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!!!