Miami Beach Waterfront Homes sold in 2011

There are 165 Miami Beach waterfront homes for sale right now ranging from a $399,000 North Beach home on Hawthorne Avenue (outside Biscayne Point Island), to a $35 Million Star Island Mansion.  Although the private island of Indian Creek is not considered Miami Beach, we can’t forget the $60 Million property for sale there … which is the most expensive home listed in South Florida to date.

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

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.