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**

Not all Miami Beach Waterfront homes are created equal

Miami Beach locals seem to understand that not all Miami Beach waterfront real estate is the same, but instead of assuming, I decided to do a brief synopsis of the different types of waterfront homes in Miami Beach. Many relocating to South Florida think waterfront means “beach-front” – you have no idea how many calls we get from Europeans wanting a beachfront home when they really mean canal-front. It has to do with knowing the local landscape and also language idiosyncrasies – the type of waterfront has obvious implications on the price.

Miami Beach ocean-front homes

There are not many oceanfront Miami Beach homes – it is PRIME real estate! This type of waterfront real estate is the most exclusive and most expensive for obvious reasons (nothing like the Atlantic Ocean as your backyard)- A few beachfront homes can be found in a very small residential pocket South of Surfside called Altos del Mar and also Golden Beach – where the oceanfront homes will be everything but modest- talk about Miami Beach Luxury Real Estate! Otherwise, all other beach-front or ocean-front real estate will be condos.

Miami Beach Bay-front homes

The next best thing from beachfront is bay-front since you will have open bay views and more privacy (literally no rear neighbor and open bay views from your backyard). Miami Beach Bay-front homes are also not all created equal. The only down side is the lack of protection from the elements, but that’s what insurance, good construction and proper weather preventive methods are for.

Miami Beach Canal front homes

There are many types of canal-front homes in Miami Beach. Pricing of these will take into consideration many factors including: location of canal, type of canal, size of canal, location of home within the canal, etc.

• Wide canals

This is when the home is located on a canal but the the canal is wide and homes still have privacy – examples of these are homes on the South side of Hibiscus Island or North side of Palm Island, The Venetian Islands or Surprise Lake in Miami Beach.

• Narrow canals

The word says it – you can see your neighbor across the canal, privacy is limited since you usually would have a fence and landscaping separating a backyard neighbor – in this case, you would have the canal and in many instances could see right in their backyard or home. This does not mean that canal-front homes are bad by any means, it just explains that there are many considerations when buying waterfront properties.  Other factors to consider with regards to canal-front properties are:

• navigable – if you have a boat, this is a good question to ask – some canals do not allow boats, others don’t have access to the ocean

• no fixed bridges – canal-front properties with direct ocean access and no fixed bridges are more expensive.  If you are contemplating buying a property and you know there are fixed bridges and you have a boat, make sure you know what the clearance of those bridges are in high tide to make sure your boat will be able to go through.

• deep canals – many canals are deep and can accommodate sail boats – if you are a sailor and want to purchase a canal-front home, you need to make sure the canal is deep enough for the draft of the boat.

• debris – some canals have dead ends and they have a tendency to collect debris which can often be an eyesore or even worse, bring a horrible smell.

More food for thought:

Location of the property – If you are a boater and hate idling in the no-wake zones for an extended period of time, consider where, within the intricate canal infrastructure of Miami and Miami Beach, the property will be located. Golden Beach and Eastern Shores for example has a long trajectory from their waterfront homes to the open bay and ocean where you can really crank up the engines and go at a descent speed – the same thing happens at Coral Gables. If you are a true boater, it would be a good idea for you to navigate those canals first.

Seawall and Condition – knowing a seawall can cost up to $1000 per linear foot – you should inspect the seawall with a good professional and possibly structural engineer.  Don’t discard Natural Coral Seawalls, they are known to have very strong structural qualities – but don’t take my word for it, ask any Structural Engineer.

Type of dock DERM will allow – looking at the adjacent neighbors’ docks usually gives you a good idea, but don’t always trust that – their dock may be “grandfathered in” or have some special circumstances that you don’t know about. Rule of thumb is that you can usually build a dock out 20% of the width of the canal, bay-fronts all have different requirements. A DERM inspector will sometimes be willing to visit the property prior to you buying the property, to assess it.

If you thought the Miami Beach Waterfront real estate market was not intricate, think again!

*original article posted February 28th, 2009*

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.

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.

Not all Miami Beach Homes are created Equal

Miami and Miami Beach locals seem to understand that not all Miami Beach waterfront real estate is the same, but instead of assuming, I decided to do a brief synopsis of the different types of waterfront homes in Miami Beach and Miami. Many relocating to South Florida think waterfront means “beach-front” – you have no idea how many calls we get from Europeans wanting a beachfront home when they really mean canal-front. It has to do with knowing the local landscape and also language idiosyncrasies – the type of waterfront has obvious implications on the price.

Miami Beach ocean-front homes

There are not many oceanfront or beachfront homes in Miami Beach – it is PRIME real estate! This type of waterfront real estate is the most exclusive and most expensive for obvious reasons (nothing like the Atlantic Ocean as your backyard)- A few beachfront homes can be found in a very small residential pocket South of Surfside called Altos del Mar and also Golden Beach – where the oceanfront homes will be everything but modest- talk about Miami Beach Luxury Real Estate! Otherwise, all other beach-front or ocean-front real estate will be condos.

Miami Beach Bay-front homes

The next best thing from beachfront is bay-front since you will have open bay views and more privacy (literally no rear neighbor and open bay views from your backyard). Miami Beach Bay-front homes are also not all created equal. You will find these in the Miami Side as well as the Miami Beach side. The only down side is the lack of protection from the elements, but that’s what insurance, good construction and proper weather preventive methods are for.

Miami Beach Canal front homes

There are many types of canal-front homes both in Miami Beach and Miami. Pricing of these will take into consideration many factors including: location of canal, type of canal, size of canal, location of home within the canal, etc.

• Wide canals

This is when the home is located on a canal but the the canal is wide and homes still have privacy – examples of these are homes on the South side of Hibiscus Island or North side of Palm Island, The Venetian Islands, Surprise Lake in Miami Beach, or Sabal Lake in Bay Point.

• Narrow canals

The word says it – you can see your neighbor across the canal, privacy is limited since you usually would have a fence and landscaping separating a backyard neighbor – in this case, you would have the canal and in many instances could see right in their backyard or home. This does not mean that canal-front homes are bad by any means, it just explains that there are many considerations when buying waterfront properties. Other factors to consider with regards to canal-front properties are:

• navigable – if you have a boat, this is a good question to ask – some canals do not allow boats, others don’t have access to the ocean

• no fixed bridges – canal-front properties with direct ocean access and no fixed bridges are more expensive. If you are contemplating buying a property and you know there are fixed bridges and you have a boat, make sure you know what the clearance of those bridges are in high tide to make sure your boat will be able to go through.

• deep canals – many canals are deep and can accommodate sail boats – if you are a sailor and want to purchase a canal-front home, you need to make sure the canal is deep enough for the draft of the boat.

• debris – some canals have dead ends and they have a tendency to collect debris which can often be an eyesore or even worse, bring a horrible smell.

More food for thought:

Location of the property – If you are a boater and hate idling in the no-wake zones for an extended period of time, consider where, within the intricate canal infrastructure of Miami and Miami Beach, the property will be located. Golden Beach and Eastern Shores for example has a long trajectory from their waterfront homes to the open bay and ocean where you can really crank up the engines and go at a descent speed – the same thing happens at Coral Gables. If you are a true boater, it would be a good idea for you to navigate those canals first.

Seawall and Condition – knowing a seawall can cost up to $1000 per linear foot – you should inspect the seawall with a good professional and possibly structural engineer. Don’t discard Natural Coral Seawalls, they are known to have very strong structural qualities – but don’t take my word for it, ask any Structural Engineer.

Type of dock DERM will allow – looking at the adjacent neighbors’ docks usually gives you a good idea, but don’t always trust that – their dock may be “grandfathered in” or have some special circumstances that you don’t know about. Rule of thumb is that you can usually build a dock out 20% of the width of the canal, bay-fronts all have different requirements. A DERM inspector will sometimes be willing to visit the property prior to you buying the property, to assess it.

If you thought the Miami Beach Waterfront real estate market was not intricate, think again!

Filed Under Blog · 1 Comment