Overview of North Bay Road in Miami Beach:

North Bay Road in Miami Beach, is an Estate lined road consisting of luxury waterfront homes. The North Bay Road neighborhood is popular with celebrities and wealthy public figures from around the world. Among the current and former residents of North Bay Road include Ricky Martin, Chayenne – Latin pop singer, Matt Damon, Jennifer Lopez and Shakira.

North Bay luxury homes have breathtaking waterfront views, boat docks, and is conveniently located less than ten minutes away South Beach, Ocean Drive, and the world-famous white-sands of Miami Beach.

North Bay Road Home in Miami Beach

North Bay Road bayfront Mediterranean two story waterfront home with charm. Greater bay and city views.  Back of home recently expanded, new size now 8585 Sq Ft of living area according to the seller. This home offers large open spaces, high ceilings, all rooms oversized with bay views from most areas. Huge two-car garage with maids quarters attached.  This is a walled and gated Estate, needs 24-hour notice to show.

Waterfront view of Miami

:  Oversized Waterfront Proeperty with 100 ft. on Water, Spectacular location on Bay Road, 20K+ S.F. rare oversized lot

:  Orientation towards North, some parts of home need updating

“For Sale” Price: $4,390,000
Tax Value Appraised Price : $4,975,000 (2008)
Bedrooms: 5
Bathrooms: 6
House S.F.: 8,585
Land S.F.: 20,500
Asking Price per S.F.(Land): $214
Previous Sold Date: 1994

Discount from Appraised Price: 12%

What I especially like about this latest bank approved condo is that it represents a genuine VALUE for the savvy real estate investor or potential owner/user. This price point represents a value that is FAR below replacement cost. The annual rental income on this premier luxury Miami Beach condo is approx. $4,500/month for short term rentals (High Season) and $3,200/month for annual rentals (Low Season).  The Bentley Bay offers incredible unobstructed views of both the downtown Miami skyline, Biscayne Bay, and the Ocean. This unit is one of the best condo deals in South Beach.

The Bentley Bay condo was completed in 2005 (with subsequent bank supervised rehab of balconies) and is a boutique building located just North of Fifth Street. Offering direct and easy access to all major expressways, it is considered the gateway to South Beach. The downside to the Bentley Bay- the relatively high maintenance fees (due to having two towers and relative small number of units), but I believe that the flexible rental policy and the premier waterfront location in the heart of South Beach make up for this. Also, the planned retail development by Crescent Heights on 6th Alton as well as the 5th and Alton Shopping Center will completely transform the neighborhood over the next few years.

Bank Approved Price: $500,000
Previous Sales Price (comp units): $1,150,000
Bedroom: 2
Bathroom: 2
Today’s Price/S.F.: $400/S.F.

My team and I are committed to providing strong value added service to our clients, which means delivering the best purchasing opportunities to today’s buyers of Miami Beach luxury condos. Contact us at 305-673-3809 for more information on this foreclosure condo.