Not all Miami Beach Waterfront homes are created equal
June 28, 2010
Miami Beach locals seem to understand that not all Miami Beach waterfront real estate is the same, but instead of assuming, I decided to do a brief synopsis of the different types of waterfront homes in Miami Beach. Many relocating to South Florida think waterfront means “beach-front” – you have no idea how many calls we get from Europeans wanting a beachfront home when they really mean canal-front. It has to do with knowing the local landscape and also language idiosyncrasies – the type of waterfront has obvious implications on the price.
Miami Beach ocean-front homes
There are not many oceanfront Miami Beach homes – it is PRIME real estate! This type of waterfront real estate is the most exclusive and most expensive for obvious reasons (nothing like the Atlantic Ocean as your backyard)- A few beachfront homes can be found in a very small residential pocket South of Surfside called Altos del Mar and also Golden Beach – where the oceanfront homes will be everything but modest- talk about Miami Beach Luxury Real Estate! Otherwise, all other beach-front or ocean-front real estate will be condos.
Miami Beach Bay-front homes
The next best thing from beachfront is bay-front since you will have open bay views and more privacy (literally no rear neighbor and open bay views from your backyard). Miami Beach Bay-front homes are also not all created equal. The only down side is the lack of protection from the elements, but that’s what insurance, good construction and proper weather preventive methods are for.
Miami Beach Canal front homes
There are many types of canal-front homes in Miami Beach. Pricing of these will take into consideration many factors including: location of canal, type of canal, size of canal, location of home within the canal, etc.
- Wide canals
This is when the home is located on a canal but the the canal is wide and homes still have privacy – examples of these are homes on the South side of Hibiscus Island or North side of Palm Island, The Venetian Islands or Surprise Lake in Miami Beach.
- Narrow canals
The word says it – you can see your neighbor across the canal, privacy is limited since you usually would have a fence and landscaping separating a backyard neighbor – in this case, you would have the canal and in many instances could see right in their backyard or home. This does not mean that canal-front homes are bad by any means, it just explains that there are many considerations when buying waterfront properties. Other factors to consider with regards to canal-front properties are:
- navigable – if you have a boat, this is a good question to ask – some canals do not allow boats, others don’t have access to the ocean
- no fixed bridges – canal-front properties with direct ocean access and no fixed bridges are more expensive. If you are contemplating buying a property and you know there are fixed bridges and you have a boat, make sure you know what the clearance of those bridges are in high tide to make sure your boat will be able to go through.
- deep canals – many canals are deep and can accommodate sail boats – if you are a sailor and want to purchase a canal-front home, you need to make sure the canal is deep enough for the draft of the boat.
- debris – some canals have dead ends and they have a tendency to collect debris which can often be an eyesore or even worse, bring a horrible smell.
More food for thought:
Location of the property – If you are a boater and hate idling in the no-wake zones for an extended period of time, consider where, within the intricate canal infrastructure of Miami and Miami Beach, the property will be located. Golden Beach and Eastern Shores for example has a long trajectory from their waterfront homes to the open bay and ocean where you can really crank up the engines and go at a descent speed – the same thing happens at Coral Gables. If you are a true boater, it would be a good idea for you to navigate those canals first.
Seawall and Condition – knowing a seawall can cost up to $1000 per linear foot – you should inspect the seawall with a good professional and possibly structural engineer. Don’t discard Natural Coral Seawalls, they are known to have very strong structural qualities – but don’t take my word for it, ask any Structural Engineer.
Type of dock DERM will allow – looking at the adjacent neighbors’ docks usually gives you a good idea, but don’t always trust that – their dock may be “grandfathered in” or have some special circumstances that you don’t know about. Rule of thumb is that you can usually build a dock out 20% of the width of the canal, bay-fronts all have different requirements. A DERM inspector will sometimes be willing to visit the property prior to you buying the property, to assess it.
If you thought the Miami Beach Waterfront real estate market was not intricate, think again!
*original article posted February 28th, 2009*
Top 3 Most Expensive Miami Beach Home Sales – February 2010
March 17, 2010
There were 16 Miami Beach Homes sold in February ranging in price between $191,300 for a bank owned Normandy Island home to $7,250,000 for a Star Island fixer upper. Talk about a huge disparity and what makes Miami so interesting to many. We can’t deny that there’s something for everyone here! With no further delay, here are the 3 Most Expensive Miami Beach Home sales last month.
February’s Most Expensive Miami Beach Home Sale
44 Star Island Drive – Miami Beach, FL 33139
Listed for $8,750,000 and sold for $7,250,000 on February 25th, 2010
Funny enough, this same house was our featured luxury listing for January: Miami Beach Luxury Home – Star Island
Here’s what I had to say:
The house itself is only 4,720 square feet, which is tiny compared to its neighboring estates. It was built in 1935 and to many it will be the “ugly duckling” of the island. But I urge to look past the obvious and notice that the existing structure does have a nice Florida Vernacular feel to it and nothing a little money and love can’t fix. It’s listed at $1,854 per square foot but I know that’s not a fair assessment since it’s all about the size of the lot. Well….Shaq’s lot was 87,120 square feet with 312 feet of frontage and the house was impeccable and needed no “updating” (other than changes here and there for tastes sake). So, my guess is that neighbors are pretty angry right about now because the only comp is throwing all the numbers off. Just based on the one sale, this property is grossly overpriced.
Here’s the MLS description:
Located on exclusive Star Island among some of Miami’s favorite celebrities, this bayfront estate offers over 200 feet of prime water frontage and provides beautiful sunrises, southeastern breezes and the utmost in security and privacy. Just minutes from both Downtown Miami and South Beach, this Colonial-style 4,720 home is ready for your update or build to suit. Ideal waterfront for large vessel. Least expensive property on Star Island!!
Features:
- 4,720 square feet of living space
- Built in 1935
- 6 bedrooms / 5 bathrooms / 1 half bath
- 215 feet of water frontage
- 48,266 square foot lot
- Barrel tile roof
- 2-story home
February’s Second Most Expensive Miami Beach Home Sale
269 N. Hibiscus Drive, Miami Beach, FL 33139
Listed for $5,995,000 and sold for $5,400,000 on February 24th, 2010
New Hisbiscus Island construction (built in 2007) with an interesting listing history. The home was originally listed in April 2007 for $10,900,000 and was on and off the market with several price reductions and increases and finally selling for $5.4 M last month. The MLS description reads:
New-elegant Mediterranean-waterfront estate on guard gated Hibiscus Island. This luxury 3-story home comes equipped with dramatic volume ceilings, oversized impact windows/doors, multiple private balconies and boat dock which can accommodate large vessel. Resort style swimming pool w/jacuzzi, elevator, top-of-the-line appliances, marble/wood flooring throughout. 40 X 30 roof top terrace with spectacular views of Biscayne Bay, the Downtown Miami Skyline and Port of Miami. Never been lived in. New home.
Features:
- New construction – built in 2007
- 8,096 square feet of living space
- 12,250 square foot lot with 70 feet of water frontage
- bayfront
- 2-story home
- 6 bedrooms / 7.5 bathrooms
- pool with jacuzzi
- elevator
- within guard-gated Hibiscus Island
February’s Third Most Expensive Miami Beach Home Sale
5760 North Bay Road, Miami Beach, FL 33140
Listed for $5,950,000 and sold for $4,500,000 on February 22, 2010
This home was listed for $7,495,000 in September 09, reduced to $5,950,000 in December and was under contract by January 7th 2010. North Bay road boasts with the most beautiful, unobstructed views of Biscayne Bay, and this house is the perfect example of that. Older home, built in 1963, without being pretentious, except for the view. Shows location is still worth a pretty penny in Miami Beach. The MLS description reads:
Endless views on this gated Mediterranean Estate on prestigious upper North Bay Rd, on a very large lot (26,830 SF) wide Biscayne Bay front lot with a large concrete dock for a substantial boat, elegant open floor – turnkey estate! Gorgeous pool, large master bedroom with sitting area and the best views on N Bay Rd. Circular driveway and lush landscaping Miami Beach Waterfront Dream!
Features:
- Built in 1963
- 6,752 square feet of living space
- 26,830 square foot lot with 92 feet of water frontage
- 3 bedrooms / 4 bathrooms
- 2-car garage
- pool
**all information obtained from the SouthEast Florida Multiple Listing Service**
Showing properties
1 - 25 of 31.
See more
city of Miami Beach real estate.
(all data current as of
7/30/2010)
-
$14,800,000 : 98 La Gorce Cr, Miami Beach7 beds, 7 full bathsSize: 7,848 sq ftListed with World Class Realty
-
$7,499,000 : 150 Palm Av, Miami Beach7 beds, 7 full, 1 part bathsSize: 5,860 sq ftListed with Greater Miami Investments, Inc
-
$5,750,000 : 3370 Chase Ave, Miami Beach7 beds, 7 full, 2 part bathsSize: 7,000 sq ftListed with One Sotheby's Int'l Realty
-
$5,495,000 : 227 E Dilido, Miami Beach7 beds, 5 full bathsSize: n/aListed with Altara Realty
-
$4,500,000 : MLS # D1383172 in Miami Beach4 beds, 4 full bathsSize: n/aListed with Ocean First Realty
-
$3,999,000 : MLS # F1057928 in Miami Beach4 beds, 6 full bathsSize: n/aListed with Qwest Realty Services
-
$3,800,000 : 5941 Pinetree Dr, Miami Beach6 beds, 5 full, 1 part bathsSize: 4,564 sq ftListed with Beachfront Realty Inc
-
$3,650,000 : 297 N Coconut Ln, Miami Beach3 beds, 2 full, 1 part bathsSize: 3,524 sq ftListed with Shelton and Stewart REALTORS
-
$3,649,000 : 250 E San Marino Dr, Miami Beach5 beds, 5 full, 2 part bathsSize: 4,800 sq ftListed with Beachfront Realty Inc
-
$3,600,000 : 5529 Pinetree Dr, Miami Beach5 beds, 4 full, 1 part bathsSize: 4,140 sq ftListed with Community Realty Associates
-
$3,499,000 : 224 S Coconut Ln, Miami Beach5 beds, 5 full bathsSize: 3,609 sq ftListed with The Muskat Group, Inc.
-
$3,499,000 : 1420 W 21 St ** New Home **, Miami Beach6 beds, 7 full, 1 part bathsSize: 5,054 sq ftListed with The Muskat Group, Inc.
-
$2,950,000 : 620 W Dilido Dr, Miami Beach4 beds, 3 full, 1 part bathsSize: 3,499 sq ftListed with Bedrock Properties, LLC.
-
$2,900,000 : 441 N Hibiscus Dr, Miami Beach9 beds, 10 full bathsSize: n/aListed with Florida Home Sales and Invest.
-
$2,600,000 : 1131 Stillwater Dr, Miami Beach5 beds, 3 full, 1 part bathsSize: 3,980 sq ftListed with Century 21 Continental Realty
-
$2,600,000 : 291 N Coconut Ln, Miami Beach2 beds, 2 full, 1 part bathsSize: 2,246 sq ftListed with Florida Home Sales and Invest.
-
$2,599,000 : 2232 Alton Rd, Miami Beach8 beds, 7 full, 1 part bathsSize: 7,846 sq ftListed with Beachfront Realty
-
$2,590,000 : 4525 Prairie Av, Miami Beach6 beds, 6 full, 1 part bathsSize: 5,527 sq ftListed with Beachfront Realty Inc
-
$2,395,000 : 4435 N Bay Rd, Miami Beach5 beds, 6 full, 1 part bathsSize: 5,075 sq ftListed with Esslinger-Wooten-Maxwell Inc Coconut Grove Office
-
$1,795,000 : 4419 N Bay Rd, Miami Beach5 beds, 5 full bathsSize: 4,309 sq ftListed with Esslinger-Wooten-Maxwell Inc Coconut Grove Office
-
$1,700,000 : 5711 N Bay Rd, Miami Beach4 beds, 4 full bathsSize: 3,100 sq ftListed with Esslinger-Wooten-Maxwell Inc Coconut Grove Office
-
$1,595,000 : 4415 N Bay Rd, Miami Beach4 beds, 5 full bathsSize: 3,600 sq ftListed with Esslinger-Wooten-Maxwell Inc Coconut Grove Office
-
$1,500,000 : 5420 La Gorce Dr, Miami Beach4 beds, 3 full bathsSize: 3,342 sq ftListed with Oceanaire Realty, Inc.
-
$1,495,000 : 4501 Meridian Av, Miami Beach5 beds, 4 full, 1 part bathsSize: 3,468 sq ftListed with Beachfront Realty Inc
-
$1,450,000 : 5147 N Bay Rd, Miami Beach4 beds, 3 full, 1 part bathsSize: 3,252 sq ftListed with Greater Miami Investments, Inc
Listing information deemed reliable but not guaranteed. Read full disclaimer.
2009 Miami Beach Home Sales for Star Island, Hibiscus Island & Palm Island
January 3, 2010
Miami Beach Luxury Real Estate is all about its islands – In this market report I combined Palm Island, Hibiscus Island and Star Island just because of proximity and approach – there have only been 7 sales in the 3 islands combined all year! The highest sale was Shaq’s Star Island Home located at 26 Star Island Drive, which he sold to Vladislav Doronin (Naomi Campbell’s boyfriend) for $16,000,000 back in June. The lowest sale was the dry-lot home located at 286 Palm Avenue, which sold for $660,000.
The price disparity has to do with location and view as well as condition of the home. The pristine and totally updated homes will obviously sell for more than the gutted ones, near a bridge or causeway that are mainly sold for land value.
| Address | Bds | Bths | HBth | sqft | YrBlt | Lot Size | List Price | Sale Price | $/sq.ft. |
| 26 Star Island Dr | 7 | 8 | 2 | 19,440 | 1992 | 87,120 | $22,500,000 | $16,000,000 | $823 |
| 288 S Coconut Ln | 3 | 3 | 0 | 3,180 | 1938 | 14,000 | $3,690,000 | $2,700,000 | $849 |
| 370 S Hibiscus Dr | 3 | 3 | 1 | 3,590 | 1983 | 10,500 | $2,975,000 | $2,500,000 | $696 |
| 433 S Hibiscus Dr | 3 | 2 | 0 | 1,547 | 1947 | 10,387 | $1,350,000 | $960,000 | $621 |
| 333 S Hibiscus Dr | 5 | 3 | 1 | 3,700 | 1961 | 9,500 | $1,095,000 | $900,000 | $243 |
| 233 Palm Av | 5 | 3 | 1 | 2,694 | 1971 | 6,000 | $875,000 | $690,000 | $256 |
| 286 Palm Av | 4 | 3 | 0 | 2,616 | 1926 | 5,775 | $654,750 | $660,000 | $252 |
The good news about these sales is that none of them are distressed sales – bad news is that the expensive inventory is not really moving – other than Shaquille O’Neal’s home (which consequently was first listed for $35 million and ultimately “gave it away” at a mere $823/square foot ** less than what he originally purchased it for)…..but we’re not criticizing here…hoping to see Naomi Campbell lounging by the pool when we go by on our boat rather than the Shaq Bobble Head.
**UPDATE** Only one sale in the month of December for Star Island, Palm Island and Hibiscus Island – for the dry-lot property located at 242 Palm Avenue, selling for $890,000 ($319 per square foot). This Palm Island home had been listed since August 2007 starting at $1,449,000….that’s a 39% discount.
2009 Miami Beach Home Sales for Star Island, Hibiscus Island & Palm Island
November 30, 2009
Miami Beach Luxury Real Estate is all about its islands – In this market report I combined Palm Island, Hibiscus Island and Star Island just because of proximity and approach – there have only been 7 sales in the 3 islands combined all year! The highest sale was Shaq’s Star Island Home located at 26 Star Island Drive, which he sold to Vladislav Doronin (Naomi Campbell’s boyfriend) for $16,000,000 back in June. The lowest sale was the dry-lot home located at 286 Palm Avenue, which sold for $660,000.
The price disparity has to do with location and view as well as condition of the home. The pristine and totally updated homes will obviously sell for more than the gutted ones, near a bridge or causeway that are mainly sold for land value.
| Address | Bds | Bths | HBth | sqft | YrBlt | Lot Size | List Price | Sale Price | $/sq.ft. |
| 26 Star Island Dr | 7 | 8 | 2 | 19,440 | 1992 | 87,120 | $22,500,000 | $16,000,000 | $823 |
| 288 S Coconut Ln | 3 | 3 | 0 | 3,180 | 1938 | 14,000 | $3,690,000 | $2,700,000 | $849 |
| 370 S Hibiscus Dr | 3 | 3 | 1 | 3,590 | 1983 | 10,500 | $2,975,000 | $2,500,000 | $696 |
| 433 S Hibiscus Dr | 3 | 2 | 0 | 1,547 | 1947 | 10,387 | $1,350,000 | $960,000 | $621 |
| 333 S Hibiscus Dr | 5 | 3 | 1 | 3,700 | 1961 | 9,500 | $1,095,000 | $900,000 | $243 |
| 233 Palm Av | 5 | 3 | 1 | 2,694 | 1971 | 6,000 | $875,000 | $690,000 | $256 |
| 286 Palm Av | 4 | 3 | 0 | 2,616 | 1926 | 5,775 | $654,750 | $660,000 | $252 |
The good news about these sales is that none of them are distressed sales – bad news is that the expensive inventory is not really moving – other than Shaquille O’Neal’s home (which consequently was first listed for $35 million and ultimately “gave it away” at a mere $823/square foot ** less than what he originally purchased it for)…..but we’re not criticizing here…hoping to see Naomi Campbell lounging by the pool when we go by on our boat rather than the Shaq Bobble Head.
Not all Miami Beach Homes are created Equal
July 12, 2009
Miami and 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 and Miami. 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 or beachfront homes in Miami Beach – 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. You will find these in the Miami Side as well as the Miami Beach side. 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 both in Miami Beach and Miami. 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, Surprise Lake in Miami Beach, or Sabal Lake in Bay Point.
- 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!