“SOLD!!”
 June 11, 2010: 88 La Gorce Circle SOLD for $16M The heat is definitely on, Summer 2010 may very well be remembered as the return of South Florida’s real estate market. 88 La Gorce Circle closed last Friday for $16M, becoming the highest residential sale in Dade County this year. At $931PSF, this transaction was quite a deal.
The house sold furnished for well less than the listing price of $25 million (reduced in 2009 to $19.5 million). But it’s still believed to be the priciest residential deal in Miami-Dade since Shaquille O’Neal’s Star Island mansion sold for $16 million last year. -The Miami Hearld, June 11, 2010
Waterfront Land is a commodity on the island, this home sits on a 48,000SF-plus lot offering 260′ of prime Miami Beach’s water frontage. The home was built new at the end of 2008 and is the moden version of the Fisher Estate on North Bay Road with large living area and high ceilings.
The buyer I sold the home to could not be happier with their purchase. With the Euro decreasing in value AFTER they exchanged Euros for Dollars for this purchase of this home added to the exuberance expressed by the buyer. This was exactly what they were looking for and were able to buy it at the right price. It would be very difficult to duplicate this home today for the same price.
In my opinion, this home and location is the nicest of the currently listed high end waterfront homes on Miami Beach. The high end waterfront market in Miami Beach has turned for the positive since the end of 2009 and many of the left over “spec homes” from the boom years have sold. There is no new construction that has started on Miami Beach recently for waterfront ”spec homes” so in turn there will not be many waterfront homes available in the high end in the near future. Results: there will be a shortage of high end homes and hence the price of existing waterfront homes will increase in value in the near future!!!
 5718 North Bay Road sold for $3.35M in '10: View facing west with Downtown Miami Skyline Eight waterfront properties have SOLD on North Bay Road since February 2010! WOW, in the context of market conditions. But in my mind, not surprising. For me, North Bay Road is the Fifth Avenue of Miami Beach. Hands down the best address for waterfront property on the barrier island if you are a view devotee. Upon entering a North Bay Road home on the water, if well designed, its views instantly open up and out over Biscayne Bay, revealing fiery sunsets.
Back to the most recent deals:
- 5760 North Bay Road SOLD for $4.5M on 2/10
- 5150 North Bay Road SOLD for $3.75M on 2/10
- 4462 North Bay Road SOLD for $4.42M on 2/10
- 2324 North Bay Road SOLD for $3.5M on 4/10
- 6100 North Bay Road SOLD for $3.4M on 5/10
- 5718 North Bay Road SOLD for $3.35M on 5/10
- 4640 North Bay Road SOLD for $2.75M on 5/10
- 4358 North Bay Road SOLD for $7.4M on 6/10 (vacant land)
So why the frenzy? Now buyers are taking advantage, realizing there’s real value in the numbers.
 5760 North Bay Road sold for $6.5M in '09 and $4.5M in '10  4640 North Bay Road sold for $3.6M in '06 and $2.75M in '10
 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:
 22 Indian Creek Drive Adriana Lima and Marko Jaric are domesticating on Indian Creek Island. The proud new parents decided to slow down and grow roots in South Florida. They just purchased the Arthur Appleton estate located at 22 Indian Creek Drive for $9M which they told me during various showings, they plan to completely remodel and add on to.
This 1958 residence has a premium location on the south side of the island close to its tip where the view of Biscayne Bay opens up like a postcard. At $1,187SF, the buyers certainly benefited in Miami Beach’s down market.
 1374B S Venetian Way in Miami, Florida Migrating south for the winter, need some fun in the sun? Miami Beach’s tropical waters + powdery beaches aren’t enticing enough, this is what’s on around town:
Not feeling the hotels, rather go native? Try this one on for size, 1374B South Venetian Way is located on the westernmost isle of the Venetian Islands. Short term and long term leases welcome. If your stay becomes more permanent, check out the house next door!
Vitals on 1374B South Venetian Way:
- Lot Size: 10,500SF (60′ on the H2O)
- Living: 7,117 SF (7 bed/8 bath/1 half bath)
- Furnished
- Media Room
- Putting Green
- Rooftop Pool
- Boat Dock
- 2-Car Garage
- Built in 2006
 88 La Gorce Circle, Miami Beach, Florida Simply put, this La Gorce Island estate is a class act! Last week, I returned it to the market for $19.5M. It luxuriates in style, scale and balance and may be among Miami Beach’s more architecturally significant modern homes. The expansive floor plan, inspired by the Carl Fisher Estate (5020 North Bay Road), was developed and sold in 2006 by the same talented mastermind.
Property on 88 La Gorce Circle:
- Lot Size: 48,027SF
- On the H2o: 260′
- Living Area: 17,183SF
- 10 Bed / 12 Bath / 3 Half Bath
- Private Guest House
- Roof Top Terrace
- Lap Pool
- 2 Docks
- 5-car garage
- Staff Quarters
- Built in 2008
 2046 NORTH BAY ROAD It usually takes just one sale to break a cycle. For our purposes we focus on the ultra luxe end of the market. In June, Shaq’s Star Island home, at one time listed for $35M, closed for $16M. Until this sale, Dade County had only seen one single family home trade above $10M during 2009. This fall, the Sunset Island residence located at 1400 W 28 Street that was on the market for $15.9M closed for $9.5M. The domino effect continues this week with the sale of 2046 North Bay Road which closed for $9.750M.
Originally listed for $17M, this spec estate was conceived during South Florida’s most recent boom time, 2005-06. In those days buyers and sellers did not subscribe to the BUBBLE theory. As a result, developers planned to yield large by devouring tear downs + vacant land. Fast forward a few years to find all the bells and whistles in decadent, new construction…at a substantial discount. My buyer certainly maximized his $$$ on this transaction, the deal was pure value, the appointments alone read like a who’s who of Architectural Digest.
2046 North Bay Road Vitals:
- Smart House custom designed by Audio One (both interior + exterior)
- Private guard house
- Lot Size: 38,314SF (112 x 370′)
- Under Air: 13,056SF
- On the H2O: 112′
- Large dock with boat lift
- 80′ pool (in length)
- 3 Kitchens include: Wolf, Miele, Viking and Sub Zero appliances
- 1,700 SF Master Suite
- Waterworks bathrooms throughout
- Wine Cellar + Wine Tasting Room
- Smoking Room with advanced exhaust system
- Home Theater
- Elevator
- 4-car garage
 2940 and 2920 North Bay Road The properties located at 2940 and 2920 North Bay Road occupy more than 96,000SF of prime waterfront land in Miami Beach; one with a dilapidated Mediterranean-style home and the other, an adjoining vacant lot. Most recently sold as one piece in 2006, the property traded for $13M. Since then, the lots were subdivided, creating two folios, which one may assume could yield a great return but, was purchased going into a bad market. Listed for $6.9M, 2940 North Bay Road closed today for $4.038M/$426SF…WOW!
And the lucky winner is? A local developer, who confided to me that this will be the last house in which he resides, it’s a keeper. He plans to renovate the 9,476SF manse. I’m all for preservation and old world style, but many buyers make the mistake of trying to save a home because they think they will spend less $$$ by using the existing structure. While under construction, at a point too far along to turn back, homeowners often realize that the renovation is costing them much more than starting from scratch. Not that he asked, but I believe that this house is a tear down. It’s in very bad condition with low ceilings and an odd floor plan. Either way, he did buy a great property at a good price and will do well in the future with this investment.
The adjacent 52,360SF of land, that’s 170FT of water frontage ladies and gentleman, is ripe for the picking. Listed at $7.9M, who’s ready to make a STEAL?! Who wouldn’t want to be Miami Vice producer, Michael Bay’s neighbor. Formerly Hulk Hogan’s residence, Bay picked it up 2900 North Bay Road for $17M.
 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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