June’s Most Expensive Miami Beach Home Sale

1410 W 25 St – Miami Beach, FL 33140

Listed for $5,499,000 and sold for $5,000,000 on June 7th, 2011

This home was featured in our Miami Beach Housing Report – first half of 2011.  Located on the South East corner of Sunset Island II, completely remodeled, meticulously landscaped and with 100 feet of water frontage.  The house was purchased for $6.5 Million in 2005 and sold at a $1.5 Million loss.  The selling description read:

GREAT MIAMI BEACH WATERFRONT ESTATE WHERE QUIET COLORS CREATE A BOLD IMPACT YET A RELAXED SENSE OF INDULGENCE. BEST DESCRIBED AS THE HOUSE THAT BECOMES YOUR HOME, THIS BEAUTIFULLY REMODELED FIVE BEDROOM, (WITH OPTION TO USE THE STUDY AS A SIXTH BEDROOM) AND SIX AND ONE HALF BATH ISLAND OASIS, EXUDES TRANQUILITY AWASH A SEA OF WIDE-OPEN SPACES, LUSH TROPICAL LANDSCAPING AND 100 FEET OF WATERFRONT FRONTAGE.  A STONE-THROW AWAY FROM THE OPEN BAY!

Features:

• 5,920 sf of living space
• built in 1955 and completely remodeled
• 100′ X 202′ LOT (20,200 sf)
• 5 bedrooms / 6.5 bathrooms
• 100′ of water frontage (no fixed bridges to bay)
• private dock
• heated pool
• Sunset Islands location
• 2-car garage

June’s second Most Expensive Miami Beach Home Sale

1601 W 24 St – Miami Beach, FL 33140

Listed for $4,250,000 and sold for $4,250,000 on June 8th, 2011

Another Sunset Island Home.  This on located on the North side of Sunset Island III, also with no fixed bridges to Biscayne Bay.  Completely renovated by Wallace Tutt on a 25,000+ lot with tennis court.  (I would have imagined Anna Kournikova in this house for sure).  The home was listed in March of 2001 and was under contract in one week!  The selling description reads:

Sunset Island #3 residence, completely and tastefully renovated by Wallace Tutt and featuring a lighted tennis court, separate guest house, pool pavilion. New dock and seawall, split bedroom plan with separate apartment. Quality finishes and lavish touches throughout. All newly installed appliances, electrical and plumbing systems, doors and windows, impact glass and much, much more. Never occupied since recently completed renovation, turn-key in every respect.

Features:

• 7,202 sf of living space
• 144′ X 175′ lot (25,200 sf)
• 5 bedrooms / 5.5 bedrooms
• built in 1937 and completely remodeled
• 144′ of water frontage
• private dock
• heated pool
• 2-car garage
• Sunset Islands location
• turn-key

June’s Third Most Expensive Miami Beach Home Sale

126 W San Marino Dr– Miami Beach, FL 33139

Listed for $3,999,000 and sold for $3,400,000 on June 24th, 2011.

Here’s the perfect example of how Venetian Island Homes are increasing in price like no other island in Miami Beach.  Spacious house with amazing views with tired finishes in need of updating – selling above $700/square foot.  Located on the West side of San Marino Island (South of the Venetian Causeway), with amazing views of The Miami skyline.   This home was listed in February of 2011 and was under contract in less than a month.  The selling description simply reading:

Located on the secluded southwest side of San Marino Island on the Venetian Causeway in Miami, discover this beautiful 2-story home on a manicured 15,750 square foot bayfront lot. The best bay and downtown Miami views. Huge backyard and separate guest apartment with kitchen.

Features:

• 4,472 sf of living space
• 90′ X 175′ lot (15,750 sf)
• built in 1937
• 4 bedrooms / 3 bathrooms
• 2-car garage
• 90′ of water frontage
• Venetian Islands location
• pool
• private dock

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

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**

2142 N Bay Rd – Miami Beach, FL 33140

Listed for $4,850,000 and sold for $4,000,000 on February 15th, 2011

Another Sunset Lake subdivision home sold! On North Bay Road just East of The Sunset Islands, this home is waterfront but not the usual open bay you expect from North Bay Road.  Here we have a 1925 home with a very traditional decor and sitting on a 20,000 square foot lot with 100′ of water frontage.  It was listed for $4,850,000 in January of 2010, taking over a year to sell.  This house would be considered a “fixer upper” in today’s Miami Beach home standards.  The MLS description reads:

Tranquil setting on sought after lower North Bay Road. Classic home on a large lot bordering 100 feet of soothing Sunset Lake waters. Expanded master bedroom, formal dining room, 5 bedrooms, 5 1/2 bathrooms, 2 car garage, separate staff bedroom with bath and a unique guest room with bath. Designated service entrance and a circular driveway. Perfectly located; walking distance to Lincoln Road shops, fine dining, and South Beach.

Features:

• 5,141 square feet of living space
• 20,000 sq.ft. lot (100′ X 200′)
• 1-car garage and circular driveway
• waterfront with 100′ of water frontage
• private dock
• 5 bedrooms / 5.5 bathrooms
• built in 1925
• 2-story Mediterranean revival home

February’s second Most Expensive Miami Beach Home Sale

5240 N Bay Road – Miami Beach, FL 33140

Listed for $4,900,000 and sold for $3,862,000 on February 4th, 2011

Mid-century modern home with wide bay views on North Bay Road.    Here we have a home with quite a listing history:  listed for sale and/or rent since 2006 with a starting price of $6,250,000 and rental of up to $25,000 per month.  It was reduced several times before finally selling last month.  MLS reading,

Impressive views of wide bay w/79 feet of prime waterfront.  Tall Cathedral beamed ceilings compliment the open floor plan. Floor to ceiling glass sliding doors allows the entire house to open to the backyard & pool w/ the Miami Skyline as your backdrop. 3 large “en suite” bedrooms & baths, new kitchen, updated baths and so much more.

Features:

• 4,915 square feet of living space
• 13,455 sq.ft. lot (79′ X 170)
• waterfront – open bay location with 79′ of water frontage
• built in 1958
• 4 bedrooms / 4.5 bathrooms
• 2-car garage and circular driveway
• private dock
• renovated bathrooms and kitchen

February’s Third Most Expensive Miami Beach Home Sale

441 E Rivo Alto Dr – Miami Beach, FL 33139

Listed for $3,349,000 and sold for $2,650,000 on February 15th, 2011

One of the highest Venetian Islands Homes sold in the past six months, selling over $920/sq.ft. where the average has been $600/sq.ft.  This 1947 home was totally remodeled in 2007.  Here’s what’s interesting – it was sold for $1,800,000 in October of 2010 and placed on the market just 2 weeks later at $3,349,000 before selling.  That’s a quick $850,000! not a bad deal at all for that seller.  MLS reads,

Modern three bedroom home completely renovated in 2007 with wide bay views. Renovation included all new plumbing, electrical, impact windows, roofing, air conditioning, and top quality Travertine flooring. Stunning European kitchen, viking appliances, luxurious bathrooms. The 13,382 square foot lot is pie shape with over 100 feet of water front. Relaxing pool area and rear patio for entertaining. Dock and boat lift. Gas pool heater and generator. This turn key property is easy to show.

Features:

• 2,871 square feet of living space
• 13,382 sq.ft. lot
• built in 1947
• renovated in 2007
• waterfront with private dock and boat-lift
• pool
• marble and hardwood floors
• circle driveway
• 3 bedrooms / 3 bathrooms

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

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.

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**

I have to admit that certain areas are seeing more movement than others, there are more buyers out there as well, but they are also a lot pickier and not as willing to pull the trigger as they have been in the past….even in the Miami  Beach Luxury real estate market.

The Link above will provide a list of all the closed home sales in Miami Beach over $1,000,000 this year.  The Average price per square foot for Miami Beach Luxury Homes is currently $542.00 – but I need to stress, as I always do, that generalizing whole real estate markets like this is never a good idea.  This number pulls North Beach and Star Island together, for example, which are not even close to being comparable areas – it also pulls dry lots and waterfront properties.

If you separate the different areas and do calculations by location, you get a better idea of what the real average price per square foot is.  Obviously, when there is only one sale, like Shaq’s house on Star Island – the average will not say much.

Also note that all the sales in La Gorce Island were all dry lots, so the $348 per square foot average will not even come close to a waterfront property on the island.  Similarly, some of the Pine Treearea sales were also dry lots, so comparing the average price to North Beach would be preposterous in my opinion.

Venetian Islands are down over $100 per square foot from last year – that should be a big eye opener to all those sellers that are not being flexible – some Realtors in the area keep giving a false sense of the market to their seller clients – please make sure you remain realistic….even in a recuperating real estate market.

6630 Sheffield Lane – Miami Beach

This 5 bedroom, 4 and a half bathroom home in La Gorce Island sold for $1,200,000 on May 21.  With 3,515 square feet of living space, a 13,124 square foot lot (dry lot) – selling at $341 / square foot.  This house was originally listed for $2,400,000 on September 2008 with several status changes since.  Here’s the MLS description:

Priced to sell!!!  This is hands down the best deal on exclusive La Gorce Island.  Spacious family home with great floor plan including large master suite + 3 spacious bedrooms + maids room.  Beautiful open kitchen, large screened pool/patio area, formal living and dining rooms, two car garage, all on pristine 24-hour guarded gate and patrolled La Gorce Island.  Hurry this wont last long at this price!

That’s a 50% reduction in 8 months!! Love when Miami Realtors say “priced to sell” …hmmm…as opposed to what?

795 Lakeview Drive – Miami Beach

Here’s another 5 bedroom, 4 and a half bathroom home in Lake View Heights in Miami Beach (the are just North of Surprise Lake in Mid Beach).  This 3,722 square foot home sits on a 17,204 square foot lot with amazing pool.  Originally listed for $1,795,000 on March 11th, 2009 – it sold in only a little over 2 months (May 28th) for $1,590,000.  That’s $427 / square foot.  Here’s the MLS description:

FINALLY! A fantastic Lakeview home with all the bells and whistles! HUGE lot with over 17,000 sq. ft. of gorgeous pool, patio, beach, and green space. This wonderful property has 3 bedrooms up and  2 down with hardwood and terrazo floors throughout. Gorgeous state of the art eat in kitchen, formal dining and living, and fantastic family room overlooking magnificent grounds. Light, bright, open, spacious, and ready to move in. Incredible home…Incredible location…Incredible Opportunity!

288 S. Coconut Lane – Miami Beach

Now HERE’s a house!  Modest 3 bedroom, 3 bathroom, 3,180 square foot home on Palm Island with direct bay views.  On a 14,000 square foot lot with 100′ of open bay frontage.  Selling on May 8th for $2,700,000.  Now this house has an MLS history and a half!  being on and off the market since 2001 but seriously “for sale” since August 2006 for $5,800,00 (sadly enough, if they would have priced more aggressively in 2006, they could possibly have made $1.5 to $2 million more….OUCH!). But still selling at $849 per square foot, which is the highest sale for May. Here’s the MLS description:

PRIVATE ISLAND GETAWAY. ENJOY THIS EXCLUSIVE WATERFRONT HOME ON A DOUBLE LOT, LUSH LANDSCAPING, 100 FT OPEN BAY ON GUARDED PALM ISLAND. STUNNING VIEWS OF DOWNTOWN AND PARADING CRUISE SHIPS. PRIVATE DOCK AND BOAT LIFT, 2 CAR GARAGE, SAUNA AND OUTDOOR SHOWER, POOL, LARGE FAMILY/ENTERTAINMENT ROOM, REAL WORKING FIREPLACE, MARBLE AND WOOD FLOORS, STAINLESS STEEL APPLIANCES, HURRICANE IMPACT WINDOWS. BALCONY AND COVERED PATIO TO ENJOY THE VIEWS.

Yes….it’s all in caps as if they were screaming at you (now I have to go back to my listings and make sure my office did not put me on the MLS as a screamer).

209 E Dilido Drive – Miami Beach

This is a fabulous house and close to my heart because I really saw some clients of ours living here (if you are reading, you know who you are).  From the moment you walked in this Dilido Island home, you knew the house had been updated with taste and great finishes (the full-mosaic tile pool was very impressive).  With 4 bedrooms, 3 and a half bathrooms, 10,500 square foot lot and 60′ of water frontage.  Selling for $2,235,000 ($593/square feet) and listed for $3,295,000 on June 2008.  Here’s what the MLS reads:

TODAY’S YESTERYEAR! IMAGINE THE MAGIC ALLURE OF 1935 MEDITERRANEAN WITH 2008 COMFORTS. ENJOY WIDE BAY VIEWS, HEATED TILE POOL, COVERED OUTDOOR DINING, MASTER JACUZZI OVERLOOKING THE BAY, SHINY ORIGINAL SPANISH TILE AND WOOD FLOORS, HIGH CEILINGS, LARGE AND LIGHT ROOMS, BEAUTIFUL LANDSCAPING AND A WONDERFUL ENTRY LOGGIA AND COURTYARD. THIS IS A FASCINATING, SPACIOUS AND COMFORTABLE HOME, UPDATED ALL THE WAY TO A STAND-BY GENERATOR. BEST TIME TO SHOW : M-F, 10am-2pm. YOUR BUYERS WILL LOVE YOU!!!

Another screamer – but true description to the house, all except “your buyers will love you” – (I’m yet to call clients “my buyers”).  $1 million discount, I’ll take 2 please!

5101 N Bay Road – Miami Beach

Here’s one of those acclaimed Miami Beach Luxury Homes on North Bay Road (dry side, but N. Bay Road still).  With 9 bedrooms and 7 bathrooms – 5,695 square feet of living space – 16,102 square foot lot and full of those “foo-foo” details so many people have come to love.  Selling on May 1 for $1,800,000 after being listed on and off for almost 2 years starting at $3,499,000 with several price reductions and time off the market in the interim. That’s $316 per square foot).

RARE FIND! NORTH BAY ROAD CORNER DOUBLE LOT-16,102 SF. ONE OF MIAMI BEACH’S LARGEST GATED ESTATES ON A DRY LOT. FLEXIBLE HOME WITH 7 BEDROOMS(INCLUDING A 3-BEDROOM GUEST QUARTERS)+ MEDIA ROOM (IT’S OWN WET BAR)+ OFFICE + 2 PROFESSIONAL-LEVEL RECORDING STUDIOS WITH PRIVATE ENTRANCE WHICH INCLUDES DRIVEWAY FOR TOUR BUS. PALM BEACH STYLE RESIDENCE WELCOMES THE OUTDOORS WITH POOL & COURTYARDS. .  CHARMING FAMILY ROOM W/ ORIGINAL 1930S DETAIL (WET BAR, FRESCOS). PERFECT FOR ENTERTAINING OR AS A FAMILY HOME.

I am happy to announce that I left here to check Team Miamism’s listings on the MLS and we are not screamers!  Thank GOD!

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