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14 Indian Creek Drive

Conceived in the late 1990′s by the extraordinary Belgian designer, Axel Vervoordt and architect, Joe Brennan, 14 Indian Creek Drive represents the austere Palladian grace of another time while maintaining a modern decadence aptly befitting a $40,000,000 property in sunny south Florida. Completed in 2002, this estate occupies 2.71 acres on Biscayne Bay and offers 17,000SF of living space. Currently hedge fund manager Edward Lampert has it under contract; the transaction will be the highest residential sale for Miami Dade County to date.

AVAILABLE: INDIAN CREEK ISLAND

• 3 Indian Creek Drive: Built in 2010, this slick, contemporary home recently had a significant price reduction from $60,000,000 —> $52,000,000.
• 2 Indian Creek Drive: At the moment, this 80,000SF lot is the only vacant land available on Indian Creek Island, asking $16,900,000, this property offers the largest residential boat dock in Miami Dade County. *

SOLD 2011-12: INDIAN CREEK ISLAND

• 4 Indian Creek Drive: This 80,000SF parcel of vacant land closed for $15,000,000 in July 2011. *
• 18 Indian Creek Drive: This 4Bed/4Bath home closed for $14,500,000 or $1,922psf  in July 2011.

*My exclusive listing

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 .

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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.

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

WISHING YOU A HAPPY, HEALTHY AND PROSPEROUS 2011

Reflecting on 2010, I’d say luxe Miami Beach real estate bustled. While I maintain Miami Beach’s market hit bottom in ’09, I led many buyers and sellers on the wheel and deal as they vied for the best in waterfront estates, ocean and bay front condos and commercial interests. Here’s a glimpse into my year:

• Humbly proud to report, I brokered the highest residential real estate transaction in Miami-Dade County in 2010, listing and selling 88 La Gorce Circle for $16,000,000 in June. Believe it or not, this will look like a greater deal for the buyer in a few years.

• As a neighborhood, North Bay Road had the most action and arguably the sweetest steals for waterfront homes this year, 11 properties traded in all.  While working the transaction for the wide open bay front property located at 5718 North Bay Road, I was blown away by the selling price, $3,350,000. It was the lowest price per square foot for land and under air on North Bay Road this year, and likely numbers that the market may never see again.

• The fabled anglers spot on Hibiscus Island, Miami Beach Rod and Reel Club, I sold this month for $2,925,000. Once asking  $15M including the parking lot across the street which closed for $2,000,000, in December, this listing revealed to me that the speculators are returning. Currently there is a shortage of new construction in the high end inventory,  The Rod and Reel Club and its parking lot across the street will likely have new homes flanking the entry to Hibiscus Island in a few years. This future development will enhance the entrance to the island prompting real estate values soon.

• Capri South Beach, the newly built luxurious, bayfront condominium, changed ownership this year. Due to the economic landscape, many developers that finished projects conceived during the boom years of 2005-2006, were forced to sell, not sufficiently flush to wait out the stagnant inventory. In addition to the magnificent Miami skyline view, opulent appointments and logical floor plans at Capri South Beach, the underground parking garage was engineered by Soletanche Bachy (makers of the Chunnel). Stay tuned for new upgrades including a new lobby, landscape and spa to be completed in early 2011.

• Until recently, the short sale was not part of my professional vernacular, but realtors readily adapt. The high end of the market has its share of distress too, I represented a short sale for 1031 North Venetian Drive, the western most neighborhood of the Venetian Islands.  This $3,000,000 deal bought a newly built home with more than  6,000sf under air and 65ft of bay frontage. As urban legend weaves, the short sale is a lengthy, tireless process. Which couldn’t be farther from the truth, keep in mind it costs lenders less to short sale than foreclose.

I eagerly look forward to 2011! I predict sales will increase and as the inventory for waterfront homes and oceanfront condos dwindle, there will be a price jump.

5150 North Bay Road

Sold in February 2010 for $3.75M, 5150 North Bay Road was just listed for $5.49M.

Have the flippers returned?

6396 North Bay Road

It’s official, Miami Heat star Chris Bosh paid $12.5M to have a piece of Miami Beach’s fabled waterfront. Completed in 2009, Bosh’s new home at 6396 North Bay Road has 12,000SF of living space with 100FT of Biscayne Bay frontage.