Miami Beach Star Island Sunset (Seen from South Beach)

Miami Beach Residents and Homeowners are greatly relieved that Hurricane Irene has passed by SouthEast Florida. The last major hurricane to affect the Greater Miami and Miami Beach area occured was Fall, 2005. The result were rapidly increasing insurance rates, as well as the beginning of a sharp turn towards a Buyer’s Market. In the past year, Miami Beach waterfront homeowners have experienced a reduction in property taxes, homeowner insurance rates, and increased demand for waterfront properties (especially in the luxury island communities of Miami Beach).

Enjoy this evening’s spectacular sunset over Star Island!

Closed in March, 2010, this beautiful non-waterfront home and was on the market for just 12 days!  Located on Sunset Island II across from the park. This Estate-type home has hardwood floors throughout, a two story foyer, living room with fireplace, formal dining room, theater room, wood paneled library, gourmet island kitchen with professional appliances & breakfast area. Family room opens to covered covered loggia with summer kitchen; surround sound, heated pool, master suite w/marble bath & walk-in closet, large sundeck, maid’s quarters, lush landscaping, converted garage, corner lot.

Sunset Island #2 is connected to Sunset Island #1, with a private, 24 hour guard gated entry via Bay Road in Miami Beach.  Sunset Islands I and II are known as the most exclusive estates of the four Sunset Islands chain.

Sold Price: $2,050,000
Original “For Sale” Price : $2,300,000 (2/2010)
Bedrooms: 4
Bathrooms: 5
House S.F.:4,455 ($460/SF)
Land S.F.: 12,500  ($164/SF)
Sold Date: March 18, 2010
Discount from Asking Price: 10.8%
Days on Active Market: 12

In the past six months, Miami Beach has witnessed a resurgence in sales activity for price reduced waterfront single family homes.  I’d like to highlight a recent sale on Miami Beach’s Sunset Island IV.

This sale is significant for me personally, since this it’s a home that I sold in 2005.  It illustrates the amazing value that a qualified buyer will be able to get for a premium waterfront home on a guard gated island community in Miami Beach.  The two southernmost islands of the four are Sunset III and IV. Magnificent sunsets can be seen from some of the Sunset III and IV homes. These two islands are connected to South Beach and are a five minute walk from Lincoln Road.

1450 West 21st Street (Sunset Island IV)
This is a two story waterfront home on Sunset Island facing towards the Sunset Harbour townhomes in South Beach.  This custom designed charming home features an oversized master bedroom.  Home was in need of an update, as the finishes were from the early 80′s.  60 linear feet of water frontage with dock.

Sold Price: $1,300,000
Original “For Sale” Price : $2,300,000 (6/2009)
Previous “Sold” Price (6/2005) : $1,950,000
Bedrooms: 4
Bathrooms: 4
House S.F.: 3,265 ($597/SF)
Land S.F.: 8,700 ($149/SF)
Sold Date: February 16, 2010
Discount from Previous Sales Price in 2005: 33%

I keep receiving many inquires and requests from Buyers (both from USA and International clients) 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 desirable, and generally non-waterfront properties.  Most importantly, we’re seeing a significant increase in buyer activity on the market due to the unfreezing of the credit markets for qualified buyers.

To illustrate the price (and demand) gap between turnkey waterfront homes and the still hard to sell mid-to-lower range single family homes, I’d like to highlight a few recently closed sales of bank owned homes around Miami Beach. These are not short sales, only those classified as REO sales (Bank owned and approved).

North Bay Road- Bank Approved Sale

Miami Beach North Bay Road Home

Bank Owned home, located on prestigious North Bay Road with nearby mansions and waterfront estates. Corner lot surrounded by privacy hedge. Open floor plan, designer stainless steel kitchen, terrazzo, limestone floors, formal dining room, family room, breakfast room, alarm system, sprinkler system.

:  Great Location
:  Small corner lot, house needed some work due to recent neglect

Sold Price: $520,000
Original “For Sale” Price : $1,350,000 (2007)
Bedrooms: 4
Bathrooms: 3
House S.F.: 2,474
Land S.F.: 6,978
Sold Date: March 6, 2009
Original Asking vs Sold Price: 39%

Alton Road- Significantly Reduced Turnkey Waterfront Home

Alton Road Luxury Home

A 1930′s  Mediterranean large home with guest house.  Renovation was completed in 2006 with luxury touches throughout  The additional amenities of this beautiful estate include: polished  marble floors, a custom masonry  fireplace, gas appliances,movie theater out door fountains with 5 bed and 4 and 1/2 baths.
: Complete renovation & charm

: Located on busy Alton Road & limited appeal

Sold Price: $520,000
Original “For Sale” Price : $2,200,000 (2006)
Bedrooms: 5
Bathrooms: 4
House S.F.: 3,223
Land S.F.: 7,320
Sold Date: April 22, 2009
Original Asking vs Sold Price: 24%

Biscayne Point- Gated Community Land Value Teardown Sale

Foreclosure Waterfront Home

Bayfront vacant home that was sold “as is” by the lenders, gated community with wide bay views.  Minutes from the Ocean, rare Bayfront lot with 75′ of waterfront.

: Waterfront lot with Wide Bay Views, Gated Community in Miami Beach
: Complete rehab / teardown house

Sold Price: $500,000
Original “For Sale” Price : $1,200,000 (2004)
Bedrooms: 3
Bathrooms: 2
House S.F.: 1,816
Land S.F.: 7,500
Sold Date: March 12, 2009
Original Asking vs Sold Price: 42%

Finally, to illustrate the dramatic difference with turnkey waterfront homes, I’d like to highlight another recent sale on Miami Beach’s North Bay Road, where the home was on the market for just TWELVE DAYS:

North Bay Road- Wide Bay Home

Luxury North Bay Road Home

This was one of the best waterfront deals on Miami Beach.  Wide bay views with 77 FT on the water and a 254 FT deep oversized lot.  This home is sparkling clean and livable “as is”.

Sold Price: $3,200,000
Original “For Sale” Price : $3,900,000
Bedrooms: 4
Bathrooms: 5
House S.F.: 4,006
Land S.F.: 19,685
Sold Date:  March 11, 2009
Original Asking vs Sold Price: 82%