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North Bay Road Home – Sexy Miami Beach Luxury Real Estate

May 23, 2010

Miami Beach Luxury Real EstateThis listing is the epitome of Sexy Miami Beach Real Estate – with white, sleek, contemporary finishes on a canvas of gorgeous blue bay water.  North Bay Road is known for its architecture and style and it doesn’t hurt that these homes look out into endless bay views.  The location of this home is just south of La Gorce Island, close enough to South Beach but with enough privacy to make it the perfect location.  A lot of people prefer island living instead of North Bay Road, I say it depends on your lifestyle – and this property may just be the perfect one.

6396 N. Bay Road – Miami Beach, FL 33140

Listed for $18,000,000 reduced to $14,970,000

Miami Beach Real Estate - Contemporary ArchitectureSome may think the house is a bit too white for their taste, but that’s an easy fix.  White in Miami architecture represents a clean slate of contemporary minimalism where the beach and water setting is what creates the space. (not too practical for kids…..but beautiful nevertheless)

This home is brand new and built in 2009 with 100 feet of water frontage and 24,000 square feet of land.  It offers luxury in every way imaginable from custom closets, fireplace, elevator, 2-car garage, summer kitchen …just to mention a few things and was designed by Touzet Studio.  This is what the MLS description reads:

This stunning 2 story modern waterfront wide bay estate nestled in Upper North Bay Road, rates second to none.  No fixed bridge with 100′ on water, enjoy paradise in Miami Beach.  Seven bedroom all with balconies – 10 bathrooms complete with 2-story living room, gourmet kitchen with butler’s pantry and media room, gym, guest room, commercial elevator, 2 laundry rooms, impact windows and doors.  Features courtyard, double height 2-car garage, cabana with bathroom, covered outdoor kitchen and infinity pool with separate spa and exterior fireplace.  Dock.  Cascading water feature at entry.  Designed by Touzet Studio.  Price excludes sculpture.

UPDATE:  New Listing Agent, New Price and New Description

THIS MAGNIFICENT WORK OF ART IS SITUATED IN MIAMI BEACH MOST PRESTIGIOUS WATERFRONT AREA, ON NORTH BAY ROAD. GOVERNED BY THE THREE MAIN ELEMENTS GEOMETRY, WATER AND LIGHT. OUTSTANDING FEATURES INCLUDE CASCADING WATER AT THE ENTRANCE, GOURMET KITCHEN, GYM, ELEVATOR, IMPACT WINDOWS AND DOORS, SEPARATE GUEST QUARTERS, COURTYARD GARDENS, HEATED POOL WITH A COVERED SUMMER KITCHEN AND BBQ AREA. IT COMMANDS MORE THAN 100 FT OF PRIME WATERFRONT WITH A LARGE DOCK AND NO FIXED BRIDGES.

Miami Beach Luxury Real Estate

Property Features:

  • Built in 2009
  • designed by Touzet Studio
  • 11,800 square feet of living space
  • 24,000 square foot lot (240′ X 100′)
  • 100′ of water frontage
  • 7 bedrooms / 8 bathrooms / 2 half-baths
  • 2-car garage
  • marble floors
  • heated pool
  • private dock
  • CBS construction with concrete roof
  • Open Bay Views

**property information courtesy of South East Florida Multiple Listing Service and LenCor International Prop. Inc. Engel & Voelkers/Miami Brickell** (originally posted on May 26th, 2009)

Showing properties 1 - 31 of 31. See more city of Miami Beach real estate.
(all data current as of 7/30/2010)

  1. 4 beds, 4 full, 1 part baths
    Size: n/a
    Listed with Castelli Real Estate Services
  2. 4 beds, 3 full, 1 part baths
    Size: 3,252 sq ft
    Listed with Greater Miami Investments, Inc
  3. 8 beds, 7 full, 1 part baths
    Size: 7,846 sq ft
    Listed with Beachfront Realty
  4. 4 beds, 6 full baths
    Size: n/a
    Listed with Qwest Realty Services
  5. 5 beds, 4 full, 1 part baths
    Size: 4,140 sq ft
    Listed with Community Realty Associates
  6. 5 beds, 5 full, 2 part baths
    Size: 4,800 sq ft
    Listed with Beachfront Realty Inc
  7. 4 beds, 3 full, 1 part baths
    Size: 2,205 sq ft
    Listed with Miami Investment Brokers, Inc.
  8. 7 beds, 5 full baths
    Size: n/a
    Listed with Altara Realty
  9. 4 beds, 5 full baths
    Size: 3,600 sq ft
    Listed with Esslinger-Wooten-Maxwell Inc Coconut Grove Office
  10. 9 beds, 10 full baths
    Size: n/a
    Listed with Florida Home Sales and Invest.
  11. 5 beds, 5 full baths
    Size: 4,309 sq ft
    Listed with Esslinger-Wooten-Maxwell Inc Coconut Grove Office
  12. 4 beds, 4 full baths
    Size: 3,100 sq ft
    Listed with Esslinger-Wooten-Maxwell Inc Coconut Grove Office
  13. 5 beds, 6 full, 1 part baths
    Size: 5,075 sq ft
    Listed with Esslinger-Wooten-Maxwell Inc Coconut Grove Office
  14. 4 beds, 3 full, 1 part baths
    Size: 3,499 sq ft
    Listed with Bedrock Properties, LLC.
  15. 3 beds, 2 full, 1 part baths
    Size: 3,524 sq ft
    Listed with Shelton and Stewart REALTORS
  16. 7 beds, 7 full, 1 part baths
    Size: 5,860 sq ft
    Listed with Greater Miami Investments, Inc
  17. 5 beds, 4 full, 1 part baths
    Size: 3,468 sq ft
    Listed with Beachfront Realty Inc
  18. 4 beds, 3 full baths
    Size: 3,342 sq ft
    Listed with Oceanaire Realty, Inc.
  19. 2 beds, 2 full, 1 part baths
    Size: 2,246 sq ft
    Listed with Florida Home Sales and Invest.
  20. 5 beds, 4 full, 1 part baths
    Size: 2,818 sq ft
    Listed with Barnes Int'l Property Consult
  21. 4 beds, 4 full baths
    Size: n/a
    Listed with Ocean First Realty
  22. 5 beds, 3 full, 1 part baths
    Size: 3,731 sq ft
    Listed with Consultek Realty
  23. 6 beds, 5 full, 1 part baths
    Size: 4,564 sq ft
    Listed with Beachfront Realty Inc
  24. 6 beds, 6 full, 1 part baths
    Size: 5,527 sq ft
    Listed with Beachfront Realty Inc
  25. 7 beds, 7 full, 2 part baths
    Size: 7,000 sq ft
    Listed with One Sotheby's Int'l Realty
  26. 7 beds, 7 full baths
    Size: 7,848 sq ft
    Listed with World Class Realty
  27. 5 beds, 3 full, 1 part baths
    Size: 3,980 sq ft
    Listed with Century 21 Continental Realty
  28. 4 beds, 4 full baths
    Size: 1,961 sq ft
    Listed with Beachfront Realty Inc
  29. 3 beds, 2 full baths
    Size: 2,140 sq ft
    Listed with Miami Lodge Realty Inc
  30. 6 beds, 7 full, 1 part baths
    Size: 5,054 sq ft
    Listed with The Muskat Group, Inc.
  31. 5 beds, 5 full baths
    Size: 3,609 sq ft
    Listed with The Muskat Group, Inc.

Listing information deemed reliable but not guaranteed. Read full disclaimer.


Filed Under Blog, Miami Beach · Leave a Comment  

Top 4 most expensive Miami Beach Homes sold in April 2010

May 20, 2010

There were 17 Miami Beach homes sold in the month of April of 2010, ranging from $3.5 Million to $200,000 for a Short Sale in Normandy Island.  Seven of the 17 sales were properties over a million dollars. Also 7 of the 17 were distressed sales (5 short sales and 2 bank owned foreclosures).  Maybe there’s something in the number 7 – is there a Numerologist in the house?

Next month should show higher numbers as well, since the months of May and June are historically the hottest in the Miami Beach real estate market.

There was a tie for first place with 2 sales at $3.5 million.

April’s Most Expensive Miami Beach Home Sale

2324 N Bay Rd – Miami Beach, FL 33140

Listed for $4,500,000 and sold for $3,500,000 on April 30th, 2010

2324 N Bay Rd Top 4 most expensive Miami Beach Homes sold in April 2010

This Miami Beach luxury home had been originally listed for $6,499,999 in May of 2006.  (For those that may not know Realtor number speak, 9’s mean the price is firm – ironic how it ended up selling for almost half the price they intended).  The home was reduced a few times and was finally placed under contract in March and closing at the end of April.  The home certainly has charm and a fabulous view, but was not updated at all.  The MLS description reads,

Architecturally stunning Mediterranean home perfectly situated on exclusive North Bay Road.  Gated entrance leads to newly landscaped courtyard with coral walkway.  Enter through a towering ornate mahogany front door which leads to grand staircase.  100fton the water with dock and picturesque views of Sunset Lake.  Don’t miss this North Bay Road gem.

Screen shot 2010 05 10 at 6.24.54 PM Top 4 most expensive Miami Beach Homes sold in April 2010

Features:

  • 5,400 square feet of living space
  • 20,000 square foot lot (100′ X 200′)
  • 100 feet of water frontage with dock
  • built in 1925
  • 5 bedrooms / 5 bathrooms
  • 2-car garage
  • pool

April’s Most Expensive Miami Beach Home Sale

5415 Pinetree Dr, Miami Beach, FL  33140

Listed for $3,900,000 and sold for $3,500,000 on April 12th, 2010

5415 Pinetree Dr Top 4 most expensive Miami Beach Homes sold in April 2010

Now this is a home that makes you look twice with the typical revered Mediterranean Revival style, but built new in 2001 (according to the MLS).  Tied at first place with 2324 N Bay Road for the 2 highest Miami Beach Home sales in April 2010.  The original house was sold for $3.3 million in  March of 2004 and I’m guessing was totally gutted and remodeled.  It’s history showing a $5.5 Million listing in 2008 with several price reductions.  The MLS description reads:

Spectacular gated Mediterranean waterfront estate w/ocean access on prestigious Pinetree Dr.  2001 mini palace w/courtyard entry, domed & coffered ceilings, arched doorways plus a multitude of architectural details.  Gourmet kitchen, music rm,bar,cascading pool overlooking the intracoastal waterway, gazebo, summer kitchen & entertainment deck.  Enjoy ocean and intracoastal water views from lavish master bd  with adjoining  terrace & gym and 3 additional spacious bd on 2nd fl level.

Screen shot 2010 05 10 at 6.46.34 PM Top 4 most expensive Miami Beach Homes sold in April 2010

Features:

  • 6,800 square feet of living space
  • 12,083 square foot lot (74′ X 163′)
  • 74 feet of water frontage with dock
  • 2-car garage
  • built in 2001
  • 6 bedrooms / 6.5 bathrooms
  • pool

April’s Second Most Expensive Miami Beach Home Sale

5835 Pinetree Dr, Miami Beach, FL  33140

Listed for $2,999,000 and sold for $2,800,000 on April 14th, 2010

5835 Pinetree dr Top 4 most expensive Miami Beach Homes sold in April 2010

Another Pinetree treasure, this one totally renovated but facing Millionaire’s row across the canal.  If I had a penny for each time I heard, “why would I pay THAT much for that view?” – the answer is simply, “because you are paying for Pinetree Drive prestige”.  The owners of this home paid $3.3 million in 2003 and lost over 1/2 million dollars after renovations – but they got to enjoy a great address for 7 years.  MLS reads:

$628 SQ FT on the water!! What a deal!! Totally renovated, tremendous curb apeal, pool & dock.  Price is FIRM.  see broker remarks for showings.

Screen shot 2010 05 10 at 7.10.30 PM Top 4 most expensive Miami Beach Homes sold in April 2010

Features:

  • 4,775 square feet of living space
  • 16,650 square foot lot (75′ X 222′ )
  • 75 feet of water frontage with dock
  • 5 bedrooms / 4.5 bathrooms
  • 2-car garage
  • pool
  • built in 1935

April’s Third Most Expensive Miami Beach Home Sale

1545 Pennsylvania Ave, Miami Beach, FL 33139

Listed for $2,695,000 and sold for $2,000,000 on April 19th, 2010

1545 Pennsylvania Av Top 4 most expensive Miami Beach Homes sold in April 2010

Some would question the location of this home, sitting in the center of South Beach, but it is truly a masterpiece.  Why question? because the surroundings are mostly condos with a lot of transient traffic.  But take a look at the architectural details and the use of interior space, which makes this home truly special.  It was listed for $3.595 Million in May of 2008 and reduced a couple of times before going under contract. MLS reads:

This majestic 6 bedroom, 6 bath two-story Mediterranean style home sits in the heart of South Beach. This residence exemplifies a truly special home attributed to its unique architecture and landscaping that sets it apart from neighboring residences. The vaulted ceiling in the living room entices the sunrise each morning. A gated front yard and driveway in addition to an alarm system complete with video surveillance provide security for the home. Also available for rent for $10,000 per month.

Screen shot 2010 05 10 at 7.27.11 PM Top 4 most expensive Miami Beach Homes sold in April 2010

Features:

  • 3,690 square feet of living space
  • 8,000 square foot lot
  • built in 1935
  • pool
  • 6 bedrooms / 6 bathrooms
  • alarm system and video surveillance

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

Showing properties 1 - 42 of 42. See more city of Miami Beach real estate.
(all data current as of 7/30/2010)

  1. 4 beds, 4 full, 1 part baths
    Size: n/a
    Listed with Castelli Real Estate Services
  2. 4 beds, 3 full, 1 part baths
    Size: 3,252 sq ft
    Listed with Greater Miami Investments, Inc
  3. 8 beds, 7 full, 1 part baths
    Size: 7,846 sq ft
    Listed with Beachfront Realty
  4. 4 beds, 6 full baths
    Size: n/a
    Listed with Qwest Realty Services
  5. 3 beds, 2 full baths
    Size: 2,457 sq ft
    Listed with Beachfront Realty Inc
  6. 3 beds, 2 full baths
    Size: n/a
    Listed with Beachfront Realty Inc
  7. 5 beds, 4 full, 1 part baths
    Size: 4,140 sq ft
    Listed with Community Realty Associates
  8. 5 beds, 5 full, 2 part baths
    Size: 4,800 sq ft
    Listed with Beachfront Realty Inc
  9. 7 beds, 4 full baths
    Size: 3,196 sq ft
    Listed with Weichert Realtors Int'l. Group
  10. 4 beds, 3 full, 1 part baths
    Size: 2,205 sq ft
    Listed with Miami Investment Brokers, Inc.
  11. 7 beds, 5 full baths
    Size: n/a
    Listed with Altara Realty
  12. 4 beds, 5 full baths
    Size: 3,600 sq ft
    Listed with Esslinger-Wooten-Maxwell Inc Coconut Grove Office
  13. 9 beds, 10 full baths
    Size: n/a
    Listed with Florida Home Sales and Invest.
  14. 5 beds, 5 full baths
    Size: 4,309 sq ft
    Listed with Esslinger-Wooten-Maxwell Inc Coconut Grove Office
  15. 4 beds, 4 full baths
    Size: 3,100 sq ft
    Listed with Esslinger-Wooten-Maxwell Inc Coconut Grove Office
  16. 5 beds, 6 full, 1 part baths
    Size: 5,075 sq ft
    Listed with Esslinger-Wooten-Maxwell Inc Coconut Grove Office
  17. 4 beds, 3 full, 1 part baths
    Size: 3,499 sq ft
    Listed with Bedrock Properties, LLC.
  18. 3 beds, 2 full, 1 part baths
    Size: 3,524 sq ft
    Listed with Shelton and Stewart REALTORS
  19. 3 beds, 2 full baths
    Size: 2,011 sq ft
    Listed with Beachfront Realty Inc
  20. 7 beds, 7 full, 1 part baths
    Size: 5,860 sq ft
    Listed with Greater Miami Investments, Inc
  21. 5 beds, 4 full, 1 part baths
    Size: 3,468 sq ft
    Listed with Beachfront Realty Inc
  22. 4 beds, 2 full, 1 part baths
    Size: n/a
    Listed with Realty-Mart America
  23. 3 beds, 3 full, 1 part baths
    Size: 2,443 sq ft
    Listed with Finza International Realty
  24. 4 beds, 3 full baths
    Size: 3,342 sq ft
    Listed with Oceanaire Realty, Inc.
  25. 2 beds, 2 full, 1 part baths
    Size: 2,246 sq ft
    Listed with Florida Home Sales and Invest.
  26. 3 beds, 2 full baths
    Size: n/a
    Listed with A1 International Realty Corp.
  27. 3 beds, 2 full baths
    Size: 2,157 sq ft
    Listed with Terrabella Realty
  28. 5 beds, 4 full, 1 part baths
    Size: 2,818 sq ft
    Listed with Barnes Int'l Property Consult
  29. 4 beds, 4 full baths
    Size: n/a
    Listed with Ocean First Realty
  30. 5 beds, 3 full, 1 part baths
    Size: 3,731 sq ft
    Listed with Consultek Realty
  31. 6 beds, 5 full, 1 part baths
    Size: 4,564 sq ft
    Listed with Beachfront Realty Inc
  32. 6 beds, 6 full, 1 part baths
    Size: 5,527 sq ft
    Listed with Beachfront Realty Inc
  33. 7 beds, 7 full, 2 part baths
    Size: 7,000 sq ft
    Listed with One Sotheby's Int'l Realty
  34. 7 beds, 7 full baths
    Size: 7,848 sq ft
    Listed with World Class Realty
  35. 6 beds, 3 full, 2 part baths
    Size: 3,503 sq ft
    Listed with Waterfront Properties, Inc.
  36. 4 beds, 3 full baths
    Size: 1,558 sq ft
    Listed with Multiple Listing Solutions
  37. 5 beds, 3 full, 1 part baths
    Size: 3,980 sq ft
    Listed with Century 21 Continental Realty
  38. 4 beds, 4 full baths
    Size: 1,961 sq ft
    Listed with Beachfront Realty Inc
  39. 4 beds, 2 full, 1 part baths
    Size: 3,532 sq ft
    Listed with Shloime Torim Lic RE Broker
  40. 3 beds, 2 full baths
    Size: 2,140 sq ft
    Listed with Miami Lodge Realty Inc
  41. 6 beds, 7 full, 1 part baths
    Size: 5,054 sq ft
    Listed with The Muskat Group, Inc.
  42. 5 beds, 5 full baths
    Size: 3,609 sq ft
    Listed with The Muskat Group, Inc.

Listing information deemed reliable but not guaranteed. Read full disclaimer.

Filed Under Blog, Miami Beach, South Beach · Leave a Comment  

Top 3 Most Expensive Miami Beach Condos sold in April 2010

May 20, 2010

There were 157 Miami Beach Condos sold in the month of April 2010, ranging from $5.9 million to $39,952 for a 406 square foot efficiency at The Beverly Arms. Ironically, 1/2 a year of condo fees at The Apogee would buy that efficiency in North Beach – that’s what we love about Miami Beach. Sales are definitely increasing, some say it’s because of the tax credit, but I doubt very much that Mr. Apogee or Setai buyer are looking for an $8k credit.

April’s Most Expensive Miami Beach Condo Sale

Apogee South Beach:  800 S Pointe Dr #1801 – Miami Beach, FL 33139

Listed for $6,795,000 and sold for $5,900,000 on 04/16/2010

Apogee 1801 Top 3 Most Expensive Miami Beach Condos sold in April 2010

Apogee is one of my favorite condos in Miami Beach because of its simple and austere facade – the views are ridiculous! and the building keeps living up to its name with record sales.  Although this particular unit was listed for $6,795,000 in may of 2009, the buyer got a 13% discount, which is not at all bad.  The MLS reads:

High floor corner unit at Apogee. 4 bedroom/3.5 bath residence. Lrg living room with fireplace. Large master suite with midnight kitchen. Media room and outdoor kitchen. Top of the line line appliances, exceptional woodwork in closets, sunken bathtub/ rain showers. Panoramic views of Fisher Island, Atlantic Ocean, Government Cut, South Beach. 2400 sf wrap-around terrace. 2.5-car enclosed garage. Apogee is the most exclusive building in South Beach and one of the most luxurious condominiums South of NYC

Screen shot 2010 05 11 at 12.15.52 AM Top 3 Most Expensive Miami Beach Condos sold in April 2010

Features:

  • 4,154 square feet of living space
  • 4 bedrooms / 3.5 bathrooms
  • Built in 2008
  • 2 parking spaces
  • 2400 square foot wrap-around balcony
  • outdoor Summer kitchen
  • Monthly maintenance = $5,046

April’s Second Most Expensive Miami Beach Condo Sale

Apogee South Beach:  800 S Pointe Drive, #2002 – Miami Beach, FL 33139

Listed for $5,750,000 and sold for $4,750,000 on 4/05/2010

apogee 2002 Top 3 Most Expensive Miami Beach Condos sold in April 2010

Apogee is racking them up!  another fabulous unit on the 20th floor with endless views of Government Cut, Fisher Island and both sunsets and sunrises.  This one is a little smaller than 1801, but paying a bit more per square foot ($1,532/sq.ft as opposed to $1,420/sq.ft.).  This unit was listed for $5,750,000 in June of 2008 selling at a 17% discount.  Is there a magical $1 million off the list price at Apogee (I see a pattern in the last couple of months).  MLS reads:

Miami’s FINEST Full Service Boutique Bldg! Only 67 units S.of 5th Street! Highest Floor Available in “02″ w/11′ deep & 1000 sq.ft.Sunrise/Sunset Terr. w/floorthru views of Bay, Ocean & City. Only unit w/outdoor shower!Unit has double the Low Voltage Lighting Package & Upgraded Stone throughout. Outdoor Summer Kitchens; 2.5 Car enclosed garages w/AC; Resort-like pool deck,spa & fitness ctr. w/Sunset Views & Lush New State Park all by Yabu & Pushelberg Design Team.White-glove Concierge Services

Screen shot 2010 05 11 at 12.15.52 AM Top 3 Most Expensive Miami Beach Condos sold in April 2010

Features:

  • 3,100 square feet of living space
  • built in 2008
  • 2 parking spaces
  • 3 bedrooms / 3 bathrooms
  • 1000 square foot terrace
  • outdoor Summer kitchen
  • Monthly maintenance = $3778

April’s Third Most Expensive Miami Beach Condo Sale

The Setai – 101 20th St #A – Miami Beach, FL 33139

Listed for $5,500,000 and sold for $4,000,000 on 4/01/2010

setai a Top 3 Most Expensive Miami Beach Condos sold in April 2010

The Setai is the epitome of luxury, amenities and pampering and although the photos of this raw unit will not say much to most of you, it’s a gorgeous blank canvas for any architect.  All you need is a little imagination and a bit of cash to make this space spectacular – I’m sure the lucky buyer will do just that.  You may even be thinking, “wait, you can’t finance that place” – truth is, most of these sales are cash deals….no worries about Fannie Mae or Freddie Mac in this market. MLS description reads as follows:

Great opportunity to own big space with direct ocean views at The Setai.  Sold raw or with The Setai’s famous architect plans.  Plans are for a three bedroom unit with a 20 foot ceiling direct ocean view living area.  Three balconies: northeast corner, southeast corner and direct south.  Opportunity to build out to your taste.

If only The Setai and The W would get together and do something about that ugly Days Inn they have in between them, it would make The area of The Bass Museum and Barclay Plaza so much more pleasant.

Screen shot 2010 05 11 at 12.53.07 AM Top 3 Most Expensive Miami Beach Condos sold in April 2010

Features:

  • 2,305 square feet of living space
  • built in 2004
  • 3 bedrooms / 3 bathrooms
  • 1 parking space
  • direct ocean views / ocean front condo
  • monthly maintenance = $4846

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

Showing properties 1 - 50 of 104. See more 33139 zip code real estate.
(all data current as of 7/30/2010)

  1. 3 beds, 3 full baths
    Size: 2,158 sq ft
    Listed with One Sotheby's Int'l Realty
  2. 2 beds, 2 full baths
    Size: 1,226 sq ft
    Listed with Esslinger-Wooten-Maxwell Inc Coconut Grove Office
  3. 4 beds, 4 full, 1 part baths
    Size: 3,017 sq ft
    Listed with Continuum South Beach Realty
  4. 2 beds, 2 full baths
    Size: 1,213 sq ft
    Listed with Setai Realty, LLC.
  5. 2 beds, 2 full, 1 part baths
    Size: 1,698 sq ft
    Listed with Continuum South Beach Realty
  6. 2 beds, 2 full baths
    Size: 1,213 sq ft
    Listed with One Sotheby's Int'l Realty
  7. 2 beds, 2 full baths
    Size: 1,198 sq ft
    Listed with One Sotheby's Int'l Realty
  8. 5 beds, 5 full, 1 part baths
    Size: 6,360 sq ft
    Listed with Continuum South Beach Realty
  9. 2 beds, 2 full baths
    Size: 1,437 sq ft
    Listed with Weichert Realtors Int'l. Group
  10. 1 beds, 2 full baths
    Size: 995 sq ft
    Listed with The Keyes Company 2
  11. 4 beds, 4 full, 1 part baths
    Size: 3,017 sq ft
    Listed with Continuum South Beach Realty
  12. 3 beds, 3 full, 1 part baths
    Size: 2,621 sq ft
    Listed with Continuum South Beach Realty
  13. 2 beds, 2 full baths
    Size: 1,141 sq ft
    Listed with World Class Realty
  14. 2 beds, 2 full baths
    Size: 1,130 sq ft
    Listed with Continental II Realty Inc
  15. 2 beds, 2 full baths
    Size: 1,452 sq ft
    Listed with Brosda & Bentley Realtors, LLC
  16. 2 beds, 2 full baths
    Size: 1,649 sq ft
    Listed with Net Real Estate INC.
  17. 2 beds, 2 full baths
    Size: 1,169 sq ft
    Listed with Esslinger Wooten Maxwell Inc
  18. 2 beds, 2 full, 1 part baths
    Size: 1,410 sq ft
    Listed with Weichert Realtors Int'l. Group
  19. 1 beds, 1 full bath
    Size: n/a
    Listed with Grand Realty of America, Corp.
  20. 3 beds, 3 full baths
    Size: 1,977 sq ft
    Listed with Continuum South Beach Realty
  21. 2 beds, 2 full, 1 part baths
    Size: 1,491 sq ft
    Listed with Continuum South Beach Realty
  22. 2 beds, 2 full, 1 part baths
    Size: 1,491 sq ft
    Listed with Continuum South Beach Realty
  23. 1 beds, 1 full bath
    Size: 640 sq ft
    Listed with Continuum South Beach Realty
  24. 2 beds, 2 full baths
    Size: 1,198 sq ft
    Listed with Setai Realty, LLC.
  25. 2 beds, 2 full baths
    Size: 1,452 sq ft
    Listed with Florida Realty of Miami, Corp
  26. 2 beds, 2 full, 1 part baths
    Size: 1,869 sq ft
    Listed with Continuum South Beach Realty
  27. 2 beds, 2 full, 1 part baths
    Size: 1,750 sq ft
    Listed with Miami Investment Brokers, Inc.
  28. 3 beds, 2 full baths
    Size: 1,550 sq ft
    Listed with Beachfront Realty Inc
  29. 2 beds, 2 full baths
    Size: 1,430 sq ft
    Listed with Better Homes & Gdns RE Fla 1st Fort Lauderdale
  30. 2 beds, 2 full, 1 part baths
    Size: 1,992 sq ft
    Listed with Continuum South Beach Realty
  31. 2 beds, 2 full baths
    Size: n/a
    Listed with Beachfront Realty Inc
  32. 2 beds, 2 full baths
    Size: 1,084 sq ft
    Listed with Miami Riches
  33. 2 beds, 2 full baths
    Size: 1,370 sq ft
    Listed with Beachfront Realty Inc
  34. 2 beds, 2 full baths
    Size: 1,241 sq ft
    Listed with BSB Realty Services, Inc.
  35. 2 beds, 2 full, 1 part baths
    Size: 1,698 sq ft
    Listed with Continuum South Beach Realty
  36. 2 beds, 2 full, 1 part baths
    Size: 1,591 sq ft
    Listed with Beachfront Realty Inc
  37. 2 beds, 2 full, 1 part baths
    Size: 1,869 sq ft
    Listed with Westpark Realty of Broward Inc
  38. 2 beds, 2 full baths
    Size: 1,141 sq ft
    Listed with Setai Realty, LLC.
  39. 2 beds, 2 full baths
    Size: n/a
    Listed with World Realty of South Florida
  40. 2 beds, 2 full baths
    Size: 1,316 sq ft
    Listed with Setai Realty, LLC.
  41. 2 beds, 2 full, 1 part baths
    Size: 2,040 sq ft
    Listed with Heritage Real Estate , LLC
  42. 1 beds, 1 full, 1 part baths
    Size: 851 sq ft
    Listed with Professionecasa Prestige Intl.
  43. 2 beds, 2 full, 1 part baths
    Size: 1,698 sq ft
    Listed with Continuum South Beach Realty
  44. 2 beds, 2 full baths
    Size: 1,266 sq ft
    Listed with Continuum South Beach Realty
  45. 2 beds, 2 full baths
    Size: 1,400 sq ft
    Listed with Florida Elite Homes Inc.
  46. 2 beds, 2 full baths
    Size: 1,165 sq ft
    Listed with Select Properties of America
  47. 2 beds, 2 full baths
    Size: 1,165 sq ft
    Listed with Miami Investment Brokers, Inc.
  48. 3 beds, 3 full baths
    Size: 1,520 sq ft
    Listed with Bertrand Realty Group, LLC
  49. 3 beds, 3 full, 1 part baths
    Size: 2,974 sq ft
    Listed with One Sotheby's Int'l Realty
  50. 1 beds, 1 full, 1 part baths
    Size: 767 sq ft
    Listed with Setai Realty, LLC.

Listing information deemed reliable but not guaranteed. Read full disclaimer.

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Fisher Island Condo Sales in April 2010

May 5, 2010

bentley to fisher island

There are currently 119 Fisher Island Condos for sale: (7 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: 8 (same as previous month)
  • Closed sales in April : 2 (2 less than last month)

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

  • Seaside Village – 19145 Fisher Island Dr – listed for $2,399,000 and selling for $2,100,000 (The seller had bought this Seaside Village hotel unit for $2,375,000 in May of 05 and listed it for $2.8M in November of 09, suffering a small loss after 5 years)
  • Bayside Village – 2012 Fisher Island Dr – listed for $699,000 and selling for $680,000 (the owners of this unit bought in 2004 for $699,000 and listed it on and off since 2007, with a starting price of $1,800,000)

There have been 11 Fisher Island Condo sales in the first 4 months of the year compared to the 32 sales in 2009 and 25 sales in 2008.  I was asked if the Fisher Island real estate market is suffering like the rest of the South Florida Real Estate Market.  The answer, in my opinion, is yes and no.  We saw Fisher Island drop in rank from first in Forbes Most Expensive Zip Codes to thirty-something in just one year.  We started seeing distressed sales in this exclusive island, and we started seeing speculators getting hit as well as multiple property owners.

But the real truth is that Fisher Island, mostly as a vacation spot, secluded get-away and second home, affords its owners a little loss without it really hurting the pocket.  We see sellers loosing a couple of hundred thousand dollars and they don’t necessarily have to short sale and can walk away without pain.  Those that really need to sell, will drop their guard, others will just wait for the right buyer.

Showing properties 1 - 9 of 9. See more 33109 zip code real estate.
(all data current as of 7/30/2010)

  1. 3 beds, 3 full baths
    Size: 2,652 sq ft
    Listed with Esslinger Wooten Maxwell Inc
  2. 1 beds, 1 full bath
    Size: 690 sq ft
    Listed with Coral Shores Realty Inc
  3. 6 beds, 5 full, 1 part baths
    Size: 7,025 sq ft
    Listed with MC International Realty, LLC
  4. 2 beds, 2 full, 1 part baths
    Size: 1,950 sq ft
    Listed with Premier Properties Intl Group
  5. 1 beds, 1 full bath
    Size: 470 sq ft
    Listed with Esslinger-Wooten-Maxwell Inc
  6. 4 beds, 4 full baths
    Size: n/a
    Listed with Ocean First Realty
  7. 2 beds, 2 full baths
    Size: 2,630 sq ft
    Listed with Greater Miami Investments, Inc
  8. 4 beds, 4 full baths
    Size: 3,690 sq ft
    Listed with Ocean Vista Properties Inc.
  9. 4 beds, 5 full, 1 part baths
    Size: n/a
    Listed with Seaside Properties Group, Inc.

Listing information deemed reliable but not guaranteed. Read full disclaimer.

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Steffi Graf’s Miami Beach Home still for sale

April 29, 2010

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?

81 N Hibiscus Drive, Miami Beach – FL 33139

81 N Hibiscus Dr Steffi Graf Steffi Grafs Miami Beach Home still for sale

They can start by pointing out that it’s a historic 1935 Mediterranean Revival home with a lot of the original charm and finishes like the quarry tile in the living room, the iron work in the staircase handrail, the tray ceiling and plaster work … and then reduce the price.

81 N Hibiscus Dr interior steffi graf Steffi Grafs Miami Beach Home still for sale

Here’s the original article from 2007

Just in time for tennis, Steffi Graf has listed her Miami Beach Home for sale.  According to Luxist,

“Steffi Graf has listed her Miami home, for $3.5 million. Graf bought the Hibiscus Island home for $1.315 million in 2001, about eight months before she married Andre Agassi…….Only in Miami would a home like this be listed as a potential teardown.”

These are the pictures that appear on the Multiple Listing Service (courtesy of the MLS).

M1157510 101 12 Steffi Grafs Miami Beach Home still for sale

The house is located on Hibiscus Island in Miami Beach, has 4 bedrooms and 5 bathrooms, 3,010 square feet of living space and sits on a 10,500 square foot lot, with 60 feet of bay frontage.  This is the MLS description:

“Incredible opportunity to restore or build a new home on this fantastic piece of property on gated Hibiscus Island. This two-story residence encompasses over 3000 square feet including 4 bedrooms and 5 bathrooms. 60 feet of water frontage, pool and dock.Enjoy the South Florida lifestyle with warm weather and delicious breezes and live just 5 minutes from downtown Miami or glamorous South Beach.”

M1157510 201 22 Steffi Grafs Miami Beach Home still for sale

M1157510 401 13 Steffi Grafs Miami Beach Home still for sale

M1157510 701 17 Steffi Grafs Miami Beach Home still for sale

M1157510 601 19 Steffi Grafs Miami Beach Home still for sale

M1157510 801 49 Steffi Grafs Miami Beach Home still for sale

Showing properties 1 - 10 of 10. See more 33139 zip code real estate.
(all data current as of 7/30/2010)

  1. 5 beds, 5 full, 2 part baths
    Size: 4,800 sq ft
    Listed with Beachfront Realty Inc
  2. 4 beds, 3 full, 1 part baths
    Size: 2,205 sq ft
    Listed with Miami Investment Brokers, Inc.
  3. 7 beds, 5 full baths
    Size: n/a
    Listed with Altara Realty
  4. 9 beds, 10 full baths
    Size: n/a
    Listed with Florida Home Sales and Invest.
  5. 4 beds, 3 full, 1 part baths
    Size: 3,499 sq ft
    Listed with Bedrock Properties, LLC.
  6. 3 beds, 2 full, 1 part baths
    Size: 3,524 sq ft
    Listed with Shelton and Stewart REALTORS
  7. 7 beds, 7 full, 1 part baths
    Size: 5,860 sq ft
    Listed with Greater Miami Investments, Inc
  8. 2 beds, 2 full, 1 part baths
    Size: 2,246 sq ft
    Listed with Florida Home Sales and Invest.
  9. 3 beds, 2 full baths
    Size: 2,140 sq ft
    Listed with Miami Lodge Realty Inc
  10. 5 beds, 5 full baths
    Size: 3,609 sq ft
    Listed with The Muskat Group, Inc.

Listing information deemed reliable but not guaranteed. Read full disclaimer.

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Mondrian South Beach – Condo Hotel

April 26, 2010

Screen shot 2010 04 24 at 11.04.12 AM Mondrian South Beach Condo Hotel

Did you even know that The Mondrian has condos for sale?  The Morgans Hotel Group, responsible for The Delano and The Shoreclub in South Beach, decided there was a need for short term rentals as well as a Condo-Hotel in South Beach, and instead of referring out the business, they would keep it in-house.  Of course their reputable concierge service and celebrated design would remain, that’s how the Mondrian concept materialized.  The Mondrian has a marina, meeting rooms and sits on the bay side in South Beach at 1100 West Ave with spectacular panoramic views of the Miami Beach islands, Monument Island, The Port of Miami and The Miami skyline.  The interiors were done by Marcel Wanders, known for his theatrical use of space.  Some people may find the place to be “OUT THERE”, meaning it’s a bit weird and overdone, but the truth is that The Mondrian takes you away to a fantasy world that fits South Beach so well and becomes the perfect getaway.

Here’s the marketing pitch for The Mondrian Condo Hotel:

FULL CONDOMINIUM OWNERSHIP WITH HOTEL SERVICES BUILT AROUND YOUR LIFESTYLE.  Owners enjoy all the privileges of this exclusive Hotel, 5 Star Asia de Cuba dining, Sunset Bar, 2 swimming pools, fitness center, Agua Spa, 24-hour room service, maid service, marina and full access to Delano Hotel Beach Club.  Interiors feature glamorous living areas, spacious bedrooms, modern bathrooms, fully furnished and designed by Dutch designer Marcel Wanders.  Enjoy breathtaking views of Biscayne Bay from your private balcony.

Once you enter and go through the Sleeping-Beauty-castle-type interiors, you’ll find the suites and apartments to be whimsical and unconventional with amazing views and backdrop of Biscayne Bay and South Beach.  We visited one of the Tower Suites and took some photos.

mondrian tower suite collage Mondrian South Beach Condo Hotel

This Tower Suite is offered at $2,950,000 with a $1,759.45/month maintenance fee which includes all amenities, cable, water, electric, WiFi).

Features include:

  • Unique residence – one of only 4 total units
  • 2 bedrooms / 2.5 bathrooms
  • 1,680 square feet of living space
  • 791 square foot terrace/balcony
  • Wine Cooler, Washer/Dryer, Flat screen TVs in every room
  • Access to exclusive Tower Suite Lounge
  • Complimentary valet

We also visited a 2-bedroom (1,190 square feet with bay views at $900,000);  a 1-bedroom (740 square feet with city views in the $500k’s); and studio unit (534 square feet with bay views starting in the high $200k’s) to get a feel of size and views.  The interiors are all very similar and very Marcel Wanders, and the kitchens are small (as can be expected from a condo-hotel).

room interiors Mondrian South Beach Condo Hotel

The consensus is that the prices are still high.  The project was opened during Art Basel in December of 2006 and was 80% sold, but like the rest of the projects in Miami, only closed the cash buyers and now have 140 units available.  Pricing has gone from the $1000’s per square foot to the $600’s – studio apartments start in the $290,000 range and 2-bedroom apartments in the $900,000 range.  The Hotel program is optional and buyers can of rent their residences on their own.   The sales team did disclose that they are renting at an average of $4.70 per square foot and their studios rent for approximately $2,500/month for a six month rental period.  They also claim that the rental demand is higher than the supply.  (This is enough to merit the high prices, knowing you will have your unit rented and can benefit from rental income).

There’s currently financing available by the developer, which is not easy with condo hotels.  They have a 5 year balloon for Domestic clients as well as foreign nationals.  They require 40% down for foreign nationals with a 7.5% APR and 3 credit reference letters and 80% down for domestic clients with APR from 7% to 8.75% (1.5 points and 30 day closings – Full Doc but no dept-to-income ratios which is good for multiple property owners).  I shouldn’t even comment on price gouging anymore because it’s sometimes so difficult to obtain financing and the risk is so high for lenders…..that they can ask whatever they want.

mondrian amenities Mondrian South Beach Condo Hotel

An interesting and exclusive amenity is the future use of Monument Island for a private beach club.  The Mondrian was instrumental in the restoration of the island and will now have rights to its use by it’s residents and hotel clients.  Residents also get 10% off spa treatments, they have 1 parking space with complimentary valet parking and a private entrance if you want to avoid the busy lobby.  All in all, it’s an interesting project with a creative solution to the short term rental need in South Beach… AND …”everything is very negotiable” according to the sales staff <<< ya think?

Showing properties 1 - 50 of 104. See more 33139 zip code real estate.
(all data current as of 7/30/2010)

  1. 3 beds, 3 full baths
    Size: 2,158 sq ft
    Listed with One Sotheby's Int'l Realty
  2. 2 beds, 2 full baths
    Size: 1,226 sq ft
    Listed with Esslinger-Wooten-Maxwell Inc Coconut Grove Office
  3. 4 beds, 4 full, 1 part baths
    Size: 3,017 sq ft
    Listed with Continuum South Beach Realty
  4. 2 beds, 2 full baths
    Size: 1,213 sq ft
    Listed with Setai Realty, LLC.
  5. 2 beds, 2 full, 1 part baths
    Size: 1,698 sq ft
    Listed with Continuum South Beach Realty
  6. 2 beds, 2 full baths
    Size: 1,213 sq ft
    Listed with One Sotheby's Int'l Realty
  7. 2 beds, 2 full baths
    Size: 1,198 sq ft
    Listed with One Sotheby's Int'l Realty
  8. 5 beds, 5 full, 1 part baths
    Size: 6,360 sq ft
    Listed with Continuum South Beach Realty
  9. 2 beds, 2 full baths
    Size: 1,437 sq ft
    Listed with Weichert Realtors Int'l. Group
  10. 1 beds, 2 full baths
    Size: 995 sq ft
    Listed with The Keyes Company 2
  11. 4 beds, 4 full, 1 part baths
    Size: 3,017 sq ft
    Listed with Continuum South Beach Realty
  12. 3 beds, 3 full, 1 part baths
    Size: 2,621 sq ft
    Listed with Continuum South Beach Realty
  13. 2 beds, 2 full baths
    Size: 1,141 sq ft
    Listed with World Class Realty
  14. 2 beds, 2 full baths
    Size: 1,130 sq ft
    Listed with Continental II Realty Inc
  15. 2 beds, 2 full baths
    Size: 1,452 sq ft
    Listed with Brosda & Bentley Realtors, LLC
  16. 2 beds, 2 full baths
    Size: 1,649 sq ft
    Listed with Net Real Estate INC.
  17. 2 beds, 2 full baths
    Size: 1,169 sq ft
    Listed with Esslinger Wooten Maxwell Inc
  18. 2 beds, 2 full, 1 part baths
    Size: 1,410 sq ft
    Listed with Weichert Realtors Int'l. Group
  19. 1 beds, 1 full bath
    Size: n/a
    Listed with Grand Realty of America, Corp.
  20. 3 beds, 3 full baths
    Size: 1,977 sq ft
    Listed with Continuum South Beach Realty
  21. 2 beds, 2 full, 1 part baths
    Size: 1,491 sq ft
    Listed with Continuum South Beach Realty
  22. 2 beds, 2 full, 1 part baths
    Size: 1,491 sq ft
    Listed with Continuum South Beach Realty
  23. 1 beds, 1 full bath
    Size: 640 sq ft
    Listed with Continuum South Beach Realty
  24. 2 beds, 2 full baths
    Size: 1,198 sq ft
    Listed with Setai Realty, LLC.
  25. 2 beds, 2 full baths
    Size: 1,452 sq ft
    Listed with Florida Realty of Miami, Corp
  26. 2 beds, 2 full, 1 part baths
    Size: 1,869 sq ft
    Listed with Continuum South Beach Realty
  27. 2 beds, 2 full, 1 part baths
    Size: 1,750 sq ft
    Listed with Miami Investment Brokers, Inc.
  28. 3 beds, 2 full baths
    Size: 1,550 sq ft
    Listed with Beachfront Realty Inc
  29. 2 beds, 2 full baths
    Size: 1,430 sq ft
    Listed with Better Homes & Gdns RE Fla 1st Fort Lauderdale
  30. 2 beds, 2 full, 1 part baths
    Size: 1,992 sq ft
    Listed with Continuum South Beach Realty
  31. 2 beds, 2 full baths
    Size: n/a
    Listed with Beachfront Realty Inc
  32. 2 beds, 2 full baths
    Size: 1,084 sq ft
    Listed with Miami Riches
  33. 2 beds, 2 full baths
    Size: 1,370 sq ft
    Listed with Beachfront Realty Inc
  34. 2 beds, 2 full baths
    Size: 1,241 sq ft
    Listed with BSB Realty Services, Inc.
  35. 2 beds, 2 full, 1 part baths
    Size: 1,698 sq ft
    Listed with Continuum South Beach Realty
  36. 2 beds, 2 full, 1 part baths
    Size: 1,591 sq ft
    Listed with Beachfront Realty Inc
  37. 2 beds, 2 full, 1 part baths
    Size: 1,869 sq ft
    Listed with Westpark Realty of Broward Inc
  38. 2 beds, 2 full baths
    Size: 1,141 sq ft
    Listed with Setai Realty, LLC.
  39. 2 beds, 2 full baths
    Size: n/a
    Listed with World Realty of South Florida
  40. 2 beds, 2 full baths
    Size: 1,316 sq ft
    Listed with Setai Realty, LLC.
  41. 2 beds, 2 full, 1 part baths
    Size: 2,040 sq ft
    Listed with Heritage Real Estate , LLC
  42. 1 beds, 1 full, 1 part baths
    Size: 851 sq ft
    Listed with Professionecasa Prestige Intl.
  43. 2 beds, 2 full, 1 part baths
    Size: 1,698 sq ft
    Listed with Continuum South Beach Realty
  44. 2 beds, 2 full baths
    Size: 1,266 sq ft
    Listed with Continuum South Beach Realty
  45. 2 beds, 2 full baths
    Size: 1,400 sq ft
    Listed with Florida Elite Homes Inc.
  46. 2 beds, 2 full baths
    Size: 1,165 sq ft
    Listed with Select Properties of America
  47. 2 beds, 2 full baths
    Size: 1,165 sq ft
    Listed with Miami Investment Brokers, Inc.
  48. 3 beds, 3 full baths
    Size: 1,520 sq ft
    Listed with Bertrand Realty Group, LLC
  49. 3 beds, 3 full, 1 part baths
    Size: 2,974 sq ft
    Listed with One Sotheby's Int'l Realty
  50. 1 beds, 1 full, 1 part baths
    Size: 767 sq ft
    Listed with Setai Realty, LLC.

Listing information deemed reliable but not guaranteed. Read full disclaimer.

Filed Under Blog, Miami Beach, South Beach · Leave a Comment  

Miamism in Forbes – Miami Beach best city to quit renting a buy a home

April 22, 2010

Screen shot 2010 04 20 at 9.17.02 PM Miamism in Forbes Miami Beach best city to quit renting a buy a home

Forbes recently reached out to us to learn how renting compares with buying in the Miami Beach luxury real estate market.  A question often asked by investors looking to buy a Miami Beach home or condo and an answer that is studied regularly and in depth by our in-house accountant and numbers specialist, Rick Garcia.

Best Cities to Rent And Own – was aimed at learning how numbers add up in 10 big U.S. cities and although we are not going in depth about the rest of the country, this is what Forbes has to say after Miamism’s research:

Is it smarter in your town to buy or rent? In markets where homes cost more than around 18 times annual rents, it’s smarter to lease. To gauge the economics of buying vs. renting in upscale areas of 10 big cities, we developed the Forbes Luxury Residence Rental Index, or Flurry. Data is provided by local agents specializing in high-end rentals. We will update the figures periodically, courtesy of data provided by Zillow.com.

Neighborhoods: Miami Beach, Coral Gables, Pinecrest

Average rent: $12,760 per month

Average fair-market value: $2.8 million

Conclusion: Prices are down but still 19 times annual rents. Advantage tenants.

For beleaguered Miami the news is mixed. Hardest hit of all the big housing markets in the U.S., logic would have it that Miami is a buyer’s paradise. In truth, it’s often cushier to be a renter there. Condo investors have dumped their homes onto the rental market, creating a glut. That has constrained the supply of for-sale homes, and the cost of buying a luxury home in Miami Beach can still top 20 times annual rent. In other cases, rents remain stubbornly high. The two agents we’re working with in Miami each report that some homes can be purchased for as little as 12 times annual rent–a bummer if you’re renting.

For those of you that keep calling us expecting a 15% cap rate on your investment – think again!!! Bottom line is that the rental market is saturated and you do run the risk of having a vacant investment.

Filed Under Blog, Miami Beach · Leave a Comment  

Top 3 Most Expensive Miami Beach Homes sold in March 2010

April 17, 2010

There were 22 Miami Beach homes sold in March 2010 ranging from the most expensive, which will be featured here at $2.85 Million, to the lowest sale in Miami Beach at $102,500 for a dry lot, bank owned, foreclosure home in Biscayne Beach (North Beach).  Talk about a disparity! but that’s Miami for you.  Please note that number 2 and 3 top sales last month were also dry lot homes all selling above the $2 Million mark.  Recuperating market?  I do think so, although the top of the Miami Beach luxury home market is moving really slowly.

March’s Most Expensive Miami Beach Home Sale

270 Hibiscus Island – Miami Beach, FL 33139

Listed for $3,490,000 and sold for $2,850,000 on March 19th, 2010

270 Hibiscus Top 3 Most Expensive Miami Beach Homes sold in March 2010

The buyer of this home walked away with a great home and an amazing view.  The first time I saw this house there was an Aston Martin in the garage and we asked the listing agent if that could be included as an incentive (my joke was not received well….lighten up people!).  Great common areas, tons of intricate but not too ornate mill work, beautiful kitchen and nice sized bedrooms.  (The Faux painting was a bit too much for me….but nothing a little paint couldn’t solve).  This home was on an off the market and was originally priced at $4.69 million in 2006 with several reductions along the way. Here’s the MLS screaming in all CAPS description:

EXQUISITE WOOD FINISHES, BUILT INS, EMBELLISHED FAUX WALLS, PROFESSIONALLY DECORATED AWARD WINNING HOME, 16′ CATHEDRAL WOOD CEILING IN LIVING ROOM,FORMAL DINING WITH COFFERED CEILING, SPACIOUS OPEN FAMILY MEDIA INCLUDES GOURMET KITCHEN, GRANITE COUNTERS, LARGE WET BAR, STAIN GLASS WINDOW. MASTER WALK IN CLOSET DRESSING AREA, LUXURIOUS BATH, AUTOMATIC GENERATOR, SURROUND SOUND, JERUSALEM STONE FLRS, THEATER, OFFICE , IMPACT RESISTANT GLASS FRONT AND BACK, SHUTTERS ON SIDE.

Screen shot 2010 04 13 at 3.18.17 PM Top 3 Most Expensive Miami Beach Homes sold in March 2010Features:

  • 4,256 square foot home on 10,500 square foot lot
  • 60 feet of water frontage (60′ X 175′)
  • 3 bedrooms / 3 bathrooms / 1 half bath
  • pool
  • 16′ cathedral ceilings
  • 2-car garage
  • built in 1954
  • Jerusalem Stone Floors
  • Impact resistant windows on front and back

March’s Second Most Expensive Miami Beach Home Sale

2549 Sunset Drive, Miami Beach, FL  33140

Listed for $2,300,000 and sold for $2,050,000 on March 18th, 2010

2549 Sunset Top 3 Most Expensive Miami Beach Homes sold in March 2010

Florida Vernacular Influence in this Sunset Island 2 home.  No expense spared and sitting on a comfortable 12,500 square foot lot.  It’s neighboring properties are going in excess of $4 Million, so here’s a little jewel sitting amongst big timers and has certainly nothing to be ashamed of.  This is also evidenced in how quickly it sold.  Listed on February 1, 2010 and was under contract in one week!  MLS description reads:

Fabulous pool home situated on Sunset Island II across from the park. Fine hardwood floors throughout, 2-story foyer, living room with fireplace, formal dining room, theater room, wood paneled library, gourmet island kitchen with professional appliances & breakfast area. Family room opens to covered covered loggia with summer kitchen; surround sound, heated pool, master suite w/marble bath & walk-in closet, large sundeck, maid’s quarters, lush landscaping, converted garage, corner lot.  Gated community.

Screen shot 2010 04 13 at 3.20.26 PM Top 3 Most Expensive Miami Beach Homes sold in March 2010

Features:

  • 4,455 square feet of living space
  • built in 1975
  • 4 bedrooms / 5 bathroom
  • 12,500 square foot lot
  • Summer Kitchen
  • pool
  • maid’s quarters
  • lush native landscaping

March’s Third Most Expensive Miami Beach Home Sale

2820 Lake Avenue, Miami Beach, FL 33140

Listed for $2,290,000 and sold for $2,115,000 on March 26, 2010

2820 Lake Ave Top 3 Most Expensive Miami Beach Homes sold in March 2010

Here’s an immaculate house on a dry lot not just in the Sunset Islands, but in Sunset Island I, which is the most sought out of the 4 islands.  This house has the works:  limestone floors, electric shades, steam room, 2-car garage and is designer decorated which makes it even more impressive.  Some may think that it would still be “the ugly duckling” of the island, figuratively speaking because of the multi-million dollar residences that surround it, but that’s for you to judge.  The house was originally listed for $3.45 Million in September of 2007 with a price reduction to $3.45 Million in January 2009 – closed for $2.115 Million on March 26, 2010 and already listed for $3,000,000 – Maybe someone can make a quick buck and flip this property….we will find out soon.  The MLS description reads:

Spectacular “Smart House” in Gated Miami Beach Community: Sunset Islands.  Exquisitely updated including beautiful Limestone, dark hardwood floors and impact glass windows and doors throughout. Amazing Zen-like patio area featuring infinity edge pool with waterfall. Electric black-out blinds; state of the art technology with controlled sound, lighting, video and security cameras, full gym and steam room.

with new Listing description reading:

State of the art house in Sunset Island.  Spectacular patio with infinity edge pool and waterfall.  High end technology with high end domotics.  Spectacular dark hardwood floors and patio and pool area in lime stone.

FYI – Domotics is “home automation” (I confess I had to look it up myself)

Screen shot 2010 04 13 at 3.20.26 PM Top 3 Most Expensive Miami Beach Homes sold in March 2010

Features:

  • 4,717 square feet of living space
  • 11,880 square foot lot
  • 2-car garage
  • 4 bedrooms / 4 bathrooms
  • built in 1945
  • “Smart House” with home automation
  • Hardwood floors
  • Impact glass doors and windows
  • Infinity Edge Pool with waterfall
  • electric black-out blinds
  • gym
  • steam room

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

Showing properties 1 - 10 of 10. See more 33139 zip code real estate.
(all data current as of 7/30/2010)

  1. 5 beds, 5 full, 2 part baths
    Size: 4,800 sq ft
    Listed with Beachfront Realty Inc
  2. 4 beds, 3 full, 1 part baths
    Size: 2,205 sq ft
    Listed with Miami Investment Brokers, Inc.
  3. 7 beds, 5 full baths
    Size: n/a
    Listed with Altara Realty
  4. 9 beds, 10 full baths
    Size: n/a
    Listed with Florida Home Sales and Invest.
  5. 4 beds, 3 full, 1 part baths
    Size: 3,499 sq ft
    Listed with Bedrock Properties, LLC.
  6. 3 beds, 2 full, 1 part baths
    Size: 3,524 sq ft
    Listed with Shelton and Stewart REALTORS
  7. 7 beds, 7 full, 1 part baths
    Size: 5,860 sq ft
    Listed with Greater Miami Investments, Inc
  8. 2 beds, 2 full, 1 part baths
    Size: 2,246 sq ft
    Listed with Florida Home Sales and Invest.
  9. 3 beds, 2 full baths
    Size: 2,140 sq ft
    Listed with Miami Lodge Realty Inc
  10. 5 beds, 5 full baths
    Size: 3,609 sq ft
    Listed with The Muskat Group, Inc.

Listing information deemed reliable but not guaranteed. Read full disclaimer.

Filed Under Blog, Hibiscus Island, Sunset Islands · Leave a Comment  

Fisher Island Condos – March 2010 Market Report

April 11, 2010

fisher island luxury condos

There are currently 126 Fisher Island Condos for sale: (3 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: 8 (1 more than previous month)
  • Closed sales in March : 5 (3 more than last month)

The 5 Fisher Island condo sale in the month of March were the following:

  • Villa de Mare – 7223 Fisher Island Dr – listed for $8,000,000 and selling for $6,750,000
  • Bayview at Fisher Island– 5033 Fisher Island Dr – listed for $2,350,000 and selling for $1,850,000
  • Bayside Village East – 2111 Fisher Island Dr – listed for $2,150,000 and selling for $1,800,000
  • Bayview at Fisher Island – 5345 Fisher Island Dr – listed for $1,095,000 and selling for $1,089,000
  • Bayview at Fisher Island – 5344 Fisher Island Dr – listed for $1,050,000 and selling for $625,000

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.  We are starting to see higher priced listings selling in Fisher Island… not just the Condo-Hotel opportunities from Seaside Villas.  We’re also seeing a huge price disparity from listing to selling prices – Fisher Island Condos are suffering just as much as the Miami Beach Luxury Condo Market.

Showing properties 1 - 9 of 9. See more 33109 zip code real estate.
(all data current as of 7/30/2010)

  1. 3 beds, 3 full baths
    Size: 2,652 sq ft
    Listed with Esslinger Wooten Maxwell Inc
  2. 1 beds, 1 full bath
    Size: 690 sq ft
    Listed with Coral Shores Realty Inc
  3. 6 beds, 5 full, 1 part baths
    Size: 7,025 sq ft
    Listed with MC International Realty, LLC
  4. 2 beds, 2 full, 1 part baths
    Size: 1,950 sq ft
    Listed with Premier Properties Intl Group
  5. 1 beds, 1 full bath
    Size: 470 sq ft
    Listed with Esslinger-Wooten-Maxwell Inc
  6. 4 beds, 4 full baths
    Size: n/a
    Listed with Ocean First Realty
  7. 2 beds, 2 full baths
    Size: 2,630 sq ft
    Listed with Greater Miami Investments, Inc
  8. 4 beds, 4 full baths
    Size: 3,690 sq ft
    Listed with Ocean Vista Properties Inc.
  9. 4 beds, 5 full, 1 part baths
    Size: n/a
    Listed with Seaside Properties Group, Inc.

Listing information deemed reliable but not guaranteed. Read full disclaimer.

Filed Under Blog, Fisher Island · Leave a Comment  

Top 3 Most Expensive Miami Beach Condo Sales – February 2010

March 17, 2010

There were 111 Miami Beach Condos sold in February ranging in price from $33,500 for a bank foreclosed Normandy Island studio, to a $3.25 Million South Beach Condo at The Continuum.  Curious how the lowest Miami Beach home sold last month was also in Normandy Island, it’s definitely the place to go for good deals, but many Miami Beach purists don’t even consider Normandy a part of the beach … go figure.  No surprise that 2 of the 3 highest sales were South Beach Condos – South of Fifth properties historically bring the best investment proposition.

February’s Most Expensive Miami Beach Condo Sale

Continuum South Beach:  50 S Pointe Dr #1001/8 – Miami Beach, FL 33139

Listed for $3,500,000 and sold for $3,250,000 on 02/01/2010

continuum 10018 Top 3 Most Expensive Miami Beach Condo Sales – February 2010

The Continuum South Beach keeps bringing us the highest monthly sales (with last month’s highest Miami Beach Condo Sale at $3,482,400).  I personally like the first tower better, but who am I to judge?  The amenities are out of this world and remember that it is the only high-rise South of Fifth that is directly on the ocean.  This particular residence was listed originally for $4,799,000 in February of 2009.  The MLS description says the following:

Spectacular sweeping direct ocean and South Beach views from this 4/4 corner residence with 4 terraces and 4 parking  spaces (2 valet + 2 assigned). Private elevator and foyer, 10 ft ceilings, hurricane glass floor to ceiling windows, marble floors throughout, superior finishes & appliances.  Live in paradise on 13 oceanfront acres at the southern most tip of South Beach with spa like amenities, world-class gym, 3 pools with pool side dining and 3 tennis courts. The Continuum is the preferred luxurious ch

(I guess the MLS ran out of space…..we will never know what “ch” means)

Screen shot 2010 03 08 at 1.40.58 PM Top 3 Most Expensive Miami Beach Condo Sales – February 2010

Features:

  • Built in 2008
  • 3,497 square feet of living space
  • 4 parking spaces (2 valet + 2 assigned)
  • 4 bedrooms / 4 baths
  • marble floors
  • beach views
  • maintenance fees $3906/month

February’s Second Most Expensive Miami Beach Condo Sale

Apogee South Beach:  800 S Pointe Drive, #702 – Miami Beach, FL 33139

Listed for $3,600,000 and sold for $3,200,000 on 2/10/2010

apogee 702 Top 3 Most Expensive Miami Beach Condo Sales – February 2010Apogee is known as the most expensive address when it comes to South Beach condos – This particular residence selling at $1,031 per square foot.  It had been listed since November 2009 for $3,950,000 with a few reductions and a nice final sale.  The view of South Pointe Park, Fisher Island and Government Cut is beyond amazing.  The MLS description reads (yes in all caps):

APOGEE-THE MOST EXCLUSIVE NEW ADDRESS IN SOUTH BEACH. AMAZING VIEWS OF THE BAY, FISHER ISLAND, DOWNTOWN SKYLINE, PORT OF MIAMI, AND THE ATLANTIC OCEAN! 300K IN UPGRADES-CRESTRON CONTROL-TRIAD SURROUND SYSTEM – THIS HOME HAS THE GOURMET KITCHEN ON THE SOUTH SIDE WITH BREATHTAKING WATER VIEWS. BEAUTIFUL SUNKEN TUB AND STEAM SHOWER IN THE MASTER BATHROOM SUITE. ONE OF THE FEW UNITS FINISHED WITH BEAUTIFUL 3′X 3′ ITALIAN MARBLE FLOORS. BRING YOUR PICKIEST CLIENTS AND MAKE AN OFFER ON THIS UNIQUE HOME!

Screen shot 2010 03 08 at 1.25.00 PM Top 3 Most Expensive Miami Beach Condo Sales – February 2010

Features:

  • 3,103 square feet of living space
  • 2 parking spaces
  • 3 bedrooms / 4 bathrooms
  • bay views
  • Marble floors
  • custom surround sound system
  • Built in 2008
  • Maintenance fees $3,810/month

February’s Third Most Expensive Miami Beach Condo Sale

One Thousand Venetian – 1000 Venetian Wy #801/03 – Miami Beach, FL 33139

Listed for $1,699,000 and sold for $1,500,000 on 2/12/2010

one thousand venetian 80103 Top 3 Most Expensive Miami Beach Condo Sales – February 2010

This condo unit had been listed since November of 08 starting at $3,950,00 and also showing for rent at a monthly rate of $14,900.  One Venetian happens to be one of those Miami Beach condos that people love because of the views – yes it’s an older building, but location is convenient (minutes from Downtown Miami and South Beach) and views, views and more views!  MLS says (in caps also – I guess they had to scream to see this baby):

THIS HIDDEN PEARL ON AN ENTIRE PRIVATE FLR BACKS TO AN AMAZING WATERFRONT OFFERING SERENE PRIVACY & VIEWS. THE STUNNING HOME’S 3,840 SQ.FT. 5BD/4.5BA. TWO APARTMENTS W/4 COVERED PARKING SPACES PROVIDE THE PERFECT SETTING FOR MIAMI LIVING. 1,680 SQ.FT. OF TERRACES IS DESIGNED FOR OUTDOOR ENTERTANING W/DIRECT WATER VIEWS,DOWNTOWN MIAMI,& NORTH TO BISCAYNE BLVD. YOU’LL APPERCIATE THR LRG OPEN FAMILY RM-FORMAL DINING AREA. EAT-IN KITCHEN & APPOINTED GRAND MASTER STE. NESTLED BETWEEN MIAMI BEACH & DOWNTOWN MIA

Screen shot 2010 03 08 at 1.59.49 PM Top 3 Most Expensive Miami Beach Condo Sales – February 2010

Features:

  • 3,840 square feet of living space
  • 1,680 square foot terrace
  • 5 bedrooms / 4.5 bathrooms
  • 2 parking spaces
  • bayfront condo
  • marble and tile floors
  • Maintenance fees $2586 per month

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

Showing properties 1 - 25 of 67. See more city of Miami Beach real estate.
(all data current as of 7/30/2010)

  1. 5 beds, 5 full, 1 part baths
    Size: 6,360 sq ft
    Listed with Continuum South Beach Realty
  2. 5 beds, 5 full, 1 part baths
    Size: 6,963 sq ft
    Listed with Continuum South Beach Realty
  3. 2 beds, 2 full baths
    Size: n/a
    Listed with World Realty of South Florida
  4. 6 beds, 5 full, 1 part baths
    Size: 7,025 sq ft
    Listed with MC International Realty, LLC
  5. 3 beds, 3 full baths
    Size: 2,558 sq ft
    Listed with Setai Realty, LLC.
  6. 4 beds, 4 full, 1 part baths
    Size: 3,017 sq ft
    Listed with Continuum South Beach Realty
  7. 4 beds, 4 full, 1 part baths
    Size: 3,017 sq ft
    Listed with Continuum South Beach Realty
  8. 4 beds, 4 full, 1 part baths
    Size: 3,017 sq ft
    Listed with Continuum South Beach Realty
  9. 4 beds, 4 full, 1 part baths
    Size: 3,017 sq ft
    Listed with Continuum South Beach Realty
  10. 3 beds, 3 full, 1 part baths
    Size: 2,621 sq ft
    Listed with Continuum South Beach Realty
  11. 4 beds, 4 full, 1 part baths
    Size: 2,901 sq ft
    Listed with Continuum South Beach Realty
  12. 3 beds, 3 full baths
    Size: 1,743 sq ft
    Listed with Esslinger-Wooten-Maxwell Inc Coconut Grove Office
  13. 3 beds, 3 full baths
    Size: 1,977 sq ft
    Listed with Continuum South Beach Realty
  14. 3 beds, 3 full, 1 part baths
    Size: 2,542 sq ft
    Listed with First Realty of Miami,LLC.
  15. 3 beds, 3 full baths
    Size: 1,977 sq ft
    Listed with Continuum South Beach Realty
  16. 2 beds, 2 full baths
    Size: 1,151 sq ft
    Listed with Great Properties International
  17. 2 beds, 2 full, 1 part baths
    Size: 1,992 sq ft
    Listed with Continuum South Beach Realty
  18. 2 beds, 2 full, 1 part baths
    Size: 1,869 sq ft
    Listed with Westpark Realty of Broward Inc
  19. 2 beds, 2 full baths
    Size: 1,316 sq ft
    Listed with Setai Realty, LLC.
  20. 2 beds, 2 full baths
    Size: 1,141 sq ft
    Listed with Setai Realty, LLC.
  21. 3 beds, 3 full, 1 part baths
    Size: 2,974 sq ft
    Listed with One Sotheby's Int'l Realty
  22. 2 beds, 2 full baths
    Size: 1,316 sq ft
    Listed with Setai Realty, LLC.
  23. 2 beds, 2 full, 1 part baths
    Size: 1,894 sq ft
    Listed with Continuum South Beach Realty
  24. 2 beds, 2 full baths
    Size: 1,141 sq ft
    Listed with Setai Realty, LLC.
  25. 2 beds, 2 full, 1 part baths
    Size: 1,698 sq ft
    Listed with Continuum South Beach Realty

Listing information deemed reliable but not guaranteed. Read full disclaimer.

Filed Under Blog, South Beach, Venetian Islands · Leave a Comment  

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