I’d like to continue highlighting evidence of the resurgence in sales activity for price reduced waterfront single family homes in the Miami Beach real estate market- specifically for North Bay Road waterfront home sales. The sales story of these two waterfront homes is a great example of what’s happening in today’s Miami Beach real estate market- one sold quickly close to the asking price, and the other was reduced by over 50% over a four year time span:
North Bay Road Waterfront Home (6100 North Bay RD, Miami Beach, FL)
Spectacular wide bay views and the most gorgeous sunsets make this boater’s paradise a great opportunity to own on prestigious North Bay Road.Situated on a 20,000 SF lot, this home + guest house is 5,000 SF,with 3 Bedroom/3 Bath.It has been masterfully updated with wonderful entertaining spaces that features a chef’s kitchen,marble floors,marble bathrooms,generator,+gated security. Florida living at its best!
Sold Price: $3,350,000
Original “For Sale” Price : $3,100,000 (2/2010)
Previous “Sold” Price (1/1998) : $500,000
Bedrooms: 3
Bathrooms: 3
House S.F.: 4,889 ($702/SF)
Land S.F.: 19,452 ($176/SF)
Sold Date: March 19, 2010
Total Time on Active Market: 59 Days
Discount from Original Asking Price: 8%
Luxury Home (5718 North Bay Road, Miami Beach, FL 33141)
Exterior modern design with luxurious interiors in Med motifs, marble fireplaces, coffered ceilings, elaborate moldings, marble floors, ornate stonework and mahogany millwork. Spacious wet bar/piano room, adjacent media rm. opens onto interior courtyard, pool and huge dock for large vessel. Spacious circular drive with gates, electric shutters, elevator, office, guest & staff bedrooms with adjacent sun room.
Sold Price: $3,350,000
Original “For Sale” Price : $6,750,000 (3/2006)
Previous “Sold” Price (6/1980) : $390,000
Bedrooms: 6
Bathrooms: 7
House S.F.: 6,545 ($511/SF)
Land S.F.: 15,536 ($216/SF)
Sold Date: March 18, 2010
Total Time on Active Market: 40+ Months!
Discount from Original Asking Price: 50% +
My advice from these two examples for sellers: Price your home RIGHT from the beginning and you will get MUCH more buyer activity (perhaps even a bidding war). Overpriced homes sit on the market a LONG time, with a downward price spiral trying to chase the market & generate interest with better priced competing waterfront single family homes.
One Comment
Great example of how painless the home selling process can be if a seller of a property researches a knowledgeable realtor with a reputation for ethical and honest dealings. Then Price there home according to the Realtor suggestion, based on recent closed sales. Otherwise deal with the consequences of a sitting on the market for years, because of bad advice! Today with the all the information on the internet there is no excuse for sellers not to be informed of who they should hire, when thinking of selling or buying a home.