Choosing a Miami Beach listing Agent is very important for seller of any properties in Miami Beach. Having worked & sold luxury waterfront homes and condominiums for over 12 years in Miami Beach, I’d like to take this opportunity to introduce our viewers and readers to our new video series dedicated to SELLERS. What are some of the traits and skills to look for in a real estate agent who will be marketing your property?
The first trait or quality that I recommend- attention to details: the listing agent should be very knowledgeable about the home, building, or specific condominium that they are exclusively marketing. This means knowing from memory (or have the information readily available) such as lot size, key features of the property, number of homes in a community, homeowner association dues, zoning and legal restrictions (if any). Being meticulous with pictures, written text, and brochures- all of online and print media should present the condo or home in the BEST possible way. This is most important today- given that in overall Miami and Miami Beach we are working in a BUYERS market.
Famous son, singer, and longtime Miami Beach Palm Island Resident Enrique Iglesias has been a long-time soccer fan. Spain’s World Cup victory was celebrated this past week with a flash – literally! Enrique recently declared that if “Spain wins, I’m going to get drunk and ski naked in Biscayne Bay”. True to his word, many Palm, Star, Hibiscus and many Miami Beach waterfront home residents on Biscayne Bay have been keeping their eyes open.
It is rumored that Mr. Iglesias will be water skiing naked on the East side of Palm Island (between Palm and Downtown Miami) later this week. By the way, these are considered premium waterfront homes – as everyone loves the view!
I’d like to continue highlighting evidence of the resurgence in sales activity for price reduced waterfront single family homes in the Miami Beach real estate market- specifically for North Bay Road waterfront home sales. The sales story of these two waterfront homes is a great example of what’s happening in today’s Miami Beach real estate market- one sold quickly close to the asking price, and the other was reduced by over 50% over a four year time span:
North Bay Road Waterfront Home (6100 North Bay RD, Miami Beach, FL)
Spectacular wide bay views and the most gorgeous sunsets make this boater’s paradise a great opportunity to own on prestigious North Bay Road.Situated on a 20,000 SF lot, this home + guest house is 5,000 SF,with 3 Bedroom/3 Bath.It has been masterfully updated with wonderful entertaining spaces that features a chef’s kitchen,marble floors,marble bathrooms,generator,+gated security. Florida living at its best!
Sold Price: $3,350,000 Original “For Sale” Price : $3,100,000 (2/2010)
Previous “Sold” Price (1/1998) : $500,000
Bedrooms: 3
Bathrooms: 3
House S.F.: 4,889 ($702/SF)
Land S.F.: 19,452 ($176/SF)
Sold Date: March 19, 2010
Total Time on Active Market: 59 Days Discount from Original Asking Price: 8%
Luxury Home (5718 North Bay Road, Miami Beach, FL 33141)
Exterior modern design with luxurious interiors in Med motifs, marble fireplaces, coffered ceilings, elaborate moldings, marble floors, ornate stonework and mahogany millwork. Spacious wet bar/piano room, adjacent media rm. opens onto interior courtyard, pool and huge dock for large vessel. Spacious circular drive with gates, electric shutters, elevator, office, guest & staff bedrooms with adjacent sun room.
Sold Price: $3,350,000 Original “For Sale” Price : $6,750,000 (3/2006)
Previous “Sold” Price (6/1980) : $390,000
Bedrooms: 6
Bathrooms: 7
House S.F.: 6,545 ($511/SF)
Land S.F.: 15,536 ($216/SF)
Sold Date: March 18, 2010
Total Time on Active Market: 40+ Months! Discount from Original Asking Price: 50% +
My advice from these two examples for sellers: Price your home RIGHT from the beginning and you will get MUCH more buyer activity (perhaps even a bidding war). Overpriced homes sit on the market a LONG time, with a downward price spiral trying to chase the market & generate interest with better priced competing waterfront single family homes.
I’m often asked when traveling, what makes Miami Beach so special? The answer can be seen in the picture below- it really does speak a thousand words!
As the signs of a national bottom in housing continue to increase (along with expectations of a gradual recovery), Miami Beach’s waterfront housing market is already well on the way to gradual price appreciation. As the inventory levels of unsold homes decrease, we are witnessing slight price APPRECIATION for select waterfront island communities with luxury homes in Miami Beach. In the coming weeks, I’ll be highlighting specific examples from the nearby island communities for our readers. In the meantime, enjoy the view!
I’d like to share my most recent experience with Buyers looking to purchase a Miami Beach luxury home located on the water with the following criteria:
Price: $4M – $6M Approx Size of Home: 3,500 SF – 5,000 SF (Four bedroooms preferred)
Contemporary Design / Decor
Preferred Minimum 100′ of water frontage
Room for Pool (if none currently) Island Communities Targeted:Palm Island, Hibiscus, Venetian Islands, Sunset Islands, North Bay Road Homes
In order to preserve the Buyers confidentiality with the specific homes that we’ve been negotiating, I’m going to focus on the issues that have come up in the negotiations/purchasing process which are unique to today’s economic and financial situation. This is the third set of buyers that I have worked with in the past year that have insisted on ordering an Appraisal (at Buyers expense) BEFORE making a written offer. This demonstrates the importance of a serious seller today pricing their home correctly. Given that we are in a Buyer’s market, and especially in light of the financial turmoil of the past two years, any serious buyer wants to be CERTAIN that they are getting a reasonable deal on a home purchase.
I’m often hearing talk these days about the real estate market in Southeast Florida “turning around”. This means many different things- most significantly, in concrete terms what I’m seeing is more liquidity in the market today for qualified buyers. Specifically, those looking to purchase a home with the above mentioned criteria, to obtain a 75% loan to appraised loan to value mortgage (for qualified buyers) is a relatively straight forward proposition for a luxury home in Miami Beach. However, to obtain a construction loan or to be able to pull equity from a recently purchased property is NOT so easy, if not exceedingly difficult or downright impossible!
This is significant for sellers to take into account, because what it means going forward is that if a property does not appraise, it will most probably not sell for the foreseeable future. In today’s market environment, even the “cash” buyers are insisting on getting proof of fair market value by way of an appraisal. This is a relatively new phenomenon, which I encourage every Miami Beach home seller to be aware of!
Famous son, singer, and longtime Miami Beach 
