Miami Beach Real Estate Blog

Everyone keeps asking – how long until the market recovers? Particularly if you are a seller today, a better question to ask is how the Miami Beach Real Estate market has actually performed over the past two months. I’m not going to mince words here, the reality is that the mortgage and real estate crisis is having a strong downward pressure on prices (yes, even in South Beach).  The strongest pressure, however, is occurring on the lower and middle range of the Miami Beach homes market.    The high end of the residential market, particularly for completely remodeled and turnkey waterfront island homes, continues to experience strong demand and remains relatively insulated from the current financial crisis.

If you are a potential seller, all is not lost and now is when when savvy buyers are purchasing spectacular waterfront properties in Miami Beach (such as Palm, Star, Hibiscus, Sunset, and the Venetian Islands).

As a reality check, let’s take a look at the latest closed sales of single family waterfront homes and non-waterfront foreclosure homes in Miami Beach:

The Venetian Islands

Venetian Islands Home - Kitchen

This completely updated 3,500 sq ft 3 bed/3.5 bath home features: Downtown Miami & sunset views on open water bay view on a 11,375 sq ft lot has 65 ft water frontage
Asking Price:  $4,495,000
Sold: $3,700,000 ($1,057/SF house)  ($325/SF land)
Closing Date:  12/30/08

Palm Island

Palm Island

This private Mediterranean estate boasts spectacular bay & downtown Miami skyline views, resort-style pool and 4-car gar. Lavished w/exquisite Old World details, the interiors have soaring ceilings, fine inlaid marble, hardwood flrs, exquisite moldings, custom blt-ins, columns, arched windows. Dockage for the yacht of your dreams with water frontage of 100ft.
Asking Price:  $10,900,000
Sold: $9,750,000 ($1,227/SF house)  ($325/SF land)
Closing Date:  9/11/08

Sunset Island I

Sunset Island Home

165 feet of open bay frontage and direct access to the Atlantic Ocean and 37,578 sq ft of property, this home offers expansive views, resort-like pool deck and spa, and oversized master bedroom & bath.
Asking Price: $8,900,000
Sold: $6,250,000 ($945/SF house)  ($166/SF land)
Closing Date: 12/23/08

Miami Beach

Miami Beach Home

Remodeled with updated kitchen and granite counter tops & stainless steel appliances, arched doorways and terracotta tiles.  New roof and windows with lush tropical landscaping with privacy for homeowners.
Orginal Asking Price:  $1,175,000
Foreclosure Sold Price: $350,000 ($179/SF house)  ($46/SF land)
Closing Date:  12/24/08

As the last example above illustrates, in a market that’s still in decline, the market reality between the upper and lower end of the residential real estate market is significant!

With the current uncertain financial market and credit crisis exerting strong downard pressure on prices in housing market, I’d like to expose some of the best condo deals in South Beach luxury waterfront condos market. Every Buyer today is looking for a “great deal”, but how do we define this in today’s real estate market? One possiblity is to roll prices back to pre-boom prices of 2003-2004. Another possibility is – not so precise formula – is to take an overall price reduction anywhere between 30%-70% off 2005/2006 prices (peak of the real estate bubble).

However, I’d like to highlight what I consider one of the better income valuations for a truly “great deal”, which involves looking at the cash flow from potential rental income. Below are a few waterfront condos I consider to be “great deals” in Miami Beach luxury condos:

Bentley Bay Condo Unit-2211

The Bentley Bay #2211
2/2- 1,250 S.F.- Wrap Around Terrace, Direct Bay Views, with potential monthly rental income ranging from $3K – $5K/month.   Foreclosure Sale Asking Price: $459,000 ($367/SF)

Icon South Beach Condo Unit 1804

Icon South Beach #1804
2/2- 1,536 S.F.- Large Terrace, Intracoastal & Bay Views, with potential monthly rental income ranging from $4K – $6K/month.   Foreclosure Sale Asking Price: $829,000 ($539/SF)

Murano Grande Condo Unit 1809

Murano Grande #1809
2/2- 1,437 S.F.- Large Terrace, Open Views of South Beach & Ocean, with potential monthly rental income ranging from $4K – $6K/month.   Foreclosure Sale Asking Price: $740,000 ($514/SF)

Waverly South Beach condo unit # 804 - SOLD

Waverly South Beach #804
2/2- 1,084 S.F.- Spectacular Intracoastal & Bay Views, with potential monthly rental income ranging from $2,500 – $3,500/month.   Foreclosure Sale Asking Price: $364,900 and Sold/Closed for $330,000 ($304/SF)

My team and I are committed to providing strong value added service to our clients, which means delivering the best purchasing opportunities to today’s buyers of Miami Beach luxury condos.

Old Spanish Village – Spectacular New Coral Gables Residential/Office Development

As a member of Miami’s elite Real Estate Professional’s Association- The Master Broker’s Forum, I had the privilege of attending a dinner on the future site of Old Spanish Village in Coral Gables.

After assembling approximately 20 parcels of residential and commercial office buildings, visionary builder Ralph Sanchez is rolling out this mixed use project in the heart of Coral Gables. Featuring new 400 upscale condos and townhouse, which will be completed in the second half of 2009.  Old Spanish Village will comprise a seven acre complex of homes, offices and shops in the Ponce Circle area. The 42 three story townhomes will come with elevators, roof top terraces and two car garages. All residential units will be between 3,500 – 4,500 sqft., with exclusive Founders prices starting at just over $1 million ($370/S.F.).

When completed, Old Spanish Village will comprise an office tower, mid-rise condominiums, and town-home villas.  All designed to evoke a classic Spanish architectural style.  This mixed use project was inspired by the vision of Coral Gables founder George Merrick and is the modern realization of one of several themed enclaves in the city, such as the French, Chinese and Dutch villages that Mr. Merrick conceived and created in the 1920’s.

Residential Towers:
One Ponce Circle will be a 16-story mixed use building with 59 condos ranging from 2,500 – 8,5000 sq.ft., with private elevators that open directly into apartments.

Casa Palermo is a separate six story residential tower with 96 residences ranging from 800-1,500sqft., and comprising 1 & 2 bedroom units.

3001 Ponce De Leon Blvd – 9 stories of 172 (1,2 and 3 bedroom) condominiums.

This very unique and highly desirable project will resemble a Spanish inspired architectural village concept.  The developers had in mind a Spanish Town and a Spanish Bazaar Village concept.

The Developer has hired Miami historian Arva Parks and plans were devised for Old Spanish Village in the spirit of Merrick’s Spanish-themed villages (planned many years ago but never realized).