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Tag: miami beach waterfront propertyAPOGEE SOUTH BEACH SALES 2009: 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 .  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.  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:
 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 $$$ on this transaction, the deal was pure value, the appointments alone read like a who’s who of Architectural Digest. 2046 North Bay Road Vitals:
 2940 and 2920 North Bay Road The properties located at 2940 and 2920 North Bay Road occupy more than 96,000SF of prime waterfront land in Miami Beach; one with a dilapidated Mediterranean-style home and the other, an adjoining vacant lot. Most recently sold as one piece in 2006, the property traded for $13M. Since then, the lots were subdivided, creating two folios, which one may assume could yield a great return but, was purchased going into a bad market. Listed for $6.9M, 2940 North Bay Road closed today for $4.038M/$426SF…WOW! And the lucky winner is? A local developer, who confided to me that this will be the last house in which he resides, it’s a keeper. He plans to renovate the 9,476SF manse. I’m all for preservation and old world style, but many buyers make the mistake of trying to save a home because they think they will spend less $$$ 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:
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:
 Sunset Island 2: 1727 W 27 Street Miami Beach, Florida The sun is shining on Miami Beach this week, as yet another luxury waterfront home matches seller to buyer. Listed for $8.25M, 1727 W 27 Street just closed for $6M/$960SF. Listed just shy of one year in a down market (310 days to be exact), this sleek turnkey property located in Miami Beach’s exclusive neighborhood, Sunset Island 2, traded $200k less than it did in 2005. Currently there are 18 waterfront homes for sale on Sunset Islands 1, 2, 3, and 4. To date, only one other waterfront property closed this year on the Sunset Islands. On and off the market since 2005, this Sunset Island 4 home, located at 1401 W 22 Street, closed for $2.7M/$597SF. The deals, or should I say STEALS, are ripe for the picking! VITALS ON 1727 W 27 STREET:
 MIAMI BEACH ROD AND REEL CLUB The Miami Beach Rod and Reel Club, founded in 1929, is one of South Florida’s oldest angling organizations. In 1934, its membership purchased property on Hibiscus Island and established its meeting place, a former late night hotspot, Club Lido. For more than 70 years, sportsman, fishing enthusiasts and the like have gathered to celebrate the catch. Like many property owners today, the principals of the Miami Beach Rod and Reel Club are cutting back. Almost one year ago, they determined that it was decadent to maintain a clubhouse that happens to be one of Miami Beach’s prime, waterfront properties. Two properties comprise the Club, both adjacent to the bridge connecting Palm and Hibiscus Islands:
MORE MIAMI BEACH ROD AND REEL CLUB:ALSO FOR SALE ON HIBISCUS ISLAND (waterfront):
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Nelson Gonzalez, P.A. | Esslinger.Wooten.Maxwell, Inc., Realtors | 419 Arthur Godfrey Road | Miami Beach, Florida 33140
305-674-4040 direct | 305-674-4095 fax | Nelson@NelsonGonzalez.com
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