Top 3 Most Expensive Miami Beach Condo Sales – January 2010
March 2, 2010
There were 117 Miami Beach condos sold in January 2010 with the lowest sale being a pool cabana at Casablanca Condo for $16,000 and the next highest a 1 bedroom condo at Normandy Place Condo (which was a bank owned property). Now to the good stuff.
January’s Most Expensive Miami Beach Condo Sale
The Continuum on South Beach: 50 S Pointe Drive, #TWN6 – Miami Beach, FL 33139
Listed for $4,353,000 and sold for $3,482,400 on 1/29/2010
The Continuum needs no introduction – it’s 2 towers are the only 2 oceanfront uber luxurious high-rises in the area knows as South of Fifth in South Beach. This unit was listed on January 13th, 2010 and was under contract by the 17th! WOW! (but there are not even interior photos of the unit on the MLS, so it was obviously sold before it listed). Here’s the MLS description:
Enjoy 12 Acres of Oceanfront Living at Continuum II! Spacious, large balcony with magnificent views! Italian kitchen with stainless steel Miele appliances, Subzero refrigerator, granite countertops and marble floors. Luxury amenities include 24 hr security and valet parking, full-time concierge service, 2 large lagoonpools with pool and beach-side services from patio restaurant. Three pro-clay tennis courts, 23,000 sf Sporting Club and spa with infinity lap pool!
Features:
- 2,901 square feet of living space
- built in 2008
- 4 bedrooms / 4.5 bathrooms
- 2-car garage
- Direct Ocean Views
- Beachfront condo
- Facing South
- Balcony
- Decorator ready
- Maintenace Fee – (not disclosed)
January’s Second Most Expensive Miami Beach Condo Sale
Il Villaggio: 1455 Ocean Drive #1102 – Miami Beach, FL 33139
Listed for $2,195,000 and sold for $1,850,000 on 1/05/2010
This unit was purchased for $2,700,000 in June 2007 and was on and off the market starting on February 2008 with an asking price of $3,590,000. The sellers lost $850,000 in this real estate transaction, but you can only speculate that they enjoyed Il Villaggio’s views and amenities in the 2.5 years they owned it.
The ultimate “south view” residence at South Beach’s very own Il Villaggio. This sleek, sexy floor plan provides wrap-a-round views of the ocean, Lummus Park and the seductive South Beach coastline. Three expansive terraces, dramatic foyer entrance, custom bamboo flooring, gourmet kitchen, marble baths, & a luxurious master suite. Luxury building offers the finest, personalized services of any building in South Beach, oceanside promenade and community room. Live the life you’ve always imagined…
Features:
- 1,700 square feet of living space
- built in 1998
- 2 bedrooms / 2.5 bathrooms
- 1 parking space
- Beachfront condo
- Facing South
- Balcony
- Maintenance Fee – $1835/month
January’s Third Most Expensive Miami Beach Condo Sale
Canyon Ranch – 6799 Collins Ave #505 – Miami Beach, FL 33141
Listed for $1,900,000 and sold for $1,550,000 on 1/29/2010
Canyon Ranch is Miami Beach’s latest craze bringing life to Mid-Beach with luxury and style. This particular residence was listed on March 2009 for $1.9 Million and had no price adjustments.
One of a kind, amazing beach house facing East w/ direct ocean views. This is a must see! 2 Bed + den/media room (could be converted to 3rd bedroom)+ a private rooftop terrace, directly on the ocean. Spacious layout w/10 ft ceilings, stunning baths and custom kitchen. Canyon Ranch offers every luxurious amenity including all spa services and on-site restaurants.
Features:
- 1,965 square feet of living space
- built in 2008
- 2 bedrooms / 3 bathrooms
- 1 parking space
- Beachfront condo
- Decorator ready
- Facing East
- Balcony
- Maintenance Fee – $2500/month
Top 3 Most Expensive Miami Beach Home Sales – January 2010
February 24, 2010
When it comes to Miami Beach Homes, there were 11 sales in the month of January 2010. Two of these sales in exclusive La Gorce Island and the other one was a Pinetree Mansion. The lowest sale in January was at Biscayne Beach and as per the MLS description, “buy this house and get a free car”…can’t tell you the details on the car – but the house was on a dry lot at 965 79th Terrace and sold for $225,000.
January’s Most Expensive Miami Beach Home Sale
92 La Gorce Circle – Miami Beach, FL 33141
Listed for $13,500,000 and sold for $9,500,000 on 1/25/2010
This house was on and off the market since September 2005, starting at $17,500,000, was also for rent for $100,000 and finally sold for $9.5 Million. MLS description:
Set on approx. an acre, this remodeled 9700+sf Mediterranean estate offers privacy and elegance. 200+ft of wterfront. 7 brs, ofc, 8.5 baths, fine marble and hardwd flrs, dbl living room w/marble fireplc overlooking the water. Media rm, family rm w/granite bar & spacious kitchen w/breakfast area, sumptuous master suite w/soaring ceilings. Notable exterior features of the grand estate include hand-laid keystone appointments, stone fountains and interior courtyard loggias surrounded by coral stonework.
Features:
- built in 1939
- 9,719 square feet of living space
- 7 bedrooms / 8.5 bathrooms
- waterfront
- 42,749 square foot lot
- 200 feet of water frontage
- House faces East
- Guard-gated island
- 2-story Mediterranean Revival home
- Private dock
January’s Second Most Expensive Miami Beach Home Sale
5745 Pinetree Drive – Miami Beach, FL 33140
Listed for $5,990,000 and sold for $4,650,000 on 1/4/2010
This home was known for it’s short term rentals and was showing on the MLS available for rent for $19,500/month and $27,000/month (long and short term rentals). It had also been on and off the market starting in 2000 with highest listing price of $7,900,000. Personally, Pinetree has never done it for me – some of these homes facing condos across the canal, but you can’t take away the splendor and grand scale of a lot of these Pinetree Homes. Description on the MLS:
Classic, renovated estate on stately Pinetree Drive! All new hurricane impact windows and doors to be installed! Approximately 9000 sf, 5 bedroom, 8 bath home with 150 ft of protected water-frontage! owner will consider financing or trade for other property including condos! Renovations are finished and all doors and windows are in!!!!!
Features:
- built in 1929
- 8,689 square feet of living space
- 5 bedrooms / 6 bathrooms / 2 half-baths
- waterfront
- 26,700 square foot lot
- 150 feet of water frontage
- House faces East
- 2-story Mediterranean Revival home
- Private dock
January’s Third Most Expensive Miami Beach Home Sale
55 La Gorce Circle – Miami Beach, FL 33141
Listed for $3,300,000 and sold for $2,200,000 on 1/19/2010
This home was listed in 2007 for $4,400,000 and then again for $3,300,000 on August 2009 – I’m guessing the million dollar price reduction made the difference with this dry-lot home (meaning NOT waterfront).
Sophistication reigns supreme on this exquisite property. Located on guard-gated La Gorce Island, this beautiful 4 bedroom/5 bath, 5,387 sf home, situated on a 13,750 lot features an abundance of stunning details and amenities such as a luxury kitchen, pool area, high ceilings, master suite with his/her bathrooms and a 2-car garage. Unmatched, awe-inspiring elegance and style. just a few minutes to world-renowned South Beach and downtown Miami.
Features:
- built in 1968
- 5,387 square feet of living space
- 4 bedrooms / 5.5 bathrooms
- 2-car garage
- 13,750 square foot lot
- House faces West
- Guard-gated island
- pool
Fisher Island Condos – January 2010 real estate market report
February 15, 2010
There are currently 132 Fisher Island Condos for sale:
- 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: 8 (3 of these are short sales)
- Closed sales in January: 1
The one single Fisher Island condo sale in the month of January was for the residence at Oceanside at Fisher Island Condo, unit 7241 – a 3 bedroom / 3 bathroom / 1 half-bath, 3,140 square feet listed for $3,100,000 and selling for $2,100,000 (A one million dollar reduction … OUCH!)
There were 32 Fisher Island Condo sales in 2008 ranging in price between $700,000 and $5,457,000 compared to 25 sales in 2008.
The Temple House – South Beach Luxury Home
January 25, 2010
I’ve written about The Temple House before and have given you all the relevant real estate information you need about the house. From the typical description:
The Temple House is South Beach’s largest private residence. Steps to the beach, Lincoln Road and Lummus Park. Over 16,000 SQ FT as per previous tax records. This former synagogue was transformed into an ultra contemporary residential compound over a two year period. Living quarters abound on both levels, 6,000+ SQ FT grand LOFT with approx. 30 foot high ceilings, 2.500+ SQ FT outdoor terrace, two car garage + parking for 3 additional vehicles. Newly finished rooftop swimming pool!
to my own take on the house:
The Temple House in South Beach is one of those “wow” houses you don’t see every day. The largest single family home in South Beach with over 16,000 square feet of living space. This house is amazing all on its own but when you hear its history, then you realize it is so much more than a big house. Originally designed in 1933 by none other than famed architect L. Murray Dixon, converted into a temple in the 40’s, expanded in the 60’s by renowned architect Lester Avery and then converted back into a home in 2003 by the current owner, Dan Davidson. This home defines South Beach Living with no expense spared – 30 foot ceilings in the 6,600 square foot great room, theater room, 1,200 square foot kitchen, state of the art lighting and audio system, new terrace pool with iridescent mosaics and waterfalls…..imposing and majestic.
But as Bea Garcia puts it in her housingwatch.com article for AOL real estate, Temple To High-End Zen For Sale in Miami,
For a house with a self-professed “wow” factor-its website address is www.ownthewow.com-it seems that no amount of promotion is too much.
The Temple House, in the heart of Miami Beach, has a Facebook fan page, a Twitter account, its own blog with postings of all the celebs-Jennifer Lopez, Ricky Martin, BowWow and Playboy model Vicky Vodar, to name a few- who have crossed its threshold, and a stream of photos of its Flickr page.
So check out OwnTheWow.com to see the latest documented celeb visit to The Temple House:
The Temple House is not just a property for sale – it’s a house with a story, a story that cannot be told in just a few words. This blog will narrate an uber rich story, it will serve as a chronicle of The Temple House’s past present and future.
The Temple House has housed top celebrities in all kinds of different capacities, it has been published and re-published, has served as backdrop in popular music videos, movie scenes, megastar parties, weddings, charitable events…..and so much more
The Temple House
“if WOW is what you’re looking for”
Star Island Home – Miami Beach Luxury Real Estate
January 25, 2010
Everyone knows that Star Island is one of the most exclusive islands in Miami Beach, but what makes this island so special other than a few celebs like Shaq, Gloria Estefan, Rosie O’Donnell and Stallone as known “residents”? Proximity to South Beach’s action could be one, ease of access by boat without all the tedious draw bridges and idle zones is another, mammoth sized lots is a third and the fact that there are only 29 homes on the island is definitely another reason. But just the mere fact of living on Star Island gives anyone Miami Beach star status, plain and simple.
I want to tell you about a particular property that sits on a 48,266 square foot piece of land with 215 feet of water frontage and amazing Southern Exposure. The fact that the listing agent only provides exterior photos can tell you the condition of the inside of the property (so don’t blame me for the lack of interior shots). Keep in mind, when you see this property, that there was only one sale last year on Star Island, and that was Shaq’s house selling for $16,000,000 or the gift of $823 per square foot – I’ll compare this listing to Mr. O’Neal’s as you read on.
44 Star Island Drive – Miami Beach, FL 33139
$8,750,000
The house itself is only 4,720 square feet, which is tiny compared to its neighboring estates. It was built in 1935 and to many it will be the “ugly duckling” of the island. But I urge to look past the obvious and notice that the existing structure does have a nice Florida Vernacular feel to it and nothing a little money and love can’t fix. It’s listed at $1,854 per square foot but I know that’s not a fair assessment since it’s all about the size of the lot. Well….Shaq’s lot was 87,120 square feet with 312 feet of frontage and the house was impeccable and needed no “updating” (other than changes here and there for tastes sake). So, my guess is that neighbors are pretty angry right about now because the only comp is throwing all the numbers off. Just based on the one sale, this property is grossly overpriced.
Here’s the MLS description:
Located on exclusive Star Island among some of Miami’s favorite celebrities, this bayfront estate offers over 200 feet of prime water frontage and provides beautiful sunrises, southeastern breezes and the utmost in security and privacy. Just minutes from both Downtown Miami and South Beach, this Colonial-style 4,720 home is ready for your update or build to suit. Ideal waterfront for large vessel. Least expensive property on Star Island!!
Property Features:
- 4,720 square feet of living space
- Built in 1935
- 6 bedrooms / 5 bathrooms / 1 half bath
- 215 feet of water frontage
- 48,266 square foot lot
- Barrel tile roof
- 2-story home
**property information courtesy of South East Florida Multiple Listing Service and Avatar Real Estate Services **
2009 Miami Beach Home Sales for La Gorce Island
January 5, 2010
La Gorce Island homes are known for their scale and “wow” factor. It is a guard-gated community in Miami Beach with some of the nicest landscaped streets you will see anywhere in South Florida and with large, luxurious homes. As for real estate sales in 2009, only 3 and none of them are waterfront. There are currently 10 homes listed for sale at La Gorce Island ranging in price between $19,500,000 and $1,600,000 – which is again evidence that the high-end Luxury inventory is not moving. Six of the 10 homes currently listed are above $5 million, all except one listed for sale for quite some time.
| Address | Bds | Bths | HBth | sqft | Water | Lot Size | List Price | Sale price | $/sq.ft |
| 6675 Windsor Ln | 5 | 5 | 1 | 4,347 | N | 13,125 | $1,500,000 | $1,450,000 | 334 |
| 6640 Pinetree Ln | 4 | 4 | 1 | 3,534 | N | 12,500 | $1,475,000 | $1,312,416 | 371 |
| 6630 Sheffield Ln | 5 | 4 | 1 | 3,515 | N | 13,125 | $1,300,000 | $1,200,000 | 341 |
The good news about La Gorce is that the average price per square foot is high for homes on dry-lots (non-waterfront homes) – putting the price per square foot based on those 3 sales at $349. I’m curious to see what happens with the Mega-home inventory in Miami Beach – will it start moving in 2010? I’m sure a lot of those home owners hope so.
**UPDATE** There were no additional sales in the month of December in La Gorce Island which makes this real estate market report the FINAL one for 2009.
2009 Miami Beach Home Sales for the Sunset Islands
January 5, 2010
The Sunset Islands are the epitome of Miami Beach Luxury Real Estate, starting with Sunset I. Historically homes in the Sunset Islands hold their value better than other nearby islands because of access, security and proximity to South Beach’s “action” but far enough to have privacy.
There have only been 4 sales this year in The Sunset Islands
| Address | Bds | Bths | HBth | sqft | Water | Lot Size | List Price | Sale price | $/sq.ft |
| 1400 W 28 St | 7 | 7 | 1 | 9.933 | Y | 20.000 | $15,900,000 | $9,500,000 | 956 |
| 1727 W 27 St | 4 | 6 | 1 | 6,244 | Y | 20,000 | $8,250,000 | $6,000,000 | 961 |
| 1401 W 22 St | 4 | 5 | 1 | 4,576 | Y | 13,275 | $3,200,000 | $2,734,500 | 598 |
| 1600 W 24 St | 4 | 4 | 1 | 3,453 | N | 11,858 | $2,399,000 | $2,100,000 | 608 |
The highest sale was at Sunset Island I (the most desired of all Sunset Islands) for $9,500,000 – this house was listed since July 2008 and originally priced at $15,900,000 (that’s a discount of over 40%). The lowest sale was a dry lot property located in Sunset Island III – located at 1600 W 24 St, selling for $2,100,000 and listed on and off since September 2008 with an original price of $2,495,999. It may have been the lowest priced sale, but sold for more per square foot than the immaculate waterfront home at Sunset Island 4.
The average price per square foot this year comes down to $780.75 – please note that none of the sales were open bay homes – an appraiser would pull comparables from North Bay Road homes because of the lack of sales in The Sunset Islands. At least we saw 2 homes above the $5,000,000 range actually sell which is something we can’t say about The Venetian Islands.
**UPDATE** There was one additional sale in the month of December in Sunset Island Number 2 – this was the dry-lot property located at 2535 Lucerne Avenue listed for $2,750,000 and selling for $2,400,000 ($441/sq.ft) making this the lowest sale of 2009 in The Sunset Islands. This luxury home had been listed since January of 2009 with a starting price of $2,895,000 (that’s a 17% difference between list and sale price).
2009 Miami Beach Home Sales for Star Island, Hibiscus Island & Palm Island
January 3, 2010
Miami Beach Luxury Real Estate is all about its islands – In this market report I combined Palm Island, Hibiscus Island and Star Island just because of proximity and approach – there have only been 7 sales in the 3 islands combined all year! The highest sale was Shaq’s Star Island Home located at 26 Star Island Drive, which he sold to Vladislav Doronin (Naomi Campbell’s boyfriend) for $16,000,000 back in June. The lowest sale was the dry-lot home located at 286 Palm Avenue, which sold for $660,000.
The price disparity has to do with location and view as well as condition of the home. The pristine and totally updated homes will obviously sell for more than the gutted ones, near a bridge or causeway that are mainly sold for land value.
| Address | Bds | Bths | HBth | sqft | YrBlt | Lot Size | List Price | Sale Price | $/sq.ft. |
| 26 Star Island Dr | 7 | 8 | 2 | 19,440 | 1992 | 87,120 | $22,500,000 | $16,000,000 | $823 |
| 288 S Coconut Ln | 3 | 3 | 0 | 3,180 | 1938 | 14,000 | $3,690,000 | $2,700,000 | $849 |
| 370 S Hibiscus Dr | 3 | 3 | 1 | 3,590 | 1983 | 10,500 | $2,975,000 | $2,500,000 | $696 |
| 433 S Hibiscus Dr | 3 | 2 | 0 | 1,547 | 1947 | 10,387 | $1,350,000 | $960,000 | $621 |
| 333 S Hibiscus Dr | 5 | 3 | 1 | 3,700 | 1961 | 9,500 | $1,095,000 | $900,000 | $243 |
| 233 Palm Av | 5 | 3 | 1 | 2,694 | 1971 | 6,000 | $875,000 | $690,000 | $256 |
| 286 Palm Av | 4 | 3 | 0 | 2,616 | 1926 | 5,775 | $654,750 | $660,000 | $252 |
The good news about these sales is that none of them are distressed sales – bad news is that the expensive inventory is not really moving – other than Shaquille O’Neal’s home (which consequently was first listed for $35 million and ultimately “gave it away” at a mere $823/square foot ** less than what he originally purchased it for)…..but we’re not criticizing here…hoping to see Naomi Campbell lounging by the pool when we go by on our boat rather than the Shaq Bobble Head.
**UPDATE** Only one sale in the month of December for Star Island, Palm Island and Hibiscus Island – for the dry-lot property located at 242 Palm Avenue, selling for $890,000 ($319 per square foot). This Palm Island home had been listed since August 2007 starting at $1,449,000….that’s a 39% discount.
2009 Miami Beach Home Sales for The Venetian Islands
January 2, 2010
This should put the Miami Beach Luxury Home Market in perspective – there have only been 10 home sales in The Venetian Islands this year – the highest sale being 28 W San Marino for $3,830,000 and lowest $900,000 for the dry-lot property located at 1480 NE 13th Ave in San Marco Island.
| Address | Bds | Bths | HBth | sqft | Water | Lot Size | List Price | Sale price | $/sq.ft |
| 28 W San Marino | 6 | 6 | 1 | 4,716 | Y | 12,960 | $4,450,000 | $3,830,000 | 812 |
| 122 W Dilido Drive | 4 | 4 | 1 | 3,586 | Y | 10,500 | $3,200,000 | $2,800,000 | 781 |
| 309 E San Marino Dr | 4 | 4 | 1 | 3,370 | Y | 15,750 | $2,950,000 | $2,650,000 | 786 |
| 830 W Dilido Dr | 4 | 3 | 0 | 3,734 | Y | 13,408 | $2,950,000 | $2,610,000 | 699 |
| 209 E Dilido Dr | 4 | 3 | 1 | 3,772 | Y | 10,500 | $2,750,000 | $2,235,000 | 593 |
| 25 E Rivo Alto Dr | 4 | 3 | 1 | 3,894 | Y | 13,380 | $2,590,000 | $2,350,000 | 603 |
| 127 E Rivo Alto Dr | 4 | 4 | 0 | 3,361 | Y | 10,500 | $2,275,000 | $2,040,000 | 607 |
| 1111 N Venetian Dr | 3 | 3 | 1 | 4,010 | Y | 15,000 | $2,137,500 | $2,030,000 | 506 |
| 30 E Dilido Dr | 3 | 3 | 0 | 2,441 | N | 7,020 | $999,000 | $945,000 | 387 |
| 1480 NE 13th Ave | 4 | 3 | 0 | 2,796 | N | 7,500 | $985,000 | $900,000 | 322 |
The average price per square foot for waterfront properties in The Venetian Islands was $673 compared to $812.11 in 2008 – one of those sales was a foreclosure (The property located at 1111 N. Venetian Drive) – if you remove that property from the average, the number goes up to $697/sq.ft which is still over $100 per square foot less than the previous year. what I find curious about the sales in 2009 is that none of the higher priced homes sold, meaning the ones over $4 million. I’ll modify this list if there are any further closings in the month of December.
**UPDATE** There were no sales in The Venetian Islands in the month of December which makes this real estate market report the FINAL one for 2009**
2009 Miami Beach Home Sales for Indian Creek
January 2, 2010
Indian Creek, even with only 2 sales in 2009, defeats Miami Beach Luxury Real Estate statistics with sales above the $5,000,000 range, with always controlled inventory and with an average price per square foot according to those 2 sales of $1,408. It’s exclusivity is unmatched and private 24-hour boat patrol around the island should make any resident feel like they are living in a castle surrounded by an alligator infested mote (ok, ok…maybe a bit far-fetched, but don’t discount the huge lots and easy proximity to the ocean with only one bridge).
| Address | Bds | Bths | HBth | sqft | Water | Lot Size | List Price | Sale price | $/sq.ft |
| 22 Indian Creek Dr | 4 | 4 | 2 | 7,582 | Y | 80,000 | $10,950,000 | $9,000,000 | 1,187 |
| 34 Indian Creek Dr | 3 | 3 | 2 | 3,684 | Y | 80,000 | $8,900,000 | $6,000,000 | 1,629 |
22 Indian Creek Drive – Indian Creek, FL 33154
Estate Sale (and fixer upper, if I may add) – built in 1958 with 200 feet of water frontage and “Regency Style Residence”, according to listing agent. Had been listed since March of 2009 with a starting price of $12,900,000. (selling date December 10, 2009)
34 Indian Creek Drive – Indian Creek, FL 33154
Smaller home compared to neighboring Indian Creek Mansions with under 4,000 square feet of living space but with 221 of water frontage and sitting on mammoth 80,000 square foot lot. The house was built in 1965 and described by listing agent as:
Nestled within this park like property is a charming, original Old Florida style home. The house is a “jewel” w/sliding flr to ceiling glass drs allowing the prevailing southeast breezes through the house. On approximately 2 acres of land this property features a heated swimming pool, outdr showers, luscious Florida flora, 2-car garage, new deep water concrete dock & much more. Located in the heart of the city, Indian Creek is a private island w/only 33 houses surrounding an exquisite golf course
This house was not an easy sale because of its proximity to the bridge and views of adjacent Surfside rather than open bay. It was listed on and off since February 2008 with a starting price of $11,900,000 then $15,000,000 and then $9,700,000 – I’m guessing the owners were not too happy to let it go for $6 million
Indian Creek stays above water and current inventory is only 2 active homes: one for the house at 38 Indian Creek for $14.9 million and the other at 40 Indian Creek for $12.9 million. I’m thinking the island will keep defeating the odds from the rest of Miami Beach – making Mr. Braman feel good about his decision to stick around.