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  • 35 NE 40th Street - Design District
  • Miami, FL 33137
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  • M: 305.206.9366 (Ines)
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2014 Miami Realtors – Board Leaders

February 17, 2014

Miami Realtors - BOARD LEADERS - YPN CouncilWhat a great surprise to find in Sunday’s Miami Herald – Congratulating 2014 Miami Leaders from Miami Association of REALTORS (the largest Realtor Association in the nation!).  Proud to serve with such esteemed colleagues in the YPN Leadership Board.  (yours truly in lower left corner)

Miami Beach Waterfront Homes Sold in 2013

January 8, 2014

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

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

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

Star Island Home Sales

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

43 Star Island Dr - Star Island Home by miamism

Palm Island Home Sales

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

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

93 Palm Av - Al Capone's Home by Miamism

Hibiscus Island Home Sales

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

432 S Hibiscus Dr - Miami Beach Homes by miamism

Venetian Islands Home Sales

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

Villa Fendi - 1 E Dilido Dr - Venetian Island homes by miamism

Sunset Islands Home Sales

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

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

2555 lake av - Sunset Island Homes by Miamism

North Bay Road Home Sales

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

ARod sells miami beach home - reported by miamism.com

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

La Gorce Island Home Sales

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

42 La Gorce Cr - Miami Beach Luxury Homes

Allison Island Home Sales

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

6633 Allison Rd - Miami Beach Luxury Homes

North Bay Island Home Sales

There were no waterfront homes sold in N. Bay Island

 

Normandy Island Home Sales

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

1001 N Shore Dr - Miami Beach Homes for Sale via miamism

Biscayne Point Home Sales

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

1651 Cleveland Rd - Miami Beach Homes sold in 2013

Stillwater Island Home Sales

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

Pinetree Drive Home Sales

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

4549 Pinetree Dr - Miami Beach Luxury homes sold in 2013


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

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

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

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

Miami Beach waterfront homes sold in 2013 by square foot - by miamism

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

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

Fisher Island Real Estate Market Report for November 2013

December 18, 2013

Fisher Island Real Estate Market Report

Fisher Island Condo for Sale - 5341 Fisher Island Dr
**Fisher Island Condo For Sale – see below for property sale information**

There are currently  54  Fisher Island Condos for sale: (same as last month)

  • Highest priced listing: $14,995,000 for an exclusive Oceanside (4 bedrooms / 5.5 bathrooms)
  • Lowest priced listing: $170,000 for a 1 bedroom / 1 bathroom at Marina Village
  • Pending Sales: 5 (2 less than last month)
  • Closed sales in November: 2 (compared to 0 last month)

The 2 Fisher Island condos that sold in November were the following:

  • Oceanside at Fisher Island – 7600 Fisher Island Dr – Custom designed floor plan – contemporary 5 bedrooms / 5.5 bathroom with nanny/in-laws quarters – listed for $6.2 Million and selling for $5.4 Million
  • Marina Village Gardens No. 2 – 40304 Fisher Island Dr – foreclosure top floor 2 studio units combined with 1 bedroom and 2 bathrooms.  Listed for $304,900 and selling for $300,000.

Fisher Island Equity membership is $250,000 with annual membership dues.  There are also Yacht slips available for purchase up to 170 feet (17 meters).  Fisher Island remains unparalleled when it comes to security, privacy and exclusivity and this is what makes Fisher Island Living so prestigious.

Contact us at FisherIsland@miamism.com

**5341 Fisher Island Dr – Bayview Fisher Island Condo – corner residence on 4th floor with views of Biscayne Bay and Downtown Miami Skyline.  4 bedrooms / 4.5 bathrooms with wrap-around terraces and marble floors, 4,010 sq.ft. of living space (400 sq.meters).

Listing price is $3,700,000.00

Fisher Island Real Estate Market Report for October 2013

November 15, 2013

Fisher Island Real Estate Market Report

7245 Fisher Island Dr - by Miamism.com
**Fisher Island Condo For Sale – see below for property sale information**

There are currently  54  Fisher Island Condos for sale: (2 less than last month)

  • Highest priced listing: $14,995,000 for an exclusive Oceanside (4 bedrooms / 5.5 bathrooms)
  • Lowest priced listing: $170,000 for a 1 bedroom / 1 bathroom at Marina Village
  • Pending Sales: 7 (3 more than last month)
  • Closed sales in October: 0 (compared to 1 last month)

Fisher Island condo inventory is staying steady.  We’re talking the Realtor cliché of low inventory and high demand that drive prices up.  Arguably, Fisher Island is different and its audience is exclusive and elite and don’t always follow market trends.  But desirability continues to be this private island’s forte.

Contact us at FisherIsland@miamism.com

**7245 Fisher Island Dr – Oceanside Fisher Island corner residence at Villa Del Mare with wrap-around terraces that feature panoramic direct ocean views.  3 bedroom, 3.5 bathroom unit with 3,140 square feet of living space and includes equity membership. Listing price is $11,000,000.

Fisher Island Real Estate Market Report for September 2013

October 9, 2013

Fisher Island Real Estate Market Report

7764 Fisher Island Dr - Fisher Island Condo for Sale
**Fisher Island Condo For Sale – see below for property sale information**

There are currently  56  Fisher Island Condos for sale: (same as last month)

  • Highest priced listing: $14,995,000 for an exclusive Oceanside (4 bedrooms / 5.5 bathrooms)
  • Lowest priced listing: $170,000 for a 1 bedroom / 1 bathroom at Marina Village
  • Pending Sales: 4 (1 more than last month)
  • Closed sales in September: 1 (2 less than last month)

The Fisher Island property sold in September of 2013 was 6921 Valencia Dr at Lindisfarne on Fisher Island.  We’re talking a very rare residence with 5,468 sq ft of living space, built in 2002 with 4 bedrooms / 4 bathrooms.  Listed for $4.5 Million and selling for $4,050,000.

I keep telling you that Fisher Island is a different type of real estate but the only way to know that is by KNOWING Fisher Island.  Its exclusivity is world renown and people go out of their way to want to become a part of The Fisher Island Community.

Contact us at FisherIsland@miamism.com

**7764 Fisher Island Dr – Oceanside Fisher Island sought-after center stack residence with 6,820 square feet of living space, 4 bedrooms/ 4 bathrooms and in mint condition.  Overlooks ocean and ready to move in.  Listed at $11,500,000.

Fisher Island Real Estate Market Report for August 2013

September 11, 2013

Fisher Island Real Estate Market Report

15911 Fisher Island Dr - Fisher Island Cond For Sale
**Fisher Island Condo For Sale – see below for property sale information**

There are currently  56  Fisher Island Condos for sale: (2 less than last month)

  • Highest priced listing: $14,995,000 for an exclusive Oceanside (4 bedrooms / 5.5 bathrooms)
  • Lowest priced listing: $170,000 for a 1 bedroom / 1 bathroom at Marina Village
  • Pending Sales: 3 (1 less than last month)
  • Closed sales in August: 3 (1 more than last month)

Fisher Island Condos sold in August of 2013 were the following:

  • Oceanside at Fisher Island Condo – 7964 Fisher Island Dr – listed at $9,499,000 and selling for $8.2 Million.  This incredible ocean front penthouse with unobstructed private views of the ocean was originally listed for $11.5 Million on November of 2008, reduced to $10.5 Million in 09, then increased and decreased a few more times and finally sold on August 1st.
  • Oceanside at Fisher Island Condo – 7741 Fisher Island Dr – listed for $3,650,000 and selling for $3.2 Million.  Renovated with wrap-around terrace residence was listed for $3.25 Million in August on 2011, then increased to $3.89 Million in March of 2012…then decreased several times and finally selling on 8/27/13.
  • Bayview Fisher Island number 2 – 5332 Fisher Island Dr – listed for $3,199,000 and selling for $3.8 Million.  Listing history starts with original price of $6.2 Million back in 2006 with several reductions and closing on 8/23/13.

Please note that listing prices are all over the place on Fisher Island but comps don’t lie and when you do your homework and compare apples to apples, sale prices do make sense.  When looking to buy in Fisher Island, compare units with similar views in similar location within the island.  Residences that face the port of Miami will be completely different, as is to be expected, than those that face due east with direct ocean views.

We find most of the lower priced Fisher Island Condos to be in need of updates, so please keep that in mind as well and avoid the shock factor.

Contact us at FisherIsland@miamism.com

**15911 Fisher Island Dr – Ground Floor Seaside Villas Condo listed for $1,850,000. 1 bedroom/ 1 bathroom – 1,122 sq ft of living space.  1-car garage.  Built in 1988 with updated kitchen and white marble floors.

Fisher Island Real Estate Market Report for July 2013

August 16, 2013

Fisher Island Real Estate Market Report

7436 Fisher Island Dr For Sale
**see below for property sale information**

There are currently  58  Fisher Island Condos for sale: (2 less than last month)

  • Highest priced listing: $14,995,000 for an exclusive Oceanside (4 bedrooms / 5.5 bathrooms)
  • Lowest priced listing: $170,000 for a 1 bedroom / 1 bathroom at Marina Village
  • Pending Sales: 4 (1 less than last month)
  • Closed sales in July: 2 (4 less than last month)

The Fisher Island Condos sold in July were the following:

  • 5282 Fisher Island Dr – located in Bayview Fisher Island – listed for $5,450,000 and selling at $4,850,000. The property had been originally listed for $6.7 Million in January of 2008, taken off the market a year later, was re-listed for $5.45 Million in March of this year and going under contract just 10 days after listing.
  • 2322 Fisher Island Dr – located in Bayside Village – listed for $1,150,000 and selling for $1,075,000.  This condo faced SE with bay and ocean views and was originally listed in 2008 for $1.95 Million, reduced to $1.75 Million in February of 2009, re-listed at $1.15 several times since September of 2011 and finally going under contract in April of 2013.

We are seeing properties that never sold in Fisher Island in 2008-2009, being listed at more reasonable prices and finally selling.  We are also seeing Fisher Island Realtors not taking as many overpriced listings and asking sellers to be more realistic about their expectations.  Keep in mind that any east facing fisher island condos will be the most expensive in the island.

Contact us at FisherIsland@miamism.com

**7436 Fisher Island Dr – Oceanside Condo listed for $5,600,000.  3 bedrooms/ 4 bathrooms – 4,000 sq ft of living space.  2-car garage.  Built in 2002 with marble floors – direct ocean views!

Fisher Island Real Estate Market Report for June 2013

July 10, 2013

Fisher Island Real Estate Market Report

7213 Fisher Island Dr by miamism.com

There are currently  60  Fisher Island Condos for sale: (1 less than last month)

  • Highest priced listing: $14,995,000 for an exclusive Oceanside (4 bedrooms / 5.5 bathrooms – pictured above)
  • Lowest priced listing: $170,000 for a 1 bedroom / 1 bathroom at Marina Village
  • Pending Sales: 5 (1 less than last month)
  • Closed sales in June: 6 (3 less than last month)

The Fisher Island Condos sold in June were the following:

  • 5251 Fisher Island Dr – Bayview Fisher Island Condos – listed at $3,850,000 and selling for $3,400,000
  • 7600 Fisher Island Dr – Oceanside at Fisher Island – listed at $3,650,000 and selling for $3,250,000
  • 4824 Fisher Island Dr – Bayview at Fisher Island Condos – listed at $2,550,000 and selling for $2,150,000
  • 2143 Fisher Island Dr – Bayside Village – listed at $1,595,000 and selling for $1,350,000
  • 15722 Fisher Island Dr – Seaside Villas – listed at $699,000 and selling for $480,000
  • 42208 Fisher Island Dr – Marina Village – listed at $599,000 and selling for $400,000

The median sales price in June in Fisher Island was $2.07 Million compared to the median list price of $3.2 Million.  The distressed inventory in Fisher Island, like the rest of Miami and Miami Beach, is almost non-existent.  Out of the 60 Fisher Island Condos for sale, one 1 is a foreclosure and there are no short sales.  That one foreclosure in Fisher Island is located at Marina Village and it’s a 1 bedroom / 2 bathroom residence, listed for $369,500.

Fisher Island Real Estate Market Report for May 2013

June 26, 2013

Fisher Island Real Estate Market Report

7213 Fisher Island Dr by miamism.com

There are currently  61  Fisher Island Condos for sale: (6 more than last month)

  • Highest priced listing: $14,995,000 for an exclusive Oceanside (4 bedrooms / 5.5 bathrooms – pictured above)
  • Lowest priced listing: $170,000 for a 1 bedroom / 1 bathroom at Marina Village
  • Pending Sales: 6 (13 less than last month)
  • Closed sales in May: 9 (3 more than last month)

The Fisher Island Condos sold in May were the following:

  • 5171 Fisher Island Dr – Bayview at Fisher Island – listed for $12.9 Million and selling at $9.85 Million
  • 7813 Fisher Island Dr – Oceanside Fisher Island – listed for $7.375 Million and selling at $6.5 Million
  • 5274 Fisher Island Dr – Bayview Fisher Island – listed for $3.4 Million and selling at $3.3 Million
  • 8041 Fisher Island Dr – Oceanside at Fisher Island – listed for $2.95 Million and selling for $2.65 Million
  • 4814 Fisher Island Dr – Bayview at Fisher Island – listed for $2.9 Million and selling for $2.6 Million
  • 19141 Fisher Island Dr – Seaside Village – listed for $2.75 Million and selling for $2.15 Million
  • 19116 Fisher Island Dr – Seaside Village – listed for $1.685 Million and selling for $1.525 Million
  • 2423 Fisher Island Dr – Bayside Village – listed for $1.6 Million and selling for $1.4 Million
  • 2433 Fisher Island Dr –  Bayside Village – short sale listed for $1.15 Million and selling for $1.15 Million

The median sales price in May in Fisher Island was $2.6 Million compared to the median list price of $2.9 Million.  Mega luxury condos are moving in Fisher Island evidenced by the highest sale of $9.85 Million.  This condo was originally listed for $15.9 Million back in January of 2011, cancelled and then relisted in January of 2013.  The second highest sale of $6.5 Million had been listed in 2009 for $8.9 Million and taken on and off the market several times.  This shows that sellers that may have overpriced their properties, did not give them away when the market was slow and are starting to sell now – maybe at more reasonable prices, but definitely never giving them away.

Fisher Island Condos – Real Estate Market Report for April 2013

May 15, 2013

7213 Fisher Island Dr by miamism.com

There are currently  55  Fisher Island Condos for sale: (12 less than last month)

  • Highest priced listing: $14,995,000 for an exclusive Oceanside (4 bedrooms / 5.5 bathrooms)
  • Lowest priced listing: $170,000 for a 1 bedroom / 1 bathroom at Marina Village
  • Pending Sales: 19 (5 more than last month)
  • Closed sales in April: 6 (2 more than last month)

The Fisher Island Condos sold in April were the following:

  • 5344 Fisher Island Dr – Bayview at Fisher Island II- Listed for $3.9 Million and selling for $3.75 Million
  • 5331 Fisher Island Dr – Bayview at Fisher Island II – listed for $3.9 Million and selling for $3.4 Million
  • 7912 Fisher Island Dr – Oceanside at Fisher  Island – listed for $3.8 Million and selling for $3.3 Million
  • 2443 Fisher Island Dr – Bayside Village – listed for $2.85 Million and selling for $2.25 Million
  • 7922 Fisher Island Dr – Oceanside at Fisher Island – listed for $2.295 Million and selling for $2.195 Million
  • 15714 Fisher Island Dr – Seaside Villas – Foreclosure listed for $425,000 and selling for $435,000

The median sales price in April in Fisher Island was $2.775 Million compared to the median list price of $3.025 Million.  We are getting calls asking for a reason in price discrepancy in the Island giving an impression that prices are all over the place.  That is NOT the case – prices are based on building, location within the island, condition of residence and most importantly, VIEWS!!  Please keep in mind that all units priced under $1 Million will have interior views (garden and street views).  We will be more than glad to explain the differences and help you make a decision on what will work best for you.

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Contact Us

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

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