The "Castle' in Miami Beach, Florida

My client, Bill Roedy, CEO of MTV Networks, plans to dwell on Miami Beach’s famed North Bay Road. Home to The BeeGees, Ricky Martin, J.Lo and Matt Damon, Roedy made the best deal for waterfront land in the neighborhood last week, purchasing the ‘Castle’ for $4.42M. He plans to build anew for his family.

“The neighbors are going to be extremely happy once the ‘Castle’ comes down,” Gonzalez says. “It’s been an eyesore for years.” -Miami Herald on April 14, 2010

The well heeled neighbors may rest (at least until the construction begins), directly adjacent to Roedy’s south, designer Calvin Klein resides and to his north, D.C. architect David Schwarz.

Originally built in 1925, the ‘Castle’ has been a spectacle for more than two decades since Captain Mike Burke, Founder of Windjammer Barefoot Cruises, bought and transformed the property into his medieval fantasy. Decked with moats, sharks, grotto’s and gargoyles, I often wonder how he bore 17 Star Island Drive (which he sold to Thomas Kramer in the 90′s ). Subsequently, Burke sold the ‘Castle’ in 2007 for $7.6M. It went up in flames in July 2009. Roedy’s transaction truly reflects land value. The lot is 25,427 with 145′ of water frontage–wide open, west facing frontage on Biscayne Bay with views of Downtown Miami, doesn’t get much sweeter than that!

Eight North Bay Road properties have traded or gone under contract during the last sixty days. Buyer’s are finally off the sidelines, fully realizing the great value Miami Beach real estate holds. Who isn’t taking advantage of the discounted prices for private homes and ocean front condos in 2010? Primary residents are upgrading. The renters are buying. And the seasonals, both Domestic and International (Europe, Canada, Asia, and on) are in Miami, making deals.

18 Indian Creek Drive, Indian Creek, Florida

This elegant, Regency style estate located in South Florida’s exclusive Indian Creek Island returns to the market this spring for $19.5M.  Offered for sale in 2008 for $25M, the property was designed by Alexander Luis and built in 1956. The residence sits on 2 acres with 200′ of water frontage overlooking Biscayne Bay. Its southern exposure provides dramatic views of the Downtown Miami skyline. With more than 7,000SF of interior living space, the spacious floor plan includes: 6 bed, 6 bath, formal living and dining areas, library, wet bar, elevator, 3-car garage and more.

Most Recent Sales on Indian Creek Island:

• 40 Indian Creek Drive-sold for $9.3M in 3/10
• 22 Indian Creek Drive-sold for $9M in 12/09
• 34 Indian Creek Drive-sold for $6M in 9/09 (this house was a tear down)