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Miami Beach Real Estate Market Reports for 2010 – Indian Creek Luxury Homes

January 9, 2011

Only one Indian Creek home sold in 2010!  If you don’t know the area you may think this is really bad, but it is completely the opposite and reinforces the fact that Indian Creek Island is so exclusive.  We talked about the 2 Indian Creek homes sold in 2009 and keep in mind that price per square foot on the island has to do with property location (views) as well as how updated the home is.

Where exactly is Indian Creek?  It’s just South of Broad Causeway (Bay Harbor Islands) and you have to go through Surfside for access by car.  It’s a private island whose interior is occupied by a magnificent golf course.  The homes occupy the perimeter of the island and famous residents both past and present have included Victoria’s Secret model Adriana Lima, Spanish singer Julio Iglesias, his son Enrique Iglesias, pro golfer Raymond Floyd, coach Don Shula, radio magnate Raul Alarcon, and former Philadelphia Eagles owner and billionaire art collector Norman Braman.

And by the way….what you hear about Indian Creek’s obsession with security is true.  They have a 24-hour boat patrol that circles the island.  We have actually been stopped on our boat because we were “too close”.  This is the photo we took of the currently listed most expensive home in Miami Beach’s history! (another Todd Michael Glaser impressive estate).  One of the 4 current listings in Indian Creek Island for $60 Million.

40 Indian Creek Dr – Indian Creek, FL 33154

Listed for $12,900,000 and selling for $9,300,000

This 7,888 square foot waterfront mansion sits on a 53,736 square foot lot with 118 feet of water frontage.  With 7 bedrooms, 8 bathrooms and 2 half-baths, it faces Surfside waterfront homes and was listed on and off since May of 2005 with a starting price of $14.9 Million.  Must be nice to be the single sale of 2010!

Waterfront residence with Magnificent views of the water. Renovated Mediterranean home with old world elegance in a lifestyle of luxury. Located on private Indian Creek Island, on over 53,700 SF of sumptuous landscaped grounds. Home features 7 Bedrooms, 8 Baths, and 2 Half baths, 7800 SF interior. Property – 118 ft of prime waterfront.

The 4 current listings in Indian Creek include:

  • 3 Indian Creek Drive (pictured above) – $60,000,000
  • 17 Indian Creek Drive – $32,500,000
  • 18 Indian Creek Drive – $17,900,000
  • 38 Indian Creek Drive – $13,900,000

2009 Miami Beach Home Sales for Indian Creek

January 2, 2010

Indian Creek, even with only 2 sales in 2009, defeats Miami Beach Luxury Real Estate statistics with sales above the $5,000,000 range, with always controlled inventory and with an average price per square foot according to those 2 sales of $1,408.  It’s exclusivity is unmatched and private 24-hour boat patrol around the island should make any resident feel like they are living in a castle surrounded by an alligator infested mote (ok, ok…maybe a bit far-fetched, but don’t discount the huge lots and easy proximity to the ocean with only one bridge).

Address Bds Bths HBth sqft Water Lot Size List Price Sale price $/sq.ft
22 Indian Creek Dr 4 4 2 7,582 Y 80,000 $10,950,000 $9,000,000 1,187
34 Indian Creek Dr 3 3 2 3,684 Y 80,000 $8,900,000 $6,000,000 1,629

22 Indian Creek Drive – Indian Creek, FL 33154

Estate Sale (and fixer upper, if I may add) – built in 1958 with 200 feet of water frontage  and “Regency Style Residence”, according to listing agent.  Had been listed since March of 2009 with a starting price of $12,900,000.  (selling date December 10, 2009)

34 Indian Creek Drive – Indian Creek, FL 33154

Smaller home compared to neighboring Indian Creek Mansions with under 4,000 square feet of living space but with 221 of water frontage and sitting on mammoth 80,000 square foot lot.  The house was built in 1965 and described by listing agent as:

Nestled  within this park like property is a charming, original Old Florida style home. The house is a “jewel” w/sliding flr to ceiling glass drs allowing the prevailing southeast breezes through the house. On approximately 2 acres of land this property features a heated swimming pool, outdr showers, luscious Florida flora, 2-car garage, new deep water concrete dock & much more. Located in the heart of the city, Indian Creek is a private island w/only 33 houses surrounding an exquisite golf course

This house was not an easy sale because of its proximity to the bridge and views of adjacent Surfside rather than open bay. It was listed on and off since February 2008 with a starting price of $11,900,000 then $15,000,000 and then $9,700,000 – I’m guessing the owners were not too happy to let it go for $6 million

Indian Creek stays above water and current inventory is only 2 active homes:  one for the house at 38 Indian Creek for $14.9 million and the other at 40 Indian Creek for $12.9 million.  I’m thinking the island will keep defeating the odds from the rest of Miami Beach – making Mr. Braman feel good about his decision to stick around.