Miami Beach Mod Home at 2040 N Bay Road

listed for $16,500,000

The massing and volumes of this North Bay Road home make me smile from ear to ear.  Straight angles, not over designed, sultry, sexy and functional….doesn’t get better than that.  This home is 11,857 square feet! and the lot is unusually long with 308 feet in-depth compared to its 100 feet of width – hence the long and narrow construction.  The homes on this portion of North Bay Road seem to be on top of each other because they take advantage of every inch of “buildable” land on their properties.  But in reality, they do keep a comfortable distance from each other.

I am sure that when the current owners decided to build this beauty, they knew that the location and unusual direction of the lot would be a struggle for any future buyer.  So they decided to make up for any of those objections by really building an amazing house.  Take a look at an aerial of the property showing the skewed lot on the water.  The positive aspect of the angle is that it gives them 135 feet of water frontage instead of the 100′ you expect.

The house has double gourmet kitchens as well as summer kitchen equipped with pizza oven.  We can certainly assume that these people love to entertain and cook.  I love the fact that the “caterer’s kitchen” is something that is becoming popular in Miami Beach within the mega luxury real estate realm.  Nothing like keeping your kitchen clean and untouched while caterers make a mess of their own kitchen.

I wish I knew who the architect and interior designers were in this property – the use of materials in the secondary spaces are not what I would expect, but they work and the minimalist feel is never jeopardized.

I think the master suite is my favorite part of this home.  It seems to float above the rest of the space with perfectly framed views and private terrace that completes the exterior facade – solemn, dignified and perfect.

The exteriors are all perfectly orchestrated.  From the approach to the house with a play of window proportions and water element, to the use of every flat roof as a roof terrace and finally with a lap pool and spa that mimic the proportions and extended house foot print.  When you start scrutinizing the elements used throughout the house, you notice that nothing is there by chance, but instead you will find a well throughout out approach to architecture that is refreshing.

As for the wood finish in the back terrace, not even if it was IPE wood from Brazil would I have that as a choice, the maintenance can be brutal.  I would be more apt to selecting a raw limestone or concrete finish to avoid the constant treatment of the wood.

As for that small triangular patch of grass between the dock and the pool deck – it just seems it is wasted space when in reality it has not yet been designed.  Any lucky owner of this North Bay Road modern mansion will be able to complete the space as a transitional element between their vessel and their home.

The property was bought in 2007 for $4.1 Million, completely demolished and built from scratch.  The $16.5 Million price tag may be a far reach considering the location, but only time will tell.

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*

So here’s the deal, don’t visit Miami and call us to show you properties once you are here.  First of all, you are expecting us to drop what we’re doing to help you, which is not very polite, or worse yet, you think we’re just waiting for the telephone to ring.  Our team is busy! we are working with buyers and sellers and you need to give us notice to be able to gladly fit you in our schedule.  In order to have a successful business relationship, you need to value our time as much as we value yours.

Even if you are local, we will need to go through a consultation process to assess your needs and guide you in the right direction.  The consultation process takes a few days and in-depth conversations and includes, but is not limited to the following:

• Method of payment – will you pay cash or will you finance?  If you will finance, are you pre-approved and how much money will you put down?  Banks will not finance many condos, so that will discard those properties from your criteria.  Other condos require a certain amount of down payment, which will narrow down your criteria even more.  If you are not pre-approved, then that’s another process you must start immediately with a mortgage broker or bank to know how much you can afford.

• Price Range – seems silly, but how much you want to pay will determine what type of property you will buy, and that includes not only price, but maintenance, property taxes, insurance,  and other fees.

• Location – Miami is really big and price ranges differ from location to location.  You may think you can buy a certain property in South Beach, for example, to find out you need to look further North or inland.

• Amenities – these will determine how much monthly maintenance fees are and will narrow down your search if you are looking for specific amenities like Tennis Courts or in-house gym, for example.

• Proximity to places – if you want to be within walking distance to the action, to shopping or even your preferred house of worship, we need to know in advance to make appropriate recommendations.

• Maintenance Fees – this vary enormously from condo to condo!  Take Williams Island, for example, they have an island fee in addition to monthly maintenance and a minimum consumption fee.

• What your intent is with property – occupy, rent, etc.  Some condos do not allow rentals, or pets – knowing how you will utilize the condo will also help us narrow down your search criteria.

• How quickly you need to buy?  could be a 1031 exchange with deadline…will discard short sales and certain properties that take a long time for approval.

• Views – we always need to explain this – water views can be canals, bay, ocean, lake, direct, indirect ….the options are endless.

• New or fixer upper? Are you willing to do work to a condo that is in disrepair but priced right or do you prefer new buildings?

Once these questions are answered, then we will start narrowing down your choices by sending you properties.  This will give us an idea of what your style is and will help us get a better grasp for your needs.  We will also have to clear all pre-conceived notions about the local housing market….it will take time and should not be rushed because we need to gain each other’s trust.  A week or so before you visit, we will clear our schedule for you and start planning showings.  Please note that Miami rarely has lockboxes on properties and most are “listing agent accompany”, this means that coordinating appointments can take between 24 to 48 hours.

We value your business and want you to make an informed decision because we are a lot more than a taxi service and want you as clients for life, not just for a single transaction.  In addition to that, we don’t like to waste our own time if you are not serious about the purchase.   So don’t be offended if we can’t help you from one day to the next, we need to know you are committed.

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

Wether it’s Anna Kournikova’s home, J’Lo’s home, Oprah’s Fisher Island Condo or even Chris Bosh’s pad – we all like to know how our favorite celebrities live.  Putting all that aside, imagine the intangible value of a home that was owned by 3 different celebs?

The examiner published today that Beyonce and Jay-Z may buy Ricky Martin’s home in Miami Beach.  We’ve told you about this home before and the fact that it has been lowered from its 2007 original ticket price of $16.9 Million to $12.5 Million.  We really can’t confirm if this is true or not, but are super excited to hear that Beyonce and Jay-Z are looking to live in Miami.

Well…one thing is for sure, Ricky Martin has been known to give great discounts when it comes to his South Florida homes, so this may be Beyonce and Jay-Z’s lucky day (not that they need it).  Ricky recently sold his Golden Beach home at a 30% discount – that would lower his Miami Beach home to $8.75 Million.  Not bad for a North Bay Road mansion with open bay views.

There are currently 105 Fisher Island Condos for sale: (1 less than last month)

• Highest priced listing: $30,000,000 for an exclusive Oceanside 5/5.5 home with artwork and all!
• Lowest priced listing: $180,000 for a 1 bedroom / 1 bathroom residence at Marina Village (short sale)
• Pending Sales: 4 (1 less than last month)
• Closed sales in November: 2  (same as last month)

The 2 Fisher Island Condos sold in November were:

• Seaside – 19223 Fisher Island Dr – listed for $1,699,000 and selling for $950,000.
• Bay View – 5211 Fisher Island Dr – Foreclosure listed for $1,663,600 and selling for $1,810,000.

Many will say that Fisher Island is back but most will agree that it was never gone.  Of course the luxury real estate market gets hit, but it doesn’t ever get hit as badly as the rest.  We will continue seeing some fluctuation in sales on the island since there’s still a 12% distressed inventory with 8 short sales and 4 foreclosures.

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

What I love the most is all the controversy about Art Basel bringing culture to Miami – talk about a nice way to light a fire under some local art curators.  Some things to watch out for:

• Art Video will be presented in SoundScape Park on the large-scale outdoor projection wall of the New World Center

• Collins Park artwork exhibits and performances by renowned artists as well as emerging talents (collaboration of Art Basel with Bass Museum of Art)

• Art Basel Apps

Remember that there will be all kinds of events throughout Miami that are not officially part of Art Basel, but that offer quality exhibits as well.  Areas like Miami’s Design District, Midtown Miami and Wynwood are some to keep an eye on.  We welcome feedback, photos and videos of your experiences.  Get ready for Miami Art at its best!  Just take a deep breath and absorb as much as you can.

More positive data about Miami Beach from Realtor.com!

• Miami, FL was the #19 most searched market in the country in October 2011

• Median list prices for homes in Miami, FL hit $249,999 in October 2011, a 25.06% increase from one year ago this month, and 0.00% increase from September 2011.  The national median list price in October 2011 was $189,900, a 2.65% increase compared to October 2010.

• Active for sale inventory of homes in Miami, FL in October 2011 leveled out at 13,457, a -49.23% decrease compared to October 2010.  National inventory counts for October 2011 were 2,116,794, a -20.77% decrease as compared to a year ago.

• The median age of inventory in Miami, FL in October was 90 days, a -5.26% decrease compared to September 2011.  Nationally, the median age of inventory was 110 days, a 2.80% increase compared to September.

I also asked them to break down those numbers by zip code, based on the fact that I don’t like generalized data.  Just look at my housing report for Miami Shores, Bay Harbor Islands, Surfside and Fisher Island for October, and you’ll see that the data above does not apply to those areas.

• For zip code 33138 which includes most of Miami Shores, but goes beyond to Miami’s Upper East Side as well as Davis Harbor and Shorecrest, The Median List Price is $289,000 with a 28.44% increase from a year ago, and a 40.03% decrease in inventory from one year ago.

• For zip code 33154 which includes Bay Harbor Islands, Surfside and Bal Harbor, the Median List Price was reported at $520,000 with a 13.29% increase from one year ago, and 43.48% decrease in inventory.

• Zip code 33109, which is Fisher Island, reports a Median list price of $2,290,000 with a 9.05% increase from a year ago, and 30.63% decrease in inventory.

In my opinion, it is crucial to pull areas away from the generalized data if you are scrutinizing the local housing market.  Remember that an appraiser will use comparable properties in the proximity of the subject property and will only go back a certain amount of time and never more than 6 months.

And to know how Realtor.com arrives at its numbers:

Each month, Realtor.com surveys up to 250 Metro Service Areas (MSA) throughout the nation and monitors real estate trends including consumer search behavior, median list prices on for sale homes, active inventory counts and median age of inventory. The information is released to local markets to help consumers and real estate professionals as they work together to successfully navigate their local market.

And to top off the good news,Dr. Lawrence Yun, chief economist and senior VP of research for the National Association of REALTORS, reported at The NAR Annual Convention that Florida is one of the markets to watch in 2012, with regards to recovery.  No surprise that when you hit rock bottom, the only direction to go is up!

Miami Beach Mod Home at 1531 W 22 Street

listed for $8,900,000

I hate to make it sound dirty, but good architecture makes me salivate and this home is like gourmet for the palate.  I’m guessing the previous house was completely torn down and the up came this beaut on the existing 75′ X 175′ lot (13,125 sf) < that’s 75 feet of water frontage.

My first thought was…oh no…someone made a big mistake! They totally over built what should have been a Sunset Island 4 location and this, as well as the proximity to the bridge, will definitely hurt the sale.  No matter how intricate the workmanship is, the price tag is not for Sunset Island I.  Putting that aside, whoever falls in love with this house, will not mind the location, but will be thankful for the attention to small details.

So what are some of these details I speak about? Let’s start with the custom-made stainless steel front door and matching pair of automatic gates in the front of the house.  These are then perfectly complemented by interior and exterior stainless steel handrails on staircase and balconies.

And then we can take a look at how the very linear architecture of the home is juxtaposed with round windows or portholes almost like the oculus of a classical dome.  These portholes frame views to give you perspectives beyond your field of vision.  I’m not much for the “overly done”, but the simple nature of how these are placed, gives me goosebumps.

The interiors are minimalist and the house is decorated very tastefully with modern classics and very white furniture.  As a mother of 3, as much as I like white, I churn a little thinking of maintenance.  But that really has nothing to do with the house, but personal taste.  The actual kitchen flows with the rest of space as if it was a piece of furniture – living spaces have no boundaries or separators really redefining the word “living room.”

If I have to critique something, just for the sakes of finding something wrong with this house, it would be the choice of material for the wall by entrance.  Although it does help delineate the space, I would have loved to see concrete like Tadao Ando’s magic walls. THAT, would have made this house flawless….almost, (wait ’till the drum roll at the end).

Bedrooms are just as impeccable as the rest of the house, with minimalist finishes but well thought out comfort.  Don’t miss the window treatment details with recessed tracks, which obviously also contain ambiance lighting. From the choice of sink bowls to mirrors and faucets….design is continuous throughout this home.

Exteriors frame impeccable vistas and create living vignettes that are warm and welcoming, with summer kitchen, covered porch, infinity pool and manicured lawn.  The only thing missing is a 60′ Azymut parked on the private dock.

And if you are not disappointed yet at the fact that I could not tear this house apart for the life of me, I did find one detail that drives me absolutely insane. DRUM ROLL PLEASE!!

One of the porthole windows in an upstairs bedroom is horribly framed with a roman shade.  Couldn’t they do a custom window treatment to suit the circle?  Vitruvius’ man of Perfect Proportions is probably rolling his eyes in disbelief!  Eliminate the roman shade or the window! The Barcelona chair right under it is not going to detract my attention! ….this is the one detail that could break a sale….seriously people!

I have to compliment the marketing photos of this property, once again, a Miami Beach luxury home featured correctly, hats off!  And to give you the boring but necessary specs of the home – 6 bedrooms, 7 bathrooms, 2 half-baths, 7,148 sf of living space, and northern exposure.

Price negotiable??  (cough cough) … I’m thinking yes.

There are currently 106 Fisher Island Condos for sale: (6 less than last month)

• Highest priced listing: $30,000,000 for an exclusive Oceanside 5/5.5 home with artwork and all!
• Lowest priced listing: $81,500 for a studio at Marina Village Gardens (short sale) << in heart of commercial sector (perfect for crew or visitors)
• Pending Sales: 5 (3 more than last month)
• Closed sales in October: 2  (1 less than last month)

The 2 Fisher Island Condos sold in October were:

• 2426 Fisher Island Dr #5206 – Bayside Village condo listed for $1,590,000 and selling for $1,450,000.
• 2435 Fisher Island Dr #5305 – Bayside Village foreclosure condo listed for $699,900 and selling for $735,000.

Fisher Island is definitely reaching normalcy with the regular cold months with no real estate activity and the random multi-million dollar sales.  The 2 types of buyers for Fisher Island are those looking for privacy for their second home destinations and those that want to live there year round because of the island amenities, family feel of the island and unparalleled security.

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