Miami Beach Real Estate Blog

Miami Beach single family homes (especially waterfront luxury properties) are in limited supply, and with most major financial news pundits announcing a “housing bottom”, I’d like to take this opportunity to highlight two latest sales in the island communities off Miami Beach which are indicative of this conclusion.

Venetian Islands Turnkey Home:

Venetian Islands Home

Venetian Islands waterfront home with stunning, direct, Downtown Miami unobstructed bay views. This 3,586 square foot home was renovated with 3 bedrooms, a great kitchen, media room and maid’s bedroom/bath. Facing west, with pool, boat dock and 60′ of waterfront.

Key “Market Bottom” indicators:

“For Sale” Price: $3,200,000 (20 days on the market at this reduced price point)
Closed Price: $2,800,000 (August 11, 2009)
Original List Price : $4,200,000 (May, 2009)
Previous Price Reduction: $3,400,000 (June, 2009)
Bedrooms: 4
Bathrooms: 5
House S.F.: 3,586
Land S.F.: 10,500
Asking Price per S.F.(Land): $304
Previous Sold Date: 2004 ($2,225,000)

Discount from Latest Asking Price: 12.5%

Biscayne Island Home – Wide Bay Fixer Upper:

Biscayne Island Home

Opportunity to complete the remodeling of this Spectacular Waterfront residence located on the Miami side of the Venetian Islands chain.  The new owners will enjoy the Panoramic water views of a home located on a 15,000 lot.

Key “Market Bottom” indicators:

“For Sale” Price: $2,137,500 (5 days on the market at this reduced price point)
Closed Price: $2,030,000 (July 16, 2009)
Original List Price : $6,7500,000 (February, 2007)
Previous Price Reduction: $2,500,000 (March, 2009)
Bedrooms: 3
Bathrooms: 4
House S.F.: 4,010
Land S.F.: 15,000
Asking Price per S.F.(Land): $142
Previous Sold Date: 01/2007 ($5,350,000)

Discount from Latest Asking Price: 5%

If you’re a potential seller of waterfront real estate in Miami Beach and cannot hold on to your property because of negative cash flow (probably if your housing expenses total more than 31% of your gross income), the smart approach is to price right. Working with a knowledgeable, honest, and experienced sales agent is the key here, and the price needs to be based on the last three to six months of closed sales.   My team and I have experienced that Miami Beach waterfront properties- whether they are single family homes or condos which are priced RIGHT have multiple offers and sell quickly.

If you’re a potential buyer interested in purchasing, NOW is the time to pull the trigger if you qualify for a mortgage (count on putting 30% cash down of appraised value).  My advice is that under no circumstances should buyers be seeking to potentially “flip” or plan on making a profit on their property for AT LEAST five years.  There are many reasons why we can expect to see an initially FLAT and then GRADUAL price appreciation in Miami Beach real estate market for several years.  Times have indeed changed, but the opportunity to purchase a discounted PRIME waterfront single family home or condo is now!

For the past few months, we’ve been hard at work to bring to our clients, online visitors, and interested buyers and sellers a much needed update to our main real estate website. TheKleerTeam.com is Miami Beach’s most advanced and comprehensive online Real Estate resource site. The Kleer Team site provides users a one-stop solution for obtaining information on bank owned properties, foreclosures, and short sales.

Visitors to our site can research closed sales of single family homes and condos, the best rental deals in Greater Miami, and see entire building & single family community information. Also offering Buyers & Sellers access to Legal, Mortgage, Interior Design, Home Staging services, and Concierge information.  Be sure to look on the right hand side panel for new additions and services.  We are constantly upgrading our online presence and adding new features as requested by users from around the world.

We have a Spanish-only website for direct marketing of properties to South American buyers and Brokers.  Users also have the option to search for properties in Portuguese, French, German, and Italian.  These features allow us to promote homes and condos for sale in Miami Beach to a truly global audience.