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
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.
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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.
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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.
As a long-time resident of Miami Beach, I’ve witnessed a remarkable transformation in our community. When I moved to Miami Beach in 1992, the waterfront island communities consisted of mostly aging, smaller winter homes that had long-ago seen their heyday. For example, Palm Island was where Barbara Walters grew up, and where Al Capone had a winter hideaway.
The most recent evidence of Miami Beach’s resurgence and rise to national prominence can be witnessed in the recent DNC fundraiser that was held at the Glorida Estefan’s house on Star Island, featuring a personal appearance by none other than Barack Obama.
Miami Beach waterfront homes continue to attract celebrities, high net wealth individuals (otherwise known as the rich and famous), and those seeking security and privacy. The architectural uniqueness, beauty, quality of life, and the rich variety of homes in the different island communities is like no other on the planet.
I’m often asked by both buyers and sellers interested in purchasing or selling a waterfront (and non-waterfront) single family home on Miami Beach if we’ve reached a housing market bottom? The answer for PRIME waterfront properties located on island communities such as Palm, Star, Hibiscus, Sunset Islands I – IV, and the various Venetian Island communities is that homes that are priced according to latest closed sales comparables are selling quickly. As inventory continues to be absorbed, we are seeing price stabilization (especially for remodeled and turnkey homes and condos).
Waterfront condos, especially premier waterfront and oceanfront buildings such as Continuum North and South Towers, Apogee, The Portofino, The Murano at Portofino, Murano Grande, Icon, and even The Bentley Bay on West Avenue are also seeing significant sales taking place in the past several months AT REDUCED PRICES. For South Beach landmark luxury buildings completed after 2001, if the price is right, we are seeing plenty of buyers willing to make reasonable offers. Therefore, if you’re a seller that needs to sell, my advice is the same- work with an experienced and knowledgeable sales agent/broker that will price your property realistically and then market as agressively as possible.
The Obama administration has finally begun to crack down on mortgage companies and loan servicers that are failing to do enough to help borrowers at risk of foreclosure. Measures announced this week include sanctions and fines that will be imposed via the Treasury Department. According to a random survey of approximately 50 of our clients who purchased property in Miami Beach after 2004, we have roughly estimated that only 25% of eligible borrowers who purchased premier waterfront properties in Miami Beach have been able to permanently modify their loans.
As part of the various Homeowner Relief Programs being advocated by policy makers in Congress, The Treasury Department, and The Obama Administration, over 35,000 homeowners received letters during the summer of 2009 from the Federal Regulators–offering them a new, more affordable mortgage payment. However, the real problem seems to be the bureaucratic bottleneck, disorganization, and lack of accountability on the part of loan servicers and banks. In the past two weeks alone, I have had four separate clients tell me that their loan modifications have either been denied due to lost files, incomplete paperwork (because a form changed from time of application), and general lack of responsiveness and policy confusion from lenders.
The Federal Deposit Insurance Corporation (FDIC) is offering many delinquent borrowers significant concessions on past due mortgages–in many cases lowering interest rates to as low as 3%, extending loan amortizations schedules from 30 to 40 years, waiving traditional qualification requirements, and keeping payments under 38% of a borrower’s gross income. Many Miami Beach homeowners who currently find themselves “underwater”, which is defined as owing more than the property is worth in today’s market, are anxious to participate in the loan modification programs.
Our sampling of Fortune International’s clients includes those that purchased a waterfront property as their primary residence on Sunset Island IV, Palm Island, Biscayne Island, and in Miami Beach condo buildings including The Murano at Portofino, The Portofino Tower, The Bentley Bay and The Continuum South Tower. Approximately 65% of those surveyed indicated a willingness to stay in their homes, as long as they were successful in lowering their monthly mortgage payments and bringing their cost of owning closer to the cost of renting a comparable property in Miami Beach (whether it be a condo or single family home).
The Obama administration has finally begun to crack down on mortgage companies and loan servicers that are failing to do enough to help borrowers at risk of foreclosure. Measures announced this week include sanctions and fines that will be imposed via the Treasury Department. According to a random survey of approximately 50 of our clients who purchased property in Miami Beach after 2004, we have roughly estimated that only 25% of eligible borrowers who purchased premier 
