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 Homes sold in March 2010
April 17, 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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2009 Miami Beach Home Sales for the Sunset Islands
January 5, 2010
The Sunset Islands are the epitome of Miami Beach Luxury Real Estate, starting with Sunset I. Historically homes in the Sunset Islands hold their value better than other nearby islands because of access, security and proximity to South Beach’s “action” but far enough to have privacy.
There have only been 4 sales this year in The Sunset Islands
| Address | Bds | Bths | HBth | sqft | Water | Lot Size | List Price | Sale price | $/sq.ft |
| 1400 W 28 St | 7 | 7 | 1 | 9.933 | Y | 20.000 | $15,900,000 | $9,500,000 | 956 |
| 1727 W 27 St | 4 | 6 | 1 | 6,244 | Y | 20,000 | $8,250,000 | $6,000,000 | 961 |
| 1401 W 22 St | 4 | 5 | 1 | 4,576 | Y | 13,275 | $3,200,000 | $2,734,500 | 598 |
| 1600 W 24 St | 4 | 4 | 1 | 3,453 | N | 11,858 | $2,399,000 | $2,100,000 | 608 |
The highest sale was at Sunset Island I (the most desired of all Sunset Islands) for $9,500,000 – this house was listed since July 2008 and originally priced at $15,900,000 (that’s a discount of over 40%). The lowest sale was a dry lot property located in Sunset Island III – located at 1600 W 24 St, selling for $2,100,000 and listed on and off since September 2008 with an original price of $2,495,999. It may have been the lowest priced sale, but sold for more per square foot than the immaculate waterfront home at Sunset Island 4.
The average price per square foot this year comes down to $780.75 – please note that none of the sales were open bay homes – an appraiser would pull comparables from North Bay Road homes because of the lack of sales in The Sunset Islands. At least we saw 2 homes above the $5,000,000 range actually sell which is something we can’t say about The Venetian Islands.
**UPDATE** There was one additional sale in the month of December in Sunset Island Number 2 – this was the dry-lot property located at 2535 Lucerne Avenue listed for $2,750,000 and selling for $2,400,000 ($441/sq.ft) making this the lowest sale of 2009 in The Sunset Islands. This luxury home had been listed since January of 2009 with a starting price of $2,895,000 (that’s a 17% difference between list and sale price).
2009 Miami Beach Home Sales for The Sunset Islands
December 7, 2009
The Sunset Islands are the epitome of Miami Beach Luxury Real Estate, starting with Sunset I. Historically homes in the Sunset Islands hold their value better than other nearby islands because of access, security and proximity to South Beach’s “action” but far enough to have privacy.
There have only been 4 sales this year in The Sunset Islands
| Address | Bds | Bths | HBth | sqft | Water | Lot Size | List Price | Sale price | $/sq.ft |
| 1400 W 28 St | 7 | 7 | 1 | 9.933 | Y | 20.000 | $15,900,000 | $9,500,000 | 956 |
| 1727 W 27 St | 4 | 6 | 1 | 6,244 | Y | 20,000 | $8,250,000 | $6,000,000 | 961 |
| 1401 W 22 St | 4 | 5 | 1 | 4,576 | Y | 13,275 | $3,200,000 | $2,734,500 | 598 |
| 1600 W 24 St | 4 | 4 | 1 | 3,453 | N | 11,858 | $2,399,000 | $2,100,000 | 608 |
The highest sale was at Sunset Island I (the most desired of all Sunset Islands) for $9,500,000 – this house was listed since July 2008 and originally priced at $15,900,000 (that’s a discount of over 40%). The lowest sale was a dry lot property located in Sunset Island III – located at 1600 W 24 St, selling for $2,100,000 and listed on and off since September 2008 with an original price of $2,495,999. It may have been the lowest priced sale, but sold for more per square foot than the immaculate waterfront home at Sunset Island 4.
The average price per square foot this year comes down to $780.75 – please note that none of the sales were open bay homes – an appraiser would pull comparables from North Bay Road homes because of the lack of sales in The Sunset Islands. At least we saw 2 homes above the $5,000,000 range actually sell which is something we can’t say about The Venetian Islands.
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.
Miami Beach Luxury Real Estate – Sunset Islands
July 21, 2009
This may sound a bit out there, but there is a reason why the Sunset Islands in Miami Beach were named that way… imagine catching perfect sunsets every evening from your backyard? This property is located on Sunset Island IV (which is the least chic of the 4 Sunset Islands according to many, but at least this home sits on the “good side” of the island and with perfect views of the bay with a bit of protection from the elements). Before you jump down my throat about my political incorrectness – the South side of Sunset IV faces condos and is a narrower canal, thus my statement. It’s tough to dump a couple of million dollars on a house that faces a bunch of condos. This house, on the other hand, sits on the North West end of the island, with flawless views.
1649 W 22 Street – Miami Beach, FL 33140
Listed for $5,875,000
The Deco House sure has some history and has had a great deal of celebrities through its doors. One thing is for sure, it is in need of some updating – starting from the floors, handrails and giving the overall house a nice face-lift – but it does not take away the fact that the house is spectacular, starting from it’s 20,000 square foot piece of property in Prime Miami Beach Real Estate. The home has been listed since May of 2009, with a starting price of $6,150,000. The MLS description reads as follows:
This home is known locally as the Deco House and one of the most beautiful homes on the Beach. Prior to the current owners, this is the home that such famous actors as Jennifer Lopez, Sean Combs, and Will Smith have rented while visiting South Beach. It has such a beautiful setting that it has also been used in many magazine layouts. Built in 1987, the Deco Home has solid cement floors and is extremely well constructed. The main room has soaring 18 ft. ceilings and a glass staircase.
Property Features:
- 5,000 square feet of living space
- Built in 1988
- 5 bedrooms / 4.5 bathrooms
- 19,812 square foot lot
- 3-car garage
- waterfront – no fixed bridges to ocean
- private dock
- pool
- private sunsets
- Terrazzo, tile, marble and wood floors
- media room
- Sunset Island Number 4
**property information courtesy of South East Florida Multiple Listing Service and Addvantage Real Estate Services **