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!

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.

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.

Lobby: Capri South Beach

Lobby: Capri South Beach

Capri South Beach’s new ownership brings capital, new ideas and improvements. Under renovation currently is a new lobby designed by Sam Robins, to be completed by the end of the year.

Also in the works:

• New Landscape Design
• Gym Makeover
• Marina Upgrade

Capri South Beach Views: Biscayne Bay and Downtown Miami Skyline

Capri South Beach is a gem, with dramatic views of Biscayne Bay and the Downtown Miami skyline, this new boutique condo is ideally located a few blocks west of Lincoln Road. Under new ownership, the remaining inventory of 46 units are priced to SELL. Internationally renowned designer, Sam Robbins, was enlisted to improve the lobby and common areas providing the spaces with an upscale South Beach aesthetic.

Three Modernist buildings, with 69 residences between them, comprise Capri South Beach. Located on two acres of prime waterfront property, each unit is luxuriously appointed with Travertine floors, Armadi custom closets, sleek European kitchens with Miele and Sub Zero appliances and spectacular views from over sized terraces.

Now offered from $388k to $2.5M, this property is the best condo deal in town. Dock-o-miniums also available.

The Setai South Beach Penthouse B: private rooftop pool

A Finnish buyer acquired Penthouse B at the Setai South Beach for $15M/$2,416PSF last week. On the market since 2006, this opulent condo was once listed for $34M and since February 2010, for $19.9M.  Outfitted with over 6,000SF of living space, this 4bed/4bath floor plan is decked with a private rooftop pool and panoramic views of the Atlantic Ocean, South Beach and Downtown Miami.

APOGEE SOUTH BEACH SALES 2009:

Apogee South Beach Sales 2009

There’s a first time for everything and this week Apogee South Beach had one. Since it was completed in 2007, all of the buildings recorded resales have closed above $1,000SF. Of the nine sales at Apogee South Beach this year, unit #602 is the most recent and notable, closing on December 16, 2009 for $2.945M/$949SF .

Capri South Beach

Unveiled one year ago in December 2008, Capri South Beach has since sold almost 40% of its inventory, trading between $633SF and $1,323SF. A challenging year for real estate overall, Capri South Beach was well received by buyers in Miami Beach. In an effort to entice sales and compete with market trends, the developer just reduced prices across the board. Residences are now offered from $455k to $2.795M.

W SOUTH BEACH HOTEL & RESIDENCES

Scheduled to open July 2, 2009, the W South Beach Hotel and Residences hosted an affair for new company associates last week at the semi completed property located at 2201 Collins Avenue in Miami Beach. Shiny Ferrari’s adorned the building’s entry on 22 street, music was pulsing poolside as the W culture mingled under the moody lighting through the many lounging spots inside and out. One W employee commented that the event was an effort by the W to provide new hires with the “W experience.”  Will the W a la South Beach be a recessionario or recessionista for the brand?

Stay tuned for the opening, the elevators are not yet operational, so no report (images), YET, on the hotel rooms and units. In the meantime, a little eye candy courtesy of my Blackberry.

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