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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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

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.

2060 North Bay Road, Miami Beach

As the new Miami Heat guard settles in on North Bay Road, the veteran moves on. I sold Rony Seikaly 2060 North Bay Road in 2002 for $2.15M. He tore down the house and built anew, selling it last week for $11.5M/$1,228psf. I believe the buyer, Marcelo Claure-President and CEO of Miami Based Brightstar Corporation, made a fair deal. This sale in addition to recent purchases made by Heat stars Chris Bosh and Dwayne Wade, are evidence that waterfront homes on North Bay Road and Miami Beach have rebounded from the bottom.

• 9,363SF-interior
• 26560SF-lot
• 9Bed/10Bath
• 125FT-water frontage
• Built in 2005
• Builder: John Turchin
• Designer: Sam Robins

2060 North Bay Road, Miami Beach

2060 North Bay Road

2060 North Bay Road, Miami Beach

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.

5800 North Bay Road

5800 North Bay Road, Biscayne Bay, Miami Skyline

5800 North Bay Road,  a 1929 Mediterranean estate and former J.Lo manse, was transformed into a contemporary residence fit for the twenty-first century. While maintaining the original footprint, the sophisticated contributions of designers Lorraine Letendre, Edwina von Gal and Tom Webber propel this residence to a new level of luxury for Miami Beach real estate. I’ve noticed a confidence among top end sellers today who feel the market lacks ULTRA luxury high end product, my client @ 5800 North Bay Road is a perfect example, asking a cool $29M.

The Ipe gated entry opens to a well appointed Royal Palm forest. An exotic whimsy permeates the acre plus lot with clumpy Zoysia grass, Dominican coral stone, westardly curved Coconut Palms, a Koi Pond and a continuous bay breeze. During this epic renovation, the entire roof was removed, elevating the second floor. A lofty expansiveness prevails through the  master suite and the four upstairs bedrooms. Belgium craftsman skillfully treated the interior walls creating a textural effect throughout. The finishes are exceptional; the amenities immense.The second highest residential offering in Dade County today, 5800 North Bay Road has it ALL:

• 12,152SF Living Area
• 52,881SF Lot
• 200FT of Biscayne Bay Frontage
• 7Bed/8Bath/3Half Bath
• Electronic Gated Entry
• Summer Kitchen and Pool Cabana
• New Dock and Seawall w/ 20,000lb Boat Lift and 2-Jet Ski Lift
• Wine Cellar: 800 bottle capacity
• Petz Windows manufactured in Germany
• 150 year old reconditioned wood floors
• Lutron and Crestron Systems
• Integrated Security System w/ 32 cameras
• Theater
• Elevator
• Staff Quarters
• 3-Car Garage

And if that’s not enough, new North Bay Road residents and Miami Heat Dream Teamers Dwayne Wade and Chris Bosh are moving down the street! Both paid north of $10M.

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Top 5 Residential Listings in Dade County:

1. 3 Indian Creek Drive $60M*
2. 5800 North Bay Road $29M*
3. 40 Star Island Drive $29M*
4. 420 Harbor Drive $25M
5. 1736 W 28 Street $25M*

*located in Miami Beach