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Miami Beach Luxury Real Estate Market Report - August Miami Beach Million Dollar Sales

There are currently 298 Active Single-family Listings in Miami Beach over $1,000,000

• The highest listing is for $29,000,000 - A waterfront lot with over 570 feet of water frontage located on Sunset Island II (2500 Bay Avenue)
• The lowest million dollar listing is for $1,050,000 - short sale of a dry-lot home located at 111 4 Terrace on DiLido Island
• Properties over $1,000,000 Currently under contract (Pending Sales) - 6
• 10 closed sales over $1,000,000 in August

1.  44 Star Island Drive - Listed for $9,750,000 - sold for $8,100,000

2.  5396 N. Bay Road - Listed for $7,695,000 - sold for $6,800,000

3.  2012 N. Bay Road - Listed for $6,000,000 - sold for $5,400,000

4.  239 E. Rivo Alto Drive - Listed for $2,395,000 - sold for $2,115,000

5.  1200 S Biscayne Point Road - Listed for $2,150,000 - sold for $2,050,000

6.  3370 Chase Avenue - Listed for $1,997,000 - sold for $1,820,000

7.  6300 Allison Road - Listed for $1,750,000 - sold for $1,500,000

8.  114 2 Terrace - Listed for $1,699,000 - sold for $1,600,000

9.  510 W 31 Street - Listed for $1,450,000 - sold for $1,300,000

10. 7 Century Lane - Listed for $1,150,000 - sold for $1,000,000

There are currently 538 Active Condo Listings in Miami Beach over $1,000,000

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Signs of the Miami Real Estate Bottom?  Good news from the media about Miami Real Estate? Pinch me please, this can't be true!

Check out this article by none other than Bloomberg:  Florida Real Estate Bottom Signaled by Sale of Distressed Condo

What I find fascinating is the creativity behind these bulk purchases.  Jorge Perez from The Related Group has been very heavily criticized, but you be the judge:

Perez made the bulk purchase, the largest in condo-glutted downtown Miami, in the 50 Biscayne Blvd. tower with Lubert-Adler Partners LP, a private equity firm headed by Dean Adler. The two firms raised $1 billion to buy condos, mortgages and land in Florida, according to a Feb. 13 news release. The price was $30.3 million, about half the cost of individually sold units.

Bulk Purchase

Perez's partnership bought the condos from his own development company and a partner, Atlanta-based Cousins Properties Inc., which built the 54-story tower.

In an earlier bulk purchase at 50 Biscayne, Perez and Cousins sold 26 units in May to 50 Biscayne Suites LLC for $6.1 million. Perez and Cousins paid off their construction loan with LaSalle Bank with the proceeds, according to Zalewski of Condo Vultures.

Paying off the loan allowed Perez to do the recent 120-unit bulk transaction at below-market prices, said Bruce B. Baldwin, a partner with the Miami-based Mase & Lara PA law firm who was not involved in the deal.
Construction lenders require developers to sell condos at a minimum price, he said. Once the developer's debt to the bank is paid, the developer can discount the units, he said.

Perez may follow a similar strategy at the Plaza on Brickell development, two downtown towers with a total of 1,000 units, and other developers may too, Zalewski said.

Rumors in The Miami Luxury Condo Market don't stop there though, just last week I heard that the Royal Family of Dubai had purchased Midtown Miami.  Although it is only a rumor and I have not been able to confirm it, it leaves you thinking that if big dogs are investing in Miami Real Estate.....there may be an end to the madness after all.

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This week's Miami Luxury Real Estate Pick is located in Miami Shores (my local stomping ground). It's not often that I point out new construction unless I absolutely believe in it and this happens to be one of those houses. Miami Shores was developed in the 1920's by The Shoreland Company and did an amazing job of urban planning which is one of the best features of Miami Shores. The setbacks and scale of the homes, the rear alley system, the width of the streets, sidewalks and tree-lined streets, is what makes Miami Shores the beautiful community that it is today, and not to forget the fact that we have so many fabulous Mediterranean Revival homes.

This home was buildt new in 2008 and no expense was spared - from commercial grade appliances to Cherry wood floors, but what impresses me the most is the grand scale of each room, with soaring ceilings and clean lines that were kept simple but at the same time elegant. The fact that the home respects the scale of the adjacent homes and its urban context is a huge plus in my book as well.

448 NE 96th Street - Miami Shores, FL 33138

Listed for $1,599,000

The MLS description reads as follows:

Unbelievable attention to quality and detail have come together to create this spectacular two-story newly constructed masterpiece located in the heart of Miami Shores, Florida. Ten foot ceilings, custom crown moldings, Cherry wood floors, camera security system, bose sound, formal dining and grand staircase are only a few of the extras to impress the most demanding buyer. Master bedroom boasts a private terrace overlooking pool and spa. Huge gourmet kitchen with Black Galaxy Marble counters, A must see home.

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This week's Miami Beach Luxury Condo pick is located in SoFi (South of Fifth) in SoBe (South Beach) - It's so Miami to abbreviate everything from places, to architecture to food. The Continuum has to be the best located condo in South Florida (that's my opinion of course) - located at the tip of South Beach right on the ocean with unbelievable amenities. Designed by architect Fullerton Diaz Architects, Inc, The Continuum is "the" Miami Beach Luxury Condo in a gorgeous location on the ocean with beach, amazing views and top notch amenities:

• 1,000 feet of sandy beaches
• full-service beach club with beach furniture and cabanas
• expansive free form lagoon swimming pool and spa
• sundeck with pool furniture and umbrellas
• pool pavilion
• landscaping and site design by renowned landscape architects Bradshaw, Gill and Associates
• 3 har-tru clay tennis courts
• 20,000 sq. ft. of state of the art Spa and Exercising facility including
  • fully equipped world class fitness center
  • complete selection of classes to choose from and personal training
  • men's and women's lounges complete with treatment rooms, sauna, steam room, whirlpool, cold plunge, relaxation lounge and shower facilities
  • spa treatments
  • roof top infinity lap pool
  • sundeck

The Continnum on South Beach Condo - 100 S. Pointe Drive - residence 1606

Listed for $7,499,000

This is what the MLS description reads:

Magnificent 4 bedroom plus den and 4.5 bathrooms with floor to ceiling windows and 800 sq. ft. of wrap around balcony allow for unobstructed panoramic views of the Atlantic Ocean, Fisher Island, Cruise Ship Alley and The Miami Skyline from every major room. Kitchen features include Italian cabinets, granite counters, Miele appliances, and Sub-zero refrigerator.

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There are some older buildings in Miami Beach that make a statement, Miami Beach Luxury Condos are known worldwide and the The King Cole is one of them. Built in 1963, it represents the MiMo style (Miami Modern) because of its concave shape where the views from the waterfront units are framed beautifully.

There are a lot of people that argue that the building was designed by Morris Lapidus, because its shape resembles Lapidus' Fontainebleau, but it wasn't. I am still doing some research to find out who the original architect is - if anyone reading this article knows, please feel free to jump right in and let me know. I even asked known architectural critic, Beth Dunlop and she confirmed The King Cole was not designed by Morris Lapidus.

Now to the details. The King Cole Condo has an incredible marina and you can see from this aerial that it accommodates big boats. The slips are privately owned, some are for sale and can dock up to 83 foot vessels. It is a full amenity building with:

• heated pool
• 24-hour valet-parking
• gym overlooking the water
• children's playroom
• solarium
• saunas
• marina
• doorman security

It is located on the Southeast corner of Normandy Island in Miami Beach at 900 Bay Drive.  Most of the interest we get from the King Cole are people looking for dockage since docking a big 65+ vessel in Miami can be expensive.  The King Cole's private Marina makes it convenient to dock your boat year round and although the slips are not always for sale, we have contacts within the building if you are interested.

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