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Archive for 'North Bay Road' Category
 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:
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 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.
 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 $$$ on this transaction, the deal was pure value, the appointments alone read like a who’s who of Architectural Digest. 2046 North Bay Road Vitals:
 2940 and 2920 North Bay Road The properties located at 2940 and 2920 North Bay Road occupy more than 96,000SF of prime waterfront land in Miami Beach; one with a dilapidated Mediterranean-style home and the other, an adjoining vacant lot. Most recently sold as one piece in 2006, the property traded for $13M. Since then, the lots were subdivided, creating two folios, which one may assume could yield a great return but, was purchased going into a bad market. Listed for $6.9M, 2940 North Bay Road closed today for $4.038M/$426SF…WOW! And the lucky winner is? A local developer, who confided to me that this will be the last house in which he resides, it’s a keeper. He plans to renovate the 9,476SF manse. I’m all for preservation and old world style, but many buyers make the mistake of trying to save a home because they think they will spend less $$$ 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.  FRONT FACADE: 6050 NORTH BAY ROAD, MIAMI BEACH, FL One of my clients, like many buyers today, was having an identity crisis. Who was he, an owner or a renter? Until last week, he was a SIDELINER, a browser looking for a deal in the Miami Beach real estate market. He was on the verge of leasing a unit at the Continuum I on South Beach, when I introduced him to a mid century modern house at 6050 North Bay Road. This property was on the market for less than two weeks, my client recognized the opportunity I presented him with and jumped on it! Calculating the numbers, he concluded it was more cost effective to maintain the house than spend $10,000 a month renting a 2/2 in the Continuum I. Built in 1951, 6050 North Bay Road sits on a lot just under 20,000 SF with 77 FT of water frontage, unobstructed views of Biscayne Bay and a spacious interior with over 4,000 SF. Next door neighbor, Oscar Award winning movie star Matt Damon, paid $4.2M in December 2005 for virtually the same size lot, although the house was a tear down. Damon’s primary residence was acquired in April 2005 for $10.3M.  INTERIOR: 6050 NORTH BAY ROAD, MIAMI BEACH, FL  VIEW OF BISCAYNE BAY: 6050 NORTH BAY ROAD, MIAMI BEACH, FL Miami Beach Luxury Waterfront Homes for SaleCurrently, there are 17 luxury waterfront properties for sale on Miami Beach’s North Bay Road with an average asking price of approximately $1,400 SF. In 2008, 10 waterfront homes sold on North Bay Road with an average price of $1,100 SF, and they are as follows:
You do the math, seems my client scored receiving a $1M rebate, paying $798SF or $3.2M for 6050 North Bay Road. |
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Nelson Gonzalez, P.A. | Esslinger.Wooten.Maxwell, Inc., Realtors | 419 Arthur Godfrey Road | Miami Beach, Florida 33140
305-674-4040 direct | 305-674-4095 fax | Nelson@NelsonGonzalez.com
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