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Sunset Islands Real Estate Market Report – Miami Beach Luxury Real Estate

By: Ines Hegedus-Garcia on August 12, 2009

There are currently 26 single-family home listings in The Sunset Islands of Miami Beach.

  • The highest priced listing is the bay front residence located on Sunset Island Number 1, at 1736 W 28th Street with 7 bedrooms / 7 and a half bathrooms, 11,388 square feet of living space and 453 feet of water frontage – listed for $29,900,750
  • The lowest priced listing is the residence located on a dry lot on Sunset Island Number 4, at 2121 Lucerne Avenue with 3 bedrooms / 3 bathrooms, 1,846 square feet of living space and a 7,200 square foot lot.

There are 2 properties under contract and the 2 closed sales this year are as follows:

  • 1401 W 22 StreetSunset Island 4 – 4 bedroom / 5 and a half bathroom water front home with impeccable finishes – listed for $4,200,000 in December of 2005, lowered on different occasions until reaching $3,200,000 on April 2009 and finally selling for $2,734,500 in June of 2009. ($598/square feet)

1401 W 22 St - Sunset Islands - Miami Beach Real Estate

  • 1600 W 24 StreetSunset Island 3 – 4 bedroom / 4 and a half bathroom residence on a dry lot with 3,453 square feet of living space and 11,858 square foot lot. Listed for $2,749,000 in September 2008 and selling for $2,100,000 in June 2009. ($608 / square feet)

1600 W 24 St - Sunset Islands - Miami Beach Real Estate

What’s unusual about those 2 sales is that the dry lot house sold for more per square foot than the water front home – goes to show that the waterfront sale is not a good comp and as Rick calls it “a fluke” – could be days on the market, or just that the one seller was just motivated to let the home go.  There were 4 waterfront sales in 2008 averaging $920 per square foot and 3 dry lot sales averaging $512 per square foot – for comparison’s sake – last year’s Venetian Island‘s waterfront average price per square foot was $897 and this year it is down to $659.  Sunset Island Homes historically hold their value better than many other islands in Miami Beach, because of security, proximity to South Beach and easy access.

Do you want to buy or sell your Miami Condo or Home? Contact Ines Hegedus-Garcia for Team Miamism. We pride ourselves in top customer service and have become a go-to source for the media when it comes to Miami and Miami Beach real estate market knowledge. And we answer our phone!

Call Ines: 305-206-9366

Email: info@miamism.com

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