Aerial View: 94 La Gorce Circle, Miami Beach, FL

Rap star, Lil Wayne, went from tenant to home owner closing on 94 La Gorce Circle earlier this month for $11,600,000. After leasing the property for about one year, spending $65,000 per month in rent, Mr. Wayne cut a fair deal at $768psf. Prior owners of the 94 La Gorce lot include: a relative of Julio Iglesias’ and former Peoples’ National Bank of Commerce exec, Sonny Wright. The waterfront estate, located on the east side of this guard gated Miami Beach island, is relatively new construction.

94 La Gorce Circle:

• Living Area: 15,101SF
• Lot Size: 20,857SF
• Water Frontage: 120FT
• Bed/Bath: 9/9 (plus 2 half baths)
• Built: 2004

Cher’s first Miami property, 64 La Gorce Circle, is located in one of Miami Beach’s most exclusive guarded island communities. Built in 1953, this completely renovated home offers 11,000sf-plus of living space with 158ft. of water frontage. Just reduced to $10.2M, currently this property offers the best value on La Gorce Island among the six waterfront homes listed for sale.

…It’s been on and off…with celebrities like Janet Jackson and Julio Iglesias each taking a turn as tenants, but was most recently listed for $11.5 million in July…listing broker Nelson Gonzalez of Esslinger-Wooten-Maxwell told The Real Deal today. Gonzalez said he believes the latest price cut puts the estate at well below market value, pointing to a recent, $8.2 million listing on La Gorce Island for a roughly 5,000-square-foot home with fewer feet of waterfrontage.

“The market has been absolutely on fire in Miami Beach recently,” Gonzalez said. “There are a lot of transactions, but at lower prices. People just don’t want to miss the boat at the bottom so they’re sort of getting off the fence.”

-The Real Deal 3/2/11

64 La Gorce Circle:

• Lot Size: 29,507SF
• On the H2o: 158′
• Living Area: 11,460SF
• 6 Bed / 7 Bath / 1 Half Bath
• Cabana with Exercise Room
• 60ft Heated Pool
• Built in 1953

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

[Show as slideshow]

[View with PicLens]