Archive for the ‘Palm Island’ Category
Tuesday, July 20th, 2010
 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!
Friday, May 21st, 2010
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!
Thursday, May 6th, 2010
According to University of Florida oceanographic reports over the past few days, the east coast of Florida is at some risk for contamination from the leaking BP oil rig in the Gulf of Mexico.
Based current models, the expanding oil slick could get caught in a loop current which would redirect it to the Florida Straits, up into the Gulf Stream, and ultimately up the east coast of Florida.
<insert Fisher island pic>
The many waterfront Estates and Luxury homes on Key Biscayne and Fisher Island would be especially vulnerable to contamination. These islands have direct exposure to the Atlantic Ocean and are considered much more vulnerable to potential contamination.
<insert Palm / Hibiscus/Sunset Islands or Venetian Aerial>
The island communities off of Biscayne Bay, however, such as the Venetian Island chain, as well as Palm, Star, Hibiscus, and Sunset Islands are thought to be much better protected, as they are located inside several protective barriers. In addition, if oil slicks were to be spotted, several Coast Guard stations have been pre-stocked with rubber barriers that would be deployed helping to stop oil from contaminating the Biscayne Bay island communities.
According to University of Florida oceanographic reports over the past few days, the east coast of Florida is at some risk for contamination from the leaking BP oil rig in the Gulf of Mexico.
Based current models, the expanding oil slick could get caught in a loop current which would redirect it to the Florida Straits, up into the Gulf Stream, and ultimately up the east coast of Florida.
The many waterfront Estates and Luxury homes on Key Biscayne and Fisher Island would be especially vulnerable to contamination. These islands have direct exposure to the Atlantic Ocean and are considered much more vulnerable to potential contamination.
The island communities off of Biscayne Bay, however, such as the Venetian Island chain, as well as Palm Island, Star Island, Hibiscus Island, and Sunset Islands are thought to be much better protected, as they are located inside several protective barriers. In addition, if oil slicks were to be spotted, several Coast Guard stations have been pre-stocked with rubber barriers that would be deployed helping to stop oil from contaminating the Biscayne Bay island communities.
Thursday, 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
Original “For Sale” Price : $1,495,000 (3/2007)
Bedrooms: 4
Bathrooms: 3
House S.F.: 2,786 ($319/SF)
Land S.F.: 6,000 ($148/SF)
Sold Date: December, 2009
Discount from Original Asking Price: 40%
Monday, June 1st, 2009
I’m often asked about the best deals in Miami Beach’s premier waterfront homes and condo buildings. Specifically, most active buyers want to know how much lower can prices go and what constitutes a true “bargain” today? Lately, I have noticed a divergent trend among Miami Beach properties (both homes and condos). The most sought after condos in premier buildings such as The Continuum Condo, Murano at Portofino, Portofino Tower, Icon, and Murano Grande have seen a surge in sales activity in the past few months. The premier waterfront single family homes and condos are selling NOW at significantly discounted prices.
The most recent condo and home sales continue to demonstrate that buyers are willing to pull the trigger and purchase homes and condos that are priced right and significantly discounted from 2006 closed sales prices. What is the right price? It all depends!
A few divergent examples of Recently Sold Waterfront Miami Beach Condos and Single Family Homes:
The Continuum Condo – South Tower Penthouse-1
 Continuum Penthouse Magnificent and massive South Beach oceanfront 3-level penthouse. 360 views, 5 bedroom/7.5 bath, 13′ ceilings (26′ in dining room) & 7,000SF under a/c, pool, Smart house touch panels integrate high-end audio, video, auto shades, HVAC, lighting, security, 4-plasma TVs, wi-fi, private elevator, all on top of the most exclusive 13-acre gated enclave with spa/club, 3 tennis courts, 3-pools and 2 rest. at the southernmost tip of the most exciting part of South Beach. Also included in the sale were four private parking spaces.
 : 12 acres on the Ocean, 360 degree views, One of a Kind Three Level Penthouse
 : None
Sold Price: $9,900,000
Original “For Sale” Price : $25,000,000
Previous Sales Price (2003) $7,000,000
Bedrooms: 5
Bathrooms: 8
Condo S.F.: 7,374
Sold Date: May 15, 2009
Sold Price per S.F.: $1,342
Discount from Original Asking Price: 60.4%
The Bentley Bay – South Beach Design Group Showcase Condominium
 Bentley Bay Condo # 1811 Amazing 270 degree views of Downtown Miami, Star Island, Fisher Island, and the Ocean from this contemporary designed two bedroom condominium. Terrazo floors, custom lighting, clean design and decorator appointed finishes. The original owners had spent well over $200,000 in upgrades and finishes alone!
: 270 degree views of Biscayne Bay, Downtown Miami, and the Ocean, beautiful finishes & design. Boutique Building.
: High Maintenance Fees and construction issues at The Bentley Bay
Non-MLS Sold Price: $480,000 (2009)
Original “For Sale” Price : $1,595,000 (2005)
Previous Sales Price: $1,090,000 (2006)
Bedrooms: 2
Bathrooms: 2
Condo S.F.: 1,250
Sold Date: May, 2009
Sold Price per S.F.: $384/S.F.
Discount from 2006 Asking Price: 72%
Palm Island- Single Family Home with Old World Charm
 Palm Island Miami Home Beautifully updated 2-story Mediterranean charming home on exclusive, guard-gated Palm Island. Paradise living on secluded island just minutes from the excitement of South Beach and downtown Miami. Easy commute anywhere in South Florida. Walk to new park/playground/tennis courts. 4 bdr/ 3 bth, updated kitchen, marble baths. Open & bright design.
: Charming Home, Spectacular location on Palm Island, Gated Island Community
: Small Lot, some work needed on property
Sold Price: $660,000 (2009)
Original “For Sale” Price : $1,749,000 (2006)
Bedrooms: 4
Bathrooms: 3
House S.F.: 2,616
Land S.F.: 5,775
Sold Date: May, 2009
Sold Price per S.F.: $252/S.F.
Discount from Original Asking Price: 62%
Palm Island- Double Lot Waterfront Home
 Coconut Lane Home - Palm Island Miami Waterfront home on a double sized lot with lush landscaping, 100 ft of open bay on 24 hour gate guarded Palm Island. Amazing views of downtown Miami and Cruise ships. The home included a private dock with Boat Lift, a two car garage, sauna, outdoor shower, pool, large entertainment room, and even a real working fireplace. Marble and wood floors throughout, stainless steel appliances, Hurricane Impact windows, and a balcony as well as covered Patio on the second floor to enjoy the views!
: 100 ft. Prime Waterfront Lot, Spectacular location on Palm Island, Gated Island Community
: Home needed some updating
Sold Price: $2,700,000 (2009)
Original “For Sale” Price : $5,800,000 (2006)
Bedrooms: 3
Bathrooms: 3
House S.F.: 3,180
Land S.F.: 14,000
Sold Date: May, 2009
Sold Price per S.F.: $849/S.F.
Discount from Original Asking Price: 53%
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