Last week Netscape Founder Jim Clark sold his Setai penthouse for $21,500,000 ($3,704) which he purchased-decorator ready-in 2004 for $9,000,000. Clark transformed this two story residence into an opulent Southeast Asian retreat. This trophy property was listed for $27,000,000 in April 2010.
101 20th Street PH A
- 3Bed 2.5Bath
- 5,803SF Interior Space
- 9,558SF Interior and Exterior Space
- Private Rooftop Pool
- Private Summer Kitchen
- 4 Reserved Parking Spaces
- Direct Ocean Exposure
This transaction is another sign that the Miami Beach luxury market is thriving and the inventories at the top are razor thin. The trend for 2011 high end sales: they are exceeding prices fetched in the most recent boom years of 2005-2006 .
 Aerial View: 94 La Gorce Circle, Miami Beach, FL Rap star, Lil Wayne, went from tenant to home owner closing on 94 La Gorce Circle earlier this month for $11,600,000. After leasing the property for about one year, spending $65,000 per month in rent, Mr. Wayne cut a fair deal at $768psf. Prior owners of the 94 La Gorce lot include: a relative of Julio Iglesias’ and former Peoples’ National Bank of Commerce exec, Sonny Wright. The waterfront estate, located on the east side of this guard gated Miami Beach island, is relatively new construction.
94 La Gorce Circle:
- Living Area: 15,101SF
- Lot Size: 20,857SF
- Water Frontage: 120FT
- Bed/Bath: 9/9 (plus 2 half baths)
- Built: 2004
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Facts and Trends: Miami-Dade Condo Inventory 2003-2011
MIAMI BEACH, the small universe where I conduct business, the high end properties with the best addresses sold briskly during the first quarter of this year. Five sales were recorded just on Star Island during the past two months, three of which closed over $10,000,000. A record high of $25,500,000 was fetched for 13 Star Island Drive. Yes: inventories are dissipating, multiple offers are being received and nobody is building anew (yet).
SINGLE FAMILY HOMES
Lower North Bay Road, below 31st Street, has also been a HOTSPOT, with five homes going under contract or closing recently. Most of these properties were bought with the intent to re-model or tear down for new construction by end users. Former Miami Heat center, Rony Seikaly’s, home is the exception, it traded in turnkey condition in December 2010 for $11,500,000. Today, 3114 North Bay Road is the only waterfront home available. Asking $4,500,000, the sellers are close to being permitted for a complete rebuild, which is motivating them to take it off the market temporarily, construct and re list a brand new modern home for $15,000,000.
CONDOS
The Miami Beach condo market is also thriving with inventories down and prices on the rise. The ‘sun seekers’ have stayed in the game purchasing ocean and bay front units in the primest buildings including the South of Fifth and the Collins Park neighborhoods. Apogee, the youngest tower South of Fifth, just unloaded one of its three penthouses for $11,500,000. Originally listed for $22,000,000, this is a significant transaction for the Miami Beach condo market despite the incredible discount. A four bedroom, direct ocean front unit closed two weeks ago for $10,500,000 in the south tower of the Continuum. I sold a pied-a-terre at the Setai in March for $2,200psf, that’s a weighty number.
The buyer’s are international and domestic alike. They realize that the market bottom has been reached and Miami Beach is a world class resort offering the best values in the United States if not globally. The price is right, the weather’s great, beautiful beaches and a growing sophistication!
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13 Star Island Drive: Entrance
Located in the guarded island enclave, steps from South Beach, 13 Star Island Drive closed today for $25,500,000. Listed at the end of January 2011 for $32,000,000, this property was on the market for less than 60 days when it went under contract by a Russian oligarch. Seller Tom Morgan purchased the tear down in 2000 for $3,700,000 and developed a 15,000 SF luxury residence which was completed in 2003. Sited on a 40,000 SF lot, the property offers 100′ of Biscayne Bay frontage with western facing exposures of the Downtown Miami skyline.
Available on Star Island:
- 5 Star Island Drive: offered for $49,995,000. 40,000 SF lot / 11,308 SF interior. Built in 1996.
- 15 Star Island Drive: offered for $14,900,000. 40,000 SF lot / 8,699 SF interior. Built in 1986.
- 29 Star Island Drive: offered for $21,000,000. 40,000 SF lot / 10,160 SF interior. Built in 2000. Home of fashion designer, Donald Pliner.
- 28 Star Island Drive: (vacant land) offered for $7,900,000. 40,000 SF lot.
- 30 Star Island Drive: (vacant land) offered for $8,900,000. 40,000 SF lot.
- 40 Star Island Drive: offered for $27,000,000. 87,991 SF lot / 9,854 SF interior. Built in 1925.
2011 Sales on Star Island:
- 35 / 36 Star Island Drive: (vacant land) 80,000 SF lot closed for $12,250,000 on 2/25/11.
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Greystone Hotel / 1920 Collins Avenue: Exterior Rendering by Shulman + Associates
The Greystone, a Henry Hohauser Art Deco landmark, is located in the historic Collins Park neighborhood of South Beach. This PRIME Collins Avenue corner is steps away from South Beach’s luxist ocean front hotels and residences: Setai, W South Beach, Shore Club and Townhouse. Also a hop, skip and a jump to the Miami Beach Convention Center, the New World Center designed by Frank Gehry, Lincoln Road and the city’s most beautiful sandy beaches.
Currently a raw space, plans are available for the Greystone by Shulman + Associates for a ground floor restaurant and retail outlet, roof top lounge and a spa-hotel suite concept. Whether you are a hotelier, restaurateur or retailer, this location offers the ultimate South Beach exposure.
Real estate inventories are falling in Miami Beach and South Beach’s commercial sector is no exception:
- The Peter Miller Hotel, an Art Deco building designed by Russell Pancoast and located on the same block as the Greystone, sold for $14.7 million in December 2010.
- The Seville Beach Hotel, located ten blocks north of the Greystone, was acquired by Marriott Hotels through a short sale for $56 million in June 2010. Marriott is in a joint venture with Delano Hotel pioneer, Ian Schrager, for this project.
- The Royal Palm Hotel , located four blocks south of the Greystone, was purchased by Sunstone Hotel Investors in August 2010 for $126 million. Sunstone just sold it for $130 million to KSL Capital Partners LLC. The hotel will be managed by New York family based Denihan Hospitality Group.
The Greystone is available for $8.5 million.
 Capri South Beach-Newly Renovated Lobby Life is good at Capri South Beach this Spring.
The construction for the newly designed Sam Robins lobby is complete. Upon entry, homeowners and visitors are transported to an elegantly nautical space, naturally complementing this bayfront retreat.
Inventories are decreasing in Miami Beach’s market place overall, and Capri South Beach is no exception, the three buildings are more than 50% sold. Financing may now be available.
For those buyers seeking the ultimate turnkey experience, several units were recently upgraded by Artefacto as well as Sam Robins.
Capri South Beach sets the bar for tropical, luxury living.
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64 La Gorce Circle: Aerial View
Cher’s first Miami property, 64 La Gorce Circle, is located in one of Miami Beach’s most exclusive guarded island communities. Built in 1953, this completely renovated home offers 11,000sf-plus of living space with 158ft. of water frontage. Just reduced to $10.2M, currently this property offers the best value on La Gorce Island among the six waterfront homes listed for sale.
…It’s been on and off…with celebrities like Janet Jackson and Julio Iglesias each taking a turn as tenants, but was most recently listed for $11.5 million in July…listing broker Nelson Gonzalez of Esslinger-Wooten-Maxwell told The Real Deal today. Gonzalez said he believes the latest price cut puts the estate at well below market value, pointing to a recent, $8.2 million listing on La Gorce Island for a roughly 5,000-square-foot home with fewer feet of waterfrontage.
“The market has been absolutely on fire in Miami Beach recently,” Gonzalez said. “There are a lot of transactions, but at lower prices. People just don’t want to miss the boat at the bottom so they’re sort of getting off the fence.”
-The Real Deal 3/2/11
64 La Gorce Circle:
- Lot Size: 29,507SF
- On the H2o: 158′
- Living Area: 11,460SF
- 6 Bed / 7 Bath / 1 Half Bath
- Cabana with Exercise Room
- 60ft Heated Pool
- Built in 1953
 CasaBahia at Camp Biscayne: 3075 Munroe Avenue This one acre waterfront lot set in Coconut Grove’s exclusive Camp Biscayne has wide bay views with 500ft. of prime water frontage. This week I reduced the asking price to $6,495,000; it initially was introduced on the market for $9,650,000. Priced at $665psf, this is the best residential land deal in Miami, I challenge you to show me otherwise. Your dream home is ripe for the picking.
 Miami Beach Waterfront Estate: 4411 Pinetree Drive Originally listed for $17,000,000, I just lowered the ask of this regal property to $7,900,000. Centrally located in Miami Beach, this newly built residence is luxuriously appointed with ultra amenities including:
- 39,000SF lot
- 11,8787SF of living space
- 100ft of water frontage
- Electronic Gated Entry
- Home Theater
- Wine Cellar
- Summer Kitchen
- Private Guest House
- Staff Quarters
- 25ft. Fireplace
 Windley Key, Mile Marker 85, Florida Keys Windley Key is located less than two hours south of Miami on Mile Marker 85. With 7.21 acres and 853′ of water frontage, this land is ripe for development. It’s just 20 minutes away from Marathon Airport, and a hop skip and a jump to Islamorada. Known for its world class angling, diving and diverse marine environment (ecosystem), the Florida Keys is a tropical playground. Are you ready to take the plunge, this pristine parcel is offered for $4.2M.
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