SUNSET ISLAND 1: 1400 W 28 STREET, MIAMI BEACH, FL
It seems that the players in the wealthy sector of today’s market remain stubborn + liquid; generally I have seen a large gap in offers between buyer and seller. During the first two quarters of this year, the resistance among sellers to reduce has prevailed at the top end. Consequently, 2009 delivered ONLY 3 residential sales in Dade County that closed over $10M; one of which was Shaq’s Miami Beach estate @ 26 Star Island-listed for $22.5M, closed in June for $16M.
Q3 2009 is revealing the drop in the market across the board. Reality is slowly penetrating the inventory of luxury waterfront residences. The property located at 1400 W 28 Street on Sunset Island 1 in Miami Beach just closed today for $9.5M. Purchased in 2006 by a Los Angeles hedge funder for $11.6M, it was listed in July 2008 for $15.9M. A distinct rally is underway for Miami Beach’s waterfront homes.
PROPERTY VITALS FOR 1400 W 28 STREET:
- Lot Size: 20,000 SF
- On the H2O: 100′
- Living Area: 9,933 SF
- 7 bed / 7.5 bath
- Built in 2003
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6 Comments to 'Miami Beach Real Estate: The High End Market Gets a Reality Check'
September 11, 2009
It’s about time!
September 12, 2009
Well put Monica. Buyers have been sitting on the sidelines for more than a year. I am starting to see an urgency to purchase, nobody wants to miss the boat.
September 12, 2009
Very Interesting information. Nelson, as you very well said it,the market shows signs of change in all levels of income. Thank you so much. Adriana Faerman
September 12, 2009
Adriana, I am glad you concur as we are seeing movement in most of the high end. Thank you.
September 15, 2009
Well said Nelson. We are actually hearing from Buyers that should have bought 3 months ago!
September 15, 2009
Usually it only takes one to get the ball rolling. There are a few other high end sales pending, I’m sure it will continue.
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