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**