Famous son, singer, and longtime Miami Beach Palm Island Resident Enrique Iglesias has been a long-time soccer fan.  Spain’s World Cup victory was celebrated this past week with a flash – literally!  Enrique recently declared that if “Spain wins, I’m going to get drunk and ski naked in Biscayne Bay”.  True to his word, many Palm, Star, Hibiscus and many Miami Beach waterfront home residents on Biscayne Bay have been keeping their eyes open.

It is rumored that Mr. Iglesias will be water skiing naked on the East side of Palm Island (between Palm and Downtown Miami) later this week.  By the way, these are considered premium waterfront homes – as everyone loves the view!

According to University of Florida oceanographic reports over the past few days, the east coast of Florida is at some risk for contamination from the leaking BP oil rig in the Gulf of Mexico.

Based current models, the expanding oil slick could get caught in a loop current which would redirect it to the Florida Straits, up into the Gulf Stream, and ultimately up the east coast of Florida.

The many waterfront Estates and Luxury homes on Key Biscayne and Fisher Island would be especially vulnerable to contamination.  These islands have direct exposure to the Atlantic Ocean and are considered much more vulnerable to potential contamination.

The island communities off of Biscayne Bay, however, such as the Venetian Island chain, as well as Palm Island, Star Island, Hibiscus Island, and Sunset Islands are thought to be much better protected, as they are located inside several protective barriers.  In addition, if oil slicks were to be spotted, several Coast Guard stations have been pre-stocked with rubber barriers that would be deployed helping to stop oil from contaminating the Biscayne Bay island communities.

In the past thirty days, we have witnessed the successful sales of six luxury and / or waterfront homes in the South Beach area of Miami Beach. The waterfront home sales: two on Hibiscus Island, one of an estate on Star Island, and two on the Venetian Islands chain that connects Miami with Miami Beach.

Below is a summary of these latest closed sales of waterfront Miami Beach homes, all of which have closed at substantially reduced prices from a few years ago:

Star Island – Home to the celebrity estates

This bayfront estate offers over 200 linear feet of prime water frontage with the utmost security and privacy.  Located minutes from South Beach and downtown Miami, this was the most inexpensive home available for sale on Star Island.  Neighbors include Gloria Estefan and Rosie O’Donnell!

Sold Price: $7,250,000

Original “For Sale” Price : $8,750,000 (3/2007)

Previous “Sold” Price (8/2008) : $8,100,000

Bedrooms: 6

Bathrooms: 6

House S.F.: 48,266 ($150/SF)

Land S.F.: 6,000 ($1,200/SF)

Sold Date: February 25, 2010

Discount from Previous Sales Price in 2008: 11%

Miami Beach’s Hibiscus Island – Renovated Waterfront Estate

Located on one of Miami Beach’s premier gated island communities, this oversized and completely renovated waterfront home features great location and amazing views of the water, a private elevator, and much attention to details throughout.

Sold Price: $3,300,000

Original “For Sale” Price : $4,495,000 (2/2009)

Previous “Sold” Price (9/2005) : $3,700,000

Bedrooms: 4

Bathrooms: 5

House S.F.: 4,578 ($720/SF)

Land S.F.: 10,500 ($314/SF)

Sold Date: February 19, 2010

Discount from Previous Sales Price in 2005: 11%

Hibiscus Island – Exquisite Finishes – An Award Winning Home

Sold Price: $2,850,000

Original “For Sale” Price : $4,690,000 (1/2006)

Previous “Sold” Price (1985) : $479,000

Bedrooms: 3

Bathrooms: 4

House S.F.: 4,256 ($669/SF)

Land S.F.: 10,500 ($271/SF)

Sold Date: March 19, 2010

DiLido Island- Authentic Mediterranean home with European handcrafted details

These Venetian Island homes represent a true waterfront value, located on one of Miami Beach’s best residential island communities- The Venetian Island chain connecting Miami and Miami Beach.  Priced right, this home was on the active market for only 36 days!

Sold Price: $1,825,000

Original “For Sale” Price : $2,195,000 (2/2009)

Previous “Sold” Price (1992) : $475,000

Bedrooms: 4

Bathrooms: 3

House S.F.: 3,000 ($608/SF)

Land S.F.: 10,500 ($173/SF)

Sold Date: March 26,, 2010

Rivo Alto Island Home

Totally renovated in excellent condition with oversized Boat Dock.  This is the least expensive renovated waterfront home recently sold on the Venetian Island chain.

Sold Price: $1,625,000

Original “For Sale” Price : $2,399,000 (2/2009)

Previous “Sold” Price (2002) : $1,375,000

Bedrooms: 3

Bathrooms: 3

House S.F.: 2,986 ($544/SF)

Land S.F.: 10,500 ($154/SF)

Sold Date: March 12, 2010

Note:  Sales data courtesy of SouthEast Florida Regional MLS

As part of my marketing strategy of the past few years, I travel regularly to international real estate trade shows and meet with Brokers from around the world.  I’m usually asked about the state of Miami Beach luxury real estate (especially demand for waterfront single family homes).  Those with the financial resources (both from USA and International clients) ask about the possibility of purchasing a foreclosed, or bank owned, single family home in Miami Beach.  There continues to be a significant gap between the sought-after upper end luxury market and the less desireable, and generally non-waterfront properties.  Although waterfront luxury home sales are down significantly for Miami Beach overall (around 50% for first half of 2009), we’re seeing sales activity for turnkey homes that have come down in price significantly.

The most recent closed sales of waterfront homes in Miami Beach:

2046 North Bay Road Luxury Mansion – Drastically Reduced Waterfront Estate

2046 N.Bay Raod, Miami Beach

This was the best luxury waterfront deal in Miami Beach.  Priced to sell after being on the market for over 1,000 days! Featuring a private guard house – 80 ft infinity pool & private beach – elevator – generator – 4 car garage and much more.  This waterfront estate was featured on PlumTV.

My opinion as to why it sold :  Amazing architectural style & location on prestigious North Bay Road, amazing views, price reduced aggressively with lender approval.

Sold Price: $9,750,000
Original “For Sale” Price : $17,000,000 (5/2006)
Bedrooms: 7
Bathrooms: 11
House S.F.: 14,582
Land S.F.: 38,314
Sold Date: October 8, 2009
Discount from Asking Price: 42%
Search: North Bay Road Homes For Sale

The Venetian Island

127 East Rivo Alto, Miami Beach

Priced right!  Located on the best of the Venetian Islands-Rivo Alto Drive -and far in from the Venetian Causeway that links Miami and Miami Beach.  This 2 story home offered Frank Lloyd Wright inspired architecture. Open Floorplan, WATER VIEWS throughout, Updated Kitchen with high end appliances and well maintained bathrooms. Large backyard and pool which are perfect for entertaining or relaxing.

My opinion as to why it sold :  Great waterfront location, spacious floorplan, price reduced quickly and aggressively!

Sold Price: $2,040,000
Original “For Sale” Price : $2,590,000 (3/2009)
Bedrooms: 4
Bathrooms: 3
House S.F.: 3,361
Land S.F.: 10,500
Sold Date: October 16, 2009
Discount from Original Asking Price: 21%
Search: Venetian Island Homes For Sale

Hibiscus Island- Reduced Turnkey Waterfront Home

320 S. Hibiscus Dr, Miami Beach

This home has scenic bay and city views, tri-level and perfectly updated with attention to details.  Featuring marble and wood flooring throughout, with gourmet kitchen, stainless steel appliances, a beautiful and contemporary salt water bayfront pool, large master suite on the top level with incredible water views.  Two car garage, and ideally located on a quiet section of Hibiscus Island.

My opinion as to why it sold :  Great waterfront location in 24 hour guard gated community, amazing views, price reduced aggressively.

Sold Price: $2,500,000
Original “For Sale” Price : $3,250,000 (6/2008)
Bedrooms: 3
Bathrooms: 4
House S.F.: 3,590
Land S.F.: 10,500
Sold Date: September 29, 2009
Discount from Original Asking Price: 23%
Search: Hibiscus Island Homes for Sale

Source:  South Florida Regional MLS

Browse: Miami Beach Luxury Real Estate

Today’s Palm and Hibiscus Island still bear historical evidence of a grand and illustrious history, visible immediately beyond the guard gates at the entrance to Palm Island.  As one proceeds onto the island, the first thing you pass is a children playground full of swing sets, slides and see-saws. But half a century ago this location was an altogether different sort of playground, it was the site of the Famous Latin Quarter Nightclub.

Owned by Lou Walters, father of The View’s Barbara Walters, the Latin Quarter was a mid-century mecca for big-named entertainers who performed for winter crowds of tourists and celebrities arriving in Miami Beach each December. Entertainers like Frank Sinatra, Dean Martin & Jerry Lewis, Jack Benny and Tony Bennett all intermingled with waves of high-kicking chorus girls to perform three shows a night at the Latin Quarter.

Beginning with the financial crash in the early 1930′s, Palm Island became the winter home of such notables as Al Capone and celebrities, who took to Miami Beach’s incredible beauty.  They built various incredible waterfront estates on Palm and Hibiscus Island.  Many of these estates were restored to their full glory (and more) during the real estate boom of the last decade.

For the savvy buyer today, I’d like to highlight a spectacular waterfront opportunity on Hibiscus Island.  This is a REAL, motivated waterfront home seller:

Debtor Approved Price: $2,600,000
Previous “For Sale” Price : $3,250,000
Bedrooms: 3
Bathrooms: 4
House S.F.: 3,590
Land S.F.: 10,500
Waterfrontage: 60′ (complete privacy)

Scenic Bay and City views from this completely updated tri-level turnkey home. Offering an open and spacious floorplan with stone and wood throughout. The gourmet kitchen features stainless steel appliances, granite counters, and pantry all with pool and water views.  The oversized master suite with bayfront balcony and downtown city views includes a sitting area, plenty of closets, and a spacious master bath with Jacuzzi, shower, and double sinks. This bayfront beauty comes complete with high impact glass windows as well as storm shutters and power generator. Ready for the boater with new dock and quick easy Ocean access with no fixed bridges.  Ideally located between Downtown Miami and South Beach, including new tropical landscape, two-car garage and double driveway for plenty of parking.

• View Hibiscus Island Homes For Sale
• View Palm Island Homes For Sale