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

Ines Hegedus-Garcia
ines@miamism.com

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 Street - Sunset 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 Street - Sunset 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.


Bob G 20th August, 2009

When did the guards begin guarding the bridges to Sunset Islands #1 and 4?

Ines Hegedus-Garcia 20th August, 2009

I know they stop me and get my license plate every time I go in - anything we should know?

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