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!!!

The Setai South Beach Penthouse B: private rooftop pool

A Finnish buyer acquired Penthouse B at the Setai South Beach for $15M/$2,416PSF last week. On the market since 2006, this opulent condo was once listed for $34M and since February 2010, for $19.9M.  Outfitted with over 6,000SF of living space, this 4bed/4bath floor plan is decked with a private rooftop pool and panoramic views of the Atlantic Ocean, South Beach and Downtown Miami.

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

]]> http://miamibeachrealestatenewsblog.com/2010/06/03/waterfront-homes-on-miami-beachs-north-bay-road-are-selling-like-hot-cakes/feed/ 0 http://miamibeachrealestatenewsblog.com/2010/04/24/mtv-ceo-makes-a-rockin-deal-for-miami-beachs-castle-remnants/ http://miamibeachrealestatenewsblog.com/2010/04/24/mtv-ceo-makes-a-rockin-deal-for-miami-beachs-castle-remnants/#comments Sat, 24 Apr 2010 17:22:32 +0000 Nelson Gonzalez http://miamibeachrealestatenewsblog.com/?p=1170

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:

• 40 Indian Creek Drive-sold for $9.3M in 3/10
• 22 Indian Creek Drive-sold for $9M in 12/09
• 34 Indian Creek Drive-sold for $6M in 9/09 (this house was a tear down)

CasaBahia at Camp Biscayne: 3075 Munroe Avenue Coconut Grove, Florida

CasaBahia at Camp Biscayne: 3075 Munroe Avenue Coconut Grove, Florida

Map of Coconut Grove, Florida

Located in the heart of Coconut Grove, Camp Biscayne is steps away from a plethora of restaurants, shops and entertainment; abundant green spaces including: the Barnacle Historic State Park, Peacock Park and Myer’s Bayside Park; and some of Miami’s best schools including: Ransom Everglades, Carrollton School of the Scared Heart and St. Stephen’s Episcopal.

CasaBahia is a modern bayfront estate conceived by architect, Bernard Zyscovich, on the premier piece of Camp Biscayne. Capturing South Florida’s natural elements, the design incorporates the Atlantic Ocean breezes and crosswinds while maintaining a smooth flow between the interior + exterior living spaces. In a world with growing density, increasingly, the greatest luxury is space and land. Comprised of two lots totaling 41,125SF , one of the most unique characteristics of this property is its 500′ of water frontage. The living areas all together measure 22,000SF, revealing a tropical lifestyle, with 8,000SF under A/C and the remainder, al fresco. An estadero, or floating loggia, joins the east and west wings of the home. Approximately 4,000SF of balconies, terraces and loggias may be found as part of the bedroom suites, the indoor-outdoor spas and the Balinese style bathing facility.

More than a century elapsed since Camp Biscayne was founded by Ralph Middleton Munroe in 1902 as a rustic winter resort. Attracting sailors and anglers, the property was conveniently located amid Miami’s warm waters on Biscayne Bay. Today, Camp Biscayne is a gated, private enclave governed by a Homeowners Association mindful of the lands history, beauty and maintenance.

Offered for $7.6M, CasaBahia is PRIME location, location, location!

Apogee South Beach Sales 2009

There’s a first time for everything and this week Apogee South Beach had one. Since it was completed in 2007, all of the buildings recorded resales have closed above $1,000SF. Of the nine sales at Apogee South Beach this year, unit #602 is the most recent and notable, closing on December 16, 2009 for $2.945M/$949SF .

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.

Capri South Beach

Unveiled one year ago in December 2008, Capri South Beach has since sold almost 40% of its inventory, trading between $633SF and $1,323SF. A challenging year for real estate overall, Capri South Beach was well received by buyers in Miami Beach. In an effort to entice sales and compete with market trends, the developer just reduced prices across the board. Residences are now offered from $455k to $2.795M.

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:

• Art Basel
• NFL Pro Bowl
• NFL Superbowl XLIV
• Miami International Boat Show
• South Beach Wine and Food Festival
• Winter Music Conference
• Sony Ericsson Open

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

[View with PicLens]