Miami Beach Real Estate Blog

Miami Beach single family homes (especially waterfront luxury homes) that are truly good deals continue to be in short supply. I’d like to take this opportunity to highlight two latest sales in the island communities off Miami Beach which are indicative of a price bottoming trend:

Di Lido Island Turnkey Home with Endless Water Views

Luxury Home - 830 W Dilido Dr, Miami Beach

Tropical paradise for that was on the market for sale for just 12 days at the final asking price of $2.9 Million. Master bedroom is surrounded by water and sunlight which opens to pool/deck. Wide bay views at the north tip  of Venetian Islands. The oversized living room, completely updated, is very comfortable and sunny. Courtyard/ circular driveway decorated  bytrimmed landscaping and wrought iron sliding gate. Fabulous private pool overlooking the open bay, dock and other boat equipment.

Key “Market Bottom” indicators:

“For Sale” Price: $2,950,000 (12 days on the market at this reduced price point)
Original List Price : $4,700,000 (July, 2008)
Previous Price Reduction: $3,450,000 (January, 2009)
Bedrooms: 4
Bathrooms: 3
House S.F.: 3,734
Land S.F.: 13,408
Closed Price per S.F.(Land): $194
Closed Price per S.F.(House): $698
Previous Sold Date: 2004 ($3,150,000)
Closed Price: $2,610,000 (Sept 2, 2009)
Discount from Latest Asking Price: 11.5%

Rivo Alto Island Waterfront Home – Completely Remodeled

25 East Rivo Alto home in Miami Beach

Over 100 linear feet on Biscayne Bay, on the preferred southern side of the Venetian Islands. This Mediterranean delight greets with a beautiful courtyard setting reminiscent of a European Villa. Gracious living areas and authentic touches throughout.  Upstairs are 3 bedrooms with Water Views in main home. The sale also included a separate two story adjacent guest house.

Key “Market Bottom” indicators:

“For Sale” Price: $2,590,000 (19 days on the market at this ACCURATE price point)
Bedrooms: 4
Bathrooms: 4
House S.F.: 3,894
Land S.F.: 13,382
Closed Price per S.F.(Land): $175
Closed Price per S.F.(House): $740
Previous Sold Date: 1998 ($950,000)
Closed Price: $2,350,000 (Sept 1, 2009)
Discount from Latest Asking Price: 9.2%

Biscayne Island- Incredible Land “Steal”

Miami Beach Venetian Island Home

Double lot on Biscayne Island this home needed to be updated. Biscayne Island is one of the Venetian Islands located on the Miami side. Located at the end of the street in a private cul de sac surrounded by million dollar homes. This one sold for well below land appraised value. Located just minutes from the new performing arts center, beaches, Lincoln Road, Ocean Drive, the airport, Downtown Miami, entertainment, shopping and more.

Key “Market Bottom” indicators:

“For Sale” Price: $700,000 (207 days on the market at this price point)
Original List Price : $1,500,000 (July, 2007)
Bedrooms: 3
Bathrooms: 2
House S.F.: 1,888
Land S.F.: 14,760
Closed Price per S.F.(Land): $38
Closed Price per S.F.(House): $301
Closed Price: $570,000 (July 24, 2009)
Discount from Latest Asking Price: 18.5%

What we’re seeing (again) is that Miami Beach waterfront and non-waterfront single family homes that are priced RIGHT have multiple offers and sell relatively 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) or have the cash to invest in remodeling a home.  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.

Given that we are in a Buyer’s Market, it should be easy to get a great deal buying a property in Miami Beach, right?  Not so!  Unfortunately, far too often, I’ve seen both buyers and sellers represented by Real Estate agents with sloppy administrative and contract negotiation skills that make it very difficult to complete a sales transaction.  Also, we’ve seen many buyers overpay due to poor communication and negotiation skills on the part of their real estate agent.  A good listing or buyers agent is well worth their commission, and can save their clients thousands and perhaps even hundreds of thousands of dollars.

Title: Introducing The Miami Beach Real Estate Video Blog

I’d like to take this opportunity to welcome our followers to the TheKleerTeam video channel.  Our purpose here is to inform & educate anyone interested in buying or selling real estate in Miami Beach and even Greater Miami.  We’re committed to providing our clients value added real estate services.  This means access to qualified, ethical, and what I like to call “best in field” attorneys, bankers, private lenders, home staging and interior designers, title companies and even concierge services.

Our viewers can look forward to seeing and hearing about all kinds of fun and informative local real estate topics focused on Miami Beach’s waterfront residential market.  You’re going to hear me talking about what I tell our clients when we meet them, and I’ll be making my viewpoints and advice available here for all to see and hear.

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