Miami Beach Winter Views- Star Island and Downtown Miami Skyline
Monday, March 8th, 2010
A spectacular winter afternoon in Miami Beach!
Archive for the ‘Miami Single Family Homes’ CategoryAn overview of general Miami Beach Sales Patterns as of January, 2010Thursday, January 7th, 2010
In Miami-Dade County, pending home sales decreased by 2.21 percent in December compared to the previous month, from 8,288 to 8,105 according to the Realtor Association of Greater Miami and the Beaches (RAMB) and Southeast Florida Multiple Listing Service. This slight decrease can be attributed to the holiday season, which traditionally results in fewer home sales. Since March 2009, when our local real estate board began tracking local pending sales, pending home sales have increased 43 percent as buyers have taken advantage of record-setting affordability conditions, the first-time home buyer tax credit, and a wide selection of properties to choose from. Closed sales have increased each of the last 16 months, a clear sign of the strengthening market and indicative of stabilization.
Pending sales of condominiums in Miami-Dade County also experienced a negligible decrease in December, dropping half of a percent from 4,414 to 4,394. Pending sales of single-family homes dropped 4.21 percent in December from the previous month, from 3,874 to 3,711. We believe that the Miami Beach real estate market has experienced a dramatic recovery over the last year and a half, posting record closed and pending sales increases coupled with strong declines in housing inventory. Market opportunities resulting from record affordability, low interest rates, and a second wave of short sales and foreclosures will also fuel increased sales this year. Additionally the always-strong international buyer market segment will remain a major force in the South Florida marketplace. An illustrative example of a recent Miami Beach (Palm Island) Closed Sale:  Palm Island Home This was the best opportunity on the Miami Beach market to purchase a home on a guard-gated island community. Surrounded by lush landscaping, this two-story residence is located on prestigious Palm Island, just minutes from downtown Miami, South Beach and world-renowned Ocean Drive. Features include high ceilings, 4 upstairs bedrooms, and an air-conditioned 2-car garage. Pristine conditions. My opinion as to why it sold in just 66 days on market: Amazing island community location, spacious floorplan and updated home, price reduced to sell. Sold Price: $890,000 Miami Beach Housing Market – A Perspective on Supply and DemandThursday, December 10th, 2009Recently, there has been flurry of articles in the newsmedia about a pronounced increase in home sales, which has also led to a stock market rally in the runup to the Thanksgiving Holiday. I’d like to take this opportunity to put a bit of local perspective on this latest sales trend:
75% of the homes sold between August through October in Miami-Dade County were priced under $300,000 and 23% of these sales were for homes listed under $100,000.
Price trends at the lower end of the market have been positive, however moving into the higher price ranges, those are areas that we are still seeing weakness. Typically, when the supply of homes for sale stands at a year or more, prices tend to fall. With a six- to nine-month supply, prices remain flat. When the supply drops below six months, sales activity begins to spur price appreciation, as it has for recent home sold and priced under $100,000
Below is sampling of the supply of houses listed for sale in Miami-Dade in October, according to the MLS:
• Under $100,000: four-month supply
• Under $300,000: eight-month supply
• $300,000 to $1 million: 21-month supply
• Over $1 million: four-year supply
Miami Beach’s luxury housing market falls into the upper end category, however, the supply is much more restricted due to the natural barrier (island community) limiting further supply. Also, virtually no new construction is currently taking place, so we’re experiencing a decline in inventory levels for Miami Beach’s 33139 and 33140 zip codes:
$300,000 to $500,000: less than six month supply
$500,000 to $1 million: 14 month supply
$1 million to $2 million: 18 month supply
Over $2 million: 23 month supply
The conclusion from the above referenced data – there is no room in the Miami Beach housing market for overpriced listings. The strongest demand is for turnkey (completely remodeled) homes, where the new owners do not have to make an additional investment into the property.
* Data Sources: MLS & Miami-Dade Public Records
75% of the homes sold between August through October in Miami-Dade County were priced under $300,000 and 23% of these sales were for homes listed under $100,000. Price trends at the lower end of the market have been positive, however moving into the higher price ranges, those are areas that we are still seeing weakness. Typically, when the supply of homes for sale stands at a year or more, prices tend to fall. With a six- to nine-month supply, prices remain flat. When the supply drops below six months, sales activity begins to spur price appreciation, as it has for recent home sold and priced under $100,000. Below is sampling of the supply of houses listed for sale in Miami-Dade in October, according to the MLS:
Miami Beach’s luxury housing market falls into the upper end category, however, the supply is much more restricted due to the natural barrier (island community) limiting further supply. Also, virtually no new construction is currently taking place, so we’re experiencing a decline in inventory levels for Miami Beach’s 33139 and 33140 zip codes:
The conclusion from the above referenced data – there is no room in the Miami Beach housing market for overpriced listings. The strongest demand is for turnkey (completely remodeled) homes, where the new owners do not have to make an additional investment into the property. To view latest Miami Beach sales data, visit our Miami Beach Real Estate website * Data Sources: MLS & Miami-Dade Public Records Miami Beach Luxury Real Estate- Latest Waterfront Homes SalesFriday, November 13th, 2009As part of my marketing strategy of the past few years, I travel regularly to international real estate trade shows and meet with Brokers from around the world. I’m usually asked about the state of Miami Beach luxury real estate (especially demand for waterfront single family homes). Those with the financial resources (both from USA and International clients) ask about the possibility of purchasing a foreclosed, or bank owned, single family home in Miami Beach. There continues to be a significant gap between the sought-after upper end luxury market and the less desireable, and generally non-waterfront properties. Although waterfront luxury home sales are down significantly for Miami Beach overall (around 50% for first half of 2009), we’re seeing sales activity for turnkey homes that have come down in price significantly.
The most recent closed sales of waterfront homes in Miami Beach:
The Venetian Island- 127 East Rivo Alto Drive
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Priced right! Located on the best of the Venetian Islands-Rivo Alto Drive -and far in from the Venetian Causeway that links Miami and Miami Beach. This 2 story home offered Frank Lloyd Wright inspired architecture. Open Floorplan, WATER VIEWS throughout, Updated Kitchen with high end appliances and well maintained bathrooms. Large backyard and pool which are perfect for entertaining or relaxing.
My opinion as to why it sold : Great waterfront location, spacious floorplan, price reduced quickly and aggressively!
Sold Price: $2,040,000
Original Asking Price : $2,590,000 (3/2009)
Bedrooms: 4
Bathrooms: 3
House S.F.: 3,361
Land S.F.: 10,500
Sold Date: October 16, 2009
Discount from Original Asking Price: 21%
320 South Hibiscus Drive
Hibiscus Island- Reduced Turnkey Waterfront Home
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This home has scenic bay and city views, tri-level and perfectly updated with attention to details. Featuring marble and wood flooring throughout, with gourmet kitchen, stainless steel appliances, a beautiful and contemporary salt water bayfront pool, large master suite on the top level with incredible water views. Two car garage, and ideally located on a quiet section of Hibiscus Island.
My opinion as to why it sold : Great waterfront location in 24 hour guard gated community, amazing views, price reduced aggressively.
Sold Price: $2,500,000
Original Asking Price : $3,250,000 (6/2008)
Bedrooms: 3
Bathrooms: 4
House S.F.: 3,590
Land S.F.: 10,500
Sold Date: September 29, 2009
Discount from Original Asking Price: 23%
2046 North Bay Road – Drastically Reduced Waterfront Estate
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This was the best luxury waterfront deal in Miami Beach. Priced to sell after being on the market for over 1,000 days! Featuring a private guard house – 80 ft infinity pool & private beach – elevator – generator – 4 car garage and much more. This waterfront estate was featured on PlumTV.
My opinion as to why it sold : Amazing architectural style & location on prestigious North Bay Road, amazing views, price reduced aggressively with lender approval.
Sold Price: $9,750,000
Asking Price : $17,000,000 (5/2006)
Bedrooms: 7
Bathrooms: 11
House S.F.: 14,582
Land S.F.: 38,314
Sold Date: October 8, 2009
Discount from Asking Price: 42%
Source: South Florida Regional MLS (small font)
As part of my marketing strategy of the past few years, I travel regularly to international real estate trade shows and meet with Brokers from around the world. I’m usually asked about the state of Miami Beach luxury real estate (especially demand for waterfront single family homes). Those with the financial resources (both from USA and International clients) ask about the possibility of purchasing a foreclosed, or bank owned, single family home in Miami Beach. There continues to be a significant gap between the sought-after upper end luxury market and the less desireable, and generally non-waterfront properties. Although waterfront luxury home sales are down significantly for Miami Beach overall (around 50% for first half of 2009), we’re seeing sales activity for turnkey homes that have come down in price significantly. The most recent closed sales of waterfront homes in Miami Beach: 2046 North Bay Road Luxury Mansion – Drastically Reduced Waterfront Estate  2046 N.Bay Raod, Miami Beach This was the best luxury waterfront deal in Miami Beach. Priced to sell after being on the market for over 1,000 days! Featuring a private guard house – 80 ft infinity pool & private beach – elevator – generator – 4 car garage and much more. This waterfront estate was featured on PlumTV. My opinion as to why it sold : Amazing architectural style & location on prestigious North Bay Road, amazing views, price reduced aggressively with lender approval. Sold Price: $9,750,000 The Venetian Island  127 East Rivo Alto, Miami Beach Priced right! Located on the best of the Venetian Islands-Rivo Alto Drive -and far in from the Venetian Causeway that links Miami and Miami Beach. This 2 story home offered Frank Lloyd Wright inspired architecture. Open Floorplan, WATER VIEWS throughout, Updated Kitchen with high end appliances and well maintained bathrooms. Large backyard and pool which are perfect for entertaining or relaxing. My opinion as to why it sold : Great waterfront location, spacious floorplan, price reduced quickly and aggressively! Sold Price: $2,040,000 Hibiscus Island- Reduced Turnkey Waterfront Home  320 S. Hibiscus Dr, Miami Beach This home has scenic bay and city views, tri-level and perfectly updated with attention to details. Featuring marble and wood flooring throughout, with gourmet kitchen, stainless steel appliances, a beautiful and contemporary salt water bayfront pool, large master suite on the top level with incredible water views. Two car garage, and ideally located on a quiet section of Hibiscus Island. My opinion as to why it sold : Great waterfront location in 24 hour guard gated community, amazing views, price reduced aggressively. Sold Price: $2,500,000 Source: South Florida Regional MLS Browse: Miami Beach Luxury Real Estate Miami Beach Real Estate: Homes Sales Indicate Housing BottomFriday, September 18th, 2009
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
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Recently, there has been flurry of articles in the newsmedia about a pronounced increase in home sales, which has also led to a stock market rally in the runup to the Thanksgiving Holiday. I’d like to take this opportunity to put a bit of local perspective on this latest sales trend:
