2009 Miami Beach Home Sales for the Sunset Islands
January 5, 2010
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
January 3, 2010
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.
2009 Miami Beach Home Sales for Indian Creek
January 2, 2010
Indian Creek, even with only 2 sales in 2009, defeats Miami Beach Luxury Real Estate statistics with sales above the $5,000,000 range, with always controlled inventory and with an average price per square foot according to those 2 sales of $1,408. It’s exclusivity is unmatched and private 24-hour boat patrol around the island should make any resident feel like they are living in a castle surrounded by an alligator infested mote (ok, ok…maybe a bit far-fetched, but don’t discount the huge lots and easy proximity to the ocean with only one bridge).
| Address | Bds | Bths | HBth | sqft | Water | Lot Size | List Price | Sale price | $/sq.ft |
| 22 Indian Creek Dr | 4 | 4 | 2 | 7,582 | Y | 80,000 | $10,950,000 | $9,000,000 | 1,187 |
| 34 Indian Creek Dr | 3 | 3 | 2 | 3,684 | Y | 80,000 | $8,900,000 | $6,000,000 | 1,629 |
22 Indian Creek Drive – Indian Creek, FL 33154
Estate Sale (and fixer upper, if I may add) – built in 1958 with 200 feet of water frontage and “Regency Style Residence”, according to listing agent. Had been listed since March of 2009 with a starting price of $12,900,000. (selling date December 10, 2009)
34 Indian Creek Drive – Indian Creek, FL 33154
Smaller home compared to neighboring Indian Creek Mansions with under 4,000 square feet of living space but with 221 of water frontage and sitting on mammoth 80,000 square foot lot. The house was built in 1965 and described by listing agent as:
Nestled within this park like property is a charming, original Old Florida style home. The house is a “jewel” w/sliding flr to ceiling glass drs allowing the prevailing southeast breezes through the house. On approximately 2 acres of land this property features a heated swimming pool, outdr showers, luscious Florida flora, 2-car garage, new deep water concrete dock & much more. Located in the heart of the city, Indian Creek is a private island w/only 33 houses surrounding an exquisite golf course
This house was not an easy sale because of its proximity to the bridge and views of adjacent Surfside rather than open bay. It was listed on and off since February 2008 with a starting price of $11,900,000 then $15,000,000 and then $9,700,000 – I’m guessing the owners were not too happy to let it go for $6 million
Indian Creek stays above water and current inventory is only 2 active homes: one for the house at 38 Indian Creek for $14.9 million and the other at 40 Indian Creek for $12.9 million. I’m thinking the island will keep defeating the odds from the rest of Miami Beach – making Mr. Braman feel good about his decision to stick around.
La Gorce Island Home – Miami Beach Luxury Homes
December 31, 2009
When you think Miami Beach Luxury Homes, La Gorce Island always comes up. The scale of La Gorce Island homes is unquestionably impressive and vistas from surrounding islands always leaves you wanting more. Waterfront homes in La Gorce Island are some of the largest in Miami Beach and the house we are featuring today is the perfect representation of that with 260 feet of water frontage, sitting on the Northeast corner of the island – protected from the elements.
88 La Gorce Cr – Miami Beach, FL 33141
Listed for $19,500,000
Here we have one of Todd Michael Glaser’s impressive Luxury estates. Haute Living Magazine’s Stephanie Wilson gives us the scoop:
His impressive projects are scattered throughout Miami-Dade and beyond. He “started” the design district. He has appeared on HGTV. He built the house featured on Hogan Knows Best. Todd Michael Glaser’s name is one you should know, but he doesn’t necessarily want you to know it.
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 ($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.
The MLS description reads as follows:
New modern estate on prestigious La Gorce Island, 260′ waterfront, 2 docks, stunning lap pool and spa, elevated guest house/cabana built for peaceful relaxation, oversized rooftop terrace, double high end kitchen appliances, staff house, 5-car garage, generator. Unique marble staircase leads to a splendid master suite with designer bath, terrace overlooking pool and manicured landscaping, commercial Otis elevator. the ultimate sun drenched masterpiece!
WARNING: it’s not you, photos above ARE blurry….courtesy of our MLS
Property Features:
- Built in 2008
- Living square feet: 20,000
- Lot square feet: 48,000 (185′ X 260′)
- 5-car garage
- 260′ of water frontage with 2 docks
- 10 bedrooms / 12 bathrooms / 3 half baths
- Guest house/cabana
- staff house
- pool and spa
- elevator
- faces Northeast
- La Gorce Island location
**property information courtesy of South East Florida Multiple Listing Service and Esslinger-Wooten-Maxwell, Inc. **
2009 Miami Beach Home Sales for La Gorce Island
December 14, 2009
La Gorce Island homes are known for their scale and “wow” factor. It is a guard-gated community in Miami Beach with some of the nicest landscaped streets you will see anywhere in South Florida and with large, luxurious homes. As for real estate sales in 2009, only 3 and none of them are waterfront. There are currently 10 homes listed for sale at La Gorce Island ranging in price between $19,500,000 and $1,600,000 – which is again evidence that the high-end Luxury inventory is not moving. Six of the 10 homes currently listed are above $5 million, all except one listed for sale for quite some time.
| Address | Bds | Bths | HBth | sqft | Water | Lot Size | List Price | Sale price | $/sq.ft |
| 6675 Windsor Ln | 5 | 5 | 1 | 4,347 | N | 13,125 | $1,500,000 | $1,450,000 | 334 |
| 6640 Pinetree Ln | 4 | 4 | 1 | 3,534 | N | 12,500 | $1,475,000 | $1,312,416 | 371 |
| 6630 Sheffield Ln | 5 | 4 | 1 | 3,515 | N | 13,125 | $1,300,000 | $1,200,000 | 341 |
The good news about La Gorce is that the average price per square foot is high for homes on dry-lots (non-waterfront homes) – putting the price per square foot based on those 3 sales at $349. I’m curious to see what happens with the Mega-home inventory in Miami Beach – will it start moving in 2010? I’m sure a lot of those home owners hope so.
2009 Miami Beach Home Sales for The Sunset Islands
December 7, 2009
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.
Fisher Island Real Estate Market Reports – November 2009
December 7, 2009
There are currently 139 listings in Fisher Island: (same as last month)
* Highest priced listing: $30,000,000 for an exclusive Oceanside 5/5.5 home with artwork and all!
* Lowest priced listing: $190,000 for a studio at Marina Village
* Pending Sales: 3 (same as last month)
* Closed sales in November: 2 (2 less than last month)
Fisher Island Real Estate’s November closings were the following:
* Oceanside at Fisher Island – 7222 Fisher Island Drive – listed at $4,200,000 and selling at $3,200,000 (originally listed for $6,000,000 in December of 2006, then $5,490,000 in February 2008 and selling at almost 50% of original price – OUCH!)
* Bayview at Fisher Island – 4924 Fisher Island Drive – listed at $1,495,000 and selling at $1,275,000 (this unit had been originally priced in November 2005 for $3,050,000, taken off the market and relisted in April of 2009 for $1,495,000) – glad to see the sellers came to their senses.
The great thing about buying at Fisher Island is the fact that so many are vacation homes or 2nd or 3rd homes. When sellers are ready to sell, they usually will do so quickly, so make offers….you will be surprised what gets accepted now in the island for those that want out.
2009 Miami Beach Home Sales for Star Island, Hibiscus Island & Palm Island
November 30, 2009
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.
2009 Venetian Islands Home Sales
November 30, 2009
This should put the Miami Beach Luxury Home Market in perspective – there have only been 10 home sales in The Venetian Islands this year – the highest sale being 28 W San Marino for $3,830,000 and lowest $900,000 for the dry-lot property located at 1480 NE 13th Ave in San Marco Island.
View Venetian Island Home Sales 2009 in a larger map
| Address | Bds | Bths | HBth | sqft | Water | Lot Size | List Price | Sale price | $/sq.ft |
| 28 W San Marino | 6 | 6 | 1 | 4,716 | Y | 12,960 | $4,450,000 | $3,830,000 | 812 |
| 122 W Dilido Drive | 4 | 4 | 1 | 3,586 | Y | 10,500 | $3,200,000 | $2,800,000 | 781 |
| 309 E San Marino Dr | 4 | 4 | 1 | 3,370 | Y | 15,750 | $2,950,000 | $2,650,000 | 786 |
| 830 W Dilido Dr | 4 | 3 | 0 | 3,734 | Y | 13,408 | $2,950,000 | $2,610,000 | 699 |
| 209 E Dilido Dr | 4 | 3 | 1 | 3,772 | Y | 10,500 | $2,750,000 | $2,235,000 | 593 |
| 25 E Rivo Alto Dr | 4 | 3 | 1 | 3,894 | Y | 13,380 | $2,590,000 | $2,350,000 | 603 |
| 127 E Rivo Alto Dr | 4 | 4 | 0 | 3,361 | Y | 10,500 | $2,275,000 | $2,040,000 | 607 |
| 1111 N Venetian Dr | 3 | 3 | 1 | 4,010 | Y | 15,000 | $2,137,500 | $2,030,000 | 506 |
| 30 E Dilido Dr | 3 | 3 | 0 | 2,441 | N | 7,020 | $999,000 | $945,000 | 387 |
| 1480 NE 13th Ave | 4 | 3 | 0 | 2,796 | N | 7,500 | $985,000 | $900,000 | 322 |
The average price per square foot for waterfront properties in The Venetian Islands was $673 compared to $812.11 in 2008 – one of those sales was a foreclosure (The property located at 1111 N. Venetian Drive) – if you remove that property from the average, the number goes up to $697/sq.ft which is still over $100 per square foot less than the previous year. what I find curious about the sales in 2009 is that none of the higher priced homes sold, meaning the ones over $4 million. I’ll modify this list if there are any further closings in the month of December.
Miami Beach Luxury Home Sales – October 11, 2009
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.