7 things to consider when buying a Miami Beach Waterfront Home

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

Condition of Sea wall –

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

Type of waterfront property

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

Boat Dock

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

Davits and/or Boat Lift

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

Protection from the elements

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

Location of home within a canal

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

Insurance Costs

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

 

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

*originally published on Nov. 23, 2008*

Miami Beach Waterfront Homes sold in 2011

There are 165 Miami Beach waterfront homes for sale right now ranging from a $399,000 North Beach home on Hawthorne Avenue (outside Biscayne Point Island), to a $35 Million Star Island Mansion.  Although the private island of Indian Creek is not considered Miami Beach, we can’t forget the $60 Million property for sale there … which is the most expensive home listed in South Florida to date.

Miami Beach waterfront homes are well-known throughout the world and offer unparalleled distinction, but not all Miami Beach homes were created equal – desirability has to do with location, condition of the property, size and views.  We will give you a break down of all the homes that were sold this year per island in order to be able to differentiate and understand pricing throughout Miami Beach.

The formula to understanding the Miami Beach waterfront home market is knowing that no matter what the comps are, most buyers are cash buyers and price is determined mostly by desirability of the property, not so much by how much other comparable homes have sold for. This is a total anomaly and difficult for a lot of buyers to understand, especially if you are looking to upgrade from a non-waterfront home, or are ready to make the switch to this very desirable lifestyle.

The Median Listing price for a Miami Beach waterfront home is currently $4.7 Million.  And if you are not convinced that this real estate sector is hot, out of the 165 homes listed for sale, only 2 are distressed (both are short sales – one in Normandy Island and the other one in Mid-Beach).

There were 100 Miami Beach waterfront homes sold in 2011.

Star Island Home Sales

4 Star Island waterfront homes sold – averaging $1,137 per square foot with the highest sale at $25.5 Million for the house located at 13 Star Island Dr – with 15,000 sf of living space, 8 bedrooms, 40,000 sf lot and 100 feet of water frontage.

Palm Island Home Sales

2 Palm Island homes sold on the water -  highest sale at $14.2 Million for the house located at 94 Palm Avenue with over 14,000 sf of living space, 8 bedrooms and 200′ of water frontage.  The average price per square foot for Palm Island homes coming in at $912.

Hibiscus Island Home Sales

5 Hibiscus Island homes sold on the water – price ranging between $1.9 and $9.35 Million.  The highest sale of $9,350,000 was for the home designed by Oppenheim, located at 40 S Hibiscus, with 8,000 sf of living space, 24,000 sf lot, 8 bedrooms and 120′ of water frontage. The average price per square foot in Palm Island was $740.

Venetian Islands Home Sales

There were 18 Venetian Island waterfront homes sold – prices ranging between $1.595 Million to $5.5 Million, with an average price per sf of $692.  The highest sale was for the unfinished construction at 1429 N Venetian Wy, with over 13,000 sf of living space, 26,764 sf lot, 8 bedrooms and 200 feet of water frontage

Sunset Islands Home Sales

There were 6 Sunset Island homes sold on the water – prices ranging between $2.4 million and $19.9 Million.  The average price per sq.ft. coming in at $924.  The highest sale was a historically significant home designed by Maurice Fatio at 1736 W 28th St, with 70,885 sf of land, over 11,000 sf of living space, 7 bedrooms and 453 feet of water frontage!

North Bay Road Home Sales

There were 10 North Bay Rd waterfront homes sold this year.  Their prices ranging between $1.55 to $15 Million and averaging $787 per sq.ft.  The highest sale was for the 13,000 sf home located at 4580 N Bay Rd, with over 24,000 sf of land, 8 bedrooms and 148 feet of open bay water frontage.

La Gorce Island Home Sales

There were 2 waterfront La Gorce Island homes sold.  One for $6.5 Million and the other for $11.6 Million and averaging $909 per sq.ft.  The highest sale was the ultra contemporary home at 94 La Gorce Cr with over 15,000 sf of living space, over 20,000 sf lot, 9 bedrooms and 120 feet of water frontage.

Allison Island Home Sales

There was one waterfront Allison Island home sold this year at 6475 Allison Rd.  The home has almost 5,000 sf of living space, over 21,000 sf of land, 5 bedrooms, 100 feet of water frontage and sold for $2.45 Million at $494 per sf… BARGAIN!! (even for a fixer upper).

North Bay Island Home Sales

There were no waterfront homes sold in N. Bay Island

Normandy Island Home Sales

There were 8 waterfront homes sold in Normandy Island, which historically, has been the least expensive waterfront real estate in Miami Beach.  They ranged in price between $770,000 and $2.6 Million for the bay front home located at 1800 Bay Drive – with over 5,000 sf of living space, 5 bedrooms, over 10,000 sf of land and 60 feet of water frontage.  The average price per sq.ft. in Normandy Island coming in at $437.

Biscayne Point Home Sales

11 Biscayne Point waterfront homes sold in 2011 ranging between $385,000 for a foreclosure, to $1.15 Million for the home located at 7972 Biscayne Point Cr.  This home has over 4,000 sf of living space, 5 bedrooms, 12,150 sf lot and 100 feet of water frontage.  The average price per sq.ft. in Biscayne Point coming in at $219.

Stillwater Island Home Sales

12 Stillwater Island waterfront homes sold ranging between $550,000 for a foreclosure, to $1.7 Million for the home at 1481 Stillwater Dr – with 2,800 sf of living space, 4 bedrooms, 7,500 sf lot and 50 feet of water frontage.  The average price per square feet for Stillwater being $378.

Pinetree Drive Home Sales

There were 5 Pinetree waterfront homes sold ranging between $1.9 (for an unfinished abandoned construction home), and $6.5 Million.  The highest sale of $6,536,289 was for the mediterranean mansion located at 4855 Pinetree Dr, with over 10,000 sf of living space, almost 40,000 sf lot, 6 bedrooms and 100 feet of water frontage.  The average price per sq.ft. in Pinetree coming in at $660.

It is obvious that the waterfront housing market in Miami Beach improved by a landslide in 2011 and this is evidenced by amount of sales, decrease in inventory as well as decrease in distressed properties for sale.  There are still some areas like Biscayne Point and Stillwater that are not out of the water (pun intended), but this helps keep a balance with the rest of Miami Beach.  Here is a graph showing price per square foot in each of the islands, and as expected, Star Island is at the top with The Sunset Island and La Gorce Island following close behind.

What’s fortunate for everyone looking to buy or sell their Miami Beach waterfront property, is that because there have been sales, we now have real comps.  This means that buyers and sellers don’t have to pull numbers out of their imagination but have real numbers to base their decisions on.  Granted….in our Miami Beach Luxury real estate market, this doesn’t mean much, great homes many times sell for unfathomed prices just because they are fabulous.

I’ll end this report with last years’ quote,

As much as I hate scripts and we’re taught to say “a home is worth what a buyer is willing to pay and a seller is willing to accept”…it could not be more true when it comes to Miami Beach Homes, especially when dealing with waterfront homes

Top 3 Most Expensive Miami Beach Homes sold in June 2011

There were 23 Miami Beach homes sold in June of 2011. Sales prices ranging from $170,000 for a bank owned foreclosure in the North Beach area, to $5 million for a Sunset II remodeled home mentioned below.  June’s Miami Beach sales keep showing an improvement in the housing market with 8 of the 23 sales being above $1 million and 7 of those sales being distressed.  We keep seeing sales above the $3 million mark which also means mega luxury Miami Beach homes are moving!

June’s Most Expensive Miami Beach Home Sale

1410 W 25 St – Miami Beach, FL 33140

Listed for $5,499,000 and sold for $5,000,000 on June 7th, 2011

This home was featured in our Miami Beach Housing Report – first half of 2011.  Located on the South East corner of Sunset Island II, completely remodeled, meticulously landscaped and with 100 feet of water frontage.  The house was purchased for $6.5 Million in 2005 and sold at a $1.5 Million loss.  The selling description read:

GREAT MIAMI BEACH WATERFRONT ESTATE WHERE QUIET COLORS CREATE A BOLD IMPACT YET A RELAXED SENSE OF INDULGENCE. BEST DESCRIBED AS THE HOUSE THAT BECOMES YOUR HOME, THIS BEAUTIFULLY REMODELED FIVE BEDROOM, (WITH OPTION TO USE THE STUDY AS A SIXTH BEDROOM) AND SIX AND ONE HALF BATH ISLAND OASIS, EXUDES TRANQUILITY AWASH A SEA OF WIDE-OPEN SPACES, LUSH TROPICAL LANDSCAPING AND 100 FEET OF WATERFRONT FRONTAGE.  A STONE-THROW AWAY FROM THE OPEN BAY!

Features:

• 5,920 sf of living space
• built in 1955 and completely remodeled
• 100′ X 202′ LOT (20,200 sf)
• 5 bedrooms / 6.5 bathrooms
• 100′ of water frontage (no fixed bridges to bay)
• private dock
• heated pool
• Sunset Islands location
• 2-car garage

June’s second Most Expensive Miami Beach Home Sale

1601 W 24 St – Miami Beach, FL 33140

Listed for $4,250,000 and sold for $4,250,000 on June 8th, 2011

Another Sunset Island Home.  This on located on the North side of Sunset Island III, also with no fixed bridges to Biscayne Bay.  Completely renovated by Wallace Tutt on a 25,000+ lot with tennis court.  (I would have imagined Anna Kournikova in this house for sure).  The home was listed in March of 2001 and was under contract in one week!  The selling description reads:

Sunset Island #3 residence, completely and tastefully renovated by Wallace Tutt and featuring a lighted tennis court, separate guest house, pool pavilion. New dock and seawall, split bedroom plan with separate apartment. Quality finishes and lavish touches throughout. All newly installed appliances, electrical and plumbing systems, doors and windows, impact glass and much, much more. Never occupied since recently completed renovation, turn-key in every respect.

Features:

• 7,202 sf of living space
• 144′ X 175′ lot (25,200 sf)
• 5 bedrooms / 5.5 bedrooms
• built in 1937 and completely remodeled
• 144′ of water frontage
• private dock
• heated pool
• 2-car garage
• Sunset Islands location
• turn-key

June’s Third Most Expensive Miami Beach Home Sale

126 W San Marino Dr– Miami Beach, FL 33139

Listed for $3,999,000 and sold for $3,400,000 on June 24th, 2011.

Here’s the perfect example of how Venetian Island Homes are increasing in price like no other island in Miami Beach.  Spacious house with amazing views with tired finishes in need of updating – selling above $700/square foot.  Located on the West side of San Marino Island (South of the Venetian Causeway), with amazing views of The Miami skyline.   This home was listed in February of 2011 and was under contract in less than a month.  The selling description simply reading:

Located on the secluded southwest side of San Marino Island on the Venetian Causeway in Miami, discover this beautiful 2-story home on a manicured 15,750 square foot bayfront lot. The best bay and downtown Miami views. Huge backyard and separate guest apartment with kitchen.

Features:

• 4,472 sf of living space
• 90′ X 175′ lot (15,750 sf)
• built in 1937
• 4 bedrooms / 3 bathrooms
• 2-car garage
• 90′ of water frontage
• Venetian Islands location
• pool
• private dock

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

Miami Mod Homes – July 2011 issue

There are Miami Beach homes and then there are Miami Beach Modern Homes!  Yes we like Mediterranean homes or Spanish revival homes, but the HOT ones are definitely Miami Mod Homes.  Every once in a while I’ll share an interesting modern home for sale in Miami Beach and give you my architectural take on it.  Architecturally relevant real estate is my forte after all.

Miami Beach Mod Home at 1121 N Venetian Drive

listed for $3,899,999

This home reminds me of Miami Vice meets Charlie’s Angels.  It was built in 1949 and has great mid-century modern details with some over the top changes through the years which makes it soooo Miami.  It’s located on Biscayne Island (the western-most of the Venetian Islands), with awesome bay views.  The selling description is right on (except for the usual exaggerations, like “best properties in Miami”:

Located on Biscayne Island, one of the 6 historical Venetian Islands of Miami Beach, this beautiful 5 BR, 4 Baths estate boast one of the finest wide bay views in all of Miami with 105 ft of waterfront, this 14,000 sq ft pie-shaped lot is one of the best properties in Miami.  The feeling inside this unique home is bright and airy with soaring ceilings and high glass windows extending to the ceiling and panoramic wide bay views from every room.  Furnished by Eclectic Elements eemiami.com

“Unique” feeling inside is an understatement, but this is one of those Miami Jewels that needs to get in the right hands to be able to shine.

Things I would change are the shiny marble floors from the 80′s….some polished concrete or limestone would look hot although buffing out the marble to a flat finish could do the trick.  The eclectic column treatments are a bit much for me, slick thinner white columns would solve the problem (or maybe we would be lucky to find the typical 50′s narrow steel columns!).  the stair glass detail is horrid IMHO (<that’s “in my humble opinion” for the txt challenged), but we’re in Miami, which means anything goes!

Positives:  take a look at that ceiling height! and at the double height windows!  The framing of the views is fantastic and the levels to separate spaces is just what the doctor ordered.

The kitchen is OK, at least the cabinets and hardware are modern but the black granite….UGH! Nothing a gorgeous glass counter-top can’t fix though.  Notice the old tv cabinet in the top photo….do they still make those?

The Master bedroom is da’ bomb! great size, gorgeous dark wood floors and those humongous high-hats from the 90′s (I would change those to the tiny halogen ones).  The bathroom…..well……there’s no disguising that one – total redo!!  Unless of course you are into the whole Home Depot effect (no offence to Home Depot).

The exterior is almost flawless and think about it, it’s all about the views, right?  This house has that and more.  Maybe I’m not into the kidney shaped pool or the decking choice, but the balcony railings are a perfect choice and the fact that you have a covered porch area makes the space livable and perfect for Miami.

So if you have $4 Million in your pocket and think that you’ll find the “perfect” Miami Beach home for you that will need no work, think again.  You will always have to make some changes and in the case of this house, the biggest change will be the bathrooms, everything else is smaller aesthetic details that won’t bring you over budget.

Miami Beach Luxury Housing Report – first half of 2011

I can’t believe 1/2 of 2011 is already gone!  Fortunately for Miami Beach Realtors, things are improving on a daily basis and we have been busy!  So here is the scoop on what has happened with Miami Beach homes in the first half of the year.  There were 130 Miami Beach homes sold already in 2011 – out of those, 55 were sales over $1 Million which is 42% of all sales….not bad for a “depreciating market”.  You need to keep in mind that when the big honchos like the Case-Shiller Index, come up with their data interpretation, they pull together ALL of Miami-Dade County and the numbers look grim – so the need to go local is crucial to get a real perspective (yes, I sound like a broken record).

Because we do specialize in Miami Beach luxury homes and waterfront homes, I will give you a summary of all the waterfront homes sold this year in Miami Beach and I will break those down by island or desirable location within Miami Beach.  You will see a lot of Mega sales (the ones above $3 Million), which is a change from 2010. (click on the graph above to download PDF of all sales to date).

Star Island Home Sales

There were only 3 Star Island homes sold so far this year ranging from $7.1 million to $25.5 million!  The average price per square foot coming in at $1,028 and the highest for all of Miami Beach.

13 Star Island was listed for $32,000,000 and sold for $25,500,000.  With 8 bedrooms / 8 bathrooms / 2 half-baths, 15,008 square feet of living space on a 100′ X 400′ lot with private dock, pool, boat lift, state of the art electronics ….yada yada yada – (everything you would expect from a 15,000 sf mansion).  What’s amazing is that this house was listed January of 2011 and sold in only 2 months!  (the monthly rental for this gem was $325,000 – higher than the average home in Dade-County!) << that’s why I love Miami.

Hibiscus Island Home Sales

There were 3 Hibiscus Island homes sold this year ranging from $2.4 Million to $9.35 Million.  The average price per square foot for the island coming in at $828.  The highest sale in Hibiscus was my all-time favorite home designed by Oppenheim at 40 South Hibiscus Drive – Miami Beach Luxury Home Pick – Hibiscus Island << click to see the photos - A – MA- ZING!!  and the lucky buyer walked away with this beauty for $9.350 Million.  The house was originally listed for $13,995,000 in June of 2010, was reduced several times and sold in May.

Venetian Islands Home Sales

The Venetian Islands are seeing quite a bit of movement in the past 2 months, and there have been 12 waterfront home sales this year with an average price per square foot of $725 – quite an increase from the average $634/sf in 2010! The highest sale was for unfinished construction at $5.5 Million back in March.

1424 N Venetian Way came in as the 2nd highest Miami Beach home sold in March of 2011.  It was originally listed at $6.5 Million in August of 2009 and finally sold for $5.5.

Sunset Islands Home Sales

The Sunset islands have seen better days with only 2 sales so far this year and average price per square foot of $717 (less than The Venetian Islands which is unheard of!).

1410 W 25 St – sold for $5,000,000 on June 7th, 2011.  Located in Sunset Island 2 – with 5,920 sf and 20,200 sf lot (inside lot, not open bay).  This house was purchased for $6.5 Million in November 2005 and took only 3 weeks to sell when they listed it for $5.499 Million in April of this year.  The Marketing description reading: screaming in all caps:

GREAT MIAMI BEACH WATERFRONT ESTATE WHERE QUIET COLORS CREATE A BOLD IMPACT YET A RELAXED SENSE OF INDULGENCE. BEST DESCRIBED AS THE HOUSE THAT BECOMES YOUR HOME, THIS BEAUTIFULLY REMODELED FIVE BEDROOM, (WITH OPTION TO USE THE STUDY AS A SIXTH BEDROOM) AND SIX AND ONE HALF BATH ISLAND OASIS, EXUDES TRANQUILITY AWASH A SEA OF WIDE-OPEN SPACES, LUSH TROPICAL LANDSCAPING AND 100 FEET OF WATERFRONT FRONTAGE.  A STONE-THROW AWAY FROM THE OPEN BAY!

North Bay Road Home Sales

I’m always curious to analyze how North Bay Road Mansions stand up against the rest of Miami Beach.  There are no private gates, but gorgeous open bay views that take your breath away.  There have been 5 North Bay Road homes sold this year, which are not a real representation of what usually sells and the average price per sq.ft. coming in at $769.  The highest sale was in our Top 3 highest Miami Beach Homes – April edition.

Pinetree Drive Home Sales

Pinetree has only had 2 waterfront home sales this year, with an average price per sq.ft. $621.  The highest Pinetree Drive Home was in our Top 3 Miami Beach Home Sales – March edition.

More Miami Beach Home Sales

In addition to the mentioned sales, there was also one sale in Allison Island for $2.45 Million (fixer upper selling at $491 / square foot), and no waterfront sales yet in La Gorce Island, Bal Harbour, Bay Harbor Islands, Indian Creek Village or Palm Island.  Normandy Island had 5 sales with an average price per square foot of $436 and we decided to add Golden Beach to the mix because we are seeing a lot of people considering the move there because of affordability factors.

Golden Beach Home Sales

There have been  7 waterfront Golden Beach homes sold this year with an average price of $621/sq.ft.  The highest sale was an oceanfront house selling at $7.7 Million

277 Ocean Blvd sold in March for $1,186 / sq.ft. – that’s higher than the Star Island home sale but then again, we are talking beach front.  A 6,495 sf house on a 20,700 sf lot with 6 bedrooms, 6 bathrooms and 1 half-bath, 2-car garage, totally renovated with a monthly rental price of $42,000.  It was originally listed for $11,800,000 in 2006.  Remember that Ricky Martin is also selling his Golden Beach home – that one listed for $18.9 Million.

So there you have a brief synopsis of what has happened to the Miami Beach Waterfront Housing Market in the first half of the year.  To download the data associated with this article, please click on the button bellow.  **all information obtained from the Southeast Florida Multiple Listing Service**

Google your Miami Beach REALTOR

Dear Miami Beach home Seller:

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

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

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

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

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

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

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

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

• Staging your Miami Home

• Why isn’t your Miami home selling?

• Pricing your Miami Home

• How to Sell Your Home in Black and White

• Home Sellers Can’t Handle The Truth

• First Impressions in Real Estate

**originally published June 25th, 2008**

Top 3 Most Expensive Miami Beach Homes sold in April 2011

There were 19 Miami Beach homes sold in April of 2011 compared to 32 sales the previous month. Sales prices ranging from $190,000 for a short sale in the North Beach area, to $5.74 million for a North Bay Road open bay beauty mentioned below.  April’s sales were impressive because more than half of them were over $1 million, which means the luxury market is catching a well deserved break.  The distressed market continues to decrease and when good properties come up, they are snatched up for top dollar, not the believed “bottom feeder” prices.

April’s Most Expensive Miami Beach Home Sale

5380 N Bay Rd – Miami Beach, FL 33140

Listed for $5,900,000 and sold for $5,740,000 on April 27th, 2011

Another North Bay Road Home sold in April.  This one a 6,432 square foot bay front beauty with an inviting Spanish Colonial flair – surrounded by loggias, balconies and courtyards that become so perfect for our South Florida weather.  The inside a bit dated with maybe a bit too much wood-work, but nothing that can’t be salvaged.   It had been on the market since November of 09 with a starting price of $10.5 million.  and after several price reductions, finally sold at almost 1/2 the original listing price.  The marketing description simply read:

Best Deal on North Bay Road Wonderful Open Bay View home. State of the art kitchen appliances, with granite countertops and exquisite wood cabinetry. High ceilings; inviting courtyard; custom made exotic double aquariums in the family room. Marble and wood floors throughout the house.  Has been rewired with Creston and Lutron technology. It is ready to move in.

Features:

• 5 bedrooms / 5 bathrooms / 1 half-bath
• built in 1934 – remodeled
• 6,432 sf
• 12,759 sf lot (79′ X 161′)
• 80′ of water frontage (open bay)
• private dock
• pool
• 2-car garage

April’s second Most Expensive Miami Beach Home Sale

5150 N Bay Rd – Miami Beach, FL 33140

Listed for $5,490,000 and sold for $4,568,520 on April 26th, 2011

Not my favorite type of architecture (I call it butchered mid-century – but I’m not the one that has to like it).  This 1954 North Bay Road home was obviously added on to and re-built through the years with a sort of 80′s look to it, but over 100′ of open bay water frontage with is priceless.  It was listed on September 2010 and was under contract by November and then under contract again in March of 2011.  Making this Miami Beach Luxury home a quick seller, considering average time on the market passes the 1 year mark.  The marketing description reading:

Breathtaking Bay Views from this exclusive N Bay Rd residence. 6,360 sf , 6 bed , 6 1/2 bath……18,585 sf of land. 105 feet of water frontage. Private Boat Slip is grandfathered in and can not be duplicated. Very rare and valuable. New Electric, new security system. Brand new massive sliding doors for back of the house, creating flow thru right to pool and bay. Best priced of all its closest comps (6000-7000sf houses) on N Bay Rd.

Features:

• 6 bedrooms / 6 bathrooms / 1 half-bath
• 6,360 sf
• built in 1954 – butchered remodeled
• 18,585 sf lot (105′ X 177′)
• 105′ of water frontage (open bay)
• 2-car garage
• private doc
• pool

April’s Third Most Expensive Miami Beach Home Sale

1337 N Venetian Wy – Miami Beach, FL 33139

Listed for $4,500,000 and sold for $4,100,000 on April 28th, 2011 as a short sale

Impeccable Contemporary Miami Beach home on San Marco Island in the Venetians.  Not my favorite of the Venetian Islands but gorgeous home nevertheless.  The home shows an original listing price of $6.9 million back in June of 09 with several pending contracts as well as price reductions and finally selling at $4.1 million which is an amazing purchase for 70′ of open bay frontage and new, modern constructions.  It was marketed as:

SHORT SALE! Located on picturesque Venetian Island, this 2-story, impeccably done, contemporary masterpiece offers breathtaking, wide open, unobstructed bay views. Enter through the artistically designed gate that leads into a perfectly manicured courtyard. The finishes, architectural design and lighting are brilliantly orchestrated.  All bedrooms have their own bath & built-out closets. The master bedroom has his/her closets and a state-of-the-art master bath. Separate guest hse & separate 2-car gar

Features:

• 6 bedrooms / 7 bathrooms
• 5,859 sf
• built in 2007
• 12,250 sf lot (70′ X 175′)
• 70′ of water frontage (open bay)
• private dock
• pool
• separate guest house
• separate 2-car garage

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

Top 3 Most Expensive Miami Beach Homes sold in February 2011

February’s Most Expensive Miami Beach Home Sale

2142 N Bay Rd – Miami Beach, FL 33140

Listed for $4,850,000 and sold for $4,000,000 on February 15th, 2011

Another Sunset Lake subdivision home sold! On North Bay Road just East of The Sunset Islands, this home is waterfront but not the usual open bay you expect from North Bay Road.  Here we have a 1925 home with a very traditional decor and sitting on a 20,000 square foot lot with 100′ of water frontage.  It was listed for $4,850,000 in January of 2010, taking over a year to sell.  This house would be considered a “fixer upper” in today’s Miami Beach home standards.  The MLS description reads:

Tranquil setting on sought after lower North Bay Road. Classic home on a large lot bordering 100 feet of soothing Sunset Lake waters. Expanded master bedroom, formal dining room, 5 bedrooms, 5 1/2 bathrooms, 2 car garage, separate staff bedroom with bath and a unique guest room with bath. Designated service entrance and a circular driveway. Perfectly located; walking distance to Lincoln Road shops, fine dining, and South Beach.

Features:

• 5,141 square feet of living space
• 20,000 sq.ft. lot (100′ X 200′)
• 1-car garage and circular driveway
• waterfront with 100′ of water frontage
• private dock
• 5 bedrooms / 5.5 bathrooms
• built in 1925
• 2-story Mediterranean revival home

February’s second Most Expensive Miami Beach Home Sale

5240 N Bay Road – Miami Beach, FL 33140

Listed for $4,900,000 and sold for $3,862,000 on February 4th, 2011

Mid-century modern home with wide bay views on North Bay Road.    Here we have a home with quite a listing history:  listed for sale and/or rent since 2006 with a starting price of $6,250,000 and rental of up to $25,000 per month.  It was reduced several times before finally selling last month.  MLS reading,

Impressive views of wide bay w/79 feet of prime waterfront.  Tall Cathedral beamed ceilings compliment the open floor plan. Floor to ceiling glass sliding doors allows the entire house to open to the backyard & pool w/ the Miami Skyline as your backdrop. 3 large “en suite” bedrooms & baths, new kitchen, updated baths and so much more.

Features:

• 4,915 square feet of living space
• 13,455 sq.ft. lot (79′ X 170)
• waterfront – open bay location with 79′ of water frontage
• built in 1958
• 4 bedrooms / 4.5 bathrooms
• 2-car garage and circular driveway
• private dock
• renovated bathrooms and kitchen

February’s Third Most Expensive Miami Beach Home Sale

441 E Rivo Alto Dr – Miami Beach, FL 33139

Listed for $3,349,000 and sold for $2,650,000 on February 15th, 2011

One of the highest Venetian Islands Homes sold in the past six months, selling over $920/sq.ft. where the average has been $600/sq.ft.  This 1947 home was totally remodeled in 2007.  Here’s what’s interesting – it was sold for $1,800,000 in October of 2010 and placed on the market just 2 weeks later at $3,349,000 before selling.  That’s a quick $850,000! not a bad deal at all for that seller.  MLS reads,

Modern three bedroom home completely renovated in 2007 with wide bay views. Renovation included all new plumbing, electrical, impact windows, roofing, air conditioning, and top quality Travertine flooring. Stunning European kitchen, viking appliances, luxurious bathrooms. The 13,382 square foot lot is pie shape with over 100 feet of water front. Relaxing pool area and rear patio for entertaining. Dock and boat lift. Gas pool heater and generator. This turn key property is easy to show.

Features:

• 2,871 square feet of living space
• 13,382 sq.ft. lot
• built in 1947
• renovated in 2007
• waterfront with private dock and boat-lift
• pool
• marble and hardwood floors
• circle driveway
• 3 bedrooms / 3 bathrooms

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

Why pick THAT Miami Beach Realtor?

You are interviewing Miami Beach REALTORS and have no idea who to hire because they all have something that impresses you, good track record, good communication skills, good client testimonials, good Internet presence…..so how can you make up your mind?

The key is to be able to identify how they market themselves as opposed to how they market properties.  At first this may seem like easy task, but once you start thinking about it you realize that most REALTORS spend more money branding themselves that promoting their properties.  Not that there’s anything wrong with that, it’s only wrong when they want to sell you their branding efforts as property marketing.

In addition to identifying the type of marketing an agent does, it’s good to know where marketing efforts need to be more aggressive and where buyers will ultimately find your home.  The National Association of Realtors (NAR) just published a 2010 profile of home buyers and sellers which includes this graph that details where buyers found the home they purchased from 2001 through 2010.

Interestingly enough, in 2010, 75% of buyers bound their home with the help of another REALTOR or on-line! (and the Internet is half of that number).  Which just means that yard signs, open houses, newspaper and magazine ads and brochures are a minuscule part of the equation!  Seriously??  But those property brochures are so pretty!!  And what have we been telling you?  The brochures are part of an agent’s branding efforts, it gets them more listings….not necessarily sell homes.

Brand Marketing vs. Product Marketing

A good REALTOR will use both types of marketing not only to attract more clients but to ultimately sell real estate.  Furthermore, Brand and Product will often be combined because in real estate, you really can’t separate one from the other.  A good example of this will be direct mailers with “just listed” information – the property will be shown and described and the agent brand will be emphasized – but do you see these in the list above? Yet one overly used home selling pitch is that “neighbors will tell friends and family about the home, which is the best type of word-of-mouth marketing” << can you say “MEANINGLESS SCRIPT”?

Tracey Drake from Suite101.com gives us a great analogy to differentiate the two:

Ford telling consumers that “Quality is Job 1″ – this is Brand Marketing

Selling that consumer a Ford Mustang – this is Product Marketing

So what am I telling you here?  In a customer service driven society, how can we not know when we are buying something for the brand, not necessarily the quality?  How can we not realize that the pretty magazine ad will not sell our home?  or the ingenious TV ad or the catchy yard sign?

So sit down with your Miami Beach Realtor and ask how they are using The Internet to reach the end buyer, what will they do differently to make your home stand out from the thousands of properties on the web and how is their business relationship with other Realtors since ultimately it will be their competition who will bring your home’s buyer.

For additional marketing insights, read Seth Godin’s What do you know? - a great list that manages to separate egos from achievers with some of my favorite points:

• Anticipated, personal and relevant advertising always does better than unsolicited junk.
• You can’t fool all the people, not even most of the time. And people, once unfooled, talk about the experience.
• Traditional ways of interrupting consumers (TV ads, trade show booths, junk mail) are losing their cost-effectiveness. At the same time, new ways of spreading ideas (blogs, permission-based RSS information, consumer fan clubs) are quickly proving how well they work.
• Good marketers tell a story.
• Living and breathing an authentic story is the best way to survive in an conversation-rich world.
• In the googleworld, the best in the world wins more often, and wins more.

Miami Beach Waterfront Homes sold in 2010

NOTE: This blog post has been updated reflecting 5 additional waterfront Miami Beach Homes sold since December 13th when this post was published.

There are 191 Miami Beach waterfront homes for sale right now ranging from a $450,000 short sale on Hawthorne Avenue right outside Biscayne Point Island, to a $49,995,000 Star Island Mansion. Miami Beach waterfront homes are highly coveted world wide and they are priced according to condition, size, location and views…but VIEWS and LOCATION are key.

The formula to understanding the Miami Beach waterfront home market is knowing that no matter what the comps are, most buyers are cash buyers and price is determined mostly by desirability of the property, not so much by how much other comparable homes have sold for. This is a total anomaly and difficult for a lot of buyers to understand, especially if you are looking to upgrade from a non-waterfront home, or are ready to make the switch to this very desirable lifestyle.

Let’s take Shaq’s Star Island home as an example because the price range cannot be any more random. He purchased the home in 2004 for $18.8 Million, then listed it for $32 M, increased it to $35M and ended up selling it for $16 Million! To top things off, the buyer, Vladislav Doronin, ended up gutting the entire mansion. That’s a $16 Million fixer upper for you! Only in Miami Beach…. or shall we call that a MIAMISM ?

Another example is the current real estate housing trends of The Sunset Islands, one of the most esteemed sets of islands in Miami Beach. Desirability starts at Sunset Island I, then II, then III and historically, Sunset Island IV has fallen in last place. You will see below that the only 2 sales this year in the Sunset Islands have been 2 distressed sales in Sunset Island IV at ridiculous prices. Does that mean that a $1.3 Million ticket price on a sold house will determine where the current $25 Million listing will sell? Not a chance!

So keep in mind that not everyone is willing to throw money up in the air, and not everyone is a tire kicker either.  Average price per square foot has dropped in all of Miami Beach, but this is not the end of the world and some sellers are still getting top dollar for their homes…look at Bosh’s $12.3 Million purchase.

I decided to give you true numbers and stats to paint a perspective of the Miami Beach waterfront  home market, but the more I look at these numbers, the more I see an abstract or even a surrealist painting.  So take these with a grain of salt and make sure you work with someone that has experience in this market.

There have been were 65 70 waterfront homes sold in Miami Beach in 2010.  Let’s break this down to each Miami Beach island/s:

• 1 sale in Star Island – 44 Star Island Drive selling for $7,250,000 at $1535/sq.ft.

• 4 waterfront sales in Palm Island – averaging $814 / sq.ft. with the highest sale for a 12,184 sq.ft. home located at 55 Palm Ave, which sold for $11.95 Million.

• 4 waterfront sales in Hibiscus Island – averaging $695/sq.ft. with highest sale for an 8,096 sq.ft. home located at 269 N Hibiscus selling for $5.4 Million

• 8 9 waterfront sales in The Venetian Islands – averaging $634/sq.ft. $625/st.ft. with the highest sale for a 4,200 sq.ft. home located at 303 E. Dilido selling for $3.4 Million

• 2 waterfront sales in The Sunset Islands – averaging $555/sq.ft. but keep in mind that these were facing South towards condos on island IV on a narrow canal (not your typical Sunset Island sales).  The highest sale was for a 2,255 sq.ft. home located at 1440 W 21 Street, selling for $1.6 Million.

• 7 8 waterfront North Bay Road sales – averaging $785/sq.ft. $813/sq.ft. with the highest sale being Chris Bosh’s 12,000 square foot crib which he bought for $12.333 Million

• 4 waterfront home sales in La Gorce Island – averaging $880/sq.ft. with the highest sale for a 17,183 square foot home at 88 La Gorce Cr, which sold for $16 Million (highest sale this year in all of Miami Beach)

• There have been no sales in Allison Island this year
• 11 waterfront home sales in Normandy Island – averaging $280/sq.ft. with the highest sale for a 3,446 sq.ft home located at 1045 N Shore Dr, selling for $1.6 Million (North Normandy – open bay)

• 1 waterfront home sale in North Bay Island – at $330/sq.ft and located at 7520 Miami View Drive and selling for $1,679,373 (I wonder what it took to come up with that number)

• 12 14 waterfront home sales in Biscayne Point – averaging $287/sq.ft. $291/sq.ft. with the highest sale for a 4,100 sq.ft. home located at 1525 Cleveland Rd, selling for $1.625 Million

• 2 waterfront home sales in Stillwater Island – averaging $325/sq.ft. with the highest sale for a 2,210 short sale located at 1480 Stillwater Dr, selling for $710,000
• 6 7 waterfront home sales on Pinetree Drive – averaging $543/sq.ft. $487/sq.ft. with highest sale for a 7,595 sq.ft. home located at 5245 Pinetree Dr, selling for $5.25 Million

The remaining 3 waterfront homes sold in Miami Beach this year were right outside one of the islands or on an inside canal, still desirable waterfront, but not as much as the islands.

An even better perspective of the performance of each island is through this graph, although the figures are a bit skewed because of the lack of sales.  The Sunset Islands have historically sold for more per square foot than The Venetian Islands, but that is not reflected in this year’s sales.

Many times you call us and ask us about desirability of each island and why the disparity in price ranges.  I think that same difference is a good tool to weigh desirability.  Star Island showing the highest price per square foot, followed by La Gorce Island, then Palm Island, followed closely by North Bay  Road.

As much as I hate scripts and we’re taught to say “a home is worth what a buyer is willing to pay and a seller is willing to accept”…it could not be more true when it comes to Miami Beach Homes, especially when dealing with waterfront homes.  Even with that, there are still some great buys out there….bank owned properties and sellers that NEED to get out, but it’s  not the norm.

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

**There were 5 additional sales at the end of the year that were not originally reflected in this article (originally published December 13th, 2010)

• 5310 N Bay Rd – sold for $9,100,000
• 226 W Rivo Alto Dr – sold for $1,800,000
• 5223 Pinetree Drive – Short Sale sold for $1,600,000
• 1707 Cleveland Rd – sold for $1,300,000
• 1824 Cleveland Rd – Foreclosure sold for $403,000

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