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.
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.
Over the past month, my team and I have witnessed a significant increase in buyer activity for what I consider to be “A” real estate properties. These can be quickly defined as:
- Miami Beach waterfront condos in buildings such as The Murano, Murano Grande,Icon South Beach, Portofino Tower, Continuum, and more affordable buildings such as The Waverly and The Floridian along West Avenue.
- The more popular luxury waterfront single family homes located on island communities such as The Venetian, Palm, Hibiscus, and Sunset Islands.
Whether it’s a single family home or condominium, an additional requirement for an “A” property in this Buyer’s market is that it be turnkey, or completely remodeled and updated. In other words, the only additional expense a buyer has to be concerned with is moving in with their furniture and personal belongings.
It’s been our experience recently that single family homes and condos, when priced RIGHT, are bombarded with buyer interest and generally receive multiple offers. We are witnessing a new surge of buyer interest in these “A” location properties in the South Beach and the greater Miami Beach real estate market. Our real estate websites are also seeing a dramatic increase in traffic, with local cooperating brokers calling with inquiries and sending us multiple sales contracts.
All of these signs are indicators that the bottom is very close to being reached, and sales are beginning to come back, with prices to GRADUALLY follow as the “A” inventory diminishes.
A few examples of “A” real estate properties currently on the market:
Venetian Island – Greatly Reduced Waterfront Home
Rivo Alto home in Venetian Islands Miami Beach
Romance is felt throughout this Mediterranean waterfront home situated on 10,500 sf of land, spanning 60 feet of wide bay waterfront facing the Miami skyline. This timeless residence with unique architectural features contains over 4,117 sf of living area, with 5 bedrooms, 6 full and 2 half baths.
Current Asking Price: $3,199,000 Original Asking Price : $4,250,000
Bedrooms: 5
Bathrooms: 8
House S.F.: 4,117
Land S.F.: 10,500
Waterfront: 60 ft. with Dock
San Marino Island- Significantly Reduced Turnkey Waterfront Home
San Marino Waterfront Home in Venetian Islands
A fantastic opportunity to own an oversized waterfront lot. This Mediterranean waterfront estate has 90 feet on the water, located on the Venetian Island causeway between Miami and Miami Beach. Beautifully redone with gourmet kitchen, brazilian cherry hard wood flooring, fireplace, office/library, and award winning landscaping!
Current Asking Price: $2,950,000 Original Asking Price : $4,599,000
Bedrooms: 4
Bathrooms: 5
House S.F.: 3,370
Land S.F.: 15,750
Waterfront: 90 ft. with Dock
Portofino Tower Condo- Spectacular Atlantic Ocean, Fisher Island, and Miami Beach Skyline Views
View from the Miami Beach Portofino Tower Condo Unit #3402
This high floor condominium is a real flow through floorplan with two expansive and very private terraces with the most stunning views of Fisher Island, Downtown Miami, Miami Beach and the Ocean. A Grand Foyer entrance, floor to ceiling windows, a unique floorplan, and the most exquisite upgrades make this condomimium one of a kind.
Current Asking Price: $1,500,000 Original Asking Price : $1,795,000
Bedrooms: 2
Bathrooms: 3
Condo S.F.: 1,960
Everyone keeps asking – how long until the market recovers? Particularly if you are a seller today, a better question to ask is how the Miami Beach Real Estate market has actually performed over the past two months. I’m not going to mince words here, the reality is that the mortgage and real estate crisis is having a strong downward pressure on prices (yes, even in South Beach). The strongest pressure, however, is occurring on the lower and middle range of the Miami Beach homes market. The high end of the residential market, particularly for completely remodeled and turnkey waterfront island homes, continues to experience strong demand and remains relatively insulated from the current financial crisis.
If you are a potential seller, all is not lost and now is when when savvy buyers are purchasing spectacular waterfront properties in Miami Beach (such as Palm, Star, Hibiscus, Sunset, and the Venetian Islands).
As a reality check, let’s take a look at the latest closed sales of single family waterfront homes and non-waterfront foreclosure homes in Miami Beach:
This completely updated 3,500 sq ft 3 bed/3.5 bath home features: Downtown Miami & sunset views on open water bay view on a 11,375 sq ft lot has 65 ft water frontage Asking Price: $4,495,000
Sold: $3,700,000 ($1,057/SF house) ($325/SF land)
Closing Date: 12/30/08
This private Mediterranean estate boasts spectacular bay & downtown Miami skyline views, resort-style pool and 4-car gar. Lavished w/exquisite Old World details, the interiors have soaring ceilings, fine inlaid marble, hardwood flrs, exquisite moldings, custom blt-ins, columns, arched windows. Dockage for the yacht of your dreams with water frontage of 100ft. Asking Price: $10,900,000
Sold: $9,750,000 ($1,227/SF house) ($325/SF land)
Closing Date: 9/11/08
165 feet of open bay frontage and direct access to the Atlantic Ocean and 37,578 sq ft of property, this home offers expansive views, resort-like pool deck and spa, and oversized master bedroom & bath. Asking Price:$8,900,000 Sold:$6,250,000 ($945/SF house) ($166/SF land) Closing Date:12/23/08
Miami Beach
Miami Beach Home
Remodeled with updated kitchen and granite counter tops & stainless steel appliances, arched doorways and terracotta tiles. New roof and windows with lush tropical landscaping with privacy for homeowners. Orginal Asking Price: $1,175,000
Foreclosure Sold Price: $350,000 ($179/SF house) ($46/SF land)
Closing Date: 12/24/08
As the last example above illustrates, in a market that’s still in decline, the market reality between the upper and lower end of the residential real estate market is significant!
