Miami Beach Waterfront Homes Blog

The current status of the real estate sales industry, especially those working the Miami Beach market, is in a state of change and consolidation.  I started my Real Estate career in 1998 with much success, and that success has grown each year both during the “boom” market of 2002-2006 and the current “bubble burst” market.  During those “boom” years, it seemed as if everyone and their friends had a real estate license.  Real Estate became the “in” topic of discussion- due both to the lucrative commissions and also the cultural and social appeal of shows such as House Hunters, HGTV, etc.  It seemed as if everyone wanted to be a part of the real estate phenomenon, and this was easily attainable via easy mortgages and equity lines of credit.

The “easy” money in earning a real estate commission from the sale of a property is long gone.  Today’s market requires Agents and Brokers who have strong organizational skills, attention to detail, intimate knowledge of realistic market values, a close relationships with lenders, patience, and most importantly strong negotiation skills.  The task of taking a buyer around and showing him some good “deals” is just the beginning of a successful real estate transaction.  In this market, the key is to provide a strong value-added service to the customer (both to buyers and sellers).

My professional strategy for the last few years has been to focus on investing in both the people who comprise my team and in marketing resources for our clients.  This involves such mundane but important tasks as maintaining meticulous files and a system for following up with pending offers and contracts, as well as investing in new marketing resources that allow us to promote our clients properties to influential Brokers around the world.  My highest priority, however, has been to build and retain a trained, motivated, knowledgeable, and honest team of agents that are committed to the business.

A few of the latest successfully CLOSED sales of Miami Beach single family homes that are worthy of note:

Palm Island Luxury Home

Palm Island Luxury. Granite kitchen counters w/stainless viking equipment. Marble floors and terrace with hard wood in bedrooms. Large master with walk in closets & balcony. Infinity set river rock pool w/paver deck and wet bar. Seperate maid quarters. Full emergency generator and Gated entry to prestigious Palm Island.

Sales Price: $690,000
Previous Asking Price : $1,150,000
Bedrooms: 5
Bathrooms: 4
House S.F.: 2,694
Land S.F.: 6,000

South Beach Home

Rare single family home in South Beach by renowned 1930s architect. $325k+ renovation incl new: tile roof, PGT impact windows, HVAC, elec, plumbing, lighting, heated salt pool, marble paver deck, prof landscape. New in 2008: sleek custom kitchen w/ Sub-Zero/Thermador/Bosch, exotic stone; 3 new marble baths – Hansgrohe/Duravit/Toto fixts, body sprays, wenge vanities. Original wood floors, 11′ ceiling in sunny rotunda Living Room w/ honed coral-rock fireplace, Moorish detail arches. Corner lot in Flamingo Park neighborhood of Miami Beach.

Sales Price: $1,139,750
Previous Asking Price : $1,350,000
Bedrooms: 3
Bathrooms: 3
House S.F.: 2,142
Land S.F.: 7,500

Venetian Island Waterfront Home

Prime Venetian Island property, 60 x 175 waterfront lot with 10,500 Sq. Ft.  Minutes from South Beach, The Performing Arts center, and Downtown Miami.  Panoramic Bay views of Downtown Miami, the cruise ships, and Palm Island.  This home offers Miami Beach waterfront living at its finest!

Sales Price: $1,970,000
Previous Asking Price : $3,350,000
Bedrooms: 5
Bathrooms: 5
House S.F.: 3,268
Land S.F.: 10,500
60 ft. of waterfront

Today’s Palm and Hibiscus Island still bear historical evidence of a grand and illustrious history, visible immediately beyond the guard gates at the entrance to Palm Island.  As one proceeds onto the island, the first thing you pass is a children playground full of swing sets, slides and see-saws. But half a century ago this location was an altogether different sort of playground, it was the site of the Famous Latin Quarter Nightclub.

Owned by Lou Walters, father of The View’s Barbara Walters, the Latin Quarter was a mid-century mecca for big-named entertainers who performed for winter crowds of tourists and celebrities arriving in Miami Beach each December. Entertainers like Frank Sinatra, Dean Martin & Jerry Lewis, Jack Benny and Tony Bennett all intermingled with waves of high-kicking chorus girls to perform three shows a night at the Latin Quarter.

Beginning with the financial crash in the early 1930’s, Palm Island became the winter home of such notables as Al Capone and celebrities, who took to Miami Beach’s incredible beauty.  They built various incredible waterfront estates on Palm and Hibiscus Island.  Many of these estates were restored to their full glory (and more) during the real estate boom of the last decade.

For the savvy buyer today, I’d like to highlight a spectacular waterfront opportunity on Hibiscus Island.  This is a REAL, motivated waterfront home seller:

Debtor Approved Price: $2,600,000
Previous “For Sale” Price : $3,250,000
Bedrooms: 3
Bathrooms: 4
House S.F.: 3,590
Land S.F.: 10,500
Waterfrontage: 60′ (complete privacy)

Scenic Bay and City views from this completely updated tri-level turnkey home. Offering an open and spacious floorplan with stone and wood throughout. The gourmet kitchen features stainless steel appliances, granite counters, and pantry all with pool and water views.  The oversized master suite with bayfront balcony and downtown city views includes a sitting area, plenty of closets, and a spacious master bath with Jacuzzi, shower, and double sinks. This bayfront beauty comes complete with high impact glass windows as well as storm shutters and power generator. Ready for the boater with new dock and quick easy Ocean access with no fixed bridges.  Ideally located between Downtown Miami and South Beach, including new tropical landscape, two-car garage and double driveway for plenty of parking.

• View Hibiscus Island Homes For Sale
• View Palm Island Homes For Sale
  

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:

The Venetian Islands

Venetian Islands Home - Kitchen

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

Palm Island

Palm Island

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

Sunset Island I

Sunset Island Home

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!

It’s been a busy month for myself and my team, as we’re seeing strong buyer activity from so-called “Bargain Hunters”.  I’ve intentionally avoided weighing in on the technicalities of the financial crisis and the future impact of the Paulson Plan, as there are many more qualified sources out there to give readers their analysis.  However, now that we are seeing some stability return to the banking sector, I’ve noticed a strong surge in buyers looking to purchase prime real estate properties at significant discounts.  What’s  happening are that the properties in the best locations are being picked up now at prices that range from approximately 30%-50% discounted values from 2005 prices.

Waterfront homes (turnkey) in Miami Beach at reasonable prices are in surprisingly short supply, and these are the first of the “bargains” that have been purchased recently.  For example, I recently conducted a search for a client with a budget of $5 Million looking to purchase a luxury waterfront home (remodeled) on the Venetian, Palm Island, Hibiscus, Sunset Islands or Bay Drive in Miami Beach.  The real choices?  Just twelve waterfront homes!

Also, a few of our latest sales are indicative of the above referenced “deals” that are happening now:

Jade Beach- Prime Location Sale #1
Spectacular Lower Penthouse #4401 “F Line”- 4 beds / 4.5 baths – 3,136 S.F.
Contract Price: $2,475,000  ($789/S.F.)
2005 Sales Price:  $3,400,000 ($1,084/ S.F.)
Today’s Discount:  27%
•    A spectacular 51-story oceanfront tower
•    Designed by Carlos Ott and Fortune Development Int’l
•    Beautiful entrance with cascading fountains, lush landscaped gardens, reflecting pools, and contemporary décor throughout
•    Three-story Grand Entrance Lobby with direct ocean and pool views
•    Located directly on the Ocean close to Bal Harbour Shoppes and Aventura Mall, as well as easy access to Miami and Fort Lauderdale International Airports

(Next door condo Jade Ocean, is completed)

Jade Beach Floor Plan- Unit F

Jade Beach Condo

Jade Brickell- Prime Location Sale #2 (Bank Owned / Pre- Foreclosure Sale)
Spectacular 43rd Story Residence “E”- 4 beds / 4.5 baths – 3,415 S.F.
Contract Price: $1,600,000 ($468 / S.F.)
2005 Appraised Value:  $3,100,000 ($907 / S.F.)
Today’s Discount:  48%

Downtown Miami’s Most Luxurious & Lavish Building, the Jade Residences is a 49-story building offering 326 luxury residences with advanced technology. Spectacular Ocean and City Views, state-of-the-art security system, Infinity edge pool, Sauna, steam room, fitness center, European spa, racquetball, concierge services.
•    49 story architectural masterpiece designed by Bernard Zyscovich
•    Distinctive three-tiered tower offering views of Biscayne Bay, Downtown Miami and Key Biscayne
•    Grand entrance lobby graced breathtaking 21-foot ceiling with contemporary deco

Jade Brickell - Unit E

Jade Brickell condo - Miami

I’d like to highlight a few of the more significant closed sales information for single family homes located on Palm Island, Hibiscus Island, Venetian Islands and Sunset Islands in Miami Beach from May 1 through August 20, 2008.

A total of eighteen (18) luxury homes sold and closed during this time frame with an average sales price of $3,300,000. The median price per s.f. was $731, with the average time on market of 259 days. In EVERY case, ALL of these homes were significantly price reduced, and represent price rollbacks to 2004 price levels.

ARE YOU SERIOUS ABOUT SELLING? – If you own a condo or a single family home in Miami Beach (especially South Beach), and have had trouble selling, please call us for a free market analysis. I believe in telling it “straight” to clients (or potential clients), as wishful thinking will not carry the day in this real estate environment.

Once again, the market has shown that it rewards sellers who work with experienced, knowledgeable, detail-oriented, and top producing real estate salespeople. Thanks to aggressive and creative targeted International Marketing Campaigns, we have sold ALMOST our entire Residential listing inventory from the first half of 2008.

Below are a few of the more notable home sales that have occurred in the over the past four months in Miami Beach:

5 beds / 5 baths 13,000 S.F. Home 19,687 S.F. Land
Original List Price: $22,000,000 Sales Price: $10,600,000
950+ days on Market, $815/S.F. Waterfront Home

5 beds / 4 baths 5,300 S.F. Home 12,163 S.F. Land
Original List Price: $6,000,000 Sales Price: $5,400,000
20 days on Market! $1,018/S.F. Waterfront Home Miami Beach

6 beds / 6 baths 6,000 S.F. Home 10,500 S.F. Land
Original List Price: $6,700,000 Sales Price: $4,600,000
400+ days on Market, $766/S.F. Waterfront Home Venetian Islands

2 beds / 2 baths 2,250 S.F. Home 10,500 S.F. Land
Original List Price: $3,400,000 Sales Price: $2,115,000
503 days on Market, $940/S.F. Waterfront Home Venetian Islands

4 beds / 3 baths 3,138 S.F. Home 10,500 S.F. Land
Original List Price: $3,700,000 Sales Price: $2,300,000
163 days on Market, $732/S.F. Waterfront Home Venetian Islands

5 beds / 4 baths 3,007 S.F. Home 8,414 S.F. Land
Original List Price: $3,700,000 Sales Price: $2,700,000
400+ total days on Market, $897/S.F. Waterfront Home Palm Island

4 beds / 3 baths 3,026 S.F. Home 9,500 S.F. Land
Original List Price: $1,695,000 Sales Price: $1,180,000
562 days on Market, $389/S.F. Non-Waterfront Property Hibiscus Island