The Miami Beach Luxury Real Estate Market is moving, but not as we would expect. There were 7 sales in the month of November above $1 million, 3 of which were Short Sales – this shows how there are distress sales even in the Miami Beach Luxury Real Estate Market. All seven properties are in the low end of the Luxury Spectrum, but this only shows one month of movement and should not be misconstrued to mean that the Luxury Market is suffering.
Miami Beach Real Estate Luxury Home Sales in November:
1 – 2838 Prairie Avenue
Miami Beach, FL 33140
- Sold for $1,100,000 on 11/14/08
- 2.961 square foot home on golf course, built in 1940 with 4 bedrooms and 3 bathrooms
- 9,750 square foot lot
- Listed since March 07 for $1,345,000 and changed hands of 4 different brokers
2 – 1170 Still water Drive – Biscayne Beach
Miami Beach, FL 33141
- Short Sale – Sold for $1,010,000 on 11/12/08
- 3,346 square foot bayfront home, built in 1980 with 5 bedrooms and 3 bathroom
- 8,000 square foot lot with 50 feet of water frontage
- Listed since November 2007 for $1,750,000 and as a short sale for $990,000 – closing above asking price
Miami Beach Real Estate Luxury Condos
Sales in November:
3 – Continuum – South Tower – 100 S. Pointe Drive – Unit 1707
Miami Beach, FL 33139
- Sold for $1,675,000 on 11/12/08
- 1870 square foot condo
- 2 bedrooms / 2 bathrooms / 1 half-bath
- Listed since July 08 for $1,800,000
4 – Continuum – North Tower – 50 S. Pointe Drive – Unit 1605
Miami Beach, FL 33139
- Sold for $1,225,000 on 11/21/08
- 1698 square foot condo
- 2 bedrooms / 2 bathrooms / 1 half-bath
- Listed since April 2008 for $1,700,000
5 – Mosaic – 3801 Collins Avenue – unit 1803
Miami Beach, FL 33140
- Sold for $1,450,000 on 11/12/2008
- 2542 square foot condo
- 3 bedrooms / 3 bathrooms / 1 half-bath
- Listed since March 2008 for $2,300,000
6 – Mosaic – 3801 Collins Avenue – unit 806
Miami Beach, FL 33140
- Short Sale – Sold for $1,400,000 on 11/12/2008
- 1820 square foot condo
- 3 bedrooms / 3 bathrooms
- Listed since October 2008 for $1,500,000
7 – Green Diamond – 4775 Collins Avenue – unit 2503
Miami Beach, FL 33140
- Short Sale – Sold for $1,015,000 on 11/21/2008
- 1980 square foot condo
- 3 bedrooms / 3 bathrooms
- Listed since December 2007 for $1,595,000
The luxury market is suffering along with all other markets. London prices have fallen 30% this year. And as for Florida – wait until the option ARMs kick in.
Sorry – there is a market correction underway and Florida is a big part of that. Not necessarily a bad thing, but the sooner we accept it, get the bad debts out of the system and move on, the better.
I agree that Florida will be a big part of the market correction…..we are number one in foreclosures according to a recent FAR report, but the Luxury market in Miami Beach/Miami has not gotten hit like the rest. November’s closings were interesting in pointing out that there are short sales and foreclosures in that same Luxury market and that people are attracted to those deals.
Interestingly enough – Fisher Island has had over $85,000,000 in sales this year with only 22 transactions….not bad for a down market.
No, that is not bad for a down market. Although, Fisher Island is not really indicative of Florida….
How many of those sales were before September?
Fisher Island is not indicative of the Florida market, but it is indicative of the Luxury Market in the Miami Beach and Miami areas – 19 of those closings occurred before September (averaging $3.8 million per transaction!)