Miamism» Luxury Real Estate

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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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

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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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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Miami Beach Luxury Home – Star Island

Ines Hegedus-Garcia — Wed, 20 Jan 2010 22:27:00 +0000

Everyone knows that Star Island is one of the most exclusive islands in Miami Beach, but what makes this island so special other than a few celebs like Shaq, Gloria Estefan, Rosie O’Donnell and Stallone as known “residents”? Proximity to South Beach’s action could be one, ease of access by boat without all the tedious draw bridges and idle zones is another, mammoth sized lots is a third and the fact that there are only 29 homes on the island is definitely another reason. But just the mere fact of living on Star Island gives anyone Miami Beach star status, plain and simple.

I want to tell you about a particular property that sits on a 48,266 square foot piece of land with 215 feet of water frontage and amazing Southern Exposure. The fact that the listing agent only provides exterior photos can tell you the condition of the inside of the property (so don’t blame me for the lack of interior shots). Keep in mind, when you see this property, that there was only one sale last year on Star Island, and that was Shaq’s house selling for $16,000,000 or the gift of $823 per square foot – I’ll compare this listing to Mr. O’Neal’s as you read on.

44 Star Island Drive – Miami Beach, FL 33139

$8,750,000

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!!

Property 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

**property information courtesy of South East Florida Multiple Listing Service and Avatar Real Estate Services **

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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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Miami Beach Real Estate Market Reports for 2009 – La Gorce Island Luxury homes

Ines Hegedus-Garcia — Mon, 04 Jan 2010 23:04:09 +0000

La Gorce Island homes are known for their scale and “wow” factor. It is a guard-gated community in Miami Beach with some of the nicest landscaped streets you will see anywhere in South Florida and with large, luxurious homes. As for real estate sales in 2009, only 3 and none of them are waterfront. There are currently 10 homes listed for sale at La Gorce Island ranging in price between $19,500,000 and $1,600,000 – which is again evidence that the high-end Luxury inventory is not moving. Six of the 10 homes currently listed are above $5 million, all except one listed for sale for quite some time.

Address	Bds	Bths	HBth	sqft	Water	Lot Size	List Price	Sale price	$/sq.ft
6675 Windsor Ln	5	5	1	4,347	N	13,125	$1,500,000	$1,450,000	334
6640 Pinetree Ln	4	4	1	3,534	N	12,500	$1,475,000	$1,312,416	371
6630 Sheffield Ln	5	4	1	3,515	N	13,125	$1,300,000	$1,200,000	341

The good news about La Gorce is that the average price per square foot is high for homes on dry-lots (non-waterfront homes) – putting the price per square foot based on those 3 sales at $349. I’m curious to see what happens with the Mega-home inventory in Miami Beach – will it start moving in 2010? I’m sure a lot of those home owners hope so.

**UPDATE** There were no additional sales in the month of December in La Gorce Island which makes this real estate market report the FINAL one for 2009.

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Miami Beach Real Estate Market Report for 2009 – Sunset Islands Luxury Homes

Ines Hegedus-Garcia — Mon, 04 Jan 2010 13:00:40 +0000

The Sunset Islands are the epitome of Miami Beach Luxury Real Estate, starting with Sunset I. Historically homes in the Sunset Islands hold their value better than other nearby islands because of access, security and proximity to South Beach’s “action” but far enough to have privacy.

There have only been 4 sales this year in The Sunset Islands

Address	Bds	Bths	HBth	sqft	Water	Lot Size	List Price	Sale price	$/sq.ft
1400 W 28 St	7	7	1	9.933	Y	20.000	$15,900,000	$9,500,000	956
1727 W 27 St	4	6	1	6,244	Y	20,000	$8,250,000	$6,000,000	961
1401 W 22 St	4	5	1	4,576	Y	13,275	$3,200,000	$2,734,500	598
1600 W 24 St	4	4	1	3,453	N	11,858	$2,399,000	$2,100,000	608

The highest sale was at Sunset Island I (the most desired of all Sunset Islands) for $9,500,000 – this house was listed since July 2008 and originally priced at $15,900,000 (that’s a discount of over 40%). The lowest sale was a dry lot property located in Sunset Island III – located at 1600 W 24 St, selling for $2,100,000 and listed on and off since September 2008 with an original price of $2,495,999. It may have been the lowest priced sale, but sold for more per square foot than the immaculate waterfront home at Sunset Island 4.

The average price per square foot this year comes down to $780.75 – please note that none of the sales were open bay homes – an appraiser would pull comparables from North Bay Road homes because of the lack of sales in The Sunset Islands. At least we saw 2 homes above the $5,000,000 range actually sell which is something we can’t say about The Venetian Islands.

**UPDATE** There was one additional sale in the month of December in Sunset Island Number 2 – this was the dry-lot property located at 2535 Lucerne Avenue listed for $2,750,000 and selling for $2,400,000 ($441/sq.ft) making this the lowest sale of 2009 in The Sunset Islands. This luxury home had been listed since January of 2009 with a starting price of $2,895,000 (that’s a 17% difference between list and sale price).

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