2009 Miami Beach Home Sales for Star Island, Hibiscus Island & Palm Island
January 3, 2010
Miami Beach Luxury Real Estate is all about its islands – In this market report I combined Palm Island, Hibiscus Island and Star Island just because of proximity and approach – there have only been 7 sales in the 3 islands combined all year! The highest sale was Shaq’s Star Island Home located at 26 Star Island Drive, which he sold to Vladislav Doronin (Naomi Campbell’s boyfriend) for $16,000,000 back in June. The lowest sale was the dry-lot home located at 286 Palm Avenue, which sold for $660,000.
The price disparity has to do with location and view as well as condition of the home. The pristine and totally updated homes will obviously sell for more than the gutted ones, near a bridge or causeway that are mainly sold for land value.
| Address | Bds | Bths | HBth | sqft | YrBlt | Lot Size | List Price | Sale Price | $/sq.ft. |
| 26 Star Island Dr | 7 | 8 | 2 | 19,440 | 1992 | 87,120 | $22,500,000 | $16,000,000 | $823 |
| 288 S Coconut Ln | 3 | 3 | 0 | 3,180 | 1938 | 14,000 | $3,690,000 | $2,700,000 | $849 |
| 370 S Hibiscus Dr | 3 | 3 | 1 | 3,590 | 1983 | 10,500 | $2,975,000 | $2,500,000 | $696 |
| 433 S Hibiscus Dr | 3 | 2 | 0 | 1,547 | 1947 | 10,387 | $1,350,000 | $960,000 | $621 |
| 333 S Hibiscus Dr | 5 | 3 | 1 | 3,700 | 1961 | 9,500 | $1,095,000 | $900,000 | $243 |
| 233 Palm Av | 5 | 3 | 1 | 2,694 | 1971 | 6,000 | $875,000 | $690,000 | $256 |
| 286 Palm Av | 4 | 3 | 0 | 2,616 | 1926 | 5,775 | $654,750 | $660,000 | $252 |
The good news about these sales is that none of them are distressed sales – bad news is that the expensive inventory is not really moving – other than Shaquille O’Neal’s home (which consequently was first listed for $35 million and ultimately “gave it away” at a mere $823/square foot ** less than what he originally purchased it for)…..but we’re not criticizing here…hoping to see Naomi Campbell lounging by the pool when we go by on our boat rather than the Shaq Bobble Head.
**UPDATE** Only one sale in the month of December for Star Island, Palm Island and Hibiscus Island – for the dry-lot property located at 242 Palm Avenue, selling for $890,000 ($319 per square foot). This Palm Island home had been listed since August 2007 starting at $1,449,000….that’s a 39% discount.
2009 Miami Beach Home Sales for Star Island, Hibiscus Island & Palm Island
November 30, 2009
Miami Beach Luxury Real Estate is all about its islands – In this market report I combined Palm Island, Hibiscus Island and Star Island just because of proximity and approach – there have only been 7 sales in the 3 islands combined all year! The highest sale was Shaq’s Star Island Home located at 26 Star Island Drive, which he sold to Vladislav Doronin (Naomi Campbell’s boyfriend) for $16,000,000 back in June. The lowest sale was the dry-lot home located at 286 Palm Avenue, which sold for $660,000.
The price disparity has to do with location and view as well as condition of the home. The pristine and totally updated homes will obviously sell for more than the gutted ones, near a bridge or causeway that are mainly sold for land value.
| Address | Bds | Bths | HBth | sqft | YrBlt | Lot Size | List Price | Sale Price | $/sq.ft. |
| 26 Star Island Dr | 7 | 8 | 2 | 19,440 | 1992 | 87,120 | $22,500,000 | $16,000,000 | $823 |
| 288 S Coconut Ln | 3 | 3 | 0 | 3,180 | 1938 | 14,000 | $3,690,000 | $2,700,000 | $849 |
| 370 S Hibiscus Dr | 3 | 3 | 1 | 3,590 | 1983 | 10,500 | $2,975,000 | $2,500,000 | $696 |
| 433 S Hibiscus Dr | 3 | 2 | 0 | 1,547 | 1947 | 10,387 | $1,350,000 | $960,000 | $621 |
| 333 S Hibiscus Dr | 5 | 3 | 1 | 3,700 | 1961 | 9,500 | $1,095,000 | $900,000 | $243 |
| 233 Palm Av | 5 | 3 | 1 | 2,694 | 1971 | 6,000 | $875,000 | $690,000 | $256 |
| 286 Palm Av | 4 | 3 | 0 | 2,616 | 1926 | 5,775 | $654,750 | $660,000 | $252 |
The good news about these sales is that none of them are distressed sales – bad news is that the expensive inventory is not really moving – other than Shaquille O’Neal’s home (which consequently was first listed for $35 million and ultimately “gave it away” at a mere $823/square foot ** less than what he originally purchased it for)…..but we’re not criticizing here…hoping to see Naomi Campbell lounging by the pool when we go by on our boat rather than the Shaq Bobble Head.
Blog Action Day at Prime Miami Beach
October 15, 2009
This year over 9,000 blogs across the world have registered to write about Climate Change because there is power in numbers and together we can make a difference.
So how does Miami Beach Luxury Real Estate relate to Climate Change? easy, think of green products, how real estate is built, what waste is produced, what appliances are used, the “walkable” factor of your real estate to shopping and business. No matter the industry, there is something you can do to help our planet.
I have talked about Green Urbanism because it’s a topic dear to my heart and somehow it seems like Miami is distant from many of the walkable communities concept because of Urban Sprawl. I’ve even talked about Green Designer Finisher for your kitchen, identifying recycled glass counter tops. My favorite is Miami Green Houses from the past where I identify 3 Green Mid-century architects and their masterpieces. And lastly, 5 Green conscious moves for your home (anyone can do these).
Take a look at who else is participating in this year’s Blog Action Day:
- Six Eco Realtors to Watch- Blog Action Day 2009 (Agent Genius)
- Bloggers of all stripes grab a piece of the climate pie for Blog Action Day 2009 (Grist)
- Who’s participating at Blog Action Day
Miami Beach Luxury Home Sales – October 11, 2009
October 11, 2009
There have only been 43 Miami Beach Luxury Home Sales this year above $1,000,000. Think of the implications… last year at this same time there were 71 sales ranging between $1,000 and $13,100,000 which should make you believe that the “recuperating market” is not as palpable as some in the industry are leading you to believe.
I have to admit that certain areas are seeing more movement than others, there are more buyers out there as well, but they are also a lot pickier and not as willing to pull the trigger as they have been in the past….even in the Miami Beach Luxury real estate market.
The Link above will provide a list of all the closed home sales in Miami Beach over $1,000,000 this year. The Average price per square foot for Miami Beach Luxury Homes is currently $542.00 – but I need to stress, as I always do, that generalizing whole real estate markets like this is never a good idea. This number pulls North Beach and Star Island together, for example, which are not even close to being comparable areas – it also pulls dry lots and waterfront properties.
If you separate the different areas and do calculations by location, you get a better idea of what the real average price per square foot is. Obviously, when there is only one sale, like Shaq’s house on Star Island – the average will not say much.
Also note that all the sales in La Gorce Island were all dry lots, so the $348 per square foot average will not even come close to a waterfront property on the island. Similarly, some of the Pine Treearea sales were also dry lots, so comparing the average price to North Beach would be preposterous in my opinion.
Venetian Islands are down over $100 per square foot from last year – that should be a big eye opener to all those sellers that are not being flexible – some Realtors in the area keep giving a false sense of the market to their seller clients – please make sure you remain realistic….even in a recuperating real estate market.
7 things to consider when buying a Miami Waterfront Home
August 2, 2009
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 Beach.
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 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 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 doesnt 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 waterfront home in Miami Beach. To be able to enjoy our beautiful weather as well as the views is priceless and it is what makes Miami Beach Waterfront Real Estate so unique.