7 things to consider when buying a Miami Beach Waterfront Home

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

Condition of Sea wall –

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

Type of waterfront property

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

Boat Dock

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

Davits and/or Boat Lift

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

Protection from the elements

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

Location of home within a canal

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

Insurance Costs

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

 

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

*originally published on Nov. 23, 2008*

Fisher Island Condos – Real Estate Market Report – November 2011

There are currently 105 Fisher Island Condos for sale: (1 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: $180,000 for a 1 bedroom / 1 bathroom residence at Marina Village (short sale)
• Pending Sales: 4 (1 less than last month)
• Closed sales in November: 2  (same as last month)

The 2 Fisher Island Condos sold in November were:

• Seaside – 19223 Fisher Island Dr – listed for $1,699,000 and selling for $950,000.
• Bay View – 5211 Fisher Island Dr – Foreclosure listed for $1,663,600 and selling for $1,810,000.

Many will say that Fisher Island is back but most will agree that it was never gone.  Of course the luxury real estate market gets hit, but it doesn’t ever get hit as badly as the rest.  We will continue seeing some fluctuation in sales on the island since there’s still a 12% distressed inventory with 8 short sales and 4 foreclosures.

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

Fisher Island Condos – Real Estate Market Report – October 2011

There are currently 106 Fisher Island Condos for sale: (6 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: $81,500 for a studio at Marina Village Gardens (short sale) << in heart of commercial sector (perfect for crew or visitors)
• Pending Sales: 5 (3 more than last month)
• Closed sales in October: 2  (1 less than last month)

The 2 Fisher Island Condos sold in October were:

• 2426 Fisher Island Dr #5206 – Bayside Village condo listed for $1,590,000 and selling for $1,450,000.
• 2435 Fisher Island Dr #5305 – Bayside Village foreclosure condo listed for $699,900 and selling for $735,000.

Fisher Island is definitely reaching normalcy with the regular cold months with no real estate activity and the random multi-million dollar sales.  The 2 types of buyers for Fisher Island are those looking for privacy for their second home destinations and those that want to live there year round because of the island amenities, family feel of the island and unparalleled security.

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

Fisher island luxury condos Fisher Island Condos – Real Estate Market Report – September 2011

There are currently 106 Fisher Island Condos for sale: (6 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: $81,500 for a studio at Marina Village Gardens (short sale) << in heart of commercial sector (perfect for crew or visitors)
• Pending Sales: 5 (3 more than last month)
• Closed sales in September: 3  (2 more than last month)

The 3 Fisher Island Condos sold in September were:

• 7852 Fisher Island Dr – Oceanside condo listed for $5,750,000 and selling for $5,000,000
• 2036 Fisher Island Dr – Bayside condo listed for $1,495,000 and selling for $1,350,000
• 19123 Fisher Island Dr – Seaside Village Condo listed for $775,000 and selling for $685,000

The Median sales price for September in Fisher Island was $1.3 Million and the average sales price was $2.345 Million.  And just in case you missed it, please read Fisher Island is America’s Richest Place according to Forbes.

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

Fisher Island is America’s Richest Place according to Forbes

Well, we need to define what Forbes means by “America’s Richest place”, before we get excited, but personally, I didn’t find this to be a surprise.   To find out where this country’s most prosperous hang out, William Baldwin explains, in his America’s Millionaire Capitals article,

So I put a finer sieve on the database [IRS database of income tax statistics], zeroing in on communities where the average income within the 200K-and-up set is at least $1 million.

Result: a set of 130,400 tax returns from 64 hot spots of prosperity–suburbs, islands, parts of cities. The list of ritzy places ranges from Fisher Island, an enclave of yacht owners off Miami, to the Tribeca area of Manhattan, where wage slaves with seven-figure salaries have their chic loft apartments.

Here’s where it gets interesting, Baldwin not only calculates that Fisher Island has an average of $3.2 million per high-bracket taxpayer, but he also estimated net worths using figures on dividend, interest and business income as starting points.

In estimated net worth, the richest five communities are: Fisher Island, at $57 million per high-bracket return; Alpine, at $28 million; Medina, at $26 million; Palm Beach, Fla., at $23 million, and the King’s Point/Great Neck area on Long Island, at $22 million.

And in case you keep believing all the here say about the rich paying less taxes -

The federal tax take from this club is $41 billion, or a fourth of their $164 billion in income. That 25% rate is almost double the rate for the average American paying at least some federal income tax.

And when it comes to charity,

There’s a big range, too, in charitable impulses.  The big givers live in Medina, Longboat Key and the horse country around Charlottesville, Va. Wealthy families in these three places put aside 5% or more of their income for philanthropy.

Hats off to Fisher Island for keeping their reputation intact through the years, even in the midst of such a crazy and fluctuating economy.

fisher island luxury condos Fisher Island Condos – Real Estate Market Report – August 2011

There are currently 106 Fisher Island Condos for sale: (6 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: $81,500 for a studio at Marina Village Gardens (short sale) << in heart of commercial sector (perfect for crew or visitors)
• Pending Sales: 5 (3 more than last month)
• Closed sales in August: 1  (2 less than last month)

The Fisher Island Condo sold in August was located at Oceanside at 7765 Fisher Island Drive.  It was listed for $4,299,000 and sold for $3,900,000.  This condo was originally listed for $4.95 Million in June of 2010 with several price reductions.

There are still 12 distressed Fisher Island condos available for sale right now – but making up only 11% of the total inventory for sale in the island.  The median price in Fisher Island this year being $2.7 Million and showing that Fisher Island is still as exclusive as ever.

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

Fisher Island Condos – Real Estate Market Report – July 2011

There are currently 112 Fisher Island Condos for sale: (2 less than last month)

• Highest priced listing: $30,000,000 for an exclusive Oceanside 5/5.5 home with artwork and all!
• Lowest priced listing: $81,500 for a studio at Marina Village Gardens (short sale) << in heart of commercial sector (perfect for crew or visitors)
• Pending Sales: 2 (6 less than last month)
• Closed sales in July: 3  (6 less than last month)

The 3 Fisher Island Condos sold in July were the following:

• Oceanside at Fisher Island – 7734 Fisher Island Dr – listed for $8,900,000 and selling for $7,250,000
• Oceanside at Fisher Island – 7232 Fisher Island Dr – listed for $3,900,000 and selling for $3,900,000
• Oceanside at Fisher Island – 7251 Fisher Island Dr – listed for $2,490,000 and selling for $2,501,000

Glad to see movement pick up in Fisher Island, especially at Oceanside.  With a mega sale over $7 Million, this puts Fisher Island back on the map!  Doesn’t surprise me, since it’s the perfect vacation spot for those that seek privacy.

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

Fisher Island Condos: Real Estate Market Report – June 2011

There are currently 112 Fisher Island Condos for sale: (2 less than last month)

• Highest priced listing: $30,000,000 for an exclusive Oceanside 5/5.5 home with artwork and all!
• Lowest priced listing: $81,500 for a studio at Marina Village Gardens (short sale) << in heart of commercial sector (perfect for crew or visitors)
• Pending Sales: 2 (6 less than last month)
• Closed sales in June : 9  (8 more than last month)

The 9 Fisher Island Condos sold in June were the following:

• Bay View at Fisher Island – 5161 Fisher Island Dr – listed for $6,900,000 and selling for $5,287,500
• Oceanside at Fisher Island – 7611 Fisher Island Dr – listed for $6,750,000 and selling for $5,500,000
• Oceanside at Fisher island – 7925 Fisher Island Dr – listed for $3,000,000 and selling for $2,700,000
• Bayview at Fisher island – 5132 Fisher Island Dr – listed for $2,800,000 and selling for $2,500,000
• Oceanside at Fisher Island – 7936 Fisher Island Dr – listed for $1,950,000 and selling for $1,950,000
• Seaside Condo – 19226 Fisher Island Dr – listed for $1,825,000 and selling for $1,630,000
• Bayview at Fisher Island – 5143 Fisher Island Dr – foreclosure listed for $1,734,000 and selling for $1,650,000
• Bayside Village – 2134 Fisher Island Dr – listed for $1,495,000 and selling for $1,350,000
• Bayside Village – 2421 Fisher Island Dr – listed for $1,300,000 and selling for $900,000
• was located in Oceanside at Fisher Island (unit 7938).  It was originally listed in May of 2010 for $3,3 Million and lowered to $2.9 Million in June of 2010 and then again to $2.499 Million in November – finally closing on May 18th, 2011 for $2 Million.  The sellers had bought this residence in August of 2001 for $1.725 Million.

Talk about a drastic change in sales in Fisher Island in the month of June.  From one single sale, to 9 and with 3 being above the $2.5 Million mark.  Oceanside and Bayview tore the sales stats for last month in Fisher with the most sales in these 2 buildings.

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

Google your Miami Beach REALTOR

Dear Miami Beach home Seller:

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

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

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

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

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

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

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

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

• Staging your Miami Home

• Why isn’t your Miami home selling?

• Pricing your Miami Home

• How to Sell Your Home in Black and White

• Home Sellers Can’t Handle The Truth

• First Impressions in Real Estate

**originally published June 25th, 2008**

Fisher Island Condos: Real Estate Market Report – May 2011

There are currently 114 Fisher Island Condos for sale: (6 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: $134,500 for a studio at Marina Village Gardens (short sale) << in heart of commercial sector (perfect for crew or visitors)
• Pending Sales: 8 (3 more than last month)
• Closed sales in May : 1  (1 less than last month)

The Fisher Island Condo sold in May was located in Oceanside at Fisher Island (unit 7938).  It was originally listed in May of 2010 for $3,3 Million and lowered to $2.9 Million in June of 2010 and then again to $2.499 Million in November – finally closing on May 18th, 2011 for $2 Million.  The sellers had bought this residence in August of 2001 for $1.725 Million.

Distressed Fisher Island inventory keeps decreasing as the months go by, now showing 10%, as opposed to April’s 13%.  Fisher Island remains a “go to” destination for 2nd home owners and locals who are looking for a getaway!  Just a ferry-ride away and you will be in an exclusive resort-like setting that is unparalleled anywhere in South Florida.

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

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