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!

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.

1736 W 28 STREET, SUNSET ISLAND 1, MIAMI BEACH, FLORIDA 33140

Last weekend, the residence located on Sunset Island 1, at 1736 W 28 Street, was listed for $29,900,750. Seller, George Lindemann, Jr., purchased it in 2000 for $8.425M. Located in one of Miami Beach’s exclusive guard gated neighborhoods, this particular property occupies three point lots on the south western tip of  the island, offering panoramic views of Biscayne Bay, the Intracoastal Waterway and Downtown Miami. Built in 1936, the classic structure was designed by renowned twentieth century architect, Maurice Fatio.

Property Highlights

• Lot Size: 70,886 SF
• Living Area: 11,388 SF
• 5 bed,  5 bath , 2 half bath

I cannot help but compare this new listing to the sale of vacant land located at 2500 Bay Avenue on Sunset Island 2, which closed for $22M in October 2008.  This transaction was the second highest residential sale on Miami Beach. Not surprising, the property location is the ultimate, occupying 83,852 SF on the western tip of Sunset Island 2.

In case you are wondering,  the highest residential sale on Miami Beach was recorded in 2006  for the property located on Star Island at 10, 11 and 12 Star Island Drive. Lennar CEO and Director, Stuart Miller, purchased the property for $27M. Other residents of Star Island include Sean ‘Diddy’ Combs, Gloria and Emilio Estefan and Shaquille O’Neal.

Is another record sale in the cards?