WISHING YOU A HAPPY, HEALTHY AND PROSPEROUS 2011

Reflecting on 2010, I’d say luxe Miami Beach real estate bustled. While I maintain Miami Beach’s market hit bottom in ’09, I led many buyers and sellers on the wheel and deal as they vied for the best in waterfront estates, ocean and bay front condos and commercial interests. Here’s a glimpse into my year:

• Humbly proud to report, I brokered the highest residential real estate transaction in Miami-Dade County in 2010, listing and selling 88 La Gorce Circle for $16,000,000 in June. Believe it or not, this will look like a greater deal for the buyer in a few years.

• As a neighborhood, North Bay Road had the most action and arguably the sweetest steals for waterfront homes this year, 11 properties traded in all.  While working the transaction for the wide open bay front property located at 5718 North Bay Road, I was blown away by the selling price, $3,350,000. It was the lowest price per square foot for land and under air on North Bay Road this year, and likely numbers that the market may never see again.

• The fabled anglers spot on Hibiscus Island, Miami Beach Rod and Reel Club, I sold this month for $2,925,000. Once asking  $15M including the parking lot across the street which closed for $2,000,000, in December, this listing revealed to me that the speculators are returning. Currently there is a shortage of new construction in the high end inventory,  The Rod and Reel Club and its parking lot across the street will likely have new homes flanking the entry to Hibiscus Island in a few years. This future development will enhance the entrance to the island prompting real estate values soon.

• Capri South Beach, the newly built luxurious, bayfront condominium, changed ownership this year. Due to the economic landscape, many developers that finished projects conceived during the boom years of 2005-2006, were forced to sell, not sufficiently flush to wait out the stagnant inventory. In addition to the magnificent Miami skyline view, opulent appointments and logical floor plans at Capri South Beach, the underground parking garage was engineered by Soletanche Bachy (makers of the Chunnel). Stay tuned for new upgrades including a new lobby, landscape and spa to be completed in early 2011.

• Until recently, the short sale was not part of my professional vernacular, but realtors readily adapt. The high end of the market has its share of distress too, I represented a short sale for 1031 North Venetian Drive, the western most neighborhood of the Venetian Islands.  This $3,000,000 deal bought a newly built home with more than  6,000sf under air and 65ft of bay frontage. As urban legend weaves, the short sale is a lengthy, tireless process. Which couldn’t be farther from the truth, keep in mind it costs lenders less to short sale than foreclose.

I eagerly look forward to 2011! I predict sales will increase and as the inventory for waterfront homes and oceanfront condos dwindle, there will be a price jump.

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!!!

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: 17,183SF
• 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

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