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 Sale

Currently, 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:

1. 5790 North Bay Road sold for $16.75M
2. 5050 North Bay Road sold for $13.1M
3. 4420 North Bay Road sold for $9M
4. 5396 North Bay Road sold for $6.8M
5. 6380 North Bay Road sold for $5.6M
6. 2012 North Bay Road sold for $5.4M
7. 6410 North Bay Road sold for $5M
8. 6010 North Bay Road sold for $4.6M
9. 2040 North Bay Road sold for $4.1M
10. 5004 North Bay Road sold for $3.075M

You do the math, seems my client scored receiving a $1M rebate, paying $798SF or $3.2M for 6050 North Bay Road.