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

Beyonce checks out Ricky Martin’s Miami Beach Home

One of the fun things about Miami Beach real estate is the fact that celebrity ownership adds an extra “oomph” to a home’s price tag.  Nothing like buying a Miami Beach home that was previously owned by a megastar.

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.

Miami Beach Real Estate Search Porn by Realtor.com – October 2011

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 Homes – November 2011 edition

Seems that our MIAmodHomes series has sparked up some interest, and we thank you for your enthusiasm. I guess it’s true what they say, to show passion in what you do is key to success and architecturally significant homes is what makes me tick. This month’s edition is in The Sunset Islands (Sunset Island 1 to be exact). The home was built new in 2008, with pool, dock, and everything you would like from a contemporary home.  This one defines sexy architecture and is, without a doubt, real estate porn at its best.

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.

Historic Cuban Barrel Tile

A lot of you will be reading this thinking its a bit boring (at least Rick thinks so), but I wanted to address this because a lot of our Miami Beach Real Estate customers are constantly asking us about certain elements  of historic homes – so here it is …proceed with CAUTION.

Historic Cuban Barrel Tile is one of the key elements found in Mediterranean Revival Architecture.  Key, because it is one of the most visible elements and because without it, a historic house can seem stripped from its roots.  It is the one single element that has a history of its own.  It is a handmade or hand processed barrel natural clay tile, either made in Cuba prior to the imposition of the U.S. Embargo, or manufactured in 18th Century Spain, salvaged from buildings in Cuba and imported to the United States during the 1920s and 30s. (hence the name ‘Historic Cuban Tile’).

When buying a Miami Beach historic home it is important to identify the original elements of a structure in order to know how well preserved the property has been through the years.  Most buyers of historic properties will look for properties that have maintained its historic integrity or properties that have the potential to be restored.  Historic Cuban tile is one of those elements that are cherished by the ‘historic community’, but don’t be surprised if finding a home with Cuban tile may mean that the roof is not water tight and a new roof may be necessary.  There are several steps that must be taken to replace a roof with Historic Cuban Tile.

1. Identify that a property does in fact have Historic Cuban Barrel Tile.  A lot of these tiles have an embossed identification mark usually located on the convex side at the wide taper end of the tile.
2. Once tile is identified as historic and property needs to be re-roofed, all means should be taken to salvage the tile.
3. Historic Cuban tile can then be mixed with modern hand-made tile, where the historic tile is used in caps, rather than pans to take full advantage of the visible portion of the new roof.

Please note that if Historic Cuban Tile was not found on the property, there are many ways of building a historically appropriate roof.  Historic Cuban Tile can be purchased, or when that is not financially possible, there are manufacturers of hand-made barrel tile that can be used to achieve the original look of the roof.   There are also  roofers that specialize in historic roofs, not only in salvaging original historic barrel tile, but doing installations that are historically appropriate like reapplying the tile correctly, and using double caps and/or pans on the edge of the roof line.

The overall look of a roof with Historic Cuban Tile is that of an ‘aged’ or ‘informal’ nature.  These tiles, because of their porous clay material will accumulate mold and pressure cleaning is not recommended.  There was a problem recently in Miami Shores with Code Enforcement requiring historic homes to pressure clean their roofs and every time I think of it I shake my head in disbelief.  In order to be able to appreciate our historic homes and architecture, it is important to educate ourselves on the materials, the process of construction as well as the history behind these.

The response I have gotten from this article has been amazing.  I am happy to see people interested in historic materials and more so, being interested in restoring the historic relevance of their homes.

Buying a Miami Beach Historic Home – Mediterranean Revival

As an architect, I love historic homes and the historic real estate market is one of my favorites. For those of you coming from other places in the US and even Europe or South America, Miami Beach historic homes will refer to homes built in the early 1900′s all the way to the 50′s (mid-century architecture).

I will be doing a series of articles identifying the different historic home periods and what to look for when buying.

There are 2 types of buyers of historic homes, the ones interested in historic preservation and finding homes that have not been butchered through the years with the purpose of restoring them to their original state or those buyers that love the charm but really don’t care about preservation or restoration.

Whichever buyer you are, there are some things to look for when buying a Historic Mediterranean Revival Home in Miami Beach:

• How original is the house? has it gone through transformations through the years (additions and renovations) that may have changed the original character of the home.

• Which features are still intact from when the property was built.
  • roof – historic Cuban tile
  • flooring – hardwood floor/Cuban tile/quarry tile
  • bathrooms – original fixtures and tile
  • mill-work – baseboards/crown molding/cabinetry/door casings
  • metal work – balcony and stairway railings
  • stucco – plaster on interior and exterior walls as well as ceilings
  • windows – wood casement windows or wooden single or double hung windows
  • fixtures (lamps, door hardware, knobs and pulls)

What is the condition of those original features (will you be able to match them or repair them as needed)

• How easy is it to modernize the home without affecting its historical integrity?
  • Mediterranean Revival homes did not have central air conditioning, it’s important to study how to effectively install an a/c system with as little interference to original structure.
  • 2-story homes usually have a 2-zone a/c system to avoid soffits for a/c ducts.
  • you can expect galvanized plumbing and cast iron pipes which with the years do corrode. Most historic home owners replace pipes as they remodel and many times it can be done without tearing out existing finishes.
  • electrical systems where fuses in the 20′s and would have to be upgraded to breakers as well as increase panel size for modern living. Keep in mind that wiring would also have to be updated to modern standards since they did use cloth wiring in that period. (which can be a fire hazard)

• If the house has a Historic Cuban tile roof but it needs to be replaced, there are roofing companies that specialize is salvaging as much as the Cuban tile as possible and reusing it with a mixture of hand-made modern tiles. (look at my article on Historic Cuban Tile Roofs).

• I am all for modernizing historic homes to fit today’s living standards, but this can be costly. If you do want to replace windows, make sure you respect the original proportion to the final look and feel of the home is not changed. (look at my article on Using the right window)

• When re-doing bathrooms, visit historic homes to get a feel of what colors and materials were used in the 20′s. Pay attention to rectangular wall tiles placed horizontally and wainscoting as well as beaded boards. Honeycomb floor tiles, black and white schemes as well as natural stone.

• Kitchens have changed quite a bit from the 20′s, specially in scale. It’s not unusual to walk into a grandiose Mediterranean Revival home with a very small kitchen. It is possible to increase the size of the kitchen to modern standards while respecting the scale of the original home. Think of timeless materials, those that will not go out of style in a few years.

• Pay attention to the front door of the home. It is the most ignored feature of a historic home and it should not be. The front door will set the stage for the rest of the home, make sure that front door and hardware matches the period. Those modern doors with an oval stained glass will not be the right door (maybe I’ll do a post on front doors).

• Quarry tile floors came in all kinds of shapes and colors, even when they are dirty and look bad, they can be restored to perfection. The same applies to hardwood floors (which are easier to match to the original if they need to be repaired).

• Pay attention to original hand-painted features throughout the home. There are many Mediterranean Revival homes with hand-painted wood beams, chair rails or stair railings. Many people choose to keep those details and use them as motifs for decoration.

• Keep an eye out for structural flaws.  It is typical to see some settling of floors in historic homes and some hairline cracks.  A lot of the 20′s homes will need some structural reinforcements and it is common to see some sagging floor joists.  To make sure that the structural integrity of the home is intact, we always recommend for a structural engineer to inspect the home, that way you can identify minor or major problems.

• Water intrusion repairs can be a pain, but if done correctly, can save you a lot of aggravation.  It is common to see bubbling plaster under window sills or by doorways.  Since the plaster used in the 20′s was organic, the only way to totally eliminate the bubbling effect is by removing all the plaster in the area affected and re-plastering.  Make sure you use a plasterer that is sensitive to existing textures.

A lot of people love historic homes but they are not aware of the amount of work that it can take to maintain or restore them. The point of these series is to inform you of what to expect when buying a historic home.

If you have any specific questions on your historic home, don’t hesitate to contact us. Rick and I have not only owned Mediterranean Revival homes, but we have painstakingly restored them and know what it entails. Having been a member of the Miami Shores Historic Preservation Board for many years, I also have visited many historic homes and I am in close contact with local historians.

Miami Beach Luxury Real Estate and Privacy

What exactly does buying a Miami Beach Luxury home have to do with privacy? The answer is EVERYTHING!! We are often contacted by high-profile clients that need to maintain anonymity when buying or selling their Miami Beach homes. Sometimes it may not be about keeping a low profile, but protecting expensive private art collections and valuables within your home. Rest assured that we have very solid procedures to guarantee your privacy, starting with confidentiality agreements.

Because we are immersed in Social Media Marketing, and are considered innovators in the real estate industry when it comes to the Internet, we understand the process of anonymity and privacy and know what must be done to protect you and your loved ones.  We will take the necessary steps to protect your privacy during the home buying/selling process and confidentiality will always be at the top of our priorities.

Top 3 Most Expensive Miami Beach Homes sold in July 2011

There were 24 Miami Beach homes sold in July of 2011. The sales ranged in price from $19 million to $205,000 for a short sale in Normandy Island.  July breaks a new record for Miami Beach home sales in the mega luxury category.  With the top 2 sales in Sunset Island I and Palm Island.  We are seeing a lot of Brazilians pay cash for single-family homes (not just condos), as well as Europeans.  Keep in mind that the Summer is our slow real estate season, which means it’s exciting to think of what August and September will bring.

July’s Most Expensive Miami Beach Home Sale

1736 W 28 St – Miami Beach, FL 33140

Listed for $25,000,000 and sold for $19,800,000 July 19th, 2011

Talk about a major record for Miami Beach Homes sold this year, and making The Sunset Islands HOT when it comes to sales.  This Luxury estate has it all:  land, water frontage, historic relevance, location, and gorgeous open bay views!!  From it’s oolitic limestone facade, to 1930′s Neoclassical style and not to mention designed by architect Maurice Fatio.  Fatio was known mostly in Palm Beach but also designed the Indian Creek Country Club (clubhouse).  It’s definitely one of our Miami Beach Mega Luxury sales in a so called “down market”. << yes, that’s sarcasm.  The marketing description reads:

This historically significant waterfront property designed by Maurice Fatio encompasses 70,886 SF of land on which rests approx 11,388 SF Neoclassic home w/ a contemporary interior. The home sits on a tip lot on  Sunset Island I. From there, sweeping views of Biscayne Bay and downtown Miami + colorful sunsets provide a dazzling backdrop to this crown jewel. A large bayside pool blends effortlessly into the well-manicured surroundings of this tropical haven spanning 1.63 acres and 453 feet of waterfront.

Features:

• 11,388 sf of living space
• 7 bedrooms / 7.5 bathrooms
• built in 1938
• architect:  Maurice Fatio
• bay front home with 70,886 sf of land
• 453 feet of water frontage with private dock
• Sunset Island I location
• pool
• 3-car garage

July’s second Most Expensive Miami Beach Home Sale

94 Palm Av – Miami Beach, FL 33139

Listed for $16,000,000 and sold for $14,200,000 on July 26th, 2011

This gorgeous Palm Island estate was originally listed for $23 Million back in November of 2008 and the description does not lie when it talks about form meeting function.  It’s one of those houses you see when driving down McArthur Causeway towards Miami Beach.  The views are of Cruise Ship Alley and has 200 feet of water frontage!  The marketing description reads:

Truly amazing 2 story estate for those looking for perfection. Offered exquisitely (partially) furnished (no artwork or personal items). Lot has 200 feet of water w/magnificent downtown Miami views and parade of ships. Main house has 6brs 7.5 baths, staff quarters, 1br/1ba guest house,plus 3 brs, 2 baths over garage. Pool house has his and hers cabanas and gym. Magnificent pool with mosaic tile. This offering is a combination of both function and form. Simply gorgeous. Inventory list is available.

Features:

• 14,083 sf of living space
• built in 2003
• Main house has 6 bedrooms / 7.5 bathrooms
• staff quarters
• 1 bedroom / 1.5 bathroom guest cottage
• 3 bedrooms / 2 bathrooms over garage
• 200 feet of water frontage – 60,000 sf lot (200′ X 300′ )
• bay frontage
• pool
• private dock with boat lift

July’s Third Most Expensive Miami Beach Home Sale

5941 Pinetree Dr – Miami Beach, FL 33140

Listed for $3,499,000 and sold for $3,062,500 on July 15th, 2011.

This Pinetree beauty has been on the market, on and off, since 2008 with an original listing price of $3,950,000.  Although price range wise it doesn’t compare to the 2 other properties above, this is one of those historically relevant homes that gives you chills and can only be appreciated by someone that knows true Mediterranean Revival architecture.  Although it is in need of rehab or “restoration”, it still has some original 1920′s details.  The marketing description reads:

Absolutely stunning example of famed Russell Pancoast’s work! Meticulously maintained 1929 mediterranean villa upgraded with hurricane impact windows, new roof, new ac units all within the last five years. Coral stone archways and walkways, travertine and wood floors, Pecky cypress and wood beam ceilings, original mosaics throughout the house. If your buyers are looking for artistic beauty, this is it! 3/3.5 in the main house, 2/1 in guest quarters, maid’s room/bath, den, Florida room, 3rd story tower.

Features:

• 4,654 sf of living space
• 6 bedrooms / 5.5 bathrooms
• built in 1929
• Pinetree Drive location
• 14,630 sf lot (77′ X 190′) with 77′ of water frontage
• private dock
• pool

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

Top 3 Most Expensive Miami Beach Homes sold in June 2011

There were 23 Miami Beach homes sold in June of 2011. Sales prices ranging from $170,000 for a bank owned foreclosure in the North Beach area, to $5 million for a Sunset II remodeled home mentioned below.  June’s Miami Beach sales keep showing an improvement in the housing market with 8 of the 23 sales being above $1 million and 7 of those sales being distressed.  We keep seeing sales above the $3 million mark which also means mega luxury Miami Beach homes are moving!

June’s Most Expensive Miami Beach Home Sale

1410 W 25 St – Miami Beach, FL 33140

Listed for $5,499,000 and sold for $5,000,000 on June 7th, 2011

This home was featured in our Miami Beach Housing Report – first half of 2011.  Located on the South East corner of Sunset Island II, completely remodeled, meticulously landscaped and with 100 feet of water frontage.  The house was purchased for $6.5 Million in 2005 and sold at a $1.5 Million loss.  The selling description read:

GREAT MIAMI BEACH WATERFRONT ESTATE WHERE QUIET COLORS CREATE A BOLD IMPACT YET A RELAXED SENSE OF INDULGENCE. BEST DESCRIBED AS THE HOUSE THAT BECOMES YOUR HOME, THIS BEAUTIFULLY REMODELED FIVE BEDROOM, (WITH OPTION TO USE THE STUDY AS A SIXTH BEDROOM) AND SIX AND ONE HALF BATH ISLAND OASIS, EXUDES TRANQUILITY AWASH A SEA OF WIDE-OPEN SPACES, LUSH TROPICAL LANDSCAPING AND 100 FEET OF WATERFRONT FRONTAGE.  A STONE-THROW AWAY FROM THE OPEN BAY!

Features:

• 5,920 sf of living space
• built in 1955 and completely remodeled
• 100′ X 202′ LOT (20,200 sf)
• 5 bedrooms / 6.5 bathrooms
• 100′ of water frontage (no fixed bridges to bay)
• private dock
• heated pool
• Sunset Islands location
• 2-car garage

June’s second Most Expensive Miami Beach Home Sale

1601 W 24 St – Miami Beach, FL 33140

Listed for $4,250,000 and sold for $4,250,000 on June 8th, 2011

Another Sunset Island Home.  This on located on the North side of Sunset Island III, also with no fixed bridges to Biscayne Bay.  Completely renovated by Wallace Tutt on a 25,000+ lot with tennis court.  (I would have imagined Anna Kournikova in this house for sure).  The home was listed in March of 2001 and was under contract in one week!  The selling description reads:

Sunset Island #3 residence, completely and tastefully renovated by Wallace Tutt and featuring a lighted tennis court, separate guest house, pool pavilion. New dock and seawall, split bedroom plan with separate apartment. Quality finishes and lavish touches throughout. All newly installed appliances, electrical and plumbing systems, doors and windows, impact glass and much, much more. Never occupied since recently completed renovation, turn-key in every respect.

Features:

• 7,202 sf of living space
• 144′ X 175′ lot (25,200 sf)
• 5 bedrooms / 5.5 bedrooms
• built in 1937 and completely remodeled
• 144′ of water frontage
• private dock
• heated pool
• 2-car garage
• Sunset Islands location
• turn-key

June’s Third Most Expensive Miami Beach Home Sale

126 W San Marino Dr– Miami Beach, FL 33139

Listed for $3,999,000 and sold for $3,400,000 on June 24th, 2011.

Here’s the perfect example of how Venetian Island Homes are increasing in price like no other island in Miami Beach.  Spacious house with amazing views with tired finishes in need of updating – selling above $700/square foot.  Located on the West side of San Marino Island (South of the Venetian Causeway), with amazing views of The Miami skyline.   This home was listed in February of 2011 and was under contract in less than a month.  The selling description simply reading:

Located on the secluded southwest side of San Marino Island on the Venetian Causeway in Miami, discover this beautiful 2-story home on a manicured 15,750 square foot bayfront lot. The best bay and downtown Miami views. Huge backyard and separate guest apartment with kitchen.

Features:

• 4,472 sf of living space
• 90′ X 175′ lot (15,750 sf)
• built in 1937
• 4 bedrooms / 3 bathrooms
• 2-car garage
• 90′ of water frontage
• Venetian Islands location
• pool
• private dock

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

Miami Mod Homes – July 2011 issue

There are Miami Beach homes and then there are Miami Beach Modern Homes!  Yes we like Mediterranean homes or Spanish revival homes, but the HOT ones are definitely Miami Mod Homes.  Every once in a while I’ll share an interesting modern home for sale in Miami Beach and give you my architectural take on it.  Architecturally relevant real estate is my forte after all.

Miami Beach Mod Home at 1121 N Venetian Drive

listed for $3,899,999

This home reminds me of Miami Vice meets Charlie’s Angels.  It was built in 1949 and has great mid-century modern details with some over the top changes through the years which makes it soooo Miami.  It’s located on Biscayne Island (the western-most of the Venetian Islands), with awesome bay views.  The selling description is right on (except for the usual exaggerations, like “best properties in Miami”:

Located on Biscayne Island, one of the 6 historical Venetian Islands of Miami Beach, this beautiful 5 BR, 4 Baths estate boast one of the finest wide bay views in all of Miami with 105 ft of waterfront, this 14,000 sq ft pie-shaped lot is one of the best properties in Miami.  The feeling inside this unique home is bright and airy with soaring ceilings and high glass windows extending to the ceiling and panoramic wide bay views from every room.  Furnished by Eclectic Elements eemiami.com

“Unique” feeling inside is an understatement, but this is one of those Miami Jewels that needs to get in the right hands to be able to shine.

Things I would change are the shiny marble floors from the 80′s….some polished concrete or limestone would look hot although buffing out the marble to a flat finish could do the trick.  The eclectic column treatments are a bit much for me, slick thinner white columns would solve the problem (or maybe we would be lucky to find the typical 50′s narrow steel columns!).  the stair glass detail is horrid IMHO (<that’s “in my humble opinion” for the txt challenged), but we’re in Miami, which means anything goes!

Positives:  take a look at that ceiling height! and at the double height windows!  The framing of the views is fantastic and the levels to separate spaces is just what the doctor ordered.

The kitchen is OK, at least the cabinets and hardware are modern but the black granite….UGH! Nothing a gorgeous glass counter-top can’t fix though.  Notice the old tv cabinet in the top photo….do they still make those?

The Master bedroom is da’ bomb! great size, gorgeous dark wood floors and those humongous high-hats from the 90′s (I would change those to the tiny halogen ones).  The bathroom…..well……there’s no disguising that one – total redo!!  Unless of course you are into the whole Home Depot effect (no offence to Home Depot).

The exterior is almost flawless and think about it, it’s all about the views, right?  This house has that and more.  Maybe I’m not into the kidney shaped pool or the decking choice, but the balcony railings are a perfect choice and the fact that you have a covered porch area makes the space livable and perfect for Miami.

So if you have $4 Million in your pocket and think that you’ll find the “perfect” Miami Beach home for you that will need no work, think again.  You will always have to make some changes and in the case of this house, the biggest change will be the bathrooms, everything else is smaller aesthetic details that won’t bring you over budget.

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