March’s Most Expensive Miami Beach Home Sale

270 Hibiscus Island – Miami Beach, FL 33139

Listed for $3,490,000 and sold for $2,850,000 on March 19th, 2010

The buyer of this home walked away with a great home and an amazing view.  The first time I saw this house there was an Aston Martin in the garage and we asked the listing agent if that could be included as an incentive (my joke was not received well….lighten up people!).  Great common areas, tons of intricate but not too ornate mill work, beautiful kitchen and nice sized bedrooms.  (The Faux painting was a bit too much for me….but nothing a little paint couldn’t solve).  This home was on an off the market and was originally priced at $4.69 million in 2006 with several reductions along the way. Here’s the MLS screaming in all CAPS description:

EXQUISITE WOOD FINISHES, BUILT INS, EMBELLISHED FAUX WALLS, PROFESSIONALLY DECORATED AWARD WINNING HOME, 16′ CATHEDRAL WOOD CEILING IN LIVING ROOM,FORMAL DINING WITH COFFERED CEILING, SPACIOUS OPEN FAMILY MEDIA INCLUDES GOURMET KITCHEN, GRANITE COUNTERS, LARGE WET BAR, STAIN GLASS WINDOW. MASTER WALK IN CLOSET DRESSING AREA, LUXURIOUS BATH, AUTOMATIC GENERATOR, SURROUND SOUND, JERUSALEM STONE FLRS, THEATER, OFFICE , IMPACT RESISTANT GLASS FRONT AND BACK, SHUTTERS ON SIDE.

Features:

• 4,256 square foot home on 10,500 square foot lot
• 60 feet of water frontage (60′ X 175′)
• 3 bedrooms / 3 bathrooms / 1 half bath
• pool
• 16′ cathedral ceilings
• 2-car garage
• built in 1954
• Jerusalem Stone Floors
• Impact resistant windows on front and back

March’s Second Most Expensive Miami Beach Home Sale

2549 Sunset Drive, Miami Beach, FL  33140

Listed for $2,300,000 and sold for $2,050,000 on March 18th, 2010

Florida Vernacular Influence in this Sunset Island 2 home.  No expense spared and sitting on a comfortable 12,500 square foot lot.  It’s neighboring properties are going in excess of $4 Million, so here’s a little jewel sitting amongst big timers and has certainly nothing to be ashamed of.  This is also evidenced in how quickly it sold.  Listed on February 1, 2010 and was under contract in one week!  MLS description reads:

Fabulous pool home situated on Sunset Island II across from the park. Fine hardwood floors throughout, 2-story foyer, living room with fireplace, formal dining room, theater room, wood paneled library, gourmet island kitchen with professional appliances & breakfast area. Family room opens to covered covered loggia with summer kitchen; surround sound, heated pool, master suite w/marble bath & walk-in closet, large sundeck, maid’s quarters, lush landscaping, converted garage, corner lot.  Gated community.

Features:

• 4,455 square feet of living space
• built in 1975
• 4 bedrooms / 5 bathroom
• 12,500 square foot lot
• Summer Kitchen
• pool
• maid’s quarters
• lush native landscaping

March’s Third Most Expensive Miami Beach Home Sale

2820 Lake Avenue, Miami Beach, FL 33140

Listed for $2,290,000 and sold for $2,115,000 on March 26, 2010

Here’s an immaculate house on a dry lot not just in the Sunset Islands, but in Sunset Island I, which is the most sought out of the 4 islands.  This house has the works:  limestone floors, electric shades, steam room, 2-car garage and is designer decorated which makes it even more impressive.  Some may think that it would still be “the ugly duckling” of the island, figuratively speaking because of the multi-million dollar residences that surround it, but that’s for you to judge.  The house was originally listed for $3.45 Million in September of 2007 with a price reduction to $3.45 Million in January 2009 – closed for $2.115 Million on March 26, 2010 and already listed for $3,000,000 – Maybe someone can make a quick buck and flip this property….we will find out soon.  The MLS description reads:

Spectacular “Smart House” in Gated Miami Beach Community: Sunset Islands.  Exquisitely updated including beautiful Limestone, dark hardwood floors and impact glass windows and doors throughout. Amazing Zen-like patio area featuring infinity edge pool with waterfall. Electric black-out blinds; state of the art technology with controlled sound, lighting, video and security cameras, full gym and steam room.

with new Listing description reading:

State of the art house in Sunset Island.  Spectacular patio with infinity edge pool and waterfall.  High end technology with high end domotics.  Spectacular dark hardwood floors and patio and pool area in lime stone.

FYI – Domotics is “home automation” (I confess I had to look it up myself)

Features:

• 4,717 square feet of living space
• 11,880 square foot lot
• 2-car garage
• 4 bedrooms / 4 bathrooms
• built in 1945
• “Smart House” with home automation
• Hardwood floors
• Impact glass doors and windows
• Infinity Edge Pool with waterfall
• electric black-out blinds
• gym
• steam room

**all information obtained from the SouthEast Florida Multiple Listing Service**[idx-listings zip=”33139″

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

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).

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 **