Top 3 Most Expensive Miami Beach Home Sales – January 2010

When it comes to Miami Beach Homes, there were 11 sales in the month of January 2010.  Two of these sales in exclusive La Gorce Island and the other one was a Pinetree Mansion.  The lowest sale in January was at Biscayne Beach and as per the MLS description, “buy this house and get a free car”…can’t tell you the details on the car – but the house was on a dry lot at 965 79th Terrace and sold for $225,000.

January’s Most Expensive Miami Beach Home Sale

92 La Gorce Circle – Miami Beach, FL 33141

Listed for $13,500,000 and sold for $9,500,000 on 1/25/2010

This house was on and off the market since September 2005, starting at $17,500,000, was also for rent for $100,000 and finally sold for $9.5 Million.  MLS description:

Set on approx. an acre, this remodeled 9700+sf Mediterranean estate offers privacy and elegance.  200+ft of wterfront.  7 brs, ofc, 8.5 baths, fine marble and hardwd flrs, dbl living room w/marble fireplc overlooking the water.  Media rm, family rm w/granite bar & spacious kitchen w/breakfast area, sumptuous master suite w/soaring ceilings.  Notable exterior features of the grand estate include hand-laid keystone appointments, stone fountains and interior courtyard loggias surrounded by coral stonework.

Features:

• built in 1939
• 9,719 square feet of living space
• 7 bedrooms / 8.5 bathrooms
• waterfront
• 42,749 square foot lot
• 200 feet of water frontage
• House faces East
• Guard-gated island
• 2-story Mediterranean Revival home
• Private dock

January’s Second Most Expensive Miami Beach Home Sale

5745 Pinetree Drive – Miami Beach, FL 33140

Listed for $5,990,000 and sold for $4,650,000 on 1/4/2010

This home was known for it’s short term rentals and was showing on the MLS available for rent for $19,500/month and $27,000/month (long and short term rentals).  It had also been on and off the market starting in 2000 with highest listing price of $7,900,000.  Personally, Pinetree has never done it for me – some of these homes facing condos across the canal, but you can’t take away the splendor and grand scale of a lot of these Pinetree Homes.  Description on the MLS:

Classic, renovated estate on stately Pinetree Drive!  All new hurricane impact windows and doors to be installed!  Approximately 9000 sf, 5 bedroom, 8 bath home with 150 ft of protected water-frontage!  owner will consider financing or trade for other property including condos!  Renovations are finished and all doors and windows are in!!!!!

Features:

• built in 1929
• 8,689 square feet of living space
• 5 bedrooms / 6 bathrooms / 2 half-baths
• waterfront
• 26,700 square foot lot
• 150 feet of water frontage
• House faces East
• 2-story Mediterranean Revival home
• Private dock

January’s Third Most Expensive Miami Beach Home Sale

55 La Gorce Circle – Miami Beach, FL 33141

Listed for $3,300,000 and sold for $2,200,000 on 1/19/2010

This home was listed in 2007 for $4,400,000 and then again for $3,300,000 on August 2009 – I’m guessing the million dollar price reduction made the difference with this dry-lot home (meaning NOT waterfront).

Sophistication reigns supreme on this exquisite property.  Located on guard-gated La Gorce Island, this beautiful 4 bedroom/5 bath, 5,387 sf home, situated on a 13,750 lot features an abundance of stunning details and amenities such as a luxury kitchen, pool area, high ceilings, master suite with his/her bathrooms and a 2-car garage.  Unmatched, awe-inspiring elegance and style.  just a few minutes to world-renowned South Beach and downtown Miami.

Features:

• built in 1968
• 5,387 square feet of living space
• 4 bedrooms / 5.5 bathrooms
• 2-car garage
• 13,750 square foot lot
• House faces West
• Guard-gated island
• pool

Miami Beach Luxury Home Sales – 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.