4756 Alton Rd – Miami Beach, FL 33140

Listing Price $569,000

How do you describe a 1949 Miami Beach home that has impeccable vintage details and at the same time updated modern features, to create a perfect place to live? Here we have a home where the owner has identified and preserved key elements throughout and revamped the old and tired to come up with a complete package. If you like old and new in a nicely orchestrated space, this house may be the one.

The approach of the house will welcome you with private landscaping to a quaint porch area. You will be greeted by custom doors, original quarry tile, hardwood floors, soft stucco and spacious rooms. You will notice ample closet space atypical of the period, updated kitchen and private yard perfect for lap pool and urban garden space. MLS description reads:

Updated and meticulous 40′s great find!  A true 3-bedroom with den in the heart of Miami Beach.  Features include: custom doors, hardwood floors, master bedroom with sitting room, laundry room, new roof, fireplace, 1-car garage, privacy hedges, room for lap-pool, and more.   Close to golf course, schools, hospitals, doggie park, shopping, major highways and South Beach.  Come experience the best of Miami Beach.

As for practical items to note about this Miami Beach Home:  New Roof in 2007, new air conditioning ducts in 2008, complete set of hurricane panels, top of the line lighting fixtures and fans, working fireplace, custom doors, privacy hedges, laundry room, updated electrical system…and so much more.

Location is Mid Beach, one block East of Biscayne Bay and a 15 minute bicycle ride to the beach.  Close to downtown Miami and South Beach in a safe urban setting with not too much yard to take care of but enough to be green.  It is on Alton Road, a busy road, but don’t let that deter you, between the privacy hedges and actual design of the house, it will not make a difference.

Features:

• built in 1949
• 3 bedrooms + den / 3 bathrooms
• 2,030 sq.ft. of living space
• 6,000 sq. ft. lot (60′ X 100′)
• 1-car garage
• cbs/stucco construction
• new roof
• new electrical
• new a/c ducts
• central location

*property courtesy of Majestic Properties and Southeast Florida MLS*

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There were 151 Miami Beach condos sold in the month of July of 2010. The highest sale was $5.35 Million (which is discussed below) and the lowest price was $33,000 for a 1 bedroom / 1 bathroom foreclosed condo at Vista De Mar in Normandy Island.  The new discussion around town is how LeBron James’ move to The Miami Heat is helping the Miami and Miami Beach real estate market’s recovery.  Many already report an increase in activity, but can’t really verify whether or not it’s caused by the Heat’s Trio.

July’s Most Expensive Miami Beach Condo Sale

Apogee South Beach: 800 S Pointe Dr, # 504 – Miami Beach, FL 33139

Listed for $6,250,000 and sold for $5,350,000 on 07/15/2010

Month after month we are seeing Apogee on the Top 3 most expensive Miami Beach Condo Sales which means there is a high demand and the building is worth it.  Amenities and finishes are superior in this luxury building and I think we can even say that Apogee redefines South Beach condo living, being at a completely different level than its neighboring high rises.   Unit 504 sells for over $100 less per square foot (sale price $1,288 sq. ft.) than unit 604 right above, which sold last month for $5.8 million.  MLS description reads:

This is Apogee’s most-desired floor-plan and best location for unobstructed water views.  Your 4154sf apartment is surrounded on three sides with 2500sf of sweeping, 11-foot-deep terraces, including an outdoor kitchen with grill.  The interior spaces are masterfully-designed with a spacious master suite and master bath over the Miami Beach waterways (looking out over Fisher Island), an extraordinary and impressive gas-fueled kitchen, separate media room, 11-foot ceilings and a host of unique features.

Features:

• 4,154 square feet of living space
• 2,500 sq. ft. terrace
• Built in 2008
• 2-garage spaces
• 4 bedrooms / 3 bathrooms / 1 half-bathroom
• Bay and City Views
• Summer Kitchen
• separate media room
• 11-foot ceilings
• Maintenance Fees = $5,046/month

July’s Second Most Expensive Miami Beach Condo Sale

The Caribbean Condo:  3737 Collins Av, #PH-4 – Miami Beach, FL 33140

Listed for $5,000,000 and sold for $4,700,000 on 7/15/2010

What a bummer!  this listing doesn’t have any photos to share with you.  But interestingly enough, the Caribbean also made the Top 3 Most Expensive Miami Beach Condo sales last month.  I’ll reiterate what I said about this spectacular project:

It’s located in a historic district and the original Caribbean Hotel was designed by famed architect L. Murray Dixon – the original hotel was restored and a new residence tower constructed right next to it to compliment the newly restored ambiance.  What’s happening in the location of The Caribbean is incredible – including the recently announced site for the New Edition Hotel by Marriott – which only reinforces how much money is being pumped into this area of Miami Beach.

The MLS description simply states:

ONE OF A KIND PH IN THE SKY! 180 DEGREE VIEWS. PRIVATE ROOFTOP POOL, JACUZZI AND BBQ AREA. ITS A STEAL!!

Features:

• 3,906 square feet of living space
• private rooftop pool and jacuzzi
• built in 2009
• 4 bedrooms / 4 bathrooms / 1 half-bathroom
• Oceanfront building
• 2 parking spaces
• Maintenance fees = undisclosed

July’s Third Most Expensive Miami Beach Condo Sale

Residences at The Bath Club: 5959 Collins Ave, #1406 – Miami Beach, FL 33140

Listed for $2,995,000 and sold for $2,550,000 on 7/23/2010

The residences at The Bath Club could be considered a controversial project finished in 2005.  The Bath Club for years was devoted to the “elite” and it was impenetrable – known as Miami Beach’s “Most Time Honored Private Beach Club.”  Exclusivity was breached after a multi million-dollar addition and restoration of their historic clubhouse where The Bath Club started accepting a “limited” number of new members.  The new added Bath Club residences were not welcomed by a lot of the old members.  The MLS description reads:

Spacious 4 bedroom with maid’s, this is a family home difficult to find in a resort setting. Historic clubhouse with restaurant,2 clay tennis, fitness/spa, full service at pool and beach. Unit features Italian cherry kitchen w all stainless Sub Zero, Miele. Mid beach location close to Bal Harbour Shops, So Beach and airport. One of the best buildings on the beach.

Features:

• 4,135 square feet of living space
• 550 square foot balcony/terrace
• built in 2005
• oceanfront building
• 4 bedrooms / 5 bathrooms / 1 half-bathroom
• 1 parking space
• Maintenance fees = $4,150 / month

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

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There were 18 Miami Beach homes sold in the month of July 2010.  The highest sale was for $2.175 million and the lowest was a Normandy Island short sale at 765 S Shore Drive, selling for $350,000 on July 28th.  This month’s sales certainly do not represent the Miami Beach Luxury Home market, but that’s expected for a slow Summer month.  One thing is for sure though, with the distressed market diminishing each month, we are, without a doubt, looking at a recuperating market.

July’s Most Expensive Miami Beach Home Sale

81 N Hibiscus Dr – Miami Beach, FL 33139

Listed for $2,750,000 and sold for $2,175,000 on July 30th, 2010

Steffi Graf’s home finally sells!! After 3 years of listing the property with an original asking price of $3.5 Million.  This was one of the lingering listings that everyone hoped would sell, starting with yours truly.  Back in April in an article titled, Steffi Graf’s House for Sale in Miami Beach, and in the comment section said I thought the house would sell in the low $2M’s…so I was right!  Here’s what the article says:

I wrote this article back on September 3rd, 2007 (that’s 2 1/2 years ago!) and unfortunately, Steffi Graf’s house is STILL on the market today.  It is now priced at $2,750,000.  It has gone through price reductions to new Realtors and NOTHING! So what’s the problem here?  The house sits on Hibiscus Island with Northern exposure and gorgeous bay views as well as views of The Venetian Islands.  The MLS description now reads:

Charming Mediterranean home on this fantastic property on gated Hibiscus Island with stunning wide bay views.  This two-story residence encompasses over 3000 square feet including 4 bedrooms, 5 bathrooms.  60 feet of water frontage, pool and dock.  Enjoy the South Florida lifestyle; just minutes from downtown Miami or South Beach. Renovate or re-develop this amazing property located on one of Florida’s most prestigious islands.

The MLS history shows that it was under contract at the end of 2008 and didn’t sell.  Although the photos are better than the previous ones, this Hibiscus Island home is obviously stale and needs a marketing pick me up and can you say PRICE REDUCTION?

Features:

• 3,010 square feet of living space
• 10,500 square foot lot with 60′ of water frontage
• 4 bedrooms / 5 bathrooms
• built in 1935
• private dock
• pool
• 2-story home / Mediterranean revival
• Hibiscus Island location

July’s Second Most Expensive Miami Beach Home Sale

803 E Dilido Dr, Miami Beach, FL  33139

Listed for $2,485,000 and sold for $1,900,000 on June 2nd, 2010

Here’s a Venetian Island home that was originally listed for $2,695,000.  I submitted an offer for some clients almost a year ago under $2M and the listing agent guaranteed that it would sell above $2M – the seller never even countered!   This deal would have closed and saved the seller a year of expenses, goes to show that no offer is a bad one and sellers should consider all options.  The house was dated needing major upgrades including kitchen, bathrooms, windows and finishes and had no pool. MLS description read:

Wide bay views, open floor plan, entire second floor features the master bedroom with sitting and/or office room, wood floors, double bath, picture window overlooking great wide views. An art gallery room with pitched ceiling, kitchen counters and floors with carrera marble, room for a pool and lushly landscaped.

Features:

• 3,346 square feet of living space
• 10,500 square foot lot
• Eastern exposure with 60 feet of water frontage
• 3 bedrooms / 3 bathrooms
• private dock
• room for pool
• built in 1939

July’s Third Most Expensive Miami Beach Home Sale

770 W 50th St, Miami Beach, FL 33140

Listed for $1,499,000 and sold for $1,230,000 on July 28th, 2010

Here’s a dry lot home (meaning NOT on the water), just North of Surprise Lake in a Miami Beach subdivision called Lake View Heights.  I just love seeing a meticulously maintained home from the 30′s.  This house was completely renovated with finishes appropriate to it’s style and in a great location in Miami Beach.  The MLS description read:

WALK IN AND FALL IN LOVE WITH THIS TASTEFULLY RENOVATED MEDITERRANEAN HOME ON FAMILY ORIENTED LAKE VIEW AREA. LIMESTONE & WOOD FLOORS THROUGHOUT, LRG FAMILY ROOM OVERLOOKING BACKYARD, POOL AND SPA. GOURMET KITCHEN, 4 OVERSIZED BEDRMS, A GREAT HOME FOR FAMILY LIVING & ENTERTAINING. TOTAL RENOVATION COMPLETED IN 2008.

Features:

• 3,727 square feet of living space
• 8,385 sq. ft. lot
• 4 bedrooms / 3 bathrooms / 1 half bathroom
• built in 1930
• completely renovated in 2008
• pool
• 1-car garage
• 2-story house

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

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People constantly ask me what type of Miami Real Estate or Miami Beach Real Estate I specialize in – is it price range? Is it an area? Is it residential real estate or commercial real estate?  Well…..the answer is any real estate in Miami Beach or Miami’s Biscayne Corridor that is architecturally relevant.

A puzzled look usually follows – what in the world is Architecturally Relevant Real Estate? And why would you specialize in that?

It is common knowledge that if you do what you love, you will be good at it.  If you find your passion and what makes you tick, not only will you enjoy your job, but you will rock at it.  That’s the answer.  I am an architect and light up when I walk into good space, no matter the scale.

Sketch by architecture master Le Corbusier

Whether it is a Miami Beach Luxury Home or a modest Design District Loft – when a space is well designed, following common proportion and context principles, it makes a huge difference.  I was just discussing this past week with clients that just bought a Midtown Condo, how a space doesn’t have to be gaudy or extravagant to be good – there’s a fine line between modest architecture and trendy design that makes good real estate pure and timeless.  Our best clients appreciate good architecture and have a discerning eye – they don’t go for the price just because and can see beyond superficial selling techniques.

Tomorrow we will list a modest MiMo home in Miami Shores designed by well-known mid-century architect, Ungaro.  The house has been owned by the same family since it was built, has not been butchered and although it needs a new roof, electrical, plumbing and central air conditioning – has all the great features of a mid-century home:  from Terrazzo, clerestory lighting and pitched roof.  This house will only be appreciated by someone that knows architecture and will be willing to go through the restoration process.

I love Miami because we have a little of everything and I have so much fun with its eclectic architecture.  Historic Mediterranean Revival homes give me goose bumps, as do South Beach Art Deco lofts.  We have unbelievable talent from Chad Oppenheim to Arquitectonica and Miami Beach Luxury Condos have come a long way from the days of Alfred Browning Parker or even Morris Lapidus.

I have to admit that I find some buildings boring, but sometimes location and views make up for it.  Unfortunately for you, I will be brutal about the “un-architecture” of the space…..if there’s such a thing.  Bottom line, I have fun when I show properties – if you are looking for boring “here’s the kitchen, there’s the bathroom”….I will do you absolutely no good.  We are not your everyday, run-of-the-mill Realtors, our clients tell us so and we look forward to creating new relationships and experiences with every single person we meet.

**Update:  since I first wrote this article, on November 16th, 2008, the Miami Shores MiMO home was purchased by a couple that loved the architecture and was able to see past the work the home needed…they are doing a beautiful job with the restoration and complimenting existing details with new addition**

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There were 195 Miami Beach condos sold in the month of June of 2010. The disparity in pricing is surreal to say the least, and ranged from $30,000 for a 1 bedroom / 1 bathroom, 667 sq.ft. foreclosure at Marseille Condo in Normandy Island to $15 Million for a penthouse villa at The Setai.  21 of those sales were condos over $1 Million and only 2 of the 21 were over $5 Million.  What’s amazing about Miami Beach condo sales today is that most are cash deals.  I’ve talked to a few colleagues who have admitted to not doing a financed deal in over 2 years!  Personally, I don’t blame them, some of the bank underwriting requirements nowadays can be ridiculous, to say the least.  In the month of June, The Setai, Apogee and The Caribbean made the list of The 3 most expensive Miami Beach condos sold.

June’s Most Expensive Miami Beach Condo Sale

The Setai Resort & Residences: 101 20th Street – Miami Beach, FL 33139

Listed for $19,999,999 and sold for $15,000,000 on 06/04/2010

The Setai is the epitome of luxury, service and prized oceanfront property in South Beach.  It’s an amazing oceanfront resort hotel adjoined by a 40-story residential tower with tropical gardens, pools and sundecks that lead you to the gorgeous beaches of the Atlantic Ocean.  Now that I’ve set the tone, imagine the whole 40th floor of the Setai with over 6,000 square feet of living space, over 4,000 square feet of terraces with private pool, garden and outside dining area.  Completely furnished and with the most amazing views.

PH Villa B had been on and off the market for a while and was purchased in 2004 for $9.5 Million before finally selling last month.  The listing description read:

Palace in the sky! The ‘Imperial Suite’ is the only fully furnished penthouse in the Setai Hotel Rental Program. One-of-a-kind terrace with pool, garden, & outdoor dining areas. This PH encompasses the entire 40th floor (6,000sqft interior/4,000sqft terrace) offering stunning, panoramic ocean, intracoastal, and city views. Price includes all art, electronics and furnishings by renowned architectural design team. Rack rate offered for this unit is $30,000/night.

Features:

• 6,208 square feet of living space
• built in 2005
• over 4,000 of terraces and outside living spaces
• private pool
• designer furnished
• 4 bedrooms / 4 bathrooms / 1 half-bath
• 4 parking spaces
• Hardwood floors
• Maintenance = $13,053/month

June’s Second Most Expensive Miami Beach Condo Sale

Apogee South Beach:  800 S Pointe Drive, #604 – Miami Beach, FL 33139

Listed for $6,250,000 and sold for $5,800,000 on 6/21/2010

Apogee is all about modern Luxury and location – the South of Fifth address with the most accolades.  And proof is in the pudding when we keep seeing record breaking sales month after month.  Unit 604 is equivalent to last months 904 sale of $6.55 Million, but at a much better value – also considering 904 was designer ready and this was was not.  The difference in price per square foot is $181, which many could argue is worth the 3 higher floors (but I doubt it).  The property was listed in January 2009 with a starting price of $6.25 Million.  The MLS screams:

STAR ISLAND IN THE SKY, SOUTH OF FIFTH! ULTIMATE LIFESTYLE, PERSONAL SERVICE & HOTTEST DINING SPOTS. READY TO MOVE IN WITH 36 BY 36 LIMESTONE FLOORS THROUGHOUT, 4 BEDROOMS, MEDIA ROOM, & 2450 SQ. FT. WITH 11 FT. WIDE WRAPAROUND BALCONY W/SUMMER KITCHEN. AMAZING GOURMET KITCHEN W/GAS COOK TOP, MIDNIGHT KITCHEN IN MASTER W/DOUBLE STEAM SHOWER. 2 CAR A/C GARAGE. 5 STAR LIVING FOR THE CLIENT WHO WANTS THE BEST! UNIT SQ.FT. AS PER DEVELOPER

Features:

• 4,154 square feet of living space
• 2-car a/c garage
• 4 bedrooms / 3 bathrooms / 1 half bathroom
• summer kitchen
• limestone floors
• 2,450 sq.ft. – wraparound terrace/balcony
• Midnight kitchen in Master bedroom
• Maintenance = $5025/month

June’s Third Most Expensive Miami Beach Condo Sale

The Caribbean Condo: 3737 Collins Ave, #PH-1 – Miami Beach, FL 33140

Listed for $3,900,000 and sold for $3,500,000 on 6/15/2010

The Caribbean Condo is a luxury ocean front high-rise between South Beach and Millionaire’s Row.  It’s located in a historic district and the original Caribbean Hotel was designed by famed architect L. Murray Dixon – the original hotel was restored and a new residence tower constructed right next to it to compliment the newly restored ambiance.  What’s happening in the location of The Caribbean is incredible – including the recently announced site for the New Edition Hotel by Marriott – which only reinforces how much money is being pumped into this area of Miami Beach.

So here we have a penthouse unit with Eastern as well as Western views where you get the best of both worlds – ocean views in the day and city lights at night.  It was originally listed for $3.9 Million in December of 2009.  MLS reads:

ABSOLUTELY AMAZING! THIS STUNNING PENTHOUSE IS THE NICEST AVAILABLE IN MIAMI BEACH! 3900+ SQ FT, 4/4.5, SPECTACULAR PRIVATE MASTER SUITE, DIRECT EAST AND WEST VIEWS, SUMMER KITCHEN, AND ENDLESS VIEWS OF MIAMI BEACH! ONE OF A KIND – A MUST SEE!

Features:

• 3,900 square feet of living space
• 1,625 sq. ft. of balcony/terrace
• built in 2009
• 1 parking space
• designer ready
• 4 bedrooms / 4 bathrooms / 1 half-bathroom
• Maintenance = $2,418 / month

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

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There’s something about W Hotels that’s seductive and alluring. In addition to always picking the perfect locations, having top notch service and never disappointing with regards to service and amenities, the thought of owning a vacation home in a W Hotel cannot be beat. But beyond the Whatever/Whenever experience, can you imagine owning a piece of The W South Beach? We’re talking one of the most exclusive and exciting W Hotel locations in the world! You know I don’t just talk for the sakes of talking….this is a project and location that really excites me – here’s what the media and others are saying:

Travel + Leisure

a contemporary oasis on a bustling strip

Ocean Drive

David Edelstein and Aby Rosen have opened…a $400 million showplace that features the most alluring combination of design, cuisine and scene South Beach has yet experienced

Haute Living

it’s chic, sophisticated, buzzing, beachfront, and perhaps most importantly, culturally relevant

Vogue UK

super chic interior

The Residences at W South Beach

Here’s the boxed and gift-wrapped marketing sales pitch:

The ultimate oceanfront condominium ownership opportunity in one of the world’s most vibrant cultural and entertainment districts, owners are provided with privileged access to every conceivable resort living luxury.

• 300 feet of wide, white sand Atlantic beachfront

• museum-quality art collection curated by Richard Marshall with works by Jean-Michel Basquiat, John Chamberlain, George Condo, Keith Haring, Damien Hirst, Richard Prince, Tom Sachs, Kenny Scharf, Richard Serra, Andy Warhol and Christopher Wool

• sleek, rich, contemporary public spaces by Anna Busta/Studio B Design

• residence interiors by Yabu Pushelberg

• a glamorous pool set in Grove, a lyrical garden created in collaboration between famed conceptual landscape artist Paula Hayes and Anna Busta

• culinary delights from both international hot spot MR CHOW® and insider favorite Soleå

• 7,000-plus square foot Bliss® Spa, Sweat® fitness center, Swing tennis court, and basketball court

• sultry nightlife in the swank Wall ultra-lounge

• W Hotel’s exceptional Whatever/Whenever® signature service

• Exclusive W Residences owner benefits Program

Phewww….now that I got THAT out of the way, let me tell you my opinion in clear, unadulterated, concise language.  The W is not for everyone, it’s for those who like to be pampered, for those that enjoy good things and are ready to pay for lavish design and premier location.  If you’re looking for a deal, look elsewhere, the developers have created a once in a life time opportunity for you to be part of South Beach Living at its best and this deserves a price tag.

Every single residence at The W South Beach has an ocean view, you have the option of purchasing studios that connect for different types of income opportunities, but let’s be honest here – not many will be looking for the income aspect of this project.  It is absolutely a condo-hotel with daily, weekly and monthly rentals.  Residences come fully furnished and equipped and you can opt out of the furniture package if you do not participate in the hotel program which is managed by Starwood Hotels.  You will be buying a lifestyle and these are all CASH deals.  There is not a residence side of the project, hotel rooms and W Residences are all mixed throughout the building.

Last time we visited, there were still about 100 residences left priced between $600,000 to $6,000,000 for a penthouse.

• 574 square foot ocean suites – plan “F”, which is a studio with living room and terrace -starting at $600,000 – with $709 monthly charges
• 643 square foot 1 bedroom residences – plan “H”, starting at $1,000,000 with $794 monthly charges
• 1,287 square foot 2 bedroom residences – plan “O’, starting at $1,400,000 with $1,589 monthly charges
• 1,332 square foot 2 bedroom bungalows – bungalow “2″, starting at $2,950,000 with $1,645 monthly charges
• 2,960 square foot 3 bedroom residences – plan “KLM”, starting at $5,600,000 with $3,642 monthly charges
• 2,310 square foot upper penthouse with asking price of $6,000,000 and $2,871 monthly charges

Obviously, prices and availability are subject to change but can tell you that the KLM combinations directly on the ocean were absolutely stunning. We have floor plans upon request, so let us know if you’re interested in seeing the distribution of the residences – in the meantime, take a look at the amazing space and atmosphere.

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Miami and Miami Beach locals seem to understand that not all Miami Beach waterfront real estate is the same, but instead of assuming, I decided to do a brief synopsis of the different types of waterfront homes in Miami Beach and Miami. Many relocating to South Florida think waterfront means “beach-front” – you have no idea how many calls we get from Europeans wanting a beachfront home when they really mean canal-front. It has to do with knowing the local landscape and also language idiosyncrasies – the type of waterfront has obvious implications on the price.

Miami Beach ocean-front homes

There are not many oceanfront Miami Beach homes – it is PRIME real estate! This type of waterfront real estate is the most exclusive and most expensive for obvious reasons (nothing like the Atlantic Ocean as your backyard)- A few beachfront homes can be found in a very small residential pocket South of Surfside called Altos del Mar and also Golden Beach – where the oceanfront homes will be everything but modest- talk about Miami Beach Luxury Real Estate! Otherwise, all other beach-front or ocean-front real estate will be condos.

Miami Beach Bay-front homes

The next best thing from beachfront is bay-front since you will have open bay views and more privacy (literally no rear neighbor and open bay views from your backyard). Miami Beach Bay-front homes are also not all created equal. You will find these in the Miami Side as well as the Miami Beach side. The only down side is the lack of protection from the elements, but that’s what insurance, good construction and proper weather preventive methods are for.

Miami Beach Canal front homes

There are many types of canal-front homes both in Miami Beach and Miami. Pricing of these will take into consideration many factors including: location of canal, type of canal, size of canal, location of home within the canal, etc.

• Wide canals

This is when the home is located on a canal but the the canal is wide and homes still have privacy – examples of these are homes on the South side of Hibiscus Island or North side of Palm Island, The Venetian Islands, Surprise Lake in Miami Beach, or Sabal Lake in Bay Point.

• Narrow canals

The word says it – you can see your neighbor across the canal, privacy is limited since you usually would have a fence and landscaping separating a backyard neighbor – in this case, you would have the canal and in many instances could see right in their backyard or home. This does not mean that canal-front homes are bad by any means, it just explains that there are many considerations when buying waterfront properties.  Other factors to consider with regards to canal-front properties are:

• navigable – if you have a boat, this is a good question to ask – some canals do not allow boats, others don’t have access to the ocean

• no fixed bridges – canal-front properties with direct ocean access and no fixed bridges are more expensive.  If you are contemplating buying a property and you know there are fixed bridges and you have a boat, make sure you know what the clearance of those bridges are in high tide to make sure your boat will be able to go through.

• deep canals – many canals are deep and can accommodate sail boats – if you are a sailor and want to purchase a canal-front home, you need to make sure the canal is deep enough for the draft of the boat.

• debris – some canals have dead ends and they have a tendency to collect debris which can often be an eyesore or even worse, bring a horrible smell.

More food for thought:

Location of the property – If you are a boater and hate idling in the no-wake zones for an extended period of time, consider where, within the intricate canal infrastructure of Miami and Miami Beach, the property will be located. Golden Beach and Eastern Shores for example has a long trajectory from their waterfront homes to the open bay and ocean where you can really crank up the engines and go at a descent speed – the same thing happens at Coral Gables. If you are a true boater, it would be a good idea for you to navigate those canals first.

Seawall and Condition – knowing a seawall can cost up to $1000 per linear foot – you should inspect the seawall with a good professional and possibly structural engineer.  Don’t discard Natural Coral Seawalls, they are known to have very strong structural qualities – but don’t take my word for it, ask any Structural Engineer.

Type of dock DERM will allow – looking at the adjacent neighbors’ docks usually gives you a good idea, but don’t always trust that – their dock may be “grandfathered in” or have some special circumstances that you don’t know about. Rule of thumb is that you can usually build a dock out 20% of the width of the canal, bay-fronts all have different requirements. A DERM inspector will sometimes be willing to visit the property prior to you buying the property, to assess it.

If you thought the Miami Beach Waterfront real estate market was not intricate, think again!

*original article posted February 28th, 2009*

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There were 158 Miami Beach condos sold in the month of May 2010.  They ranged in price from $9 million to $36,000 for a studio foreclosure at Fashion Condo in South Beach.  Thirteen of the 158 sold over $1 million and only 2 of the 13 were over $5 million – which shows once again that the high end Luxury market is not moving as it used to.  Apogee in South Beach keeps showing great trends and gets the number 2 and 3 highest sales this month.  The regular suspects have sales in May including Continuum South Beach, Canyon Ranch, The Bath Club and Icon South Beach.

May’s Most Expensive Miami Beach Condo Sale

Fontainebleau II Condos:  4441 Collins Ave #PH-NO – Miami Beach, FL 33140

Listed for $9,800,000 and sold for $9,000,000 on 05/14/2010

The Fontainebleau needs no introduction with the most incredible amenities of Miami Beach, including restaurants, pools, nightclubs, Lapis Spa, Cabanas, beach side service ….the fun goes on and on.  It’s considered  luxury resort living at its best and many choose Fontainebleau as their second home.  This particular breath-taking penthouse was originally listed for $16,000,000 in January of 2009, reduced to $13.5 million in February of 09 and again to $9.8 million in May of 2010…which was the clincher for the sale.  Selling at $2,000 per square foot! The MLS description says it all:

Fabulous one-of-a-kind 4,500 sq. ft., 5 bed/,5 full plus 2 half baths. This spectacular Fontainebleau penthouse spans the entire half of the Tresor building from city to ocean. Breathtaking view, over 2,500 sq. ft. of terraces with private jacuzzi. Open floor plan with 15′ceilings. 24 hour full hotel services available .11 restaurants and nightclubs, 40,000 sq. ft. spa and private poolside cabanas. Penthouse is fully furnished and equipped with high def flat -screen TV’s, and ultra luxurious amenities.

Features:

• 4,500 square feet of living space
• 2,500 square feet of terraces/balconies
• 5 bedrooms / 5 bathrooms
• Built in 2005
• 2 parking spaces
• Direct Ocean Views
• Monthly Maintenance Fee = $6,000

May’s Second Most Expensive Miami Beach Condo Sale

Apogee South Beach:  800 S Pointe Drive, #904 – Miami Beach, FL 33139

Listed for $6,850,000 and sold for $6,550,000 on 5/21/2010

I can talk about Apogee all day long – ultra luxury, austere architecture, never pretentious, and VIEWS!! (although it does  not have a marina or a beach…but it’s obvious that many don’t care, because sales keep defeating the odds).   This particular residence was listed for $6.85 million in January of 2009 and shows it went pending in May of 09 and closed exactly one year later.  Could have been an option, delayed closing or just a mistake in the MLS.  Either way, closes at $1,577 per square foot which is above average closed sales this year at Apogee.  MLS reads:

APOGEE! Most exclusive bldg. in South Beach only 67 exclusive homes in the sky. Best line in the bldg. watch the Miami Skyline as sit comes to life at night, Fisher Island, City of Miami Beach plus watch the cruise ships sail while relaxing on your over-sized terrace. 4 Bedrooms, 3 baths and media room.Unit features gas stove, huge center island, summer kitchen on balcony, midnight kitchen in master, steam shower and jacuzzi tub plus upgraded lighting. Private Air conditioned  over-sized garage.

Features:

• 4,154 square feet of living space
• 4 bedrooms / 4.5 bathrooms
• built in 2008
• 2 parking spaces / private air conditioned garage
• Bayfront condo
• Summer Kitchen
• Monthly maintenance = $5,046

May’s Third Most Expensive Miami Beach Condo Sale

Apogee South Beach:  800 S Pointe Drive, #503 – Miami Beach, FL 33139

Listed for $3,395,000 and sold for $3,000,000 on 5/21/2010

Another Apogee Sale, but this one ready to move in rather than designer ready.  Listed originally for $3.85 million in January 2009, reduced to $3.69 million on February of 09 and again in September of 09 to $3.395 million.  This residence is the lowest sale per square foot at Apogee this year ($967/sq.ft.) – with average price being $1,292 per sq. ft.  The MLS description reads:

The APOGEE, a premium residence suitable for the most discriminating individuals is situated in the “SOFI” neighborhood on South Beach. With only 67 residences, this waterfront property offers resort like amenities, flow through floor plans, 11ft balconies, the highest end appliances, Biometric unit access, interactive AMX “Smart Lifestyle” technology and over-sized private air-conditioned garages. This unit has received a full build out and is turnkey ready to move in. Furniture is negotiable.

Features:

• 3,103 square feet
• 3 bedrooms / 3 bathrooms
• built in 2008
• 2 parking spaces / private air conditioned garage
• Bayfront condo
• Summer Kitchen
• Monthly maintenance = $3,810

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

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There were 17 Miami Beach homes sold in May 2010, ranging from $3,435,000 to $285,000 for a small 3 bedroom home in Normandy Isle. Eight of the 17 sold homes were over a million dollars and 4 of those sales were distressed (compared to 7 out of 17 in April 2010), with 3 short sales and one bank owned foreclosure.  The 3 most expensive Miami Beach homes sold this past month were all located on North Bay Road with the highest sale further North close to La Gorce Island.  Good to see those older North Bay Road Homes starting to move.  Out of the 18 currently active North Bay Road Waterfront Homes, the lowest listing is at $2.495 million (3166 N. Bay Rd), and the highest is being sold for $15.9 million at 4580 N. Bay Rd.

To my surprise, we had the same number of sales in Miami Beach as last month, when May and June sales are historically higher. What’s disconcerting is the fact that the mega luxury market is not moving at all – out of 93 Miami Beach Homes sold this year – only 3 of those were above $5 million – one on Hibiscus Island, one on La Gorce Island and the last on Star Island.  That’s not due to a lack of inventory either, there are currently 55 Miami Beach luxury homes listed for over $5 million.  Please keep in mind that most of these Miami Beach Luxury Homes are being sold as Cash Deals, and this has been confirmed by my conversation with several colleagues that also work the Miami Beach Luxury real estate market.

May’s Most Expensive Miami Beach Home Sale

6100 N Bay Rd – Miami Beach, FL 33140

Listed for $3,900,000 and sold for $3,435,000 on May 19th, 2010

Here’s an example of a smaller mid-century modern home sitting on an incredible piece of property with over 77 feet of water frontage.  Although the house has almost 5,000 square feet of living space, it’s small compared to it’s neighboring mansions and doesn’t even have a pool.  Showing that even the smaller homes can still bring in over $700/square foot in the right location.  This home was placed on the market in March of 2010 and was under contract by the end of April.  The MLS Description reads:

Spectacular wide bay views and the most gorgeous sunsets make this boater’s paradise a great opportunity to own on prestigious North Bay Road.Situated on a 20,000 SF lot, this home + guest house is 5,000 SF,with 3 Bedroom/3 Bath.It has been masterfully updated with wonderful entertaining spaces that features a chef’s kitchen,marble floors,marble bathrooms,generator,+gated security.Florida living at its best.

Features:

• 3 bedroom / 3 bathroom
• Built in 1947
• 4,889 square feet of living space
• Lot size 77.50′ X 251′ = 19,452 square feet.
• 2-car garage
• Bayfront
• 77.50′ of water frontage
• dock
• guest house

May’s Second Most Expensive Miami Beach Home Sale

5718 N Bay Road, Miami Beach, FL  33140

Listed for $3,975,000 and sold for $3,350,000 on May 18th, 2010

Miami Wacky or element of surprise?  This 1928 Miami Beach home has a very contemporary exterior with contrasting traditional interior decor.  Obviously remodeled through the years with a listing history just as peculiar.  The home was listed by several different brokerages in a period of 4 years with an original listing price of $6.7 million in March of  2006, then $6.9 million in April of 2007, $5.9 million in January 2008 and finally $3.975 million in March of this year.  Selling at $512/square feet.  MLS description:

Immediate grand wide bay Miami Skyline views! Dazzling sunsets! Exterior modern design with luxurious interiors in Med motifs, marble fireplaces, coffered ceilings, elaborate moldings, marble floors, ornate stonework and mahogany mill-work. Spacious wet bar/piano room, adjacent media rm. opens onto interior courtyard, pool and huge dock for large vessel.  Other features: Spacious circular drive with gates, electric shutters, elevator, office, guest & staff  bedrooms with adjacent sun room.

Features:

• 6 bedrooms / 6.5 bathrooms
• 6,545 square feet of living space
• Lot size 70.30′ X 221′ = 15,536 square feet
• 70.3′ of water frontage
• pool
• Bayfront
• Marble floors
• elevator

May’s Third Most Expensive Miami Beach Home Sale

4640 N Bay Road, Miami Beach, FL 33140

Listed for $2,995,000 and sold for $2,750,000 on May 3rd, 2010

My favorite of the 3, but then again, I’m not the one buying.  This house exudes clean lines and comfort without being overbearing and selling at $1,347/square feet, it’s evident that I’m not the only one that feels that way.  It was purchased for $3.6 million in 06 and listed for $3,999,999 in January of 2009, reduced to $2,995,000 in March of 09 and finally selling at $2.75 million.  With only 2,000 square feet and three bedrooms, it’s the smallest of the 3 homes, also on a much smaller lot, but selling at a much higher price per foot.  MLS description reads:

The quintessential waterfront Pied-a-terre! A secluded Spanish-style villa; surrounded by lush landscaping, offers complete privacy and exclusivity – fit for its former celebrity owners. A charming 3 bd, 3 bth home features a myriad of upgrades w/ dramatic 16 foot Cyprus beam-lined ceilings, fireplace and breathtaking views.  A $500,000 landscape renovation offers enormous 50′ Oak trees, Italian hand-laid pebble and marble courtyard and a stunning keystone dock that accommodates a 60′ yacht!

Features:

• 3 bedrooms / 3 bathrooms
• 2,041 square feet
• Lot size 60′ X 90′ (5,400 square feet)
• Bayfront
• 60′ of water frontage
• marble and wood floors
• 1-car garage
• dock can accommodate up to 60′ yacht
• pool

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

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It is not surprising that Venetian Islands Real Estate did very well in 2008 compared to the rest of Miami Beach Luxury Real Estate sales. It is located with easy access from both mainland Miami and South Beach, the views are magnificent, homes have a certain esteemed charm and there’s a genunine sense of conviviality within the Venetian Islands that is recognized throughout Miami.

This featured Venetian Islands Home is located South of Venetian Causeway and faces West towards Dilido Island. Once you’ve lived in Miami, you’ll have a preference for views and orientation of your waterfront home. It’s amazing the reasons we hear for view orientations, north only, open bay views, narrow and deep canals, etc – although I have to admit that Western Orientations are the most popular.

214 W Rivo Alto Drive – Miami Beach, FL 33139

listed for $4,495,000 $3,900,000

This property was built in 1941 and has been meticulously renovated to give it a modern and clean feel. It has 60 feet on the water with dock and boat lift and you can expect the typical room sizes and closet space of 40′s architecture. It combines the open exterior space with a covered porch perfect for entertaining which also gives a nice transition to the interior spaces which open up to the water views.

The MLS description reads:

Incredible house in renowned Venetian Isles. Totally renovated, it now features a re-designed living/dining area, expanded master bedroom with direct water view, 2-car garage, boat lift and sauna. Enjoy living just steps from Lincoln Road and the beaches in this gorgeous 4/4 with direct ocean access.

UPDATE:  New Agent, New Price, New Description

Bright and sunny renovation sited on popular Venetian Islands, moments to downtown Miami, Lincoln Road, SoBeach. A beautiful private and gated home with re-designed livingl/dining areas, kitchen w/high end appliances, gas stove, wood cabinets, media room all open onto covered terrace, keystone patios, pool, dock, jet ski lift and manicured landscape w/mature hedge surrounding home, palm trees. 2nd floor spacious master with sitting room overlooks pool and wide water. Impeccable!

Property Features:

• 4 bedrooms / 4 bathrooms

• 3,950 square feet of living space

• built in 1941

• waterfront with ocean access

• marble and hardwood floors

• 2-car garage

• gourmet kitchen with commercial grade gas range

• 60 X 75 lot (10,500 sq. ft.) – 60 feet on the water

• heated pool

• 2 stories

Looking at 2008 sales on Venetian islands, the average price per square foot was $812. Knowing that this home is above average because of its finishes and updates, we can give it the benefit of the doubt and price it higher – but is listed at $1,124 per square foot which in my opinion is a bit high. It’s been listed since October 2006 and its pricing history is a bit peculiar – starting at $4,250,000, then increased to $5,049,000 on 1/1/2009 and then reduced to its current price of $4,495,000 on 1/6/09. I do have to add that the featured photos do not do the listing justice.

**property information courtesy of South East Florida Multiple Listing Service and Carson Realty Group, Inc., Esslinger-Wooten-Maxwell, Inc **

**originally published on January 20th, 2009**

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