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 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]

88 La Gorce Circle, Miami Beach, Florida

Simply put, this La Gorce Island estate is a class act!  Last week, I returned it to the market for $19.5M. It luxuriates in style, scale and balance and may be among Miami Beach’s more architecturally significant modern homes. The expansive floor plan, inspired by the Carl Fisher Estate (5020 North Bay Road), was developed and sold in 2006 by the same talented mastermind.

Property on 88 La Gorce Circle:

• Lot Size: 48,027SF
• On the H2o: 260′
• Living Area: 20,000SF
• 10 Bed / 12 Bath / 3 Half Bath
• Private Guest House
• Roof Top Terrace
• Lap Pool
• 2 Docks
• 5-car garage
• Staff Quarters
• Built in 2008

[View with PicLens]

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:

• Smart House custom designed by Audio One (both interior + exterior)
• Private guard house
• Lot Size: 38,314SF (112 x 370′)
• Under Air: 13,056SF
• On the H2O: 112′
• Large dock with boat lift
• 80′ pool (in length)
• 3 Kitchens include: Wolf, Miele, Viking and Sub Zero appliances
• 1,700 SF Master Suite
• Waterworks bathrooms throughout
• Wine Cellar + Wine Tasting Room
• Smoking Room with advanced exhaust system
• Home Theater
• Elevator
• 4-car garage

[View with PicLens]

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.

SUNSET ISLAND 1: 1400 W 28 STREET, MIAMI BEACH, FL

It seems that the players in the wealthy sector of today’s market remain stubborn + liquid; generally I have seen a large gap in offers between buyer and seller. During the first two quarters of this year,  the resistance among sellers to reduce has prevailed at the top end. Consequently, 2009 delivered ONLY 3 residential sales in Dade County that closed over $10M; one of which was Shaq’s Miami Beach estate @ 26 Star Island-listed for $22.5M, closed in June for $16M.

Q3 2009 is revealing the drop in the market across the board. Reality is slowly penetrating the inventory of luxury waterfront residences. The property located at 1400 W 28 Street on Sunset Island 1 in Miami Beach just closed today for $9.5M. Purchased in 2006 by a Los Angeles hedge funder for $11.6M, it was listed in July 2008 for $15.9M. A distinct rally is underway for Miami Beach’s waterfront homes.

PROPERTY VITALS FOR 1400 W 28 STREET:

• Lot Size: 20,000 SF
• On the H2O: 100′
• Living Area: 9,933 SF
• 7 bed / 7.5 bath
• Built in 2003

With a keen eye for beauty and perfection, esteemed plastic surgeon, Leonard Hochstein conceived a 21st century Mediterranean style palazzo in Miami Beach. Completed in 2007, 1647 North View Drive is over the top opulent beginning with its point of entry, a 12′ door. Dr. Hochstein enlisted Simmons and Saray Interiors Group to assist in his vision: to create a residence that offers views of Biscayne Bay’s sparkling, tropical waters from every room (minus the 13-seat theater and service quarters).

Mission accomplished, this peaceful waterfront estate is located on the north side of Sunset Island 1, situated on a 22,580SF lot, it boasts 129′ of water frontage. The European influence is apparent throughout the 9,994SF interior. Elaborate appointments include:

• Illuminated 14′ diameter stained glass domed foyer
• Custom painted frescoes
• Venetian plastered walls
• Solid marble archways + columns
• Two master suites (one with red onyx master bath)
• Chefs kitchen
• Wine cellar
• Billiard room
• Gym
• Glass mosaic tiled infinity edged pool with underwater seating
• 4-car garage
• New dock