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.

MIAMI BEACH ROD AND REEL CLUB

The Miami Beach Rod and Reel Club, founded in 1929, is one of South Florida’s oldest angling organizations. In 1934, its membership purchased property on Hibiscus Island and established its meeting place, a former late night hotspot, Club Lido.  For more than 70 years, sportsman, fishing enthusiasts and the like have gathered to celebrate the catch.

Like many property owners today, the principals of the Miami Beach Rod and Reel Club are cutting back. Almost one year ago, they determined that it was decadent to maintain a clubhouse that happens to be one of Miami Beach’s prime, waterfront properties. Two properties comprise the Club, both adjacent to the bridge connecting Palm and Hibiscus Islands:

• 208 S Hibiscus Drive is located on the east side of the bridge. The 11,000SF clubhouse is found on this plot which measures 31,500SF with 180′ of water frontage and is technically 3 lots combined. Originally listed for $10M, currently this is offered for $4.9M.

• 218 S Hibiscus Drive is located on the west side of the bridge. This piece is a vacant lot which measures $18,814SF offering 105′ of water frontage. Listed for $5M one month ago, today it is on the market for $2.95M.

MORE MIAMI BEACH ROD AND REEL CLUB:

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ALSO FOR SALE ON HIBISCUS ISLAND (waterfront):

1. 40 S Hibiscus Drive: $8.9M
2. 265 N Hibiscus Drive: $8.5M
3. 269 N Hibiscus Drive: $5.9M
4. 56 S Hibiscus Drive: $5.1M
5. 429 N Hibiscus Drive: $5M
6. 102 S Hibiscus Drive: $4.9M
7. 184 S Hibiscus Drive: $3.9M
8. 441 N Hibiscus Drive: $3.5M
9. 270 S Hibiscus Drive: $3.4M
10. 240 S Hibiscus Drive: $3M
11. 306 S Hibiscus Drive: $2.9M
12. 81 N Hibiscus Drive: $2.7M
13. 250 S Hibiscus Drive: $2.5M

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