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Miami Beach Luxury Homes Real Estate Market Reports

By: Ines Hegedus-Garcia on June 10, 2009

The Miami Beach Luxury Home market is moving….slowly…..but moving. There were 5 Luxury home sales in the month of May ranging from $1.2 million to $2.235 million and only 2 of those were waterfront properties.  We have been showing more properties in the past month and seems buyers are finally pulling the trigger, so let’s see if June sales show better numbers.  Here are the 5 home sales for May 2009:

6630 Sheffield Lane – Miami Beach

6630 sheffield ln - miami beachThis 5 bedroom, 4 and a half bathroom home in La Gorce Island sold for $1,200,000 on May 21.  With 3,515 square feet of living space, a 13,124 square foot lot (dry lot) – selling at $341 / square foot.  This house was originally listed for $2,400,000 on September 2008 with several status changes since.  Here’s the MLS description:

Priced to sell!!!  This is hands down the best deal on exclusive La Gorce Island.  Spacious family home with great floor plan including large master suite + 3 spacious bedrooms + maids room.  Beautiful open kitchen, large screened pool/patio area, formal living and dining rooms, two car garage, all on pristine 24-hour guarded gate and patrolled La Gorce Island.  Hurry this wont last long at this price!

That’s a 50% reduction in 8 months!! Love when Miami Realtors say “priced to sell” …hmmm…as opposed to what?

795 Lakeview Drive – Miami Beach

795 Lakeview Dr - Miami Beach

Here’s another 5 bedroom, 4 and a half bathroom home in Lake View Heights in Miami Beach (the are just North of Surprise Lake in Mid Beach).  This 3,722 square foot home sits on a 17,204 square foot lot with amazing pool.  Originally listed for $1,795,000 on March 11th, 2009 – it sold in only a little over 2 months (May 28th) for $1,590,000.  That’s $427 / square foot.  Here’s the MLS description:

FINALLY! A fantastic Lakeview home with all the bells and whistles! HUGE lot with over 17,000 sq. ft. of gorgeous pool, patio, beach, and green space. This wonderful property has 3 bedrooms up and  2 down with hardwood and terrazo floors throughout. Gorgeous state of the art eat in kitchen, formal dining and living, and fantastic family room overlooking magnificent grounds. Light, bright, open, spacious, and ready to move in. Incredible home…Incredible location…Incredible Opportunity!

288 S. Coconut Lane – Miami Beach

288 S Coconut Ln - Miami BeachNow HERE’s a house!  Modest 3 bedroom, 3 bathroom, 3,180 square foot home on Palm Island with direct bay views.  On a 14,000 square foot lot with 100′ of open bay frontage.  Selling on May 8th for $2,700,000.  Now this house has an MLS history and a half!  being on and off the market since 2001 but seriously “for sale” since August 2006 for $5,800,00 (sadly enough, if they would have priced more aggressively in 2006, they could possibly have made $1.5 to $2 million more….OUCH!). But still selling at $849 per square foot, which is the highest sale for May. Here’s the MLS description:

PRIVATE ISLAND GETAWAY. ENJOY THIS EXCLUSIVE WATERFRONT HOME ON A DOUBLE LOT, LUSH LANDSCAPING, 100 FT OPEN BAY ON GUARDED PALM ISLAND. STUNNING VIEWS OF DOWNTOWN AND PARADING CRUISE SHIPS. PRIVATE DOCK AND BOAT LIFT, 2 CAR GARAGE, SAUNA AND OUTDOOR SHOWER, POOL, LARGE FAMILY/ENTERTAINMENT ROOM, REAL WORKING FIREPLACE, MARBLE AND WOOD FLOORS, STAINLESS STEEL APPLIANCES, HURRICANE IMPACT WINDOWS. BALCONY AND COVERED PATIO TO ENJOY THE VIEWS.

Yes….it’s all in caps as if they were screaming at you (now I have to go back to my listings and make sure my office did not put me on the MLS as a screamer).

209 E Dilido Drive – Miami Beach

209 E Dilido Dr - Miami Beach

This is a fabulous house and close to my heart because I really saw some clients of ours living here (if you are reading, you know who you are).  From the moment you walked in this Dilido Island home, you knew the house had been updated with taste and great finishes (the full-mosaic tile pool was very impressive).  With 4 bedrooms, 3 and a half bathrooms, 10,500 square foot lot and 60′ of water frontage.  Selling for $2,235,000 ($593/square feet) and listed for $3,295,000 on June 2008.  Here’s what the MLS reads:

TODAY’S YESTERYEAR! IMAGINE THE MAGIC ALLURE OF 1935 MEDITERRANEAN WITH 2008 COMFORTS. ENJOY WIDE BAY VIEWS, HEATED TILE POOL, COVERED OUTDOOR DINING, MASTER JACUZZI OVERLOOKING THE BAY, SHINY ORIGINAL SPANISH TILE AND WOOD FLOORS, HIGH CEILINGS, LARGE AND LIGHT ROOMS, BEAUTIFUL LANDSCAPING AND A WONDERFUL ENTRY LOGGIA AND COURTYARD. THIS IS A FASCINATING, SPACIOUS AND COMFORTABLE HOME, UPDATED ALL THE WAY TO A STAND-BY GENERATOR. BEST TIME TO SHOW : M-F, 10am-2pm. YOUR BUYERS WILL LOVE YOU!!!

Another screamer – but true description to the house, all except “your buyers will love you” – (I’m yet to call clients “my buyers”).  $1 million discount, I’ll take 2 please!

5101 N Bay Road – Miami Beach

5101 N Bay Road - Miami BeachHere’s one of those acclaimed Miami Beach Luxury Homes on North Bay Road (dry side, but N. Bay Road still).  With 9 bedrooms and 7 bathrooms – 5,695 square feet of living space – 16,102 square foot lot and full of those “foo-foo” details so many people have come to love.  Selling on May 1 for $1,800,000 after being listed on and off for almost 2 years starting at $3,499,000 with several price reductions and time off the market in the interim. That’s $316 per square foot).

RARE FIND! NORTH BAY ROAD CORNER DOUBLE LOT-16,102 SF. ONE OF MIAMI BEACH’S LARGEST GATED ESTATES ON A DRY LOT. FLEXIBLE HOME WITH 7 BEDROOMS(INCLUDING A 3-BEDROOM GUEST QUARTERS)+ MEDIA ROOM (IT’S OWN WET BAR)+ OFFICE + 2 PROFESSIONAL-LEVEL RECORDING STUDIOS WITH PRIVATE ENTRANCE WHICH INCLUDES DRIVEWAY FOR TOUR BUS. PALM BEACH STYLE RESIDENCE WELCOMES THE OUTDOORS WITH POOL & COURTYARDS. .  CHARMING FAMILY ROOM W/ ORIGINAL 1930S DETAIL (WET BAR, FRESCOS). PERFECT FOR ENTERTAINING OR AS A FAMILY HOME.


What’s great and not so great about Miami Beach Real Estate is that properties in close proximity can be so different.  Here you have 5 sales that are completely different one from the other and once again you cannot bunch them all together and come up with a bogus average price per square foot for Miami Beach Luxury Home Sales in May.

I am happy to announce that I left here to check Team Miamism‘s listings on the MLS and we are not screamers!  Thank GOD!

**all information obtained from the SouthEast Florida Multiple Listing Service**

Do you want to buy or sell your Miami Condo or Home? Contact Ines Hegedus-Garcia for Team Miamism. We pride ourselves in top customer service and have become a go-to source for the media when it comes to Miami and Miami Beach real estate market knowledge. And we answer our phone!

Call Ines: 305-206-9366

Email: info@miamism.com

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