Miami Beach Waterfront Homes sold in 2011

There are 165 Miami Beach waterfront homes for sale right now ranging from a $399,000 North Beach home on Hawthorne Avenue (outside Biscayne Point Island), to a $35 Million Star Island Mansion.  Although the private island of Indian Creek is not considered Miami Beach, we can’t forget the $60 Million property for sale there … which is the most expensive home listed in South Florida to date.

Miami Beach waterfront homes are well-known throughout the world and offer unparalleled distinction, but not all Miami Beach homes were created equal – desirability has to do with location, condition of the property, size and views.  We will give you a break down of all the homes that were sold this year per island in order to be able to differentiate and understand pricing throughout Miami Beach.

The formula to understanding the Miami Beach waterfront home market is knowing that no matter what the comps are, most buyers are cash buyers and price is determined mostly by desirability of the property, not so much by how much other comparable homes have sold for. This is a total anomaly and difficult for a lot of buyers to understand, especially if you are looking to upgrade from a non-waterfront home, or are ready to make the switch to this very desirable lifestyle.

The Median Listing price for a Miami Beach waterfront home is currently $4.7 Million.  And if you are not convinced that this real estate sector is hot, out of the 165 homes listed for sale, only 2 are distressed (both are short sales – one in Normandy Island and the other one in Mid-Beach).

There were 100 Miami Beach waterfront homes sold in 2011.

Star Island Home Sales

4 Star Island waterfront homes sold – averaging $1,137 per square foot with the highest sale at $25.5 Million for the house located at 13 Star Island Dr – with 15,000 sf of living space, 8 bedrooms, 40,000 sf lot and 100 feet of water frontage.

Palm Island Home Sales

2 Palm Island homes sold on the water -  highest sale at $14.2 Million for the house located at 94 Palm Avenue with over 14,000 sf of living space, 8 bedrooms and 200′ of water frontage.  The average price per square foot for Palm Island homes coming in at $912.

Hibiscus Island Home Sales

5 Hibiscus Island homes sold on the water – price ranging between $1.9 and $9.35 Million.  The highest sale of $9,350,000 was for the home designed by Oppenheim, located at 40 S Hibiscus, with 8,000 sf of living space, 24,000 sf lot, 8 bedrooms and 120′ of water frontage. The average price per square foot in Palm Island was $740.

Venetian Islands Home Sales

There were 18 Venetian Island waterfront homes sold – prices ranging between $1.595 Million to $5.5 Million, with an average price per sf of $692.  The highest sale was for the unfinished construction at 1429 N Venetian Wy, with over 13,000 sf of living space, 26,764 sf lot, 8 bedrooms and 200 feet of water frontage

Sunset Islands Home Sales

There were 6 Sunset Island homes sold on the water – prices ranging between $2.4 million and $19.9 Million.  The average price per sq.ft. coming in at $924.  The highest sale was a historically significant home designed by Maurice Fatio at 1736 W 28th St, with 70,885 sf of land, over 11,000 sf of living space, 7 bedrooms and 453 feet of water frontage!

North Bay Road Home Sales

There were 10 North Bay Rd waterfront homes sold this year.  Their prices ranging between $1.55 to $15 Million and averaging $787 per sq.ft.  The highest sale was for the 13,000 sf home located at 4580 N Bay Rd, with over 24,000 sf of land, 8 bedrooms and 148 feet of open bay water frontage.

La Gorce Island Home Sales

There were 2 waterfront La Gorce Island homes sold.  One for $6.5 Million and the other for $11.6 Million and averaging $909 per sq.ft.  The highest sale was the ultra contemporary home at 94 La Gorce Cr with over 15,000 sf of living space, over 20,000 sf lot, 9 bedrooms and 120 feet of water frontage.

Allison Island Home Sales

There was one waterfront Allison Island home sold this year at 6475 Allison Rd.  The home has almost 5,000 sf of living space, over 21,000 sf of land, 5 bedrooms, 100 feet of water frontage and sold for $2.45 Million at $494 per sf… BARGAIN!! (even for a fixer upper).

North Bay Island Home Sales

There were no waterfront homes sold in N. Bay Island

Normandy Island Home Sales

There were 8 waterfront homes sold in Normandy Island, which historically, has been the least expensive waterfront real estate in Miami Beach.  They ranged in price between $770,000 and $2.6 Million for the bay front home located at 1800 Bay Drive – with over 5,000 sf of living space, 5 bedrooms, over 10,000 sf of land and 60 feet of water frontage.  The average price per sq.ft. in Normandy Island coming in at $437.

Biscayne Point Home Sales

11 Biscayne Point waterfront homes sold in 2011 ranging between $385,000 for a foreclosure, to $1.15 Million for the home located at 7972 Biscayne Point Cr.  This home has over 4,000 sf of living space, 5 bedrooms, 12,150 sf lot and 100 feet of water frontage.  The average price per sq.ft. in Biscayne Point coming in at $219.

Stillwater Island Home Sales

12 Stillwater Island waterfront homes sold ranging between $550,000 for a foreclosure, to $1.7 Million for the home at 1481 Stillwater Dr – with 2,800 sf of living space, 4 bedrooms, 7,500 sf lot and 50 feet of water frontage.  The average price per square feet for Stillwater being $378.

Pinetree Drive Home Sales

There were 5 Pinetree waterfront homes sold ranging between $1.9 (for an unfinished abandoned construction home), and $6.5 Million.  The highest sale of $6,536,289 was for the mediterranean mansion located at 4855 Pinetree Dr, with over 10,000 sf of living space, almost 40,000 sf lot, 6 bedrooms and 100 feet of water frontage.  The average price per sq.ft. in Pinetree coming in at $660.

It is obvious that the waterfront housing market in Miami Beach improved by a landslide in 2011 and this is evidenced by amount of sales, decrease in inventory as well as decrease in distressed properties for sale.  There are still some areas like Biscayne Point and Stillwater that are not out of the water (pun intended), but this helps keep a balance with the rest of Miami Beach.  Here is a graph showing price per square foot in each of the islands, and as expected, Star Island is at the top with The Sunset Island and La Gorce Island following close behind.

What’s fortunate for everyone looking to buy or sell their Miami Beach waterfront property, is that because there have been sales, we now have real comps.  This means that buyers and sellers don’t have to pull numbers out of their imagination but have real numbers to base their decisions on.  Granted….in our Miami Beach Luxury real estate market, this doesn’t mean much, great homes many times sell for unfathomed prices just because they are fabulous.

I’ll end this report with last years’ quote,

As much as I hate scripts and we’re taught to say “a home is worth what a buyer is willing to pay and a seller is willing to accept”…it could not be more true when it comes to Miami Beach Homes, especially when dealing with waterfront homes

Miami Mod Homes – July 2011 issue

There are Miami Beach homes and then there are Miami Beach Modern Homes!  Yes we like Mediterranean homes or Spanish revival homes, but the HOT ones are definitely Miami Mod Homes.  Every once in a while I’ll share an interesting modern home for sale in Miami Beach and give you my architectural take on it.  Architecturally relevant real estate is my forte after all.

Miami Beach Mod Home at 1121 N Venetian Drive

listed for $3,899,999

This home reminds me of Miami Vice meets Charlie’s Angels.  It was built in 1949 and has great mid-century modern details with some over the top changes through the years which makes it soooo Miami.  It’s located on Biscayne Island (the western-most of the Venetian Islands), with awesome bay views.  The selling description is right on (except for the usual exaggerations, like “best properties in Miami”:

Located on Biscayne Island, one of the 6 historical Venetian Islands of Miami Beach, this beautiful 5 BR, 4 Baths estate boast one of the finest wide bay views in all of Miami with 105 ft of waterfront, this 14,000 sq ft pie-shaped lot is one of the best properties in Miami.  The feeling inside this unique home is bright and airy with soaring ceilings and high glass windows extending to the ceiling and panoramic wide bay views from every room.  Furnished by Eclectic Elements eemiami.com

“Unique” feeling inside is an understatement, but this is one of those Miami Jewels that needs to get in the right hands to be able to shine.

Things I would change are the shiny marble floors from the 80′s….some polished concrete or limestone would look hot although buffing out the marble to a flat finish could do the trick.  The eclectic column treatments are a bit much for me, slick thinner white columns would solve the problem (or maybe we would be lucky to find the typical 50′s narrow steel columns!).  the stair glass detail is horrid IMHO (<that’s “in my humble opinion” for the txt challenged), but we’re in Miami, which means anything goes!

Positives:  take a look at that ceiling height! and at the double height windows!  The framing of the views is fantastic and the levels to separate spaces is just what the doctor ordered.

The kitchen is OK, at least the cabinets and hardware are modern but the black granite….UGH! Nothing a gorgeous glass counter-top can’t fix though.  Notice the old tv cabinet in the top photo….do they still make those?

The Master bedroom is da’ bomb! great size, gorgeous dark wood floors and those humongous high-hats from the 90′s (I would change those to the tiny halogen ones).  The bathroom…..well……there’s no disguising that one – total redo!!  Unless of course you are into the whole Home Depot effect (no offence to Home Depot).

The exterior is almost flawless and think about it, it’s all about the views, right?  This house has that and more.  Maybe I’m not into the kidney shaped pool or the decking choice, but the balcony railings are a perfect choice and the fact that you have a covered porch area makes the space livable and perfect for Miami.

So if you have $4 Million in your pocket and think that you’ll find the “perfect” Miami Beach home for you that will need no work, think again.  You will always have to make some changes and in the case of this house, the biggest change will be the bathrooms, everything else is smaller aesthetic details that won’t bring you over budget.

Top 3 Most Expensive Miami Beach Homes sold in April 2011

There were 19 Miami Beach homes sold in April of 2011 compared to 32 sales the previous month. Sales prices ranging from $190,000 for a short sale in the North Beach area, to $5.74 million for a North Bay Road open bay beauty mentioned below.  April’s sales were impressive because more than half of them were over $1 million, which means the luxury market is catching a well deserved break.  The distressed market continues to decrease and when good properties come up, they are snatched up for top dollar, not the believed “bottom feeder” prices.

April’s Most Expensive Miami Beach Home Sale

5380 N Bay Rd – Miami Beach, FL 33140

Listed for $5,900,000 and sold for $5,740,000 on April 27th, 2011

Another North Bay Road Home sold in April.  This one a 6,432 square foot bay front beauty with an inviting Spanish Colonial flair – surrounded by loggias, balconies and courtyards that become so perfect for our South Florida weather.  The inside a bit dated with maybe a bit too much wood-work, but nothing that can’t be salvaged.   It had been on the market since November of 09 with a starting price of $10.5 million.  and after several price reductions, finally sold at almost 1/2 the original listing price.  The marketing description simply read:

Best Deal on North Bay Road Wonderful Open Bay View home. State of the art kitchen appliances, with granite countertops and exquisite wood cabinetry. High ceilings; inviting courtyard; custom made exotic double aquariums in the family room. Marble and wood floors throughout the house.  Has been rewired with Creston and Lutron technology. It is ready to move in.

Features:

• 5 bedrooms / 5 bathrooms / 1 half-bath
• built in 1934 – remodeled
• 6,432 sf
• 12,759 sf lot (79′ X 161′)
• 80′ of water frontage (open bay)
• private dock
• pool
• 2-car garage

April’s second Most Expensive Miami Beach Home Sale

5150 N Bay Rd – Miami Beach, FL 33140

Listed for $5,490,000 and sold for $4,568,520 on April 26th, 2011

Not my favorite type of architecture (I call it butchered mid-century – but I’m not the one that has to like it).  This 1954 North Bay Road home was obviously added on to and re-built through the years with a sort of 80′s look to it, but over 100′ of open bay water frontage with is priceless.  It was listed on September 2010 and was under contract by November and then under contract again in March of 2011.  Making this Miami Beach Luxury home a quick seller, considering average time on the market passes the 1 year mark.  The marketing description reading:

Breathtaking Bay Views from this exclusive N Bay Rd residence. 6,360 sf , 6 bed , 6 1/2 bath……18,585 sf of land. 105 feet of water frontage. Private Boat Slip is grandfathered in and can not be duplicated. Very rare and valuable. New Electric, new security system. Brand new massive sliding doors for back of the house, creating flow thru right to pool and bay. Best priced of all its closest comps (6000-7000sf houses) on N Bay Rd.

Features:

• 6 bedrooms / 6 bathrooms / 1 half-bath
• 6,360 sf
• built in 1954 – butchered remodeled
• 18,585 sf lot (105′ X 177′)
• 105′ of water frontage (open bay)
• 2-car garage
• private doc
• pool

April’s Third Most Expensive Miami Beach Home Sale

1337 N Venetian Wy – Miami Beach, FL 33139

Listed for $4,500,000 and sold for $4,100,000 on April 28th, 2011 as a short sale

Impeccable Contemporary Miami Beach home on San Marco Island in the Venetians.  Not my favorite of the Venetian Islands but gorgeous home nevertheless.  The home shows an original listing price of $6.9 million back in June of 09 with several pending contracts as well as price reductions and finally selling at $4.1 million which is an amazing purchase for 70′ of open bay frontage and new, modern constructions.  It was marketed as:

SHORT SALE! Located on picturesque Venetian Island, this 2-story, impeccably done, contemporary masterpiece offers breathtaking, wide open, unobstructed bay views. Enter through the artistically designed gate that leads into a perfectly manicured courtyard. The finishes, architectural design and lighting are brilliantly orchestrated.  All bedrooms have their own bath & built-out closets. The master bedroom has his/her closets and a state-of-the-art master bath. Separate guest hse & separate 2-car gar

Features:

• 6 bedrooms / 7 bathrooms
• 5,859 sf
• built in 2007
• 12,250 sf lot (70′ X 175′)
• 70′ of water frontage (open bay)
• private dock
• pool
• separate guest house
• separate 2-car garage

**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*

Venetian Island Home reduced – Miami Beach Luxury Real Estate

This Miami Beach Luxury home  is located in Miami Beach at San Marco Island, one of the Venetian Islands. This residence was built new in 2003 and is a contemporary gem with over 100′ of water frontage and sits on a 13,382 square foot lot.

1215 N. Venetian Way – Miami Beach, FL 33139

An architectural waterfront gem on 105 feet of direct bay frontage. This 7 bedroom, 6.5 bathroom residence is all about simplicity, beauty and serenity. 2-story contemporary architecture featuring a unique open-concept design inclusive of a great room, living room, dining room, music room, and game areas unified by polished natural stone, soaring ceilings and 30 feet high glass walls; a gourmet kitchen, wood floors, see-through walk-ways, stainless steel, Onyx walls, negative edge black bottom pool.

UPDATE:  New Agent, New Price, New Description

Architectural gated waterfront 105ft direct city/bay views, 7 bed, 6.5 bath composition, simplicity, beauty, serentity,two-story contemporary residence,unique open-concept design, great room, living, dining, music,game areas unified by polished natural stone, soaring ceilings 30 ft glass walls,gourmet kitchen, wood floors, see-through walkways, stainless steel, onyx walls, negative  edge, black bottom, infinity heated pool roof-top terrace with 360 views. 14,000 Sqf Lot. Furnished by eemiami.com

Offered at $7,900,000 $7,850,000

Features include:

• 7 bedroom / 6.5 bathrooms

• 7,653 square feet of living space

• 2-car garage

• Built in 2003

• Private Dock

• 13,382 square foot lot

• 105 feet of direct bay frontage

• Negative edge pool

• Property located in City of Miami

**property information courtesy of South East Florida Multiple Listing Service and Campins Company LLC , BANK PLUS REALTY, INC.** (originally posted on May 20th, 2008)

2009 Miami Beach Home Sales for The Venetian Islands

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.

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.

**UPDATE** There were no sales in The Venetian Islands in the month of December which makes this real estate market report the FINAL one for 2009**

2009 Venetian Islands Home Sales

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.