Top 3 Most Expensive Miami Beach Home Sales – October 2010
November 18, 2010
There were 14 Miami Beach homes sold in the month of October of 2010. The highest sale was $3.25 Million and the lowest sale was a foreclosure in Normandy Island for $239,900. October’s top sales come from Palm Island, Venetian Islands and Sunset Islands – although all of them under $5 Million (no mega luxury homes sold this month). The rumor is that the top 3 Miami Beach home sales in October have something in common, they were all sellers in distress who HAD to get rid of their homes. This should prove to be interesting in the months to come, since they are legitimate comps for many active listings out there. These are instruments that buyers will not hesitate to hold on to, and sellers will try to justify or just ignore.
October’s Most Expensive Miami Beach Home Sale
1 Palm Av, Miami Beach, FL 33140
Listed for $3,650,000 and sold for $3,250,000 on October 14th, 2010
This home had quite a listing history with original listing price of $5.9 Million back in August of 2006 – selling for $3.695 Million in November of 07, listed again in December of 07 for $4.495 Million – then increased and decreased several times, as well as various Realtor changes. It does show as a Trust Sale in the county records, which explains all the changes.
The home sits on the Eastern tip of Palm Island, overlooking Star Island and MacArthur Causeway/Government Cut and the description given is:
Perfect cottage by the sea! Best value! 110ft of open bay water frontage with magnificent views of Miami Beach in the distance. 2 bedrooms/2 baths main house with open floor plan, recently renovated and tastefully furnished. 1 bedrooms/1 bathroom detached guest house, 2 car garage. Exceptional lot affords best opportunity to expand or build new.
Features:
- 3,449 square feet of living space
- built in 1957
- 2 bedrooms / 2 bathrooms in main house
- 1 bedroom / 1 bathroom detached guest house
- 2-car garage
- 17,674 square foot lot
- 110 feet of water frontage
- Palm Island location
- renovated
October’s second Most Expensive Miami Beach Home Sale
441 E Rivo Alto Dr – Miami Beach, FL 33139
Listed for $3,800,000 and sold for $1,800,000 on October 12th, 2010
Talk about an amazing buy for a beautiful location with direct Northern open bay views! According to the Multiple Listing Service (MLS), this home had been originally listed for $4.45 Million since November of 2007, with several price reductions and brokerage changes. The property was immediately placed on the market for $3,349,000 just days after closing with no updates or changes – a perfect “FLIP JOB”.
According to the new listing agent, the purchase was a foreclosure (which doesn’t show on the MLS). The sale price was at $627/square foot and the new listing price is $1,166/square foot. The sold description read as follows:
This modern, tastefully renovated Venetian Island home is now available. The property sits on a huge 13,300+/- sf waterfront lot and boasts over 100 ft of waterfront and unobstructed wide bay views. The home features a great pool and includes a boat dock. The interior has a very well designed layout and the house overall is in excellent condition.
Features:
- 2,871 square feet of living space
- built in 1947
- 3 bedrooms / 3 bathrooms
- 13,382 square foot lot
- bayfront property
- Venetian Islands location
- private dock
- 100 feet of water frontage
October’s Third Most Expensive Miami Beach Home Sale
1440 W 21 St, Miami Beach, FL 33140
Listed for $1,950,000 and sold for $1,600,000 on October 22nd, 2010
This Sunset Islands IV home had been listed for $2,350,000 since April of 2009 and sold for $710 per square foot. Many of you may know that the Southern view of this island is the least desirable from all of the Sunset Islands and has to do with condos and commercial properties across the canal. You should keep this in mind when using W 21 street sales as comparables.
The home description read:
This original 4 BD / 3 BA home was gutted and converted into a fabulous 2 BD + den / 4 BA home, with permits. This waterfront pied a terre on gated Sunset Island close to Lincoln Rd is the ultimate modern design and luxury. Great entertaining areas, new 40 FT pool, seawall and 20′X8′ dock to watch the sunsets with no bridges to Biscayne Bay. Philippe Starck fixtures, 36″X36″ limestone flooring, impact windows, new roof, electrical, plumbing, Miele, Wolf, Sub Zero, Duravit, Jacuzzi Tub in master.
Features:
- 2,255 square feet of living space
- Built in 1956 but completely renovated
- 3 bedrooms / 4 bathrooms
- 9,500 square foot lot
- 60′ of canal frontage
- pool
- Sunset Island 4 location
**all information obtained from the SouthEast Florida Multiple Listing Service**
Top 3 Most Expensive Miami Beach Condos sold in April 2010
May 20, 2010
There were 157 Miami Beach Condos sold in the month of April 2010, ranging from $5.9 million to $39,952 for a 406 square foot efficiency at The Beverly Arms. Ironically, 1/2 a year of condo fees at The Apogee would buy that efficiency in North Beach – that’s what we love about Miami Beach. Sales are definitely increasing, some say it’s because of the tax credit, but I doubt very much that Mr. Apogee or Setai buyer are looking for an $8k credit.
April’s Most Expensive Miami Beach Condo Sale
Apogee South Beach: 800 S Pointe Dr #1801 – Miami Beach, FL 33139
Listed for $6,795,000 and sold for $5,900,000 on 04/16/2010
Apogee is one of my favorite condos in Miami Beach because of its simple and austere facade – the views are ridiculous! and the building keeps living up to its name with record sales. Although this particular unit was listed for $6,795,000 in may of 2009, the buyer got a 13% discount, which is not at all bad. The MLS reads:
High floor corner unit at Apogee. 4 bedroom/3.5 bath residence. Lrg living room with fireplace. Large master suite with midnight kitchen. Media room and outdoor kitchen. Top of the line line appliances, exceptional woodwork in closets, sunken bathtub/ rain showers. Panoramic views of Fisher Island, Atlantic Ocean, Government Cut, South Beach. 2400 sf wrap-around terrace. 2.5-car enclosed garage. Apogee is the most exclusive building in South Beach and one of the most luxurious condominiums South of NYC
Features:
- 4,154 square feet of living space
- 4 bedrooms / 3.5 bathrooms
- Built in 2008
- 2 parking spaces
- 2400 square foot wrap-around balcony
- outdoor Summer kitchen
- Monthly maintenance = $5,046
April’s Second Most Expensive Miami Beach Condo Sale
Apogee South Beach: 800 S Pointe Drive, #2002 – Miami Beach, FL 33139
Listed for $5,750,000 and sold for $4,750,000 on 4/05/2010
Apogee is racking them up! another fabulous unit on the 20th floor with endless views of Government Cut, Fisher Island and both sunsets and sunrises. This one is a little smaller than 1801, but paying a bit more per square foot ($1,532/sq.ft as opposed to $1,420/sq.ft.). This unit was listed for $5,750,000 in June of 2008 selling at a 17% discount. Is there a magical $1 million off the list price at Apogee (I see a pattern in the last couple of months). MLS reads:
Miami’s FINEST Full Service Boutique Bldg! Only 67 units S.of 5th Street! Highest Floor Available in “02″ w/11′ deep & 1000 sq.ft.Sunrise/Sunset Terr. w/floorthru views of Bay, Ocean & City. Only unit w/outdoor shower!Unit has double the Low Voltage Lighting Package & Upgraded Stone throughout. Outdoor Summer Kitchens; 2.5 Car enclosed garages w/AC; Resort-like pool deck,spa & fitness ctr. w/Sunset Views & Lush New State Park all by Yabu & Pushelberg Design Team.White-glove Concierge Services
Features:
- 3,100 square feet of living space
- built in 2008
- 2 parking spaces
- 3 bedrooms / 3 bathrooms
- 1000 square foot terrace
- outdoor Summer kitchen
- Monthly maintenance = $3778
April’s Third Most Expensive Miami Beach Condo Sale
The Setai – 101 20th St #A – Miami Beach, FL 33139
Listed for $5,500,000 and sold for $4,000,000 on 4/01/2010
The Setai is the epitome of luxury, amenities and pampering and although the photos of this raw unit will not say much to most of you, it’s a gorgeous blank canvas for any architect. All you need is a little imagination and a bit of cash to make this space spectacular – I’m sure the lucky buyer will do just that. You may even be thinking, “wait, you can’t finance that place” – truth is, most of these sales are cash deals….no worries about Fannie Mae or Freddie Mac in this market. MLS description reads as follows:
Great opportunity to own big space with direct ocean views at The Setai. Sold raw or with The Setai’s famous architect plans. Plans are for a three bedroom unit with a 20 foot ceiling direct ocean view living area. Three balconies: northeast corner, southeast corner and direct south. Opportunity to build out to your taste.
If only The Setai and The W would get together and do something about that ugly Days Inn they have in between them, it would make The area of The Bass Museum and Barclay Plaza so much more pleasant.
Features:
- 2,305 square feet of living space
- built in 2004
- 3 bedrooms / 3 bathrooms
- 1 parking space
- direct ocean views / ocean front condo
- monthly maintenance = $4846
**all information obtained from the SouthEast Florida Multiple Listing Service**
Miamism in Forbes – Miami Beach best city to quit renting a buy a home
April 22, 2010
Forbes recently reached out to us to learn how renting compares with buying in the Miami Beach luxury real estate market. A question often asked by investors looking to buy a Miami Beach home or condo and an answer that is studied regularly and in depth by our in-house accountant and numbers specialist, Rick Garcia.
Best Cities to Rent And Own – was aimed at learning how numbers add up in 10 big U.S. cities and although we are not going in depth about the rest of the country, this is what Forbes has to say after Miamism’s research:
Is it smarter in your town to buy or rent? In markets where homes cost more than around 18 times annual rents, it’s smarter to lease. To gauge the economics of buying vs. renting in upscale areas of 10 big cities, we developed the Forbes Luxury Residence Rental Index, or Flurry. Data is provided by local agents specializing in high-end rentals. We will update the figures periodically, courtesy of data provided by Zillow.com.
Neighborhoods: Miami Beach, Coral Gables, Pinecrest
Average rent: $12,760 per month
Average fair-market value: $2.8 million
Conclusion: Prices are down but still 19 times annual rents. Advantage tenants.
For beleaguered Miami the news is mixed. Hardest hit of all the big housing markets in the U.S., logic would have it that Miami is a buyer’s paradise. In truth, it’s often cushier to be a renter there. Condo investors have dumped their homes onto the rental market, creating a glut. That has constrained the supply of for-sale homes, and the cost of buying a luxury home in Miami Beach can still top 20 times annual rent. In other cases, rents remain stubbornly high. The two agents we’re working with in Miami each report that some homes can be purchased for as little as 12 times annual rent–a bummer if you’re renting.
For those of you that keep calling us expecting a 15% cap rate on your investment – think again!!! Bottom line is that the rental market is saturated and you do run the risk of having a vacant investment.
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.
7 things to consider when buying a Miami Waterfront Home
August 2, 2009
If you are buying a Miami Beach waterfront home, you are likely to have a boat or will be considering a boat in the near future. We are constantly asked a number of questions regarding waterfront purchases and Rick and I decided to write a list of 7 important factors to consider when buying a waterfront home in Miami Beach.
Condition of Sea wall - It is important for anyone buying a waterfront property to get a seawall inspection by a structural engineer or a seawall specialist. Inspections should include not only the actual seawall but also settling cracks within the main house, patios and pool as well as dock areas. Because most canal systems in Miami and Miami Beach are artificially made or made with landfills, the integrity of the seawall could ultimately determine the integrity of the structure of the home. Doing a visual inspection of seawalls of adjacent properties is also recommended in order to avoid future settling.
Type of waterfront property – If you look at an aerial view of Miami Beach, you will notice that there are numerous types of waterfront properties: lakes, rivers, canals with direct ocean access, canals with fixed bridges, canals with no ocean access, non-navigable canals, and bayfront homes, to name a few. Depending on the type of boat you have, you will need to consider fixed bridges (clearance heights), depth of canals, and proximity to bay and or ocean access.- There are several waterfront communities in Miami Beach that have direct ocean access but you have to navigate at idle speed for miles which can mean being on your boat for a couple of hours before you can really do some boating.
Boat Dock – it is important to inspect not only the condition of an existing dock, but also if the type of dock can accommodate your boat. There are a lot of canals in Miami with natural coral sea walls and no docks – you may not want to dock your boat next to natural coral. If there is no dock on the property, it may be a good idea to contact DERM (Department of Environmental Resources Management) about what kind of dock they will allow in a particular canal. DERM may even send an inspector out to the property in order to make recommendations.
Davits and/or Boat Lift – depending on the size of the boat, most boat owners will not keep the vessel inside the water and use davits and/or boat lifts to raise the boat out of the water while not in use. Whichever your choice, make sure to inspect existing davits or make sure the existing seawall can accommodate a boat lift of your choice.
Protection from the elements - Bayfront homes are obviously the most desired type of waterfront property but can also leave your property very exposed to the elements (weather and hurricanes). Canal front properties are said to protect not only your house but boats as well in case of increment weather. This doesnt mean that you should not purchase a bayfront home, it means you should consider location when purchasing.
Location of home within a canal – because of the intricate design of canals in Miami and Miami Beach, some canals may be comparable to dead-end streets. These canals, depending on currents and wind may accumulate debris and garbage that can become a nuisance. If a property is located at the end of a dead-end canal, make sure you ask about accumulation of debris throughout the year.
Insurance Costs – just keep in mind that property insurance costs will be higher for waterfront homes, especially open bay properties.There is nothing like owning a waterfront home in Miami Beach. To be able to enjoy our beautiful weather as well as the views is priceless and it is what makes Miami Beach Waterfront Real Estate so unique.
Miami Beach Luxury Real Estate – Sunset Islands
July 21, 2009
This may sound a bit out there, but there is a reason why the Sunset Islands in Miami Beach were named that way… imagine catching perfect sunsets every evening from your backyard? This property is located on Sunset Island IV (which is the least chic of the 4 Sunset Islands according to many, but at least this home sits on the “good side” of the island and with perfect views of the bay with a bit of protection from the elements). Before you jump down my throat about my political incorrectness – the South side of Sunset IV faces condos and is a narrower canal, thus my statement. It’s tough to dump a couple of million dollars on a house that faces a bunch of condos. This house, on the other hand, sits on the North West end of the island, with flawless views.
1649 W 22 Street – Miami Beach, FL 33140
Listed for $5,875,000
The Deco House sure has some history and has had a great deal of celebrities through its doors. One thing is for sure, it is in need of some updating – starting from the floors, handrails and giving the overall house a nice face-lift – but it does not take away the fact that the house is spectacular, starting from it’s 20,000 square foot piece of property in Prime Miami Beach Real Estate. The home has been listed since May of 2009, with a starting price of $6,150,000. The MLS description reads as follows:
This home is known locally as the Deco House and one of the most beautiful homes on the Beach. Prior to the current owners, this is the home that such famous actors as Jennifer Lopez, Sean Combs, and Will Smith have rented while visiting South Beach. It has such a beautiful setting that it has also been used in many magazine layouts. Built in 1987, the Deco Home has solid cement floors and is extremely well constructed. The main room has soaring 18 ft. ceilings and a glass staircase.
Property Features:
- 5,000 square feet of living space
- Built in 1988
- 5 bedrooms / 4.5 bathrooms
- 19,812 square foot lot
- 3-car garage
- waterfront – no fixed bridges to ocean
- private dock
- pool
- private sunsets
- Terrazzo, tile, marble and wood floors
- media room
- Sunset Island Number 4
**property information courtesy of South East Florida Multiple Listing Service and Addvantage Real Estate Services **
Miami Beach Mansion destroyed by Fire
July 19, 2009
Friday Morning I woke up to news on Twitter that a Miami Beach Mansion was on fire. After getting a link to CBS4News I could recognize one of the dragons from the roof top flames and new immediately it was “The Castle“. There is a lot of hearsay about the house being abandoned and even in foreclosure. What I know is that it was listed on the Multiple Listing Service (MLS) for $6,900,000 and does not show as a bank owned property. The MLS description reads as follows:
Spectacular North Bay Road “Castle” with unique Architectural design features amazing downtown views! This property offers billiard room, home theater, and separate gym, indoor and outdoor pools with professional landscaping. This 10 bedroom, 7.5 bath residence boasts unforgettable city and bay views! Property is in need of restoration renovation. Excellent dockage for a large boat
Talented local photographer and friend, Tanya Diaz, had documented The Castle a few weeks before and you can see the amazing photos at AbandonedMuse.com – I am so glad she was able to capture the essence of the place before it was all lost to fire.
The Miami Herald states the following:
An abandoned mansion in Miami Beach once owned by the Windjammer Barefoot Cruises family was destroyed by fire Friday morning.
Firefighters received a call at 8:09 a.m. about the fire at 4462 N. Bay Rd., north of Mount Sinai Hospital.
The house was once owned by the owners of Windjammer Barefoot Cruises, a longtime family business born after a night of drinking in 1947. Michael Burke woke up the next morning and found himself the owner of a $600 sailboat he named the Hangover. Capt. Mike Burke’s six children were later involved in the business.
The company later went through financial troubles and in 2007, president Daniel Burke checked into a cheap hotel and died after a night of cocaine, Xanax and beer.
The remnants of the business went to auction last year.
Burke was living alone in the house in March 2007 when he sold it for $7.6 million to Antonio Rodriguez.
4462 N Bay Road – Miami Beach, FL
- Listed for $6,900,000
- 11,146 square feet of living space
- Built in 1925
- Lot size 145 X 175 – 25,425 square feet with 145′ of water frontage
- 10 bedrooms / 7 bathrooms / 1 powder room
While standing there on our boat looking at the remains of The Castle, I felt a bit melancholic. How many times did we show this property to people visiting Miami as the perfect representation of eccentricity? You could smell the ashes and could still see smoke coming from the remains. It was a Miami Beach Landmark and I’m sad to see it gone.
Miami Beach Luxury Real Estate – North Bay Road
May 28, 2009
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
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 Miami Beach 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.
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. **