July’s Most Expensive Miami Beach Home Sale

1736 W 28 St – Miami Beach, FL 33140

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

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

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

Features:

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

July’s second Most Expensive Miami Beach Home Sale

94 Palm Av – Miami Beach, FL 33139

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

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

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

Features:

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

July’s Third Most Expensive Miami Beach Home Sale

5941 Pinetree Dr – Miami Beach, FL 33140

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

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

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

Features:

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

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

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.