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Top 3 Most Expensive Miami Beach Condo Sales – February 2010

Ines Hegedus-Garcia — Mon, 15 Mar 2010 02:00:24 +0000

There were 111 Miami Beach Condos sold in February ranging in price from $33,500 for a bank foreclosed Normandy Island studio, to a $3.25 Million South Beach Condo at The Continuum. Curious how the lowest Miami Beach home sold last month was also in Normandy Island, it’s definitely the place to go for good deals, but many Miami Beach purists don’t even consider Normandy a part of the beach … go figure. No surprise that 2 of the 3 highest sales were South Beach Condos – South of Fifth properties historically bring the best investment proposition.

February’s Most Expensive Miami Beach Condo Sale

Continuum South Beach: 50 S Pointe Dr #1001/8 – Miami Beach, FL 33139

Listed for $3,500,000 and sold for $3,250,000 on 02/01/2010

The Continuum South Beach keeps bringing us the highest monthly sales (with last month’s highest Miami Beach Condo Sale at $3,482,400). I personally like the first tower better, but who am I to judge? The amenities are out of this world and remember that it is the only high-rise South of Fifth that is directly on the ocean. This particular residence was listed originally for $4,799,000 in February of 2009. The MLS description says the following:

Spectacular sweeping direct ocean and South Beach views from this 4/4 corner residence with 4 terraces and 4 parking spaces (2 valet + 2 assigned). Private elevator and foyer, 10 ft ceilings, hurricane glass floor to ceiling windows, marble floors throughout, superior finishes & appliances. Live in paradise on 13 oceanfront acres at the southern most tip of South Beach with spa like amenities, world-class gym, 3 pools with pool side dining and 3 tennis courts. The Continuum is the preferred luxurious ch

(I guess the MLS ran out of space…..we will never know what “ch” means)

Features:

Built in 2008
3,497 square feet of living space
4 parking spaces (2 valet + 2 assigned)
4 bedrooms / 4 baths
marble floors
beach views
maintenance fees $3906/month

February’s Second Most Expensive Miami Beach Condo Sale

Apogee South Beach: 800 S Pointe Drive, #702 – Miami Beach, FL 33139

Listed for $3,600,000 and sold for $3,200,000 on 2/10/2010

Apogee is known as the most expensive address when it comes to South Beach condos – This particular residence selling at $1,031 per square foot. It had been listed since November 2009 for $3,950,000 with a few reductions and a nice final sale. The view of South Pointe Park, Fisher Island and Government Cut is beyond amazing. The MLS description reads (yes in all caps):

APOGEE-THE MOST EXCLUSIVE NEW ADDRESS IN SOUTH BEACH. AMAZING VIEWS OF THE BAY, FISHER ISLAND, DOWNTOWN SKYLINE, PORT OF MIAMI, AND THE ATLANTIC OCEAN! 300K IN UPGRADES-CRESTRON CONTROL-TRIAD SURROUND SYSTEM – THIS HOME HAS THE GOURMET KITCHEN ON THE SOUTH SIDE WITH BREATHTAKING WATER VIEWS. BEAUTIFUL SUNKEN TUB AND STEAM SHOWER IN THE MASTER BATHROOM SUITE. ONE OF THE FEW UNITS FINISHED WITH BEAUTIFUL 3′X 3′ ITALIAN MARBLE FLOORS. BRING YOUR PICKIEST CLIENTS AND MAKE AN OFFER ON THIS UNIQUE HOME!

Features:

3,103 square feet of living space
2 parking spaces
3 bedrooms / 4 bathrooms
bay views
Marble floors
custom surround sound system
Built in 2008
Maintenance fees $3,810/month

February’s Third Most Expensive Miami Beach Condo Sale

One Thousand Venetian – 1000 Venetian Wy #801/03 – Miami Beach, FL 33139

Listed for $1,699,000 and sold for $1,500,000 on 2/12/2010

This condo unit had been listed since November of 08 starting at $3,950,00 and also showing for rent at a monthly rate of $14,900. One Venetian happens to be one of those Miami Beach condos that people love because of the views – yes it’s an older building, but location is convenient (minutes from Downtown Miami and South Beach) and views, views and more views! MLS says (in caps also – I guess they had to scream to see this baby):

THIS HIDDEN PEARL ON AN ENTIRE PRIVATE FLR BACKS TO AN AMAZING WATERFRONT OFFERING SERENE PRIVACY & VIEWS. THE STUNNING HOME’S 3,840 SQ.FT. 5BD/4.5BA. TWO APARTMENTS W/4 COVERED PARKING SPACES PROVIDE THE PERFECT SETTING FOR MIAMI LIVING. 1,680 SQ.FT. OF TERRACES IS DESIGNED FOR OUTDOOR ENTERTANING W/DIRECT WATER VIEWS,DOWNTOWN MIAMI,& NORTH TO BISCAYNE BLVD. YOU’LL APPERCIATE THR LRG OPEN FAMILY RM-FORMAL DINING AREA. EAT-IN KITCHEN & APPOINTED GRAND MASTER STE. NESTLED BETWEEN MIAMI BEACH & DOWNTOWN MIA

Features:

3,840 square feet of living space
1,680 square foot terrace
5 bedrooms / 4.5 bathrooms
2 parking spaces
bayfront condo
marble and tile floors
Maintenance fees $2586 per month

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

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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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Architecture and Real Estate – How do These 2 Work Together

Ines Hegedus-Garcia — Sun, 28 Feb 2010 14:45:16 +0000

Time to bring an old article back to life from April 2007 – The concept of combining my architecture expertise with our Miami Real Estate Business keeps separating us from our competition. Make no mistake though, architecture consulting is exclusive to our real estate clients…continue reading my thoughts form almost 3 years ago!

I graduated with a bachelor’s degree in architecture from the University of Miami, and hence all the Hurricane stuff you see me with. I worked with a couple of big firms both locally and abroad and then started my own architecture firm doing additions and remodelings in Miami Shores and Miami Beach as well as other neighboring cities. I did several projects, including the design of the Brockway Memorial Library addition in Miami Shores, and always helped friends visualize the potential of homes before buying them.

That’s when the vision of our business was born. If so many of our own friends had benefited from my architectural consulting services prior to purchasing a home, wouldn’t it be ideal if I had a Real Estate License and offer those same services to potential customers? (the answer was a really LOUD YES!!!)

As a Miami Beach home buyer, when working with me, you will gain from having free architectural consulting at your fingertips. Finding the “perfect home” is no easy task, properties will need some work and some changes most of the time. Whether it is to open a kitchen out to a family room or to “formalize” a dining room, or to add a master suite to a property, as our customer you will benefit from me sitting down with you to help identify your needs. I usually sketch out numerous schematics and will come up with a conceptual plan. Having worked in the field and built additions, I will be able to estimate the cost of construction and will then lead you to an architect or design professional that can finalize the plans.

I can also assist you, as our real estate buyers, with other design consulting aspects like materials and color selection as well as furniture arrangement. My enthusiasm is endless when it comes to design.

As a Miami Beach home seller, the advantages are endless. I will ask that you acquire floor plans of your properties (most cities will have floor plans and are easy to order); I will have those floor plans ready to show any prospective buyers. I will also help you identify any weaknesses in the current design of your property and will accentuate all the positive features.

I will help you stage your property with a very detailed list of suggestions that is customized to you and your particular property. I will even help you hire the right construction professionals to prepare your home for showings (like floor refinishers, carpenters, painters, etc.). A lot of our customers are absentee owners and we take care of the coordination of these jobs for them.

Having a passion for architecture and for helping people visualize the potential of a property is what makes my job so much fun. Our customers will tell you how I light up when I see a good space (they will also tell you what my reaction is when I visit “butchered homes”), how I will go out of my way to make their dream a reality within their financial parameters. I am an architect by profession, but a Realtor by trade, the combination of these is what we offer to our customers in unmatched service.

Thanks for inspiring me to write this Ardell.

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Miami Luxury Condos – Carbonell, Brickell Key

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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REALTOR.com iPhone App

Ines Hegedus-Garcia — Mon, 15 Feb 2010 13:15:28 +0000

Everyone that knows me, KNOWS that I love my iPhone. The few times I leave without it, it feels like I’m about to have a coronary – I’m talking full blown tachycardia and drop in blood pressure…I’m not kidding. And now I’m happy to tell you about an app that will make it so awesome to communicate with you, our clients, when you are looking for properties.

REALTOR.com has come up with an amazing iPhone application with mapping and geo-location capabilities. You can search for nearby homes for sale, nearby open houses or perform a new search by location or MLS ID. You can even allow for the app to use your current location and it will actually give you nearby listings currently for sale. So all those times you drive around Miami and Miami Beach wondering what’s for sale and how much properties are, is now at your fingertips without even having to make a phone call.

This is one of those WOW tools that will help empower you, the consumer and will make your home search experience so much easier. The best part is that you can customize it with your agent’s information when you first upload the application and can email your preferred listings straight to them (while you are driving around). The kind of information you will get is very similar to what Realtor.com already provides.

NOTE: Miamism does not condone texting and driving – please be safe

So here’s what you need to do – First, download the Realtor.com App

Then, follow the following steps:

STEP 1 – register the application with email and password to be able to share, save and get updates

STEP 2 - change settings – this is where you will be able to customize your REALTOR’s information

You will have the option to fill out your agent’s email address to be able to send them properties you are interested in, on the spot. This is also a good place to add your significant other’s email (or your mom, dad, grandma’, teacher……you get the point).

Once your settings are saved, you are ready to drive around and have fun with it. When you find a property you like and would like to share with your real estate agent all you need to do is follow along:

STEP 3 – click on envelope icon on bottom left of the screen

STEP 4 – your agent’s email will already be saved and it will be as easy on clicking on their address

STEP 5 – write any notes or message and the app will automatically add the listing information to the email

How easy is that??? Each listing will also have the customary broker and listing agent info when applicable. But of course we recommend that you personalize the application to contact YOUR agent instead. Realtor.com let us beta test the application before it was launched and we couldn’t wait to share it with you. We have asked that they also include rentals and we are told that our request has been included in the list of updates, together with having the app available on other types of smart phones like blackberries.

If you have any issues with the set-up, just give us a call and we’ll be happy to help. If you have any feedback for Realtor.com, we will gladly pass on the information to the higher powers.

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Effective and unlike most Miami Beach Realtors

Ines Hegedus-Garcia — Sun, 31 Jan 2010 05:41:39 +0000

Nothing like a client selling our services for us! We just love loyal customers that keep spreading the good word about the way we handle Miami Beach Real Estate. Looking back at difficult transactions and the obstacles we have to go through to get things accomplished is all worth while when you get an email like this:

I’ve copied real estate agent Rick Garcia who was a tremendous help with my condo. He’s effective and unlike most Realtors who will tell you anything just to get the listing, he is realistic and straightforward. I know the Miami market is still depressed, but if you are open to his ideas and pricing, then he will make every effort to get it sold or leased.

THAT’s what I’m talking about!! We tell you time and time again that we don’t sugar-coat information, we don’t paint pretty pictures of current real estate conditions and we tell it like it is. It’s the number one reason our clients recommend us and come back again and again.

We are dedicated to your success, whether buying or selling Miami Beach homes or condos and will go above and beyond so you keep coming back for more.

Thanks Chris for the awesome referral, totally made our day!

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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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Good news about Miami Real Estate from Forbes

Ines Hegedus-Garcia — Mon, 18 Jan 2010 15:38:00 +0000

It’s not often we hear good real estate news about Miami, especially from Forbes. But this morning, Francesca Levy does exactly that!

In her article, Cities With The Fastes-Falling Home Prices, Levy mentions that,

home prices are dipping nationwide, down 1.4% by one measure, and will inch perilously close to their January 2009 bottom.

Numbers come from Altos Research’s January market update, which looks at asking prices, inventory and days on the market for single-family homes (not condos), in 27 of the country’s closely watched real estate markets.

Miami is the only city of the 27 markets Altos tracks that saw asking prices rise over the last three months. Prices there were up 2% from October to a median price of $494,992. The reasons for this are mixed: While the numbers are somewhat promising, Miami’s good fortune is also a reflection of just how long it took for the hard-hit Florida housing market to regain its footing. And even with the recent upturn, it’s the city where homes sit on the market for the longest by far. Homes here stay for sale for a median of eight months. Not to mention Altos’ analysis only reflects single-family homes–not condominiums, a section of the Miami’s real estate market that has yet to stabilize.

Therefore, Miami’s upswing should be taken skeptically, says Simonsen. “Miami lagged behind everything else, and so is only now starting to feel the impact of the stimulus.”

Mike Simonsen is a good friend and have had shop talk with him on many occasions, my point always being that although these general numbers are good to give an overall perspective, they should not be used to buy or sell real estate. I say it over and over again here in Miamism.com, real estate is local – you need to scrutinize the numbers of a particular area, not whole metropolitan cities. Miami is very large and there are some areas in Miami where prices have dropped, and others that have been in a considerable upswing in the past few months.

Have to check with Mike, but think that maybe these “Miami” numbers also include “Miami Beach Real Estate”. Either way, the news comes at a good time and reinforces what we are seeing locally.

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Miami Luxury Real Estate Pick – Miami Shores

Ines Hegedus-Garcia — Thu, 14 Jan 2010 17:28:00 +0000

I wrote this post back on August 23, 2008 and had to come back to it because this wonderful Miami Shores home is now in Foreclosure! Sadly enough I know, but now a very lucky someone will have the opportunity to snatch an amazing home for an even more amazing price.
Now listed for a mere $774,900 it should fly off the market!

The story is that a contractor bought the land on October 2006 for $420,000 and built a brand new, gorgeous home right when the market was turning. This contractor had a history of selling his projects at record prices and in record time, but was not so lucky with this particular one. He listed the property in May 2008 for $1,995,000 (which in my opinion was overpriced and should have started at $1.3). He lowered the price on June 2008 to $1,599,000, then became a short sale in May 2009 for $999,000 with a contract falling through and is now a bank owned property.

The current MLS description reads as follows (they have every right to scream with all the CAPS by the way):

CORPORATE OWNED!!! NOT A SHORT SALE!!! GREAT INVESTMENT OPPORTUNITY!!! IMPRESSIVE NEW CONSTRUCTION 2 STORY ESTATE IN MIAMI SHORES (NEVER LIVED IN). FEATURING 5 BEDROOMS, 5 FULL BATHS, FORMAL LIVING ROOM WITH WOOD- BURNING FIREPLACE, FORMAL DINING ROOM, HUGE GOURMET KITCHEN OPEN TO FAMILY ROOM. FANTASTIC MASTER SUITE WITH SITTING AREA & BALCONY OVERLOOKING POOL AREA. PROPERTY SOLD IN “AS-IS” CONDITION. PLEASE SEE BROKER REMARKS FOR OFFER SUBMISSION INSTRUCTIONS.

Will take photos tonight and post them – guessing the appliances and fixtures have been stripped.

UPDATE: Here are photos of current condition of the home (kitchen appliances are gone as well as speaker system and washer and dryers from upstairs and downstairs laundry areas) – the house is still in great condition and water heaters as well as air conditioners and pool pumps still remain untouched.

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 $774,900

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.

Features include:

3,714 sq. ft of living space (as per builder) and 4,389 sq. ft. with terraces

75 X 143 ft. lot (10,725 sq. ft.)

attached 2-car garage

downstairs and upstairs laundry rooms

pool

Cherry wood floors and Marble

Built new in 2008

Commercial Grade appliances

Impact resistant windows and doors

Grand Master Suite facing pool with private terrace

**property information courtesy of South East Florida Multiple Listing Service and Kellogg Realty, Inc. **

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Did you default on your pre-construction purchase?

Ines Hegedus-Garcia — Wed, 13 Jan 2010 18:56:47 +0000

It’s amazing to me that we still get calls from people that bought Miami Beach condos in pre-construction, possibly in 2004 or 2005, and are still trying to work out deals with developers and encountering little to no cooperation. Our first recommendation is to hire an attorney, there are many that have been successful helping buyers get deposits back, or at least applying those deposits to purchase different condo units.

We are not attorneys and we are not accountants, but consulting with professionals will educate you regarding real estate contract rescissions and deposit recovery statutes. You may have the opportunity to rescind your contract prior to closing and in many cases recover all or most of your deposit. When you do communicate with the developer, make sure you get everything in writing! Also know that if you have lost a deposit, it may be tax deductible – hence the reason consulting with an accountant is a smart move.

Furthermore, you may be entitled to a part of that deposit according to Florida Law even if you defaulted on the closing!

Why am I writing about this now? We recently wrote about a Miami Beach condo called Mei – it’s funny how we can change our perspective on a great condo project when we see customers mistreated and we see a total lack of respect and flexibility from the developer. Of course Miami Real Estate gets a bad rap, you have hundreds of people who are getting little to no help regarding their options and many developers are turning their back on them and offering no help whatsoever. In the case of Mei, these foreign buyers put a nice chunk of change as a down payment and never closed, with the hopes that part of their deposit could be applied to a lower priced unit in the same building. After months of back and forth, they were told that their deposit money was used for construction and the only way to apply it to another unit of less value, was to apply pre-construction prices which are in excess of $100,000 from current prices. To top it off, here’s the unedited email we received from the broker yesterday,

the only relavent statement at this time is

the 25% of the original deposit is their right to have returned.

Nothing else is of any importance. Today is today. Their Statutory

rights to a portion of their original deposit are granted by law.

Our prices today are firm and non-negotiable!

So what is the client’s option??? Even if they were to hire an attorney and get anything accomplished, wouldn’t it leave a sour taste in their mouth about the whole experience? I say walk and hire that attorney to get you the most money possible from that deposit. You may be entitled to more than the 25% (but remember I’m not an attorney).

There are plenty of condo projects in Miami Beach that are flexible and are willing to work with willing and able buyers. I find it appalling that some developers are turning a blind eye at today’s real estate market conditions and are using deposit leverage as a trap.

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Miamism» For Buyers

Top 3 Most Expensive Miami Beach Condo Sales – February 2010

February’s Most Expensive Miami Beach Condo Sale

February’s Second Most Expensive Miami Beach Condo Sale

February’s Third Most Expensive Miami Beach Condo Sale

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Top 3 Most Expensive Miami Beach Home Sales – February 2010

February’s Most Expensive Miami Beach Home Sale

February’s Second Most Expensive Miami Beach Home Sale

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