Not all Miami Beach Waterfront homes are created equal
June 28, 2010
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*
Top 3 Most Expensive Miami Beach Home Sales – February 2010
March 17, 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**
We're sorry, but it seems that we're having some problems loading MLS data from our database. Please check back soon.
Star Island Home – Miami Beach Luxury Real Estate
January 25, 2010
Everyone knows that Star Island is one of the most exclusive islands in Miami Beach, but what makes this island so special other than a few celebs like Shaq, Gloria Estefan, Rosie O’Donnell and Stallone as known “residents”? Proximity to South Beach’s action could be one, ease of access by boat without all the tedious draw bridges and idle zones is another, mammoth sized lots is a third and the fact that there are only 29 homes on the island is definitely another reason. But just the mere fact of living on Star Island gives anyone Miami Beach star status, plain and simple.
I want to tell you about a particular property that sits on a 48,266 square foot piece of land with 215 feet of water frontage and amazing Southern Exposure. The fact that the listing agent only provides exterior photos can tell you the condition of the inside of the property (so don’t blame me for the lack of interior shots). Keep in mind, when you see this property, that there was only one sale last year on Star Island, and that was Shaq’s house selling for $16,000,000 or the gift of $823 per square foot – I’ll compare this listing to Mr. O’Neal’s as you read on.
44 Star Island Drive – Miami Beach, FL 33139
$8,750,000
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!!
Property 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
**property information courtesy of South East Florida Multiple Listing Service and Avatar Real Estate Services **
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.