Miami Beach homes sold in May 2010, ranging from $3,435,000 to $285,000 for a small 3 bedroom home in Normandy Isle. Eight of the 17 sold homes were over a million dollars and 4 of those sales were distressed (compared to 7 out of 17 in April 2010), with 3 short sales and one bank owned foreclosure.  The 3 most expensive Miami Beach homes sold this past month were all located on North Bay Road with the highest sale further North close to La Gorce Island.  Good to see those older North Bay Road Homes starting to move.  Out of the 18 currently active North Bay Road Waterfront Homes, the lowest listing is at $2.495 million (3166 N. Bay Rd), and the highest is being sold for $15.9 million at 4580 N. Bay Rd.

To my surprise, we had the same number of sales in Miami Beach as last month, when May and June sales are historically higher. What’s disconcerting is the fact that the mega luxury market is not moving at all – out of 93 Miami Beach Homes sold this year – only 3 of those were above $5 million – one on Hibiscus Island, one on La Gorce Island and the last on Star Island.  That’s not due to a lack of inventory either, there are currently 55 Miami Beach luxury homes listed for over $5 million.  Please keep in mind that most of these Miami Beach Luxury Homes are being sold as Cash Deals, and this has been confirmed by my conversation with several colleagues that also work the Miami Beach Luxury real estate market.

May’s Most Expensive Miami Beach Home Sale

6100 N Bay Rd – Miami Beach, FL 33140

Listed for $3,900,000 and sold for $3,435,000 on May 19th, 2010

Here’s an example of a smaller mid-century modern home sitting on an incredible piece of property with over 77 feet of water frontage.  Although the house has almost 5,000 square feet of living space, it’s small compared to it’s neighboring mansions and doesn’t even have a pool.  Showing that even the smaller homes can still bring in over $700/square foot in the right location.  This home was placed on the market in March of 2010 and was under contract by the end of April.  The MLS Description reads:

Spectacular wide bay views and the most gorgeous sunsets make this boater’s paradise a great opportunity to own on prestigious North Bay Road.Situated on a 20,000 SF lot, this home + guest house is 5,000 SF,with 3 Bedroom/3 Bath.It has been masterfully updated with wonderful entertaining spaces that features a chef’s kitchen,marble floors,marble bathrooms,generator,+gated security.Florida living at its best.

Features:

• 3 bedroom / 3 bathroom
• Built in 1947
• 4,889 square feet of living space
• Lot size 77.50′ X 251′ = 19,452 square feet.
• 2-car garage
• Bayfront
• 77.50′ of water frontage
• dock
• guest house

May’s Second Most Expensive Miami Beach Home Sale

5718 N Bay Road, Miami Beach, FL  33140

Listed for $3,975,000 and sold for $3,350,000 on May 18th, 2010

Miami Wacky or element of surprise?  This 1928 Miami Beach home has a very contemporary exterior with contrasting traditional interior decor.  Obviously remodeled through the years with a listing history just as peculiar.  The home was listed by several different brokerages in a period of 4 years with an original listing price of $6.7 million in March of  2006, then $6.9 million in April of 2007, $5.9 million in January 2008 and finally $3.975 million in March of this year.  Selling at $512/square feet.  MLS description:

Immediate grand wide bay Miami Skyline views! Dazzling sunsets! Exterior modern design with luxurious interiors in Med motifs, marble fireplaces, coffered ceilings, elaborate moldings, marble floors, ornate stonework and mahogany mill-work. Spacious wet bar/piano room, adjacent media rm. opens onto interior courtyard, pool and huge dock for large vessel.  Other features: Spacious circular drive with gates, electric shutters, elevator, office, guest & staff  bedrooms with adjacent sun room.

Features:

• 6 bedrooms / 6.5 bathrooms
• 6,545 square feet of living space
• Lot size 70.30′ X 221′ = 15,536 square feet
• 70.3′ of water frontage
• pool
• Bayfront
• Marble floors
• elevator

May’s Third Most Expensive Miami Beach Home Sale

4640 N Bay Road, Miami Beach, FL 33140

Listed for $2,995,000 and sold for $2,750,000 on May 3rd, 2010

My favorite of the 3, but then again, I’m not the one buying.  This house exudes clean lines and comfort without being overbearing and selling at $1,347/square feet, it’s evident that I’m not the only one that feels that way.  It was purchased for $3.6 million in 06 and listed for $3,999,999 in January of 2009, reduced to $2,995,000 in March of 09 and finally selling at $2.75 million.  With only 2,000 square feet and three bedrooms, it’s the smallest of the 3 homes, also on a much smaller lot, but selling at a much higher price per foot.  MLS description reads:

The quintessential waterfront Pied-a-terre! A secluded Spanish-style villa; surrounded by lush landscaping, offers complete privacy and exclusivity – fit for its former celebrity owners. A charming 3 bd, 3 bth home features a myriad of upgrades w/ dramatic 16 foot Cyprus beam-lined ceilings, fireplace and breathtaking views.  A $500,000 landscape renovation offers enormous 50′ Oak trees, Italian hand-laid pebble and marble courtyard and a stunning keystone dock that accommodates a 60′ yacht!

Features:

• 3 bedrooms / 3 bathrooms
• 2,041 square feet
• Lot size 60′ X 90′ (5,400 square feet)
• Bayfront
• 60′ of water frontage
• marble and wood floors
• 1-car garage
• dock can accommodate up to 60′ yacht
• pool

**all information obtained from the SouthEast Florida Multiple Listing Service**

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