Archive for the ‘Venetian Islands’ Category
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.
Friday, November 13th, 2009
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:
The Venetian Island- 127 East Rivo Alto Drive
<insert 127 E RivoAlto Pic>
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
<insert 320 S. Hibiscus Dr Pic>
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
<insert 2046 NBayRd pic>
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
Original “For Sale” 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%
Search: North Bay Road Homes For Sale
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
Original “For Sale” 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%
Search: Venetian Island Homes For Sale
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
Original “For Sale” 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%
Search: Hibiscus Island Homes for Sale
Source: South Florida Regional MLS
Browse: Miami Beach Luxury Real Estate
Friday, 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
 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%
 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.
Tuesday, August 18th, 2009
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 Island Turnkey Charm
<insert 122 Dildo Pic>
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)
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)
Closed Price: $2,800,000 (August 11, 2009)
Discount from Latest Asking Price: 12.5%
Biscayne Island- Wide Bay Fixer Upper
<insert 1111 NVenetianDr Pic>
Opportunity to complete the remodeling of this Spectacular Waterfront residence located on the Miami side of the Venetian Island 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)
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)
Closed Price: $2,030,000 (July 16, 2009)
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
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!
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