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
