Top 3 Most Expensive Miami Beach Homes Sold in July 2010
August 11, 2010
There were 18 Miami Beach homes sold in the month of July 2010. The highest sale was for $2.175 million and the lowest was a Normandy Island short sale at 765 S Shore Drive, selling for $350,000 on July 28th. This month’s sales certainly do not represent the Miami Beach Luxury Home market, but that’s expected for a slow Summer month. One thing is for sure though, with the distressed market diminishing each month, we are, without a doubt, looking at a recuperating market.
July’s Most Expensive Miami Beach Home Sale
81 N Hibiscus Dr – Miami Beach, FL 33139
Listed for $2,750,000 and sold for $2,175,000 on July 30th, 2010
Steffi Graf’s home finally sells!! After 3 years of listing the property with an original asking price of $3.5 Million. This was one of the lingering listings that everyone hoped would sell, starting with yours truly. Back in April in an article titled, Steffi Graf’s House for Sale in Miami Beach, and in the comment section said I thought the house would sell in the low $2M’s…so I was right! Here’s what the article says:
I wrote this article back on September 3rd, 2007 (that’s 2 1/2 years ago!) and unfortunately, Steffi Graf’s house is STILL on the market today. It is now priced at $2,750,000. It has gone through price reductions to new Realtors and NOTHING! So what’s the problem here? The house sits on Hibiscus Island with Northern exposure and gorgeous bay views as well as views of The Venetian Islands. The MLS description now reads:
Charming Mediterranean home on this fantastic property on gated Hibiscus Island with stunning wide bay views. This two-story residence encompasses over 3000 square feet including 4 bedrooms, 5 bathrooms. 60 feet of water frontage, pool and dock. Enjoy the South Florida lifestyle; just minutes from downtown Miami or South Beach. Renovate or re-develop this amazing property located on one of Florida’s most prestigious islands.
The MLS history shows that it was under contract at the end of 2008 and didn’t sell. Although the photos are better than the previous ones, this Hibiscus Island home is obviously stale and needs a marketing pick me up and can you say PRICE REDUCTION?
Features:
- 3,010 square feet of living space
- 10,500 square foot lot with 60′ of water frontage
- 4 bedrooms / 5 bathrooms
- built in 1935
- private dock
- pool
- 2-story home / Mediterranean revival
- Hibiscus Island location
July’s Second Most Expensive Miami Beach Home Sale
803 E Dilido Dr, Miami Beach, FL 33139
Listed for $2,485,000 and sold for $1,900,000 on June 2nd, 2010
Here’s a Venetian Island home that was originally listed for $2,695,000. I submitted an offer for some clients almost a year ago under $2M and the listing agent guaranteed that it would sell above $2M – the seller never even countered! This deal would have closed and saved the seller a year of expenses, goes to show that no offer is a bad one and sellers should consider all options. The house was dated needing major upgrades including kitchen, bathrooms, windows and finishes and had no pool. MLS description read:
Wide bay views, open floor plan, entire second floor features the master bedroom with sitting and/or office room, wood floors, double bath, picture window overlooking great wide views. An art gallery room with pitched ceiling, kitchen counters and floors with carrera marble, room for a pool and lushly landscaped.
Features:
- 3,346 square feet of living space
- 10,500 square foot lot
- Eastern exposure with 60 feet of water frontage
- 3 bedrooms / 3 bathrooms
- private dock
- room for pool
- built in 1939
July’s Third Most Expensive Miami Beach Home Sale
770 W 50th St, Miami Beach, FL 33140
Listed for $1,499,000 and sold for $1,230,000 on July 28th, 2010
Here’s a dry lot home (meaning NOT on the water), just North of Surprise Lake in a Miami Beach subdivision called Lake View Heights. I just love seeing a meticulously maintained home from the 30′s. This house was completely renovated with finishes appropriate to it’s style and in a great location in Miami Beach. The MLS description read:
WALK IN AND FALL IN LOVE WITH THIS TASTEFULLY RENOVATED MEDITERRANEAN HOME ON FAMILY ORIENTED LAKE VIEW AREA. LIMESTONE & WOOD FLOORS THROUGHOUT, LRG FAMILY ROOM OVERLOOKING BACKYARD, POOL AND SPA. GOURMET KITCHEN, 4 OVERSIZED BEDRMS, A GREAT HOME FOR FAMILY LIVING & ENTERTAINING. TOTAL RENOVATION COMPLETED IN 2008.
Features:
- 3,727 square feet of living space
- 8,385 sq. ft. lot
- 4 bedrooms / 3 bathrooms / 1 half bathroom
- built in 1930
- completely renovated in 2008
- pool
- 1-car garage
- 2-story house
**all information obtained from the Southeast Florida Multiple Listing Service**
Not all Miami Beach Waterfront homes are created equal
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*
Venetian Island Home reduced – Miami Beach Luxury Real Estate
May 27, 2010
This Miami Beach Luxury home is located in Miami Beach at San Marco Island, one of the Venetian Islands. This residence was built new in 2003 and is a contemporary gem with over 100′ of water frontage and sits on a 13,382 square foot lot.
1215 N. Venetian Way – Miami Beach, FL 33139
An architectural waterfront gem on 105 feet of direct bay frontage. This 7 bedroom, 6.5 bathroom residence is all about simplicity, beauty and serenity. 2-story contemporary architecture featuring a unique open-concept design inclusive of a great room, living room, dining room, music room, and game areas unified by polished natural stone, soaring ceilings and 30 feet high glass walls; a gourmet kitchen, wood floors, see-through walk-ways, stainless steel, Onyx walls, negative edge black bottom pool.
UPDATE: New Agent, New Price, New Description
Architectural gated waterfront 105ft direct city/bay views, 7 bed, 6.5 bath composition, simplicity, beauty, serentity,two-story contemporary residence,unique open-concept design, great room, living, dining, music,game areas unified by polished natural stone, soaring ceilings 30 ft glass walls,gourmet kitchen, wood floors, see-through walkways, stainless steel, onyx walls, negative edge, black bottom, infinity heated pool roof-top terrace with 360 views. 14,000 Sqf Lot. Furnished by eemiami.com
Offered at $7,900,000 $7,850,000
Features include:
- 7 bedroom / 6.5 bathrooms
- 7,653 square feet of living space
- 2-car garage
- Built in 2003
- Private Dock
- 13,382 square foot lot
- 105 feet of direct bay frontage
- Negative edge pool
- Property located in City of Miami
**property information courtesy of South East Florida Multiple Listing Service and Campins Company LLC , BANK PLUS REALTY, INC.** (originally posted on May 20th, 2008)
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Top 3 Most Expensive Miami Beach Condo Sales – February 2010
March 17, 2010
There were 111 Miami Beach Condos sold in February ranging in price from $33,500 for a bank foreclosed Normandy Island studio, to a $3.25 Million South Beach Condo at The Continuum. Curious how the lowest Miami Beach home sold last month was also in Normandy Island, it’s definitely the place to go for good deals, but many Miami Beach purists don’t even consider Normandy a part of the beach … go figure. No surprise that 2 of the 3 highest sales were South Beach Condos – South of Fifth properties historically bring the best investment proposition.
February’s Most Expensive Miami Beach Condo Sale
Continuum South Beach: 50 S Pointe Dr #1001/8 – Miami Beach, FL 33139
Listed for $3,500,000 and sold for $3,250,000 on 02/01/2010
The Continuum South Beach keeps bringing us the highest monthly sales (with last month’s highest Miami Beach Condo Sale at $3,482,400). I personally like the first tower better, but who am I to judge? The amenities are out of this world and remember that it is the only high-rise South of Fifth that is directly on the ocean. This particular residence was listed originally for $4,799,000 in February of 2009. The MLS description says the following:
Spectacular sweeping direct ocean and South Beach views from this 4/4 corner residence with 4 terraces and 4 parking spaces (2 valet + 2 assigned). Private elevator and foyer, 10 ft ceilings, hurricane glass floor to ceiling windows, marble floors throughout, superior finishes & appliances. Live in paradise on 13 oceanfront acres at the southern most tip of South Beach with spa like amenities, world-class gym, 3 pools with pool side dining and 3 tennis courts. The Continuum is the preferred luxurious ch
(I guess the MLS ran out of space…..we will never know what “ch” means)
Features:
- Built in 2008
- 3,497 square feet of living space
- 4 parking spaces (2 valet + 2 assigned)
- 4 bedrooms / 4 baths
- marble floors
- beach views
- maintenance fees $3906/month
February’s Second Most Expensive Miami Beach Condo Sale
Apogee South Beach: 800 S Pointe Drive, #702 – Miami Beach, FL 33139
Listed for $3,600,000 and sold for $3,200,000 on 2/10/2010
Apogee is known as the most expensive address when it comes to South Beach condos – This particular residence selling at $1,031 per square foot. It had been listed since November 2009 for $3,950,000 with a few reductions and a nice final sale. The view of South Pointe Park, Fisher Island and Government Cut is beyond amazing. The MLS description reads (yes in all caps):
APOGEE-THE MOST EXCLUSIVE NEW ADDRESS IN SOUTH BEACH. AMAZING VIEWS OF THE BAY, FISHER ISLAND, DOWNTOWN SKYLINE, PORT OF MIAMI, AND THE ATLANTIC OCEAN! 300K IN UPGRADES-CRESTRON CONTROL-TRIAD SURROUND SYSTEM – THIS HOME HAS THE GOURMET KITCHEN ON THE SOUTH SIDE WITH BREATHTAKING WATER VIEWS. BEAUTIFUL SUNKEN TUB AND STEAM SHOWER IN THE MASTER BATHROOM SUITE. ONE OF THE FEW UNITS FINISHED WITH BEAUTIFUL 3′X 3′ ITALIAN MARBLE FLOORS. BRING YOUR PICKIEST CLIENTS AND MAKE AN OFFER ON THIS UNIQUE HOME!
Features:
- 3,103 square feet of living space
- 2 parking spaces
- 3 bedrooms / 4 bathrooms
- bay views
- Marble floors
- custom surround sound system
- Built in 2008
- Maintenance fees $3,810/month
February’s Third Most Expensive Miami Beach Condo Sale
One Thousand Venetian – 1000 Venetian Wy #801/03 – Miami Beach, FL 33139
Listed for $1,699,000 and sold for $1,500,000 on 2/12/2010
This condo unit had been listed since November of 08 starting at $3,950,00 and also showing for rent at a monthly rate of $14,900. One Venetian happens to be one of those Miami Beach condos that people love because of the views – yes it’s an older building, but location is convenient (minutes from Downtown Miami and South Beach) and views, views and more views! MLS says (in caps also – I guess they had to scream to see this baby):
THIS HIDDEN PEARL ON AN ENTIRE PRIVATE FLR BACKS TO AN AMAZING WATERFRONT OFFERING SERENE PRIVACY & VIEWS. THE STUNNING HOME’S 3,840 SQ.FT. 5BD/4.5BA. TWO APARTMENTS W/4 COVERED PARKING SPACES PROVIDE THE PERFECT SETTING FOR MIAMI LIVING. 1,680 SQ.FT. OF TERRACES IS DESIGNED FOR OUTDOOR ENTERTANING W/DIRECT WATER VIEWS,DOWNTOWN MIAMI,& NORTH TO BISCAYNE BLVD. YOU’LL APPERCIATE THR LRG OPEN FAMILY RM-FORMAL DINING AREA. EAT-IN KITCHEN & APPOINTED GRAND MASTER STE. NESTLED BETWEEN MIAMI BEACH & DOWNTOWN MIA
Features:
- 3,840 square feet of living space
- 1,680 square foot terrace
- 5 bedrooms / 4.5 bathrooms
- 2 parking spaces
- bayfront condo
- marble and tile floors
- Maintenance fees $2586 per month
**all information obtained from the SouthEast Florida Multiple Listing Service**
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2009 Miami Beach Home Sales for The Venetian Islands
January 2, 2010
This should put the Miami Beach Luxury Home Market in perspective – there have only been 10 home sales in The Venetian Islands this year – the highest sale being 28 W San Marino for $3,830,000 and lowest $900,000 for the dry-lot property located at 1480 NE 13th Ave in San Marco Island.
| Address | Bds | Bths | HBth | sqft | Water | Lot Size | List Price | Sale price | $/sq.ft |
| 28 W San Marino | 6 | 6 | 1 | 4,716 | Y | 12,960 | $4,450,000 | $3,830,000 | 812 |
| 122 W Dilido Drive | 4 | 4 | 1 | 3,586 | Y | 10,500 | $3,200,000 | $2,800,000 | 781 |
| 309 E San Marino Dr | 4 | 4 | 1 | 3,370 | Y | 15,750 | $2,950,000 | $2,650,000 | 786 |
| 830 W Dilido Dr | 4 | 3 | 0 | 3,734 | Y | 13,408 | $2,950,000 | $2,610,000 | 699 |
| 209 E Dilido Dr | 4 | 3 | 1 | 3,772 | Y | 10,500 | $2,750,000 | $2,235,000 | 593 |
| 25 E Rivo Alto Dr | 4 | 3 | 1 | 3,894 | Y | 13,380 | $2,590,000 | $2,350,000 | 603 |
| 127 E Rivo Alto Dr | 4 | 4 | 0 | 3,361 | Y | 10,500 | $2,275,000 | $2,040,000 | 607 |
| 1111 N Venetian Dr | 3 | 3 | 1 | 4,010 | Y | 15,000 | $2,137,500 | $2,030,000 | 506 |
| 30 E Dilido Dr | 3 | 3 | 0 | 2,441 | N | 7,020 | $999,000 | $945,000 | 387 |
| 1480 NE 13th Ave | 4 | 3 | 0 | 2,796 | N | 7,500 | $985,000 | $900,000 | 322 |
The average price per square foot for waterfront properties in The Venetian Islands was $673 compared to $812.11 in 2008 – one of those sales was a foreclosure (The property located at 1111 N. Venetian Drive) – if you remove that property from the average, the number goes up to $697/sq.ft which is still over $100 per square foot less than the previous year. what I find curious about the sales in 2009 is that none of the higher priced homes sold, meaning the ones over $4 million. I’ll modify this list if there are any further closings in the month of December.
**UPDATE** There were no sales in The Venetian Islands in the month of December which makes this real estate market report the FINAL one for 2009**
2009 Venetian Islands Home Sales
November 30, 2009
This should put the Miami Beach Luxury Home Market in perspective – there have only been 10 home sales in The Venetian Islands this year – the highest sale being 28 W San Marino for $3,830,000 and lowest $900,000 for the dry-lot property located at 1480 NE 13th Ave in San Marco Island.
View Venetian Island Home Sales 2009 in a larger map
| Address | Bds | Bths | HBth | sqft | Water | Lot Size | List Price | Sale price | $/sq.ft |
| 28 W San Marino | 6 | 6 | 1 | 4,716 | Y | 12,960 | $4,450,000 | $3,830,000 | 812 |
| 122 W Dilido Drive | 4 | 4 | 1 | 3,586 | Y | 10,500 | $3,200,000 | $2,800,000 | 781 |
| 309 E San Marino Dr | 4 | 4 | 1 | 3,370 | Y | 15,750 | $2,950,000 | $2,650,000 | 786 |
| 830 W Dilido Dr | 4 | 3 | 0 | 3,734 | Y | 13,408 | $2,950,000 | $2,610,000 | 699 |
| 209 E Dilido Dr | 4 | 3 | 1 | 3,772 | Y | 10,500 | $2,750,000 | $2,235,000 | 593 |
| 25 E Rivo Alto Dr | 4 | 3 | 1 | 3,894 | Y | 13,380 | $2,590,000 | $2,350,000 | 603 |
| 127 E Rivo Alto Dr | 4 | 4 | 0 | 3,361 | Y | 10,500 | $2,275,000 | $2,040,000 | 607 |
| 1111 N Venetian Dr | 3 | 3 | 1 | 4,010 | Y | 15,000 | $2,137,500 | $2,030,000 | 506 |
| 30 E Dilido Dr | 3 | 3 | 0 | 2,441 | N | 7,020 | $999,000 | $945,000 | 387 |
| 1480 NE 13th Ave | 4 | 3 | 0 | 2,796 | N | 7,500 | $985,000 | $900,000 | 322 |
The average price per square foot for waterfront properties in The Venetian Islands was $673 compared to $812.11 in 2008 – one of those sales was a foreclosure (The property located at 1111 N. Venetian Drive) – if you remove that property from the average, the number goes up to $697/sq.ft which is still over $100 per square foot less than the previous year. what I find curious about the sales in 2009 is that none of the higher priced homes sold, meaning the ones over $4 million. I’ll modify this list if there are any further closings in the month of December.
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 Homes Real Estate Market Reports
June 11, 2009
The Miami Beach Luxury Home market is moving….slowly…..but moving. There were 5 Luxury home sales in the month of May ranging from $1.2 million to $2.235 million and only 2 of those were waterfront properties. We have been showing more properties in the past month and seems buyers are finally pulling the trigger, so let’s see if June sales show better numbers. Here are the 5 home sales for May 2009:
6630 Sheffield Lane – Miami Beach
This 5 bedroom, 4 and a half bathroom home in La Gorce Island sold for $1,200,000 on May 21. With 3,515 square feet of living space, a 13,124 square foot lot (dry lot) – selling at $341 / square foot. This house was originally listed for $2,400,000 on September 2008 with several status changes since. Here’s the MLS description:
Priced to sell!!! This is hands down the best deal on exclusive La Gorce Island. Spacious family home with great floor plan including large master suite + 3 spacious bedrooms + maids room. Beautiful open kitchen, large screened pool/patio area, formal living and dining rooms, two car garage, all on pristine 24-hour guarded gate and patrolled La Gorce Island. Hurry this wont last long at this price!
That’s a 50% reduction in 8 months!! Love when Miami Realtors say “priced to sell” …hmmm…as opposed to what?
795 Lakeview Drive – Miami Beach
Here’s another 5 bedroom, 4 and a half bathroom home in Lake View Heights in Miami Beach (the are just North of Surprise Lake in Mid Beach). This 3,722 square foot home sits on a 17,204 square foot lot with amazing pool. Originally listed for $1,795,000 on March 11th, 2009 – it sold in only a little over 2 months (May 28th) for $1,590,000. That’s $427 / square foot. Here’s the MLS description:
FINALLY! A fantastic Lakeview home with all the bells and whistles! HUGE lot with over 17,000 sq. ft. of gorgeous pool, patio, beach, and green space. This wonderful property has 3 bedrooms up and 2 down with hardwood and terrazo floors throughout. Gorgeous state of the art eat in kitchen, formal dining and living, and fantastic family room overlooking magnificent grounds. Light, bright, open, spacious, and ready to move in. Incredible home…Incredible location…Incredible Opportunity!
288 S. Coconut Lane – Miami Beach
Now HERE’s a house! Modest 3 bedroom, 3 bathroom, 3,180 square foot home on Palm Island with direct bay views. On a 14,000 square foot lot with 100′ of open bay frontage. Selling on May 8th for $2,700,000. Now this house has an MLS history and a half! being on and off the market since 2001 but seriously “for sale” since August 2006 for $5,800,00 (sadly enough, if they would have priced more aggressively in 2006, they could possibly have made $1.5 to $2 million more….OUCH!). But still selling at $849 per square foot, which is the highest sale for May. Here’s the MLS description:
PRIVATE ISLAND GETAWAY. ENJOY THIS EXCLUSIVE WATERFRONT HOME ON A DOUBLE LOT, LUSH LANDSCAPING, 100 FT OPEN BAY ON GUARDED PALM ISLAND. STUNNING VIEWS OF DOWNTOWN AND PARADING CRUISE SHIPS. PRIVATE DOCK AND BOAT LIFT, 2 CAR GARAGE, SAUNA AND OUTDOOR SHOWER, POOL, LARGE FAMILY/ENTERTAINMENT ROOM, REAL WORKING FIREPLACE, MARBLE AND WOOD FLOORS, STAINLESS STEEL APPLIANCES, HURRICANE IMPACT WINDOWS. BALCONY AND COVERED PATIO TO ENJOY THE VIEWS.
Yes….it’s all in caps as if they were screaming at you (now I have to go back to my listings and make sure my office did not put me on the MLS as a screamer).
209 E Dilido Drive – Miami Beach
This is a fabulous house and close to my heart because I really saw some clients of ours living here (if you are reading, you know who you are). From the moment you walked in this Dilido Island home, you knew the house had been updated with taste and great finishes (the full-mosaic tile pool was very impressive). With 4 bedrooms, 3 and a half bathrooms, 10,500 square foot lot and 60′ of water frontage. Selling for $2,235,000 ($593/square feet) and listed for $3,295,000 on June 2008. Here’s what the MLS reads:
TODAY’S YESTERYEAR! IMAGINE THE MAGIC ALLURE OF 1935 MEDITERRANEAN WITH 2008 COMFORTS. ENJOY WIDE BAY VIEWS, HEATED TILE POOL, COVERED OUTDOOR DINING, MASTER JACUZZI OVERLOOKING THE BAY, SHINY ORIGINAL SPANISH TILE AND WOOD FLOORS, HIGH CEILINGS, LARGE AND LIGHT ROOMS, BEAUTIFUL LANDSCAPING AND A WONDERFUL ENTRY LOGGIA AND COURTYARD. THIS IS A FASCINATING, SPACIOUS AND COMFORTABLE HOME, UPDATED ALL THE WAY TO A STAND-BY GENERATOR. BEST TIME TO SHOW : M-F, 10am-2pm. YOUR BUYERS WILL LOVE YOU!!!
Another screamer – but true description to the house, all except “your buyers will love you” – (I’m yet to call clients “my buyers”). $1 million discount, I’ll take 2 please!
5101 N Bay Road – Miami Beach
Here’s one of those acclaimed Miami Beach Luxury Homes on North Bay Road (dry side, but N. Bay Road still). With 9 bedrooms and 7 bathrooms – 5,695 square feet of living space – 16,102 square foot lot and full of those “foo-foo” details so many people have come to love. Selling on May 1 for $1,800,000 after being listed on and off for almost 2 years starting at $3,499,000 with several price reductions and time off the market in the interim. That’s $316 per square foot).
RARE FIND! NORTH BAY ROAD CORNER DOUBLE LOT-16,102 SF. ONE OF MIAMI BEACH’S LARGEST GATED ESTATES ON A DRY LOT. FLEXIBLE HOME WITH 7 BEDROOMS(INCLUDING A 3-BEDROOM GUEST QUARTERS)+ MEDIA ROOM (IT’S OWN WET BAR)+ OFFICE + 2 PROFESSIONAL-LEVEL RECORDING STUDIOS WITH PRIVATE ENTRANCE WHICH INCLUDES DRIVEWAY FOR TOUR BUS. PALM BEACH STYLE RESIDENCE WELCOMES THE OUTDOORS WITH POOL & COURTYARDS. . CHARMING FAMILY ROOM W/ ORIGINAL 1930S DETAIL (WET BAR, FRESCOS). PERFECT FOR ENTERTAINING OR AS A FAMILY HOME.
What’s great and not so great about Miami Beach Real Estate is that properties in close proximity can be so different. Here you have 5 sales that are completely different one from the other and once again you cannot bunch them all together and come up with a bogus average price per square foot for Miami Beach Luxury Home Sales in May.
I am happy to announce that I left here to check Team Miamism’s listings on the MLS and we are not screamers! Thank GOD!
**all information obtained from the SouthEast Florida Multiple Listing Service**