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13 Star Island Drive: Entrance

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.

Capri South Beach-Newly Renovated Lobby

Life is good at Capri South Beach this Spring.

The construction for the newly designed Sam Robins lobby is complete. Upon entry, homeowners  and visitors are transported to an elegantly nautical space, naturally complementing this bayfront retreat.

Inventories are decreasing in Miami Beach’s market place overall, and Capri South Beach is no exception, the three buildings are more than 50% sold. Financing may now be available.

For those buyers seeking the ultimate turnkey experience, several units were recently upgraded by Artefacto as well as Sam Robins.

Capri South Beach sets the bar for tropical, luxury living.

CasaBahia at Camp Biscayne: 3075 Munroe Avenue

This one acre waterfront lot set in Coconut Grove’s exclusive Camp Biscayne has wide bay views with 500ft. of prime water frontage. This week I reduced the asking price to $6,495,000; it initially was introduced on the market for $9,650,000. Priced at $665psf, this is the best residential land deal in Miami, I challenge you to show me otherwise. Your dream home is ripe for the picking.

Miami Beach Waterfront Estate: 4411 Pinetree Drive

Originally listed for $17,000,000, I just lowered the ask of this regal property to $7,900,000. Centrally located in Miami Beach, this newly built residence is luxuriously appointed with ultra amenities including:

• 39,000SF lot
• 11,8787SF of living space
• 100ft of water frontage
• Electronic Gated Entry
• Home Theater
• Wine Cellar
• Summer Kitchen
• Private Guest House
• Staff Quarters
• 25ft. Fireplace

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.

Lobby: Capri South Beach

Lobby: Capri South Beach

Capri South Beach’s new ownership brings capital, new ideas and improvements. Under renovation currently is a new lobby designed by Sam Robins, to be completed by the end of the year.

Also in the works:

• New Landscape Design
• Gym Makeover
• Marina Upgrade

5150 North Bay Road

Sold in February 2010 for $3.75M, 5150 North Bay Road was just listed for $5.49M.

Have the flippers returned?

6396 North Bay Road

It’s official, Miami Heat star Chris Bosh paid $12.5M to have a piece of Miami Beach’s fabled waterfront. Completed in 2009, Bosh’s new home at 6396 North Bay Road has 12,000SF of living space with 100FT of Biscayne Bay frontage.

5800 North Bay Road

5800 North Bay Road, Biscayne Bay, Miami Skyline

5800 North Bay Road,  a 1929 Mediterranean estate and former J.Lo manse, was transformed into a contemporary residence fit for the twenty-first century. While maintaining the original footprint, the sophisticated contributions of designers Lorraine Letendre, Edwina von Gal and Tom Webber propel this residence to a new level of luxury for Miami Beach real estate. I’ve noticed a confidence among top end sellers today who feel the market lacks ULTRA luxury high end product, my client @ 5800 North Bay Road is a perfect example, asking a cool $29M.

The Ipe gated entry opens to a well appointed Royal Palm forest. An exotic whimsy permeates the acre plus lot with clumpy Zoysia grass, Dominican coral stone, westardly curved Coconut Palms, a Koi Pond and a continuous bay breeze. During this epic renovation, the entire roof was removed, elevating the second floor. A lofty expansiveness prevails through the  master suite and the four upstairs bedrooms. Belgium craftsman skillfully treated the interior walls creating a textural effect throughout. The finishes are exceptional; the amenities immense.The second highest residential offering in Dade County today, 5800 North Bay Road has it ALL:

• 12,152SF Living Area
• 52,881SF Lot
• 200FT of Biscayne Bay Frontage
• 7Bed/8Bath/3Half Bath
• Electronic Gated Entry
• Summer Kitchen and Pool Cabana
• New Dock and Seawall w/ 20,000lb Boat Lift and 2-Jet Ski Lift
• Wine Cellar: 800 bottle capacity
• Petz Windows manufactured in Germany
• 150 year old reconditioned wood floors
• Lutron and Crestron Systems
• Integrated Security System w/ 32 cameras
• Theater
• Elevator
• Staff Quarters
• 3-Car Garage

And if that’s not enough, new North Bay Road residents and Miami Heat Dream Teamers Dwayne Wade and Chris Bosh are moving down the street! Both paid north of $10M.

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Top 5 Residential Listings in Dade County:

1. 3 Indian Creek Drive $60M*
2. 5800 North Bay Road $29M*
3. 40 Star Island Drive $29M*
4. 420 Harbor Drive $25M
5. 1736 W 28 Street $25M*

*located in Miami Beach

Capri South Beach Views: Biscayne Bay and Downtown Miami Skyline

Capri South Beach is a gem, with dramatic views of Biscayne Bay and the Downtown Miami skyline, this new boutique condo is ideally located a few blocks west of Lincoln Road. Under new ownership, the remaining inventory of 46 units are priced to SELL. Internationally renowned designer, Sam Robbins, was enlisted to improve the lobby and common areas providing the spaces with an upscale South Beach aesthetic.

Three Modernist buildings, with 69 residences between them, comprise Capri South Beach. Located on two acres of prime waterfront property, each unit is luxuriously appointed with Travertine floors, Armadi custom closets, sleek European kitchens with Miele and Sub Zero appliances and spectacular views from over sized terraces.

Now offered from $388k to $2.5M, this property is the best condo deal in town. Dock-o-miniums also available.