Top 3 Most Expensive Miami Beach Homes Sold in July 2010

There were 18 Miami Beach homes sold in the month of July 2010.  The highest sale was for $2.175 million and the lowest was a Normandy Island short sale at 765 S Shore Drive, selling for $350,000 on July 28th.  This month’s sales certainly do not represent the Miami Beach Luxury Home market, but that’s expected for a slow Summer month.  One thing is for sure though, with the distressed market diminishing each month, we are, without a doubt, looking at a recuperating market.

July’s Most Expensive Miami Beach Home Sale

81 N Hibiscus Dr – Miami Beach, FL 33139

Listed for $2,750,000 and sold for $2,175,000 on July 30th, 2010

Steffi Graf’s home finally sells!! After 3 years of listing the property with an original asking price of $3.5 Million.  This was one of the lingering listings that everyone hoped would sell, starting with yours truly.  Back in April in an article titled, Steffi Graf’s House for Sale in Miami Beach, and in the comment section said I thought the house would sell in the low $2M’s…so I was right!  Here’s what the article says:

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?

Features:

• 3,010 square feet of living space
• 10,500 square foot lot with 60′ of water frontage
• 4 bedrooms / 5 bathrooms
• built in 1935
• private dock
• pool
• 2-story home / Mediterranean revival
• Hibiscus Island location

July’s Second Most Expensive Miami Beach Home Sale

803 E Dilido Dr, Miami Beach, FL  33139

Listed for $2,485,000 and sold for $1,900,000 on June 2nd, 2010

Here’s a Venetian Island home that was originally listed for $2,695,000.  I submitted an offer for some clients almost a year ago under $2M and the listing agent guaranteed that it would sell above $2M – the seller never even countered!   This deal would have closed and saved the seller a year of expenses, goes to show that no offer is a bad one and sellers should consider all options.  The house was dated needing major upgrades including kitchen, bathrooms, windows and finishes and had no pool. MLS description read:

Wide bay views, open floor plan, entire second floor features the master bedroom with sitting and/or office room, wood floors, double bath, picture window overlooking great wide views. An art gallery room with pitched ceiling, kitchen counters and floors with carrera marble, room for a pool and lushly landscaped.

Features:

• 3,346 square feet of living space
• 10,500 square foot lot
• Eastern exposure with 60 feet of water frontage
• 3 bedrooms / 3 bathrooms
• private dock
• room for pool
• built in 1939

July’s Third Most Expensive Miami Beach Home Sale

770 W 50th St, Miami Beach, FL 33140

Listed for $1,499,000 and sold for $1,230,000 on July 28th, 2010

Here’s a dry lot home (meaning NOT on the water), just North of Surprise Lake in a Miami Beach subdivision called Lake View Heights.  I just love seeing a meticulously maintained home from the 30′s.  This house was completely renovated with finishes appropriate to it’s style and in a great location in Miami Beach.  The MLS description read:

WALK IN AND FALL IN LOVE WITH THIS TASTEFULLY RENOVATED MEDITERRANEAN HOME ON FAMILY ORIENTED LAKE VIEW AREA. LIMESTONE & WOOD FLOORS THROUGHOUT, LRG FAMILY ROOM OVERLOOKING BACKYARD, POOL AND SPA. GOURMET KITCHEN, 4 OVERSIZED BEDRMS, A GREAT HOME FOR FAMILY LIVING & ENTERTAINING. TOTAL RENOVATION COMPLETED IN 2008.

Features:

• 3,727 square feet of living space
• 8,385 sq. ft. lot
• 4 bedrooms / 3 bathrooms / 1 half bathroom
• built in 1930
• completely renovated in 2008
• pool
• 1-car garage
• 2-story house

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

Not all Miami Beach Waterfront homes are created equal

Miami Beach locals seem to understand that not all Miami Beach waterfront real estate is the same, but instead of assuming, I decided to do a brief synopsis of the different types of waterfront homes in Miami Beach. Many relocating to South Florida think waterfront means “beach-front” – you have no idea how many calls we get from Europeans wanting a beachfront home when they really mean canal-front. It has to do with knowing the local landscape and also language idiosyncrasies – the type of waterfront has obvious implications on the price.

Miami Beach ocean-front homes

There are not many oceanfront Miami Beach homes – it is PRIME real estate! This type of waterfront real estate is the most exclusive and most expensive for obvious reasons (nothing like the Atlantic Ocean as your backyard)- A few beachfront homes can be found in a very small residential pocket South of Surfside called Altos del Mar and also Golden Beach – where the oceanfront homes will be everything but modest- talk about Miami Beach Luxury Real Estate! Otherwise, all other beach-front or ocean-front real estate will be condos.

Miami Beach Bay-front homes

The next best thing from beachfront is bay-front since you will have open bay views and more privacy (literally no rear neighbor and open bay views from your backyard). Miami Beach Bay-front homes are also not all created equal. The only down side is the lack of protection from the elements, but that’s what insurance, good construction and proper weather preventive methods are for.

Miami Beach Canal front homes

There are many types of canal-front homes in Miami Beach. Pricing of these will take into consideration many factors including: location of canal, type of canal, size of canal, location of home within the canal, etc.

• Wide canals

This is when the home is located on a canal but the the canal is wide and homes still have privacy – examples of these are homes on the South side of Hibiscus Island or North side of Palm Island, The Venetian Islands or Surprise Lake in Miami Beach.

• Narrow canals

The word says it – you can see your neighbor across the canal, privacy is limited since you usually would have a fence and landscaping separating a backyard neighbor – in this case, you would have the canal and in many instances could see right in their backyard or home. This does not mean that canal-front homes are bad by any means, it just explains that there are many considerations when buying waterfront properties.  Other factors to consider with regards to canal-front properties are:

• navigable – if you have a boat, this is a good question to ask – some canals do not allow boats, others don’t have access to the ocean

• no fixed bridges – canal-front properties with direct ocean access and no fixed bridges are more expensive.  If you are contemplating buying a property and you know there are fixed bridges and you have a boat, make sure you know what the clearance of those bridges are in high tide to make sure your boat will be able to go through.

• deep canals – many canals are deep and can accommodate sail boats – if you are a sailor and want to purchase a canal-front home, you need to make sure the canal is deep enough for the draft of the boat.

• debris – some canals have dead ends and they have a tendency to collect debris which can often be an eyesore or even worse, bring a horrible smell.

More food for thought:

Location of the property – If you are a boater and hate idling in the no-wake zones for an extended period of time, consider where, within the intricate canal infrastructure of Miami and Miami Beach, the property will be located. Golden Beach and Eastern Shores for example has a long trajectory from their waterfront homes to the open bay and ocean where you can really crank up the engines and go at a descent speed – the same thing happens at Coral Gables. If you are a true boater, it would be a good idea for you to navigate those canals first.

Seawall and Condition – knowing a seawall can cost up to $1000 per linear foot – you should inspect the seawall with a good professional and possibly structural engineer.  Don’t discard Natural Coral Seawalls, they are known to have very strong structural qualities – but don’t take my word for it, ask any Structural Engineer.

Type of dock DERM will allow – looking at the adjacent neighbors’ docks usually gives you a good idea, but don’t always trust that – their dock may be “grandfathered in” or have some special circumstances that you don’t know about. Rule of thumb is that you can usually build a dock out 20% of the width of the canal, bay-fronts all have different requirements. A DERM inspector will sometimes be willing to visit the property prior to you buying the property, to assess it.

If you thought the Miami Beach Waterfront real estate market was not intricate, think again!

*original article posted February 28th, 2009*

Steffi Graf’s Miami Beach Home still for sale

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

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.

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).

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.”

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Top 3 Most Expensive Miami Beach Homes sold in March 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

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.

Features:

• 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

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.

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

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)

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**

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Top 3 Most Expensive Miami Beach Home Sales – February 2010

There were 16 Miami Beach Homes sold in February ranging in price between $191,300 for a bank owned Normandy Island home to $7,250,000 for a Star Island fixer upper.  Talk about a huge disparity and what makes Miami so interesting to many.  We can’t deny that there’s something for everyone here!  With no further delay, here are the 3 Most Expensive Miami Beach Home sales last month.

February’s Most Expensive Miami Beach Home Sale

44 Star Island Drive – Miami Beach, FL 33139

Listed for $8,750,000 and sold for $7,250,000 on February 25th, 2010

Funny enough, this same house was our featured luxury listing for January: Miami Beach Luxury Home – Star Island

Here’s what I had to say:

The house itself is only 4,720 square feet, which is tiny compared to its neighboring estates.  It was built in 1935 and to many it will be the “ugly duckling” of the island.  But I urge to look past the obvious and notice that the existing structure does have a nice Florida Vernacular feel to it and nothing a little money and love can’t fix.  It’s listed at $1,854 per square foot but I know that’s not a fair assessment since it’s all about the size of the lot.  Well….Shaq’s lot was 87,120 square feet with 312 feet of frontage and the house was impeccable and needed no “updating” (other than changes here and there for tastes sake).  So, my guess is that neighbors are pretty angry right about now because the only comp is throwing all the numbers off.  Just based on the one sale, this property is grossly overpriced.

Here’s the MLS description:

Located on exclusive Star Island among some of Miami’s favorite celebrities, this bayfront estate offers over 200 feet of prime water frontage and provides beautiful sunrises, southeastern breezes and the utmost in security and privacy.  Just minutes from both Downtown Miami and South Beach, this Colonial-style 4,720 home is ready for your update or build to suit.  Ideal waterfront for large vessel.  Least expensive property on Star Island!!

Features:

• 4,720 square feet of living space
• Built in 1935
• 6 bedrooms / 5 bathrooms / 1 half bath
• 215 feet of water frontage
• 48,266 square foot lot
• Barrel tile roof
• 2-story home

February’s Second Most Expensive Miami Beach Home Sale

269 N. Hibiscus Drive, Miami Beach, FL  33139

Listed for $5,995,000 and sold for $5,400,000 on February 24th, 2010

New Hisbiscus Island construction (built in 2007) with an interesting listing history.  The home was originally listed in April 2007 for $10,900,000 and was on and off the market with several price reductions and increases and finally selling for $5.4 M last month.  The MLS description reads:

New-elegant Mediterranean-waterfront estate on guard gated Hibiscus Island. This luxury 3-story home comes equipped with dramatic volume ceilings, oversized impact windows/doors, multiple private balconies and boat dock which can accommodate large vessel.  Resort style swimming pool w/jacuzzi, elevator, top-of-the-line appliances, marble/wood flooring throughout. 40 X 30 roof top terrace with spectacular views of Biscayne Bay, the Downtown Miami Skyline and Port of Miami.  Never been lived in.  New home.

Features:

• New construction – built in 2007
• 8,096 square feet of living space
• 12,250 square foot lot with 70 feet of water frontage
• bayfront
• 2-story home
• 6 bedrooms / 7.5 bathrooms
• pool with jacuzzi
• elevator
• within guard-gated Hibiscus Island

February’s Third Most Expensive Miami Beach Home Sale

5760 North Bay Road, Miami Beach, FL 33140

Listed for $5,950,000 and sold for $4,500,000 on February 22, 2010

This home was listed for $7,495,000  in September 09, reduced to $5,950,000 in December and was under contract by January 7th 2010.  North Bay road boasts with the most beautiful, unobstructed views of Biscayne Bay, and this house is the perfect example of that.  Older home, built in 1963, without being pretentious, except for the view.  Shows location is still worth a pretty penny in Miami Beach.  The MLS description reads:

Endless views on this gated Mediterranean Estate on prestigious upper North Bay Rd, on a very large lot (26,830 SF) wide Biscayne Bay front lot with a large concrete dock for a substantial boat, elegant open floor – turnkey estate! Gorgeous pool, large master bedroom with sitting area and the best views on N Bay Rd. Circular driveway and lush landscaping Miami Beach Waterfront Dream!

Features:

• Built in 1963
• 6,752 square feet of living space
• 26,830 square foot lot with 92 feet of water frontage
• 3 bedrooms / 4 bathrooms
• 2-car garage
• pool

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

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2009 Miami Beach Home Sales for Star Island, Hibiscus Island & Palm Island

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

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

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

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

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.

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