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Top 3 Most Expensive Miami Beach Home Sales – February 2010

Ines Hegedus-Garcia — Mon, 08 Mar 2010 17:54:29 +0000

There were 16 Miami Beach Homes sold in February ranging in price between $191,300 for a bank owned Normandy Island home to $7,250,000 for a Star Island fixer upper. Talk about a huge disparity and what makes Miami so interesting to many. We can’t deny that there’s something for everyone here! With no further delay, here are the 3 Most Expensive Miami Beach Home sales last month.

February’s Most Expensive Miami Beach Home Sale

44 Star Island Drive – Miami Beach, FL 33139

Listed for $8,750,000 and sold for $7,250,000 on February 25th, 2010

Funny enough, this same house was our featured luxury listing for January: Miami Beach Luxury Home – Star Island

Here’s what I had to say:

The house itself is only 4,720 square feet, which is tiny compared to its neighboring estates. It was built in 1935 and to many it will be the “ugly duckling” of the island. But I urge to look past the obvious and notice that the existing structure does have a nice Florida Vernacular feel to it and nothing a little money and love can’t fix. It’s listed at $1,854 per square foot but I know that’s not a fair assessment since it’s all about the size of the lot. Well….Shaq’s lot was 87,120 square feet with 312 feet of frontage and the house was impeccable and needed no “updating” (other than changes here and there for tastes sake). So, my guess is that neighbors are pretty angry right about now because the only comp is throwing all the numbers off. Just based on the one sale, this property is grossly overpriced.

Here’s the MLS description:

Located on exclusive Star Island among some of Miami’s favorite celebrities, this bayfront estate offers over 200 feet of prime water frontage and provides beautiful sunrises, southeastern breezes and the utmost in security and privacy. Just minutes from both Downtown Miami and South Beach, this Colonial-style 4,720 home is ready for your update or build to suit. Ideal waterfront for large vessel. Least expensive property on Star Island!!

Features:

4,720 square feet of living space
Built in 1935
6 bedrooms / 5 bathrooms / 1 half bath
215 feet of water frontage
48,266 square foot lot
Barrel tile roof
2-story home

February’s Second Most Expensive Miami Beach Home Sale

269 N. Hibiscus Drive, Miami Beach, FL 33139

Listed for $5,995,000 and sold for $5,400,000 on February 24th, 2010

New Hisbiscus Island construction (built in 2007) with an interesting listing history. The home was originally listed in April 2007 for $10,900,000 and was on and off the market with several price reductions and increases and finally selling for $5.4 M last month. The MLS description reads:

New-elegant Mediterranean-waterfront estate on guard gated Hibiscus Island. This luxury 3-story home comes equipped with dramatic volume ceilings, oversized impact windows/doors, multiple private balconies and boat dock which can accommodate large vessel. Resort style swimming pool w/jacuzzi, elevator, top-of-the-line appliances, marble/wood flooring throughout. 40 X 30 roof top terrace with spectacular views of Biscayne Bay, the Downtown Miami Skyline and Port of Miami. Never been lived in. New home.

Features:

New construction – built in 2007
8,096 square feet of living space
12,250 square foot lot with 70 feet of water frontage
bayfront
2-story home
6 bedrooms / 7.5 bathrooms
pool with jacuzzi
elevator
within guard-gated Hibiscus Island

February’s Third Most Expensive Miami Beach Home Sale

5760 North Bay Road, Miami Beach, FL 33140

Listed for $5,950,000 and sold for $4,500,000 on February 22, 2010

This home was listed for $7,495,000 in September 09, reduced to $5,950,000 in December and was under contract by January 7th 2010. North Bay road boasts with the most beautiful, unobstructed views of Biscayne Bay, and this house is the perfect example of that. Older home, built in 1963, without being pretentious, except for the view. Shows location is still worth a pretty penny in Miami Beach. The MLS description reads:

Endless views on this gated Mediterranean Estate on prestigious upper North Bay Rd, on a very large lot (26,830 SF) wide Biscayne Bay front lot with a large concrete dock for a substantial boat, elegant open floor – turnkey estate! Gorgeous pool, large master bedroom with sitting area and the best views on N Bay Rd. Circular driveway and lush landscaping Miami Beach Waterfront Dream!

Features:

Built in 1963
6,752 square feet of living space
26,830 square foot lot with 92 feet of water frontage
3 bedrooms / 4 bathrooms
2-car garage
pool

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

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Miami Shores Unity Day 2010

Ines Hegedus-Garcia — Fri, 05 Mar 2010 05:01:28 +0000

We interrupt our regularly programmed Miamism Fridays with this important community announcement. Miami Shores Unity Day is tomorrow!!

WHAT: Miami Shores Unity Day

WHEN: Saturday, March 6th, 2010

WHERE: Miami Shores Recreation Fields (9825 Park Drive)

TIME: 3:00 PM to 7:00 PM

Activities will include rockwall climbing, bungee jumping, touch a truck, giant slide, obstacle course, inflatables, game trailer and more! Wristbands are $10 each and this year there will even be a Car Show on Grand Concourse. Don’t forget Food and live music and tons of community spirit.

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February 2010 Real Estate Market Reports for Miami Shores, Bay Harbor Islands, Surfside, Fisher Island and Aventura

Ines Hegedus-Garcia — Tue, 02 Mar 2010 17:54:37 +0000

This is a Miami Real Estate Market Report for February 2010 – Properties are selling! Buyers are making a move! The heavy air in the Miami and Miami Beach real estate industry is finally lifting! We are seeing a lot of foreign nationals making a move and there’s an overall sign of relief. Less distressed property inventory and all parties more willing to negotiate. It’s all good!

Miami Shores Real Estate Market Report

There are currently 106 Miami Shores homes for sale:

Highest priced listing is $2.699 million (bayfront home located at 1430 NE 101 Street –listed since September 2007 for $3.9 million )
Lowest priced listing is $160,000 (short sale located at 133 NE 103rd St)
Pending Sales (Properties under contract):50 (5 more than last month)
Closed sales in February: 6

The 6 Miami Shores homes sold last month were the following:

1096 NE 97 St – listed for $469,000 and selling for $420,000 (listed November 2009)
330 NE 97th St – listed for $359,000 and selling for $335,000 (This property had been listed at a ridiculous amount for a long time before selling – but history is mysteriously missing from MLS)
46 NW 98th St – listed for $350,000 and selling for $320,000 (this house had been originally listed for $495,000 in January 2007 and again in September 09 for $415,000)
74 NE 103rd St – listed for $319,500 and selling for $319,500 (who said “flipping” was over? this house was purchased for $143,000 in June of 09 – was remodeled and listed for $329,000 in September 09, later raised price to $339,000)
25 NE 103rd St – listed for $240,000 and selling for $210,000 (originally listed for $280,000 in September of 9)
9906 N Miami Ave – listed for $174,900 and selling for $166,060 (bank owned home on a really busy street – bank requiring cash offers only on the MS and listed since February 09 for $229,000)

I did a comprehensive Real Estate Market Report for Miami Shores Homes sold in 2009 – go to: Miami Shores Real Estate Market Report for 2009

Bay Harbor Islands Real Estate Market Report

There are currently 22 Bay Harbor Island Homes for sale: (1 more than last month)

Highest priced listings is for $4,950,000 (10200 W Broadview Drive – listed since December of 2008 for $5,200,000)
Lowest priced listing is $499,000 (9970 E. Bay Harbor Drive – Villa – listed since Feb. 07 – starting price of $659,000)
Pending Sales (properties under contract):4 (1 more than last month)
Closed sales in February: 0

No Bay Harbor Island homes yet sold this year! let’s see how long it takes for those 4 properties currently under contract to close.

Surfside Real Estate Market Report

There are currently 50 Surfside homes for sale: (9 less than last month)

Highest priced listing is $4,990,000 (for 7,000 square foot “master peace” **thinking listing agent meant “master piece” – with 100 feet of water frontage – being sold as a short sale at 1249 Biscaya Drive).
Lowest priced listing is $279,000 for the home located at 8858 Harding Ave (short sale)
Pending Sales (properties under contract): 13 (7 more than last month)
Closed sales in January: 4

The 4 Surfside homes sold in February were the following:

8867 Dickens Ave – listed for $379,900 and selling for $364,000 (bank owned home listed in November of 09)
600 93rd St – listed for $350,000 and selling for $320,000 (short sale originally listed for $550,000 in September 08, then May 09 again for the same price)
8942 Carlyle Av – listed for $275,000 and selling for $230,000 (originally listed for $295,000 in July 09)
9173 Carlyle Ave – listed for $259,000 and selling for $230,000 (short sale listed since November 09)

3 of the 4 homes sold in February 2009 were distressed sales – that inventory is starting to dwindle down, some even question if the “good deals” are already done.

There are currently 142 Surfside Condos for sale: (7 more than last month)

Highest priced listing: $2,500,000 a 3/3 at Azure Condo unit 707

Lowest priced listing: $119,900 for a bank owned one bedroom at Sunset Condo

Pending Sales (properties under contract):27 (1 less than last month)

Closed sales in February: 8 (1 more than last month)

The 8 Surfside condo sales in January were the following:

Azure Condo – 9401 Collins Ave PH1105 – listed for $730,000 and selling for $685,000
Champlain Towers – 8777 Collins Ave #502 – listed for $450,000 and selling for $415,000
Champlain Towers – 8777 Collins Ave #505 – listed for $299,900 and selling for $250,000 (bank owned)
Manatee Condo – 9273 Collins Ave #910 – listed for $179,000 and selling for $155,000
Carlisle on the Ocean – 9195 Collins Ave PH11 – listed for $160,000 and selling for $165,000 (bank owned)
Winter Gardens – 8955 Collins Ave #301 – listed for $159,000 and selling for $137,500
Carlisle on the Ocean – 9195 Collins Ave #1014 – listed for $143,451 and selling for $192,500 (bank owned)
Carlisle on the Ocean – 9195 Collins Ave #404 – listed for $141,000 and selling for $185,000 (bank owned)

Please take note that most bank owned properties are sold at a higher price than it was originally listed. The strategy is to list these lower than market to encourage bidding wars and they usually end up closing at a higher amount with multiple offers in place. So if you are in the market to buy a bank owned property, make sure you have a strategy when submitting your offer or you may not even have a chance.

Fisher Island Real Estate Market Report

There are currently 129 Fisher Island Condos for sale: (3 less than last month)

Highest priced listing: $30,000,000 for an exclusive Oceanside 5/5.5 home with artwork and all!
Lowest priced listing: $190,000 for a studio at Marina Village
Pending Sales: 7 (1 less than previous month)
Closed sales in February: 2 (1 more than last month)

The 2 Fisher Island condo sale in the month of February were the following:

Oceanside Fisher Island Condo – 7727 Fisher Island Dr – listed for $2,600,000 and selling for $2,300,000 (originally listed for $3,700,000 in 08 and again for $3,100,000 in January 09)
Seaside Villas – 15721 Fisher Island Dr #15721D – listed for $699,000 and selling for $300,000 (this one is a mystery, remarks said “owner will finance” and property goes on the market for $899,000 5 days after closing)

There were 32 Fisher Island Condo sales in 2008 ranging in price between $700,000 and $5,457,000 compared to 25 sales in 2008.

Aventura Real Estate Market Report

There are currently 1422 Aventura condos for sale: (4 more than last month)

Highest priced listing: $5,300,000 for a 4/6 at Porto Vita
Lowest priced listing: $55,000 for a 1/1 approved short sale at Biscayne Lake Gardens Condo
Pending sales: 320 (24 more than last month)
Closed sales in February: 51 (9 less than last month)

The highest Aventura Condo sale in the month of February was for the 6 bedroom, 6.5 bathroom residence at Peninsula (3201 NE 183 St #3104-5) which was listed for $1,590,000 and sold for $1,396,500.

The lowest Aventura Condo sale in February was a 1 bedroom / 1 bath Point East, a 55+ community. It was listed for $69,900 and sold for $65,000.

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El Portal Real Estate Market Report

Ines Hegedus-Garcia — Tue, 02 Mar 2010 17:04:52 +0000

We are doing a specific market report for the months of January and February 2010 for El Portal homes because a loyal reader noticed we removed it from our regular monthly reports. Remember we rely on feedback to know what type of information to give you. So if you ever want to see anything specific, please let us know.

There are currently 21 El Portal homes for sale:

Highest priced listing is $549,000 (69 NE 87th St – listed on and off since 06 with pricing as high as $724,900)
Lowest priced listing $128,000 (wood frame home sitting on a 19,600 sq. ft. lot at 115 NW 90th St)
Pending sales (properties under contract):11
Closed sales in January: 3
Closed sales in February: 0

January El Portal Homes sold were the following:

250 NE 87th St – listed for $250,000 and selling for $244,000 (approved short sale sold in 06 for $475,000, relisted for $250,000 in October 2009)
189 NW 102 St – listed for $159,900 and selling for $130,000 (quite a history on this property listed at high as $675,000 in 2007 with many obvious price reductions)
60 NE 88th St – listed for $104,900 and selling for $104,900 (bank owned listed in November 09)

There were a total of 33 El Portal homes sold in 2009 compared to only 12 in 2008. I keep saying that this is one of those gem neighborhoods we need to keep as a secret – with great historic homes, gorgeous trees and how about those peacocks!!!

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

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Top 3 Most Expensive Miami Beach Condo Sales – January 2010

Ines Hegedus-Garcia — Thu, 25 Feb 2010 14:05:22 +0000

There were 117 Miami Beach condos sold in January 2010 with the lowest sale being a pool cabana at Casablanca Condo for $16,000 and the next highest a 1 bedroom condo at Normandy Place Condo (which was a bank owned property). Now to the good stuff.

January’s Most Expensive Miami Beach Condo Sale

The Continuum on South Beach: 50 S Pointe Drive, #TWN6 – Miami Beach, FL 33139

Listed for $4,353,000 and sold for $3,482,400 on 1/29/2010

The Continuum needs no introduction – it’s 2 towers are the only 2 oceanfront uber luxurious high-rises in the area knows as South of Fifth in South Beach. This unit was listed on January 13th, 2010 and was under contract by the 17th! WOW! (but there are not even interior photos of the unit on the MLS, so it was obviously sold before it listed). Here’s the MLS description:

Enjoy 12 Acres of Oceanfront Living at Continuum II! Spacious, large balcony with magnificent views! Italian kitchen with stainless steel Miele appliances, Subzero refrigerator, granite countertops and marble floors. Luxury amenities include 24 hr security and valet parking, full-time concierge service, 2 large lagoonpools with pool and beach-side services from patio restaurant. Three pro-clay tennis courts, 23,000 sf Sporting Club and spa with infinity lap pool!

Features:

2,901 square feet of living space
built in 2008
4 bedrooms / 4.5 bathrooms
2-car garage
Direct Ocean Views
Beachfront condo
Facing South
Balcony
Decorator ready
Maintenace Fee – (not disclosed)

January’s Second Most Expensive Miami Beach Condo Sale

Il Villaggio: 1455 Ocean Drive #1102 – Miami Beach, FL 33139

Listed for $2,195,000 and sold for $1,850,000 on 1/05/2010

This unit was purchased for $2,700,000 in June 2007 and was on and off the market starting on February 2008 with an asking price of $3,590,000. The sellers lost $850,000 in this real estate transaction, but you can only speculate that they enjoyed Il Villaggio’s views and amenities in the 2.5 years they owned it.

The ultimate “south view” residence at South Beach’s very own Il Villaggio. This sleek, sexy floor plan provides wrap-a-round views of the ocean, Lummus Park and the seductive South Beach coastline. Three expansive terraces, dramatic foyer entrance, custom bamboo flooring, gourmet kitchen, marble baths, & a luxurious master suite. Luxury building offers the finest, personalized services of any building in South Beach, oceanside promenade and community room. Live the life you’ve always imagined…

Features:

1,700 square feet of living space
built in 1998
2 bedrooms / 2.5 bathrooms
1 parking space
Beachfront condo
Facing South
Balcony
Maintenance Fee – $1835/month

January’s Third Most Expensive Miami Beach Condo Sale

Canyon Ranch – 6799 Collins Ave #505 – Miami Beach, FL 33141

Listed for $1,900,000 and sold for $1,550,000 on 1/29/2010

Canyon Ranch is Miami Beach’s latest craze bringing life to Mid-Beach with luxury and style. This particular residence was listed on March 2009 for $1.9 Million and had no price adjustments.

One of a kind, amazing beach house facing East w/ direct ocean views. This is a must see! 2 Bed + den/media room (could be converted to 3rd bedroom)+ a private rooftop terrace, directly on the ocean. Spacious layout w/10 ft ceilings, stunning baths and custom kitchen. Canyon Ranch offers every luxurious amenity including all spa services and on-site restaurants.

Features:

1,965 square feet of living space
built in 2008
2 bedrooms / 3 bathrooms
1 parking space
Beachfront condo
Decorator ready
Facing East
Balcony
Maintenance Fee – $2500/month

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Top 3 Most Expensive Miami Beach Home Sales – January 2010

Ines Hegedus-Garcia — Wed, 24 Feb 2010 14:08:48 +0000

When it comes to Miami Beach Homes, there were 11 sales in the month of January 2010. Two of these sales in exclusive La Gorce Island and the other one was a Pinetree Mansion. The lowest sale in January was at Biscayne Beach and as per the MLS description, “buy this house and get a free car”…can’t tell you the details on the car – but the house was on a dry lot at 965 79th Terrace and sold for $225,000.

January’s Most Expensive Miami Beach Home Sale

92 La Gorce Circle – Miami Beach, FL 33141

Listed for $13,500,000 and sold for $9,500,000 on 1/25/2010

This house was on and off the market since September 2005, starting at $17,500,000, was also for rent for $100,000 and finally sold for $9.5 Million. MLS description:

Set on approx. an acre, this remodeled 9700+sf Mediterranean estate offers privacy and elegance. 200+ft of wterfront. 7 brs, ofc, 8.5 baths, fine marble and hardwd flrs, dbl living room w/marble fireplc overlooking the water. Media rm, family rm w/granite bar & spacious kitchen w/breakfast area, sumptuous master suite w/soaring ceilings. Notable exterior features of the grand estate include hand-laid keystone appointments, stone fountains and interior courtyard loggias surrounded by coral stonework.

Features:

built in 1939
9,719 square feet of living space
7 bedrooms / 8.5 bathrooms
waterfront
42,749 square foot lot
200 feet of water frontage
House faces East
Guard-gated island
2-story Mediterranean Revival home
Private dock

January’s Second Most Expensive Miami Beach Home Sale

5745 Pinetree Drive – Miami Beach, FL 33140

Listed for $5,990,000 and sold for $4,650,000 on 1/4/2010

This home was known for it’s short term rentals and was showing on the MLS available for rent for $19,500/month and $27,000/month (long and short term rentals). It had also been on and off the market starting in 2000 with highest listing price of $7,900,000. Personally, Pinetree has never done it for me – some of these homes facing condos across the canal, but you can’t take away the splendor and grand scale of a lot of these Pinetree Homes. Description on the MLS:

Classic, renovated estate on stately Pinetree Drive! All new hurricane impact windows and doors to be installed! Approximately 9000 sf, 5 bedroom, 8 bath home with 150 ft of protected water-frontage! owner will consider financing or trade for other property including condos! Renovations are finished and all doors and windows are in!!!!!

Features:

built in 1929
8,689 square feet of living space
5 bedrooms / 6 bathrooms / 2 half-baths
waterfront
26,700 square foot lot
150 feet of water frontage
House faces East
2-story Mediterranean Revival home
Private dock

January’s Third Most Expensive Miami Beach Home Sale

55 La Gorce Circle – Miami Beach, FL 33141

Listed for $3,300,000 and sold for $2,200,000 on 1/19/2010

This home was listed in 2007 for $4,400,000 and then again for $3,300,000 in August 2009 – I’m guessing the million dollar price reduction made the difference with this dry-lot home (meaning NOT waterfront).

Sophistication reigns supreme on this exquisite property. Located on guard-gated La Gorce Island, this beautiful 4 bedroom/5 bath, 5,387 sf home, situated on a 13,750 lot features an abundance of stunning details and amenities such as a luxury kitchen, pool area, high ceilings, master suite with his/her bathrooms and a 2-car garage. Unmatched, awe-inspiring elegance and style. just a few minutes to world-renowned South Beach and downtown Miami.

Features:

built in 1968
5,387 square feet of living space
4 bedrooms / 5.5 bathrooms
2-car garage
13,750 square foot lot
House faces West
Guard-gated island
pool

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Miami Luxury Condos – Carbonell, Brickell Key C

Ines Hegedus-Garcia — Wed, 17 Feb 2010 03:40:49 +0000

Carbonell Condo happens to be one of those striking buildings on Brickell Key. Full Amenity condo with valet parking, 24-hour security, gorgeous gym with racquetball and fitness machines overlooking the water, swimming pool, children’s area and covered parking. The views are unmatched with a combination of Biscayne Bay, Port of Miami, Miami River, Miami Skyline and downtown Miami …. with water and luxury wherever you look. And then you also have Brickell Key’s amenities, including parks, children’s playground, restaurants and market, jogging trail and don’t forget security and proximity to downtown Miami, shopping and business district.

901 Brickell Key Drive – number 706

Listing Price $875,000

Where luxury and comfort meet with no compromises, on exclusive Brickell Key! This large 3 bedroom split-plan residence boasts spectacular water views, sitting at the mouth of the Miami River and overlooking The Port of Miami, Miami Beach and Downtown Miami. Marble floors, large master suite, Miele and Sub-Zero appliances, impact doors and double balconies. Full amenity building includes gym, racquetball, concierge, valet and more.

I’m hoping a certain someone in the South Florida Blogosphere whose name rhymes with “slick” will appreciate the bigger photos I am including in this article.

What I love about the floor plan and distribution of these units is that they are super practical – master bedroom has ample closet space, great big bathroom with separate enclosed room for water closet and bidet; other 2 bedrooms work as a private suite with own bathroom and balcony and the finishes are beautiful.

Here’s the floor plan for the 06 line at Carbonell Condos

As for views, I can’t get enough of them. Every time I visit this condo, my jaw just drops in disbelief. At night you have an unbelievable lit skyline and in the day you can see the sunrise, sunset and water in every direction.

And can’t forget photos of the common areas – this building welcomes you from the time you talk to the security at the guard gate, to the time you hand the keys over to the valet and are later greeted by the concierge inside the lobby doors.

Unit features:

1.944 square feet of living space
built in 2005
3 bedrooms / 2.5 bathrooms
parking for 2 vehicles
Miele and Sub-zero kitchen appliances
washer and dryer inside unit
impact resistant windows and doors
2 private balconies
Master Suite – Jacuzzi Tub, separate shower, separate water-closet and bidet
walk-in closets
marble and tile floors
maintenance fees $1132/month
central air-conditioning
eat-in kitchen

Here’s an informal on-location video done to show the proportions of the residence as well as views.

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January 2010 Real Estate Market Reports for Miami Shores, Bay Harbor Islands, Surfside, Fisher Island and Aventura

Ines Hegedus-Garcia — Tue, 02 Feb 2010 22:54:02 +0000

This is a Miami Real Estate Market Report for January 2010 – Good overall feeling for this year. Although many expect a collapse, you can see an obvious decrease in inventory and increase in sales which can only mean good news. If you study areas with a large number of pending contracts, the majority of those contracts are short sales which take a while to close. (Hoping to see some new laws soon to limit the response time from banks on these).

Distressed inventory in all of these areas is decreasing and sellers are gaining confidence. It doesn’t hurt that most are pricing their properties correctly and those are the ones that sell quickly. Sellers need to be realistic and base their prices on closed sales, not imaginary numbers born from emotional attachment to their homes.

All of the numbers are a good reflection for 2010 – let’s just wait and see.

Miami Shores Real Estate Market Report

There are currently 99 Miami Shores homes for sale:
(first time under 100 in a few years!)

Highest priced listing is $2.699 million (bayfront home located at 1430 NE 101 Street –listed since September 2007 for $3.9 million )
Lowest priced listing is $189,500 (approved short sale located at 17 NW 107th St)
Pending Sales (Properties under contract):45 (26 of these are short sales which historically take a long time to close)
Closed sales in January: 4

The 4 Miami Shores homes sold last month were the following:

246 NE 92 Street – listed for $499,000 and selling for $450,000 (listed since September 2009 for $525,000)
8890 NE 10th Avenue – listed for $495,000 and selling for $435,000 (Bank Owned property and although listed as Miami Shores, it’s City of Miami)
33 NW 93 Street – listed for $319,000 and selling for $310,000 (originally listed for $369,900 in January 2008)
1 NW 110th Street – listed for $258,000 and selling for $235,000 (purchased for $78,000 May 90, Listed for $258,000 October 09 – flipper?)

I did a comprehensive Real Estate Market Report for Miami Shores Homes sold in 2009 – go to: Miami Shores Real Estate Market Report for 2009

Bay Harbor Islands Real Estate Market Report

There are currently 21 Bay Harbor Island Homes for sale:

Highest priced listings is for $4,950,000 (10200 W Broadview Drive – listed since December of 2008 for $5,200,000)
Lowest priced listing is $499,000 (9970 E. Bay Harbor Drive – Villa – listed since Feb. 07 – starting price of $659,000)
Pending Sales (properties under contract):3 (1 of them a short sale at 1288 NE 101 Street)
Closed sales in January: 0

Please note that there were only 6 Bay Harbor Island home sales in 2009 ranging from $570,000 to $3,400,000. Four of those sales were above $1M which is sort of good news for the Bay Harbor Island Luxury Home Market (I say sort of because there were only 2 sales the whole year in 2008, which means the sales are improving). There is some new construction in the areas and interesting things happening with the community, this may encourage people to actually want to pay the price to live in the area with the lowest crime rate per capita in South Florida.

Surfside Real Estate Market Report

There are currently 59 Surfside homes for sale:

Highest priced listing is $4,990,000 (for 7,000 square foot “master peace” **thinking listing agent meant “master piece” – with 100 feet of water frontage – being sold as a short sale).
Lowest priced listing is $279,000 for the home located at 9133 Froude Ave (short sale in “surdside” –wishing agent would proof read their remarks)
Pending Sales (properties under contract): 6 (4 of these short sales, one a bank owned property)
Closed sales in January: 1

The Surfside home sold in January was located at 9381 Abbott Avenue – a 3 bedroom / 2 bathroom, 1,566 square foot home listed for $369,000 and selling for $340,000. This house had been originally listed for $389,000 in September 2009.

As for 2009 – There were a total of 44 surfside homes sold the whole year, compared to only 32 in 2008. Slow recovery, but recovery nevertheless. Things are looking up in Surfside with less distressed home inventory.

There are currently 135 Surfside Condos for sale:

Highest priced listing: $2,500,000 a 3/3 at Azure Condo unit 707

Lowest priced listing: $64,900 a studio at Seaside Terrace Condo

Pending Sales (properties under contract):28 (15 of these are short sales which historically take some time to close)

Closed sales in January: 7

The 7 Surfside condo sales in January were the following:

9499 Collins Ave #502 – Spiaggia Condo – listed at $440,000 and selling for $440,000 (short sale)
8777 Collins Ave #1006 – Champlain Towers South – listed at $329,000 and selling for $230,500
9511 Collins Ave #808 – 9500 Oceans Condo – listed for $265,000 and selling for $260,000
9499 Collins Ave #606 – Spiaggia Condo – listed at $225,000 and selling for $240,000 (foreclosure)
9499 Collins Ave #1011 – Spiaggia Condo – listed for $215,000 and selling for $210,000 (short sale)
8816 Collins Ave #206 – Atlantic Rose Condo – listed for $158,700 and selling for $150,000 (foreclosure)
9595 Collins Ave #N104 – Solimar Condo – listed for $139,000 and selling for $122,500

Most of the condo sales in Surfside have been distressed sales – something to pay attention to if you are buying – check the building’s financial statements and make sure their condo maintenance fees are being covered and if they have reserves. Spiaggia is slowly getting rid of its distressed condos which should be a relief for the residents (although price range has been seriously affected).

There were 76 Surfside condo sales in 2009 ranging from $130,000 to $1,500,000 as compared to only 47 sales in 2008. The surfside condo market reflects the surfside home market which is a good sign for the area.

Fisher Island Real Estate Market Report

There are currently 132 Fisher Island Condos for sale:

Highest priced listing: $30,000,000 for an exclusive Oceanside 5/5.5 home with artwork and all!
Lowest priced listing: $190,000 for a studio at Marina Village
Pending Sales: 8 (3 of these are short sales)
Closed sales in January: 1

The one single Fisher Island condo sale in the month of January was for the residence at Oceanside at Fisher Island Condo, unit 7241 – a 3 bedroom / 3 bathroom / 1 half-bath, 3,140 square feet listed for $3,100,000 and selling for $2,100,000 (A one million dollar reduction … OUCH!)

There were 32 Fisher Island Condo sales in 2008 ranging in price between $700,000 and $5,457,000 compared to 25 sales in 2008.

Aventura Real Estate Market Report

There are currently 1418 Aventura condos for sale:

Highest priced listing: $5,300,000 for a 4/6 at Porto Vita
Lowest priced listing: $53,900 for a 1/1 at Point East Condos (a 55+ community)
Pending sales: 296
Closed sales in January: 60

Aventura is moving! – with progressively less inventory, more pending sales and more closings – The highest closed sale in January was at Hamptons South, 20201 E Country Club Drive #2409 -3 bedroom/3.5 bathroom unit for $1,000,000 and the lowest was for $62,000 for a 1 bedroom / 1.5 bathroom residence at Biscayne Lake Garden.

There were a total of 1020 Aventura Condos sold in 2009 ranging in price between $50,000 and $2,950,000 (we always say that there is something for everyone in Aventura) – as compared to 824 sales in 2008 – obvious change for the better and expect this to keep improving in 2010.

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Home Sellers Can’t Handle The Truth

Ines Hegedus-Garcia — Thu, 28 Jan 2010 14:45:44 +0000

If you are in the market to sell your Miami Beach home, how do you interview Miami Beach Realtors? What questions do you ask and ultimately, what’s the most important factor when choosing a Realtor?

When we asked random people what qualities are important when choosing a Miami Beach Realtor, the response was: Ethical, Loyal, Truthful, Professional, Aggressive, and Experienced.

But when we ask home sellers how they choose their Realtor, it comes down to one single factor: PRICE.

Here are different scenarios we wanted to present. In the 3 scenarios, sellers interview 3 well known Realtors in their area who appear in local advertising and seem to have a wide array of listings.

FIRST SCENARIO

Agent 1 tells them the truth about miami beach real estate market and how they will sell the home for a lot less than they had planned.
Agent 2 tells them they will list the property at whatever price they think is right and will recommend reductions as time progresses.
Agent 3 tells the buyers that they can get $200,000 more than what Agent 1 said.

What surprises us is that 9 times out of 10, the sellers will choose agent number 3 – even if that agent is not being realistic, even if that agent will NEVER achieve their goal. The house ends up sitting on the market for months, it may have a couple of contracts that fall apart because the house simply will not appraise, and the house will end up selling bellow Agent 1’s price.

We have seen this happen so many times that we just roll our eyes and cannot believe that people can be that naïve. We realize that being ethical and truthful is not important to a lot of sellers.

SECOND SCENARIO

Agent 1 tells them that they should offer a higher commission to cooperating agents to have more exposure and a better chance of selling.
Agent 2 says commission makes no difference and they should list at the standard.
Agent 3 explains how they have tons of buyers, they only show their own listings and if they sell the property themselves, they will give a major discount on the commission.

Again, 9 out of 10 times, sellers will choose Agent 3. What they don’t realize is that because agent 3 only pushes their listings, other agents are not interested in showing Agent 3’s listings. Because Agent 3 is committed to making both sides of the deal, he is representing neither the seller’s nor the buyer’s best interest, but is only interested in the mighty dollar and volume sales. Those sellers will reduce the chances of selling their house in a buyer’s market, because they are limiting their market.

Because PRICE is once again at the top of the “qualifications list”, sellers fail to see the negative aspect of listing with Agent 3.

THIRD SCENARIO

Agent 1 explains that over 85% of buyers start their search in the Internet and it is important to Google the Realtor’s name to see their search ranking.
Agent 2 sees no advantage in on-line advertising because real estate is “local”.
Agent 3 is in every local publication possible, his face appears in the local chamber of commerce, has a beautiful magazine ad, appears in the local paper and promises that the listing will appear in all those print-ads and local publications…….he has no Internet presence.

9 out of 10 times, sellers will again choose agent 3. Did you know that all those local print ads are good for getting listings? A study was done by the National Association of Realtors that local print ads and publications are recommended because they “expose” the Realtor…..not the listing…….it helps REALTORS!

Take off the blind fold!

So there you have it– a listing agent chosen because he suggests the highest price (not being truthful), he pushes his own listings to his buyers and reduces commission and on top of that produces beautiful print ads that don’t sell listings.

We are seeing buyers educating themselves on the real estate market, on advertising, on local trends. We see buyers going in depth when choosing an agent to represent their best interest, so why aren’t sellers doing the same thing?

If you are a seller, do your homework, check your options, and don’t fall in the PRICE trap. We ALL want to get the most money possible in the least amount of time (that’s a no brainer). Google the Realtor, see what their Internet Presence is like, ask particular questions on marketing your individual property. Ask about latest advertising tools like video and blogging, how many different tools do they use? Make sure your interests are well represented.

You want the truth?….you can’t handle the truth!

**This post was originally published on November 4th, 2007 and works just as well today**

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The Temple House – Miami Beach Luxury Home

Ines Hegedus-Garcia — Mon, 25 Jan 2010 18:57:09 +0000

I’ve written about The Temple House before and have given you all the relevant real estate information you need about the house. From the typical description:

The Temple House is South Beach’s largest private residence. Steps to the beach, Lincoln Road and Lummus Park. Over 16,000 SQ FT as per previous tax records. This former synagogue was transformed into an ultra contemporary residential compound over a two year period. Living quarters abound on both levels, 6,000+ SQ FT grand LOFT with approx. 30 foot high ceilings, 2.500+ SQ FT outdoor terrace, two car garage + parking for 3 additional vehicles. Newly finished rooftop swimming pool!

to my own take on the house:

The Temple House in South Beach is one of those “wow” houses you don’t see every day. The largest single family home in South Beach with over 16,000 square feet of living space. This house is amazing all on its own but when you hear its history, then you realize it is so much more than a big house. Originally designed in 1933 by none other than famed architect L. Murray Dixon, converted into a temple in the 40’s, expanded in the 60’s by renowned architect Lester Avery and then converted back into a home in 2003 by the current owner, Dan Davidson. This home defines South Beach Living with no expense spared – 30 foot ceilings in the 6,600 square foot great room, theater room, 1,200 square foot kitchen, state of the art lighting and audio system, new terrace pool with iridescent mosaics and waterfalls…..imposing and majestic.

But as Bea Garcia puts it in her housingwatch.com article for AOL real estate, Temple To High-End Zen For Sale in Miami,

For a house with a self-professed “wow” factor-its website address is www.ownthewow.com-it seems that no amount of promotion is too much.

The Temple House, in the heart of Miami Beach, has a Facebook fan page, a Twitter account, its own blog with postings of all the celebs-Jennifer Lopez, Ricky Martin, BowWow and Playboy model Vicky Vodar, to name a few- who have crossed its threshold, and a stream of photos of its Flickr page.

So check out OwnTheWow.com to see the latest documented celeb visit to The Temple House:

The Temple House is not just a property for sale – it’s a house with a story, a story that cannot be told in just a few words. This blog will narrate an uber rich story, it will serve as a chronicle of The Temple House’s past present and future.

The Temple House has housed top celebrities in all kinds of different capacities, it has been published and re-published, has served as backdrop in popular music videos, movie scenes, megastar parties, weddings, charitable events…..and so much more

The Temple House

“if WOW is what you’re looking for”

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