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Miami Beach Real Estate Market Report for 2008 – Palm Island, Hibiscus Island and Star Island Luxury Homes

By: Ines Hegedus-Garcia on January 5, 2009

Miami Beach Luxury Real Estate is known for its islands – I already did a market report for Venetian Islands, now I’m combining Palm Island, Hibiscus Island and Star Island just because they are adjacent to each other. There were a total of 8 sales in the 3 islands combined in 2008. The highest sale at $10,600,000 at Hibiscus and the lowest also at Hibiscus for $1,180,900 on a dry lot.

The price disparity has to do with location and view as well as condition of the home. The pristine and totally updated homes will obviously sell for more than the gutted ones, near a bridge or causeway that are mainly sold for land value.

Address Bds Bths HBth sqft YrBlt Lot Size List Price Sale Price Closing Date
24 S Hibiscu Dr 5 5 2 13,000 2003 19,687 $14,900,000 $10,600,000 5/1/2008
130 Palm Ave 6 8 1 7,940 1998 30,000 $10,900,000 $9,750,000 9/11/2008
16 Palm Ave 7 6 2 6,345 1930 35,348 $9,995,000 $11,500,000 3/3/2008
44 Star Island 6 5 1 4,720 1935 48,266 $9,750,000 $8,100,000 8/28/2008
4 Palm Ave 7 8 0 8,169 1995 17,603 $8,750,000 $6,900,000 5/15/2008
150 S Hibiscus Dr 5 4 1 5,453 1940 10,500 $3,795,000 $3,500,000 5/22/2008
275 N Coconut Ln 5 4 0 3,007 1952 8,414 $2,800,000 $2,700,000 6/27/2008
320 N Hibiscus Dr 4 3 0 3,026 1953 9,500 $1,350,000 $1,800,900 7/28/2008

Miami Beach Luxury Real Estate

Search Hibiscus Island Homes, Palm Island Homes and Star Island Homes currently listed for sale above $1,000,000

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