Miami Beach Waterfront Homes Blog

Having worked in real estate for over 15 years successfully marketing and selling properties in the Miami area, and most especially in Miami Beach, it’s critical to be up to date on the latest marketing trends.  One of the key attributes that I recommend sellers look for in a potential listing agent is the ability and experience to work with both old (a.k.a. traditional sales methods and tools) and “new” technologies.

Examples of traditional real estate sales / marketing:

• Calling prospective buyers and cooperating brokers
• Networking / talking up your listed properties
• Qualifying buyers
• Attention to details (such as home square footage, contract specifics, professional photos, etc.)
• Returning phone calls on a timley basis
• Conducting yourself professionally (and training your team to operate at the same level)
• Pricing the property right and providing market feedback to sellers (CMA analysis)
• Traditional press releases for high profile sellers

Examples of “New” marketing techniques / skills:

• Listing sindication (across many web databases and real estate portals around the world).
• Website Optimization (having an SEO professional market your properties)
• Having multiple websites specialized in different single family neighborhoods and specific condominium buildings
• Overall traffic / rankings of the listing agent / broker on Google, Bing, Yahoo, etc
• Use of video and appropriate sindication to Google Video, Yahoo, Bing Video, YouTube, etc.
• The use of blogging and different SEO techniques to promote a specific property and drive traffic
• Mass email databases and copy-writing that is optimized to draw interest / traffic / attention to a specific property

Despite the latest troubling economic headlines coming out of Europe and U.S. overall economic indicators, premier waterfront properties continue an upward sales trend.  The latest example of this is a sale that just took place in Bay Point in Miami.  I’m going to deviate from my usual pattern of only focusing on Miami Beach sales here, since this latest sale is indicative of the overall trend with premier waterfront properties located either in waterfront or island communities in Greater Miami.

This trophy home on Bay Point is located on a double sized lot!  This eight bedroom American traditional estate has 175 feet of deep water frontage.  Boat lift, protected harbour with no bridges to the Bay, this home was meticulously renovated and features wood burning fireplaces, an oversized pool and hot tubs.  Exercise Room, two car garage, courtyard entryway for multiple parking and walking gardens throughout the property.  This home had not been on the market in 23 years and is one-of-a-kind!

Sold Price: $6,770,000
Original “For Sale” Price : $8,990,000 (2/2010)
Previous “Sold” Price (1/1998) : $1,600,000 (1988)
Bedrooms: 8
Bathrooms: 10
House S.F.: 10,841 ($624/SF)
Land S.F.: 30,823 ($219/SF)
Sold Date: June 28, 2010
Total Time on Active Market: 304 Days

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!

In the past thirty days, we have witnessed the successful sales of six luxury and / or waterfront homes in the South Beach area of Miami Beach. The waterfront home sales: two on Hibiscus Island, one of an estate on Star Island, and two on the Venetian Islands chain that connects Miami with Miami Beach.

Below is a summary of these latest closed sales of waterfront Miami Beach homes, all of which have closed at substantially reduced prices from a few years ago:

Star Island – Home to the celebrity estates

This bayfront estate offers over 200 linear feet of prime water frontage with the utmost security and privacy.  Located minutes from South Beach and downtown Miami, this was the most inexpensive home available for sale on Star Island.  Neighbors include Gloria Estefan and Rosie O’Donnell!

Sold Price: $7,250,000

Original “For Sale” Price : $8,750,000 (3/2007)

Previous “Sold” Price (8/2008) : $8,100,000

Bedrooms: 6

Bathrooms: 6

House S.F.: 48,266 ($150/SF)

Land S.F.: 6,000 ($1,200/SF)

Sold Date: February 25, 2010

Discount from Previous Sales Price in 2008: 11%

Miami Beach’s Hibiscus Island – Renovated Waterfront Estate

Located on one of Miami Beach’s premier gated island communities, this oversized and completely renovated waterfront home features great location and amazing views of the water, a private elevator, and much attention to details throughout.

Sold Price: $3,300,000

Original “For Sale” Price : $4,495,000 (2/2009)

Previous “Sold” Price (9/2005) : $3,700,000

Bedrooms: 4

Bathrooms: 5

House S.F.: 4,578 ($720/SF)

Land S.F.: 10,500 ($314/SF)

Sold Date: February 19, 2010

Discount from Previous Sales Price in 2005: 11%

Hibiscus Island – Exquisite Finishes – An Award Winning Home

Sold Price: $2,850,000

Original “For Sale” Price : $4,690,000 (1/2006)

Previous “Sold” Price (1985) : $479,000

Bedrooms: 3

Bathrooms: 4

House S.F.: 4,256 ($669/SF)

Land S.F.: 10,500 ($271/SF)

Sold Date: March 19, 2010

DiLido Island- Authentic Mediterranean home with European handcrafted details

These Venetian Island homes represent a true waterfront value, located on one of Miami Beach’s best residential island communities- The Venetian Island chain connecting Miami and Miami Beach.  Priced right, this home was on the active market for only 36 days!

Sold Price: $1,825,000

Original “For Sale” Price : $2,195,000 (2/2009)

Previous “Sold” Price (1992) : $475,000

Bedrooms: 4

Bathrooms: 3

House S.F.: 3,000 ($608/SF)

Land S.F.: 10,500 ($173/SF)

Sold Date: March 26,, 2010

Rivo Alto Island Home

Totally renovated in excellent condition with oversized Boat Dock.  This is the least expensive renovated waterfront home recently sold on the Venetian Island chain.

Sold Price: $1,625,000

Original “For Sale” Price : $2,399,000 (2/2009)

Previous “Sold” Price (2002) : $1,375,000

Bedrooms: 3

Bathrooms: 3

House S.F.: 2,986 ($544/SF)

Land S.F.: 10,500 ($154/SF)

Sold Date: March 12, 2010

Note:  Sales data courtesy of SouthEast Florida Regional MLS