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.

How To Invest in Miami Beach Properties

Investing in Miami Beach Real Estate is no easy task, especially in a down real estate market.  How can you, as an investor, make sure your purchase venture is sound?  How do you know which areas offer better returns historically in Miami and how to deal with all the intricacies of a Miami real estate transaction?

We deal with a lot of investors, let’s face it – most of our clients are investors from Europe, South America, Canada and other parts of the United States.  Whether you are buying a Miami bank-owned property to fix and flip, a Venetian Island single family home to rent while the market turns around, or a South Beach vacation home to enjoy part of the year – it is crucial that you scrutinize every aspect of the investment and make sure you leave no stone unturned.

Choose the type of Investment

First you must choose the type of property you want to invest in – single family home, commercial property, waterfront condo, etc.  We will help you analyze your needs and study your options to best meet your personal and investment goals.  Some factors involved in making a decision have to do with usage, renting, and price range.

Where should you buy?

Once the type of property is identified – area and location must be chosen.  I can tell you that we are working with French investors buying a single family home in Surfside, Venezuelan investors buying a commercial property in Coral Gables, Italian investors buying a vacation getaway in Fisher Island….the list is endless – it is our job to help you study all the options.

How do you know if the investment is sound?

Finding the property then becomes the easiest part – the job actually begins after a particular property is identified and you are under contract.  I like to write about my forte in the business because being an architect gives me an edge that our clients find extremely useful.  When I visit properties with you, I make sure you see everything I see – I point out defects in construction, materials used, construction methods and pros and cons of buying that particular piece of real estate.  You will feel that you are seeing each and every property with your architect, putting your best interest before anything else.  Our clients will confirm that on many occasions, no matter how much they have liked a property, I have recommended that they walk away.  Emotions are separated from the transaction in order to make sure you are making a good decision.

Inspections

Do not assume that the only properties that have to be inspected are single family homes because there is no condo-board to protect you from “developer” or “building” flaws.  Although single-family home inspections are more complete than apartments, it is important to also complete building inspections for individual condos to make sure plumbing, electrical, air conditioning and appliances are in good condition.  Even if the condo is brand-new, it is crucial for these inspections to be thorough.

We recently helped an American Investor with a walk-through of a new Miami Beach condo.  He had contacted us 2 weeks before the walk-through asking if there was anything he should look out for during the walk-through and I offered to go with him in order to document any deficiencies.  Here’s what we found in his new condo:  Floor outlets were not property installed, there were missing ceiling fixtures, GFCI outlets were installed incorrectly in kitchen, windows were not sealed, there was evidence of puddling water in the balcony, the kitchen sink was missing a shut-off valve. There was a floor tile that was improperly installed, and a couple of other items – when I was done with the list, our client stood in front of me and said, “Do you realize that if you would not have come with me, all those items would have been missed and it would have meant more out-of-pocket money for me?….thank you!”.

Negotiations

You may be the best negotiator in this earth, but when it comes to buying your own property and dealing with a real estate market you may not be familiar with, it’s important for you to be able to detach emotionally and know that we will always work on your behalf.  There are intricacies in each real estate market, whether you are buying South Beach Real Estate, Miami Shores Real Estate or Coral Gables Real Estate.  There are also cultural and local idiosyncrasies that you may not be familiar with.  We will do the best possible job at negotiating for you and you will walk away a satisfied customer.

Closings

From attorneys to Title Agencies – we will coordinate and communicate with you and will never feel left out of the equation.  Buying a property as an absentee owner is never easy and you need to feel comfortable about the transaction.  Technology is our friend – we scan documents, e-mail, Skype and use other ways to make sure you don’t miss a thing.

Can you Handle the Truth?

There are many steps in buying  Miami Beach Investment Properties.  We will be the first to say that it is not rocket science and you don’t have to be a genius to make a successful purchase but we do ask if it is worth to leave it up to chance.  Whether you are hands on or prefer that someone handles everything for you, it is better to have someone that knows investments by your side, than to take a blind shot at making the right decision, especially if you don’t know the area and the way transactions are handled.  We do warn you that we are brutally honest and you may end up having fun with us….it’s part of who we are and the fact that we love what we do will make the process so much easier.  Don’t take our word for it either….take a look at some of these testimonials.

**originally published on October 27th, 2008**

Why pick THAT Miami Beach Realtor?

You are interviewing Miami Beach REALTORS and have no idea who to hire because they all have something that impresses you, good track record, good communication skills, good client testimonials, good Internet presence…..so how can you make up your mind?

The key is to be able to identify how they market themselves as opposed to how they market properties.  At first this may seem like easy task, but once you start thinking about it you realize that most REALTORS spend more money branding themselves that promoting their properties.  Not that there’s anything wrong with that, it’s only wrong when they want to sell you their branding efforts as property marketing.

In addition to identifying the type of marketing an agent does, it’s good to know where marketing efforts need to be more aggressive and where buyers will ultimately find your home.  The National Association of Realtors (NAR) just published a 2010 profile of home buyers and sellers which includes this graph that details where buyers found the home they purchased from 2001 through 2010.

Interestingly enough, in 2010, 75% of buyers bound their home with the help of another REALTOR or on-line! (and the Internet is half of that number).  Which just means that yard signs, open houses, newspaper and magazine ads and brochures are a minuscule part of the equation!  Seriously??  But those property brochures are so pretty!!  And what have we been telling you?  The brochures are part of an agent’s branding efforts, it gets them more listings….not necessarily sell homes.

Brand Marketing vs. Product Marketing

A good REALTOR will use both types of marketing not only to attract more clients but to ultimately sell real estate.  Furthermore, Brand and Product will often be combined because in real estate, you really can’t separate one from the other.  A good example of this will be direct mailers with “just listed” information – the property will be shown and described and the agent brand will be emphasized – but do you see these in the list above? Yet one overly used home selling pitch is that “neighbors will tell friends and family about the home, which is the best type of word-of-mouth marketing” << can you say “MEANINGLESS SCRIPT”?

Tracey Drake from Suite101.com gives us a great analogy to differentiate the two:

Ford telling consumers that “Quality is Job 1″ – this is Brand Marketing

Selling that consumer a Ford Mustang – this is Product Marketing

So what am I telling you here?  In a customer service driven society, how can we not know when we are buying something for the brand, not necessarily the quality?  How can we not realize that the pretty magazine ad will not sell our home?  or the ingenious TV ad or the catchy yard sign?

So sit down with your Miami Beach Realtor and ask how they are using The Internet to reach the end buyer, what will they do differently to make your home stand out from the thousands of properties on the web and how is their business relationship with other Realtors since ultimately it will be their competition who will bring your home’s buyer.

For additional marketing insights, read Seth Godin’s What do you know? - a great list that manages to separate egos from achievers with some of my favorite points:

• Anticipated, personal and relevant advertising always does better than unsolicited junk.
• You can’t fool all the people, not even most of the time. And people, once unfooled, talk about the experience.
• Traditional ways of interrupting consumers (TV ads, trade show booths, junk mail) are losing their cost-effectiveness. At the same time, new ways of spreading ideas (blogs, permission-based RSS information, consumer fan clubs) are quickly proving how well they work.
• Good marketers tell a story.
• Living and breathing an authentic story is the best way to survive in an conversation-rich world.
• In the googleworld, the best in the world wins more often, and wins more.

Chris Bosh buys North Bay Road Home in Miami Beach

UPDATE:  Chris Bosh from The Miami Heat has bought this incredible home for $12.5 Million according to The Miami Herald (We’ll confirm as soon as it closes on the MLS) – TODAY THE CLOSED SALE APPEARED ON THE MLS AS $12,333,000 (OCT 30TH, 2010)

Chris Bosh is da’ bomb!! ….really.  I’ve never been a huge basketball fan, but the way he stood up to Justin Timberlake during The Tonight Show with Jay Leno and then the fact that he bought contemporary instead of “Mediterranean-wanna-be”…..just perfect!!!  Congrats to Bosh on his new home, on his new engagement and I’m sure the new home will fit him and his future family like a glove.

(see the Tonight Show video at the bottom of this article – when Chris Bosh calls JT, ” Justin Bieber” – too funny!)

This listing is the epitome of Sexy Miami Beach Real Estate – with white, sleek, contemporary finishes on a canvas of gorgeous blue bay water.  North Bay Road is known for its architecture and style and it doesn’t hurt that these homes look out into endless bay views.  The location of this home is just south of La Gorce Island, close enough to South Beach but with enough privacy to make it the perfect location.  A lot of people prefer island living instead of North Bay Road, I say it depends on your lifestyle – and this property may just be the perfect one.

6396 N. Bay Road – Miami Beach, FL 33140

Listed for $18,000,000 reduced to $14,970,000

Some may think the house is a bit too white for their taste, but that’s an easy fix.  White in Miami architecture represents a clean slate of contemporary minimalism where the beach and water setting is what creates the space. (not too practical for kids…..but beautiful nevertheless)

This home is brand new and built in 2009 with 100 feet of water frontage and 24,000 square feet of land.  It offers luxury in every way imaginable from custom closets, fireplace, elevator, 2-car garage, summer kitchen …just to mention a few things and was designed by Touzet Studio.  This is what the MLS description reads:

This stunning 2 story modern waterfront wide bay estate nestled in Upper North Bay Road, rates second to none.  No fixed bridge with 100′ on water, enjoy paradise in Miami Beach.  Seven bedroom all with balconies – 10 bathrooms complete with 2-story living room, gourmet kitchen with butler’s pantry and media room, gym, guest room, commercial elevator, 2 laundry rooms, impact windows and doors.  Features courtyard, double height 2-car garage, cabana with bathroom, covered outdoor kitchen and infinity pool with separate spa and exterior fireplace.  Dock.  Cascading water feature at entry.  Designed by Touzet Studio.  Price excludes sculpture.

UPDATE:  New Listing Agent, New Price and New Description

THIS MAGNIFICENT WORK OF ART IS SITUATED IN MIAMI BEACH MOST PRESTIGIOUS WATERFRONT AREA, ON NORTH BAY ROAD. GOVERNED BY THE THREE MAIN ELEMENTS GEOMETRY, WATER AND LIGHT. OUTSTANDING FEATURES INCLUDE CASCADING WATER AT THE ENTRANCE, GOURMET KITCHEN, GYM, ELEVATOR, IMPACT WINDOWS AND DOORS, SEPARATE GUEST QUARTERS, COURTYARD GARDENS, HEATED POOL WITH A COVERED SUMMER KITCHEN AND BBQ AREA. IT COMMANDS MORE THAN 100 FT OF PRIME WATERFRONT WITH A LARGE DOCK AND NO FIXED BRIDGES.

Property Features:

• Built in 2009
• designed by Touzet Studio
• 11,800 square feet of living space
• 24,000 square foot lot (240′ X 100′)
• 100′ of water frontage
• 7 bedrooms / 8 bathrooms / 2 half-baths
• 2-car garage
• marble floors
• heated pool
• private dock
• CBS construction with concrete roof
• Open Bay Views

**property information courtesy of South East Florida Multiple Listing Service and LenCor International Prop. Inc. Engel & Voelkers/Miami Brickell** (originally posted on May 26th, 2009 – and updated May 23rd, 2010)

Top 3 Most Expensive Miami Beach Condo Sales – July 2010

There were 151 Miami Beach condos sold in the month of July of 2010. The highest sale was $5.35 Million (which is discussed below) and the lowest price was $33,000 for a 1 bedroom / 1 bathroom foreclosed condo at Vista De Mar in Normandy Island.  The new discussion around town is how LeBron James’ move to The Miami Heat is helping the Miami and Miami Beach real estate market’s recovery.  Many already report an increase in activity, but can’t really verify whether or not it’s caused by the Heat’s Trio.

July’s Most Expensive Miami Beach Condo Sale

Apogee South Beach: 800 S Pointe Dr, # 504 – Miami Beach, FL 33139

Listed for $6,250,000 and sold for $5,350,000 on 07/15/2010

Month after month we are seeing Apogee on the Top 3 most expensive Miami Beach Condo Sales which means there is a high demand and the building is worth it.  Amenities and finishes are superior in this luxury building and I think we can even say that Apogee redefines South Beach condo living, being at a completely different level than its neighboring high rises.   Unit 504 sells for over $100 less per square foot (sale price $1,288 sq. ft.) than unit 604 right above, which sold last month for $5.8 million.  MLS description reads:

This is Apogee’s most-desired floor-plan and best location for unobstructed water views.  Your 4154sf apartment is surrounded on three sides with 2500sf of sweeping, 11-foot-deep terraces, including an outdoor kitchen with grill.  The interior spaces are masterfully-designed with a spacious master suite and master bath over the Miami Beach waterways (looking out over Fisher Island), an extraordinary and impressive gas-fueled kitchen, separate media room, 11-foot ceilings and a host of unique features.

Features:

• 4,154 square feet of living space
• 2,500 sq. ft. terrace
• Built in 2008
• 2-garage spaces
• 4 bedrooms / 3 bathrooms / 1 half-bathroom
• Bay and City Views
• Summer Kitchen
• separate media room
• 11-foot ceilings
• Maintenance Fees = $5,046/month

July’s Second Most Expensive Miami Beach Condo Sale

The Caribbean Condo:  3737 Collins Av, #PH-4 – Miami Beach, FL 33140

Listed for $5,000,000 and sold for $4,700,000 on 7/15/2010

What a bummer!  this listing doesn’t have any photos to share with you.  But interestingly enough, the Caribbean also made the Top 3 Most Expensive Miami Beach Condo sales last month.  I’ll reiterate what I said about this spectacular project:

It’s located in a historic district and the original Caribbean Hotel was designed by famed architect L. Murray Dixon – the original hotel was restored and a new residence tower constructed right next to it to compliment the newly restored ambiance.  What’s happening in the location of The Caribbean is incredible – including the recently announced site for the New Edition Hotel by Marriott – which only reinforces how much money is being pumped into this area of Miami Beach.

The MLS description simply states:

ONE OF A KIND PH IN THE SKY! 180 DEGREE VIEWS. PRIVATE ROOFTOP POOL, JACUZZI AND BBQ AREA. ITS A STEAL!!

Features:

• 3,906 square feet of living space
• private rooftop pool and jacuzzi
• built in 2009
• 4 bedrooms / 4 bathrooms / 1 half-bathroom
• Oceanfront building
• 2 parking spaces
• Maintenance fees = undisclosed

July’s Third Most Expensive Miami Beach Condo Sale

Residences at The Bath Club: 5959 Collins Ave, #1406 – Miami Beach, FL 33140

Listed for $2,995,000 and sold for $2,550,000 on 7/23/2010

The residences at The Bath Club could be considered a controversial project finished in 2005.  The Bath Club for years was devoted to the “elite” and it was impenetrable – known as Miami Beach’s “Most Time Honored Private Beach Club.”  Exclusivity was breached after a multi million-dollar addition and restoration of their historic clubhouse where The Bath Club started accepting a “limited” number of new members.  The new added Bath Club residences were not welcomed by a lot of the old members.  The MLS description reads:

Spacious 4 bedroom with maid’s, this is a family home difficult to find in a resort setting. Historic clubhouse with restaurant,2 clay tennis, fitness/spa, full service at pool and beach. Unit features Italian cherry kitchen w all stainless Sub Zero, Miele. Mid beach location close to Bal Harbour Shops, So Beach and airport. One of the best buildings on the beach.

Features:

• 4,135 square feet of living space
• 550 square foot balcony/terrace
• built in 2005
• oceanfront building
• 4 bedrooms / 5 bathrooms / 1 half-bathroom
• 1 parking space
• Maintenance fees = $4,150 / month

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

Top 3 Most Expensive Miami Beach Home Sales – June 2010

The month of June was HOT when it comes to Miami Beach homes sold.  We’re talking the higher end of the Miami Beach Luxury home market, the one I’ve been telling you has been at a standstill .  I hope this doesn’t mean our “quota” has been met….I’m hoping the Luxury market is picking up.  There were 20 sales ranging from $250,000 for a 3 bedroom short sale at 1234 13th Street in South Beach to $16 million for an amazing Todd Michael Glaser masterpiece.  These Miami Beach home sales represent the highest sales seen in quite some time, so let’s take it all in.

June’s Most Expensive Miami Beach Home Sale

88 La Gorce Cr – Miami Beach, FL 33141

Listed for $19,500,000 and sold for $16,000,000 on June 11th, 2010

I had written about this impressive Miami Beach Luxury Estate back in December of 2009, where I said:

The home is impressive to say the least – contemporary, simple, austere and phenomenal.  With over 20,000 square feet of living space, sitting on a 48,000 square foot lot, guest cabana, elevator, 5-car garage, amazing landscaping….what else could you want?  My only concern of course is that we have not seen any waterfront sales in La Gorce in 2009….the whole mega luxury home real estate market in Miami Beach is at a standstill….waiting waiting waiting.  The house has been active for sale since January of 2008 starting at $25,000,000 ($5,500,000 reduction is not bad at all).  It’s also currently for rent at $100,000 per month and known to house a few celebs on a short-term basis.

And Todd Michael Glaser himself, describes as:

The property, called OKTO, features a brand-new 20,000-square-foot house, which my team and I built from the ground up in just 10 months. It is one project that I am particularly proud of. The flowing floor plan separates “back of house” function spaces (such as dual laundry rooms, staff quarters, ample storage spaces, and a five-car garage with berthing large enough for limousines), from the opulent living areas. The master bed and bath have floor-to-ceiling glass sliders that seem to disappear when opened, exposing the his-and-her soaking tubs to the direct Florida sunlight. The terrace overlooks the pool and manicured lawns, as well as the elevated guesthouse and cabana. With all of this, I am not surprised it wasn’t on the market for very long.

(for those that don’t know who Todd Michael Glaser is – he’s a builder…but not just any builder, he builds Luxury Estates that have been featured in HGTV, and said to have “started” the Miami Design District)

Features:

• 17,183 square feet of living space
• built in 2008
• 10 bedrooms / 12 bathrooms / 3 half-baths
• 5-car garage
• 48,024 sq.ft. lot with 260′ of water frontage
• 2 docks
• lap pool and spa
• rooftop terrace
• staff house
• elevator
• La Gorce Island location

June’s Second Most Expensive Miami Beach Home Sale

55 Palm Ave, Miami Beach, FL  33139

Listed for $15,500,000 and sold for $11,950,000 on June 16th, 2010

This was a Mediterranean Revival restoration also done by Todd Michael Glaser – damn Todd! you are on a roll!  The 1928 home Palm Island residence is best described in Todd’s  own words:

This project was extremely interesting for me, as it involved a unique historical restoration of an original 1920s Spanish Colonial-style residence on Palm Island, providing city tax abatement for 10 years. Set on a 30,000-square-foot lot, the home features a three-car garage, service quarters, formal dining room, elevator, a grand waterfront master suite and sitting area, his-and-her baths and walk-in closets, and more. We incorporated a 10,000-square-foot modern addition, careful to blend the old and the new, and the possibilities are endless. There is room for a media room, library, office, gym, outdoor barbecue, separate guest rooms, a playroom, sitting areas, and more. The details are what really sets it apart, though: 12-foot cathedral beamed ceilings, quatrefoils windows, fireplaces, a romantic interior courtyard, oversize heated pool on beautifully landscaped grounds featuring flowering vines. It’s the quintessential Miami Beach island property.

And MLS description reads:

Unique historical restoration of original 1920′s Spanish Colonial Palm Island residence providing city tax abatement for 10 years plus a 10,000 SF modern addition.  12 foot Cathedral & coffered ceilings, Bulthaup kitchen, interior courtyard, amazing backyard w/ gazebo & pool cabana.  Gorgeous views of intercostals & MB skyline.  One of a kind master suite w/ private terr.  Enchanting guesthouse w/ plenty of rm & privacy and much more.

Features:

• 12,184 square feet of living space
• 8 bedrooms / 9 bathrooms / 2 half-baths
• built in 1928 and restored in 2008
• 30,000 sq.ft. lot with 100′ of water frontage
• 3-car garage
• service quarters
• elevator
• media room
• library
• 12-foot cathedral beamed ceilings
• interior courtyard
• pool
• Palm Island Location

June’s Third Most Expensive Miami Beach Home Sale

40 La Gorce Cr, Miami Beach, FL 33141

Listed for $7,900,000 and sold for $7,400,000 on June 11th, 2010

There are not even photos of this home because it sold in 4 days!  The 1937 home of known attorney Dan Paul, author of Miami-Dade county charter, with an MLS description that leaves us wanting more:

This extraordinary waterfront property is located on the tip of prestigious La Gorce Island in Miami Beach. The most sought after wide bay, city and sunset views. Upon entering the sumptuous courtyard you will be enchanted by the beautiful architecture of this 8,200+SF Gem. Nothing short of a South Florida masterpiece, this residence has it all.

Features:

• 8,284 square feet of living space
• 6 bedrooms / 8 bathrooms / 1 half-baths
• built in 1937
• 23,145 sq.ft. lot with 115′ of water frontage
• 2-car garage
• dock
• pool
• La Gorce Island Location

>>>> BONUS SALE you absolutely have to know about<<<<<

4358 N. Bay Road – Miami Beach, FL 33140

Listed for $8,300,000 and sold for $7,400,000

This amazing piece of land was bought by none other that Alex Rodriguez after many rumors of offers on different properties around Miami.  And guess who’s helping A-Rod build the house of his dreams?  Yes…you got it….Todd Michael Glaser!!!  (and all I hope is that he convinces him to go modern and not do another Spanish-Med wanna be with a million ballustrades – somehow….I have confidence that this time will be different!)

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

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

Star Island Home – Miami Beach Luxury Real Estate

Everyone knows that Star Island is one of the most exclusive islands in Miami Beach, but what makes this island so special other than a few celebs like Shaq, Gloria Estefan,  Rosie O’Donnell and Stallone as known “residents”?  Proximity to South Beach’s action could be one, ease of access by boat without all the tedious draw bridges and idle zones is another, mammoth sized lots is a third and the fact that there are only 29 homes on the island is definitely another reason.  But just the mere fact of living on Star Island gives anyone Miami Beach star status, plain and simple.

I want to tell you about a particular property that sits on a 48,266 square foot piece of land with  215 feet of water frontage and amazing Southern Exposure.  The fact that the listing agent only provides exterior photos can tell you the condition of the inside of the property (so don’t blame me for the lack of interior shots).  Keep in mind, when you see this property, that there was only one sale last year on Star Island, and that was Shaq’s house selling for $16,000,000 or the gift of $823 per square foot – I’ll compare this listing to Mr. O’Neal’s as you read on.

44 Star Island Drive – Miami Beach, FL  33139

$8,750,000

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!!

Property 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

**property information courtesy of South East Florida Multiple Listing Service and Avatar Real Estate Services **

2009 Miami Beach Home Sales for the Sunset Islands

The Sunset Islands are the epitome of Miami Beach Luxury Real Estate, starting with Sunset I.  Historically homes in the Sunset Islands hold their value better than other nearby islands because of access, security and proximity to South Beach’s “action” but far enough to have privacy.

There have only been 4 sales this year in The Sunset Islands

Address	Bds	Bths	HBth	sqft	Water	Lot Size	List Price	Sale price	$/sq.ft
1400 W 28 St	7	7	1	9.933	Y	20.000	$15,900,000	$9,500,000	956
1727 W 27 St	4	6	1	6,244	Y	20,000	$8,250,000	$6,000,000	961
1401 W 22 St	4	5	1	4,576	Y	13,275	$3,200,000	$2,734,500	598
1600 W 24 St	4	4	1	3,453	N	11,858	$2,399,000	$2,100,000	608

The highest sale was at Sunset Island I (the most desired of all Sunset Islands) for $9,500,000 – this house was listed since July 2008 and originally priced at $15,900,000 (that’s a discount of over 40%). The lowest sale was a dry lot property located in Sunset Island III – located at 1600 W 24 St, selling for $2,100,000 and listed on and off since September 2008 with an original price of $2,495,999. It may have been the lowest priced sale, but sold for more per square foot than the immaculate waterfront home at Sunset Island 4.

The average price per square foot this year comes down to $780.75 – please note that none of the sales were open bay homes – an appraiser would pull comparables from North Bay Road homes because of the lack of sales in The Sunset Islands.  At least we saw 2 homes above the $5,000,000 range actually sell which is something we can’t say about The Venetian Islands.

**UPDATE** There was one additional sale in the month of December in Sunset Island Number 2 – this was the dry-lot property located at 2535 Lucerne Avenue listed for $2,750,000 and selling for $2,400,000 ($441/sq.ft) making this the lowest sale of 2009 in The Sunset Islands. This luxury home had been listed since January of 2009 with a starting price of $2,895,000 (that’s a 17% difference between list and sale price).

2009 Miami Beach Home Sales for Star Island, Hibiscus Island & Palm Island

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.

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