MIAMI BEACH'S VENETIAN ISLANDS: 122 W DILIDO DRIVE SELLS FOR $2.8M THIS WEEK

Just SIXTY days on the market, and this Venetian Islands property located at 122 W Dilido Drive fetched $2.8M. That’s $780SF,  which during the long hot days of summer, I’d say is pretty cool! This calendar year, there have been FOUR closed sales of waterfront homes on the Venetian Islands, averaging $767SF.

VITALS ON 122 W DILIDO DRIVE:

• Lot Size: 10,500 SF
• On the H2O: 60′
• Living Area: 3,586SF
• Built in 1937

In The Miami Herald today, there was an interesting and relevant article by Monica Hatcher, that I would like to share with you regarding market conditions in Miami.

Is the South Florida housing market finally touching bottom? The answer, of course, can only be seen in the rearview mirror, but analysts agree that the most terrifying part of the downward slide is behind us.

The current overstock of developer-held condos still vastly exceeds that of the 1980s, Dabby said. In the greater downtown Miami area alone, developers will still have roughly 10,000 unsold units on their hands by the end of this year.

New monthly figures from the Florida Association of Realtors show sales of existing homes and condos continued to post gains in May, the ninth consecutive month-to-month increase and a strong step in the right direction. Although sale prices are still way down from last year’s numbers, monthly declines appear to be stabilizing.

”If you look at the yardstick of housing sales, which is a typical yardstick, we are in the recovery stage and we’re in the bottoming phases on pricing,” said Coral Gables-based real estate analyst David Dabby.

The market remains mired in a swamp of foreclosures and short-sales, however, and as long as there are still a sizable number of these distressed sales, it will continue to depress prices. As job losses mount and more homeowners enter foreclosure, such properties could continue to pour into the market.

Still, distressed sales are driving market activity.

Sales of single-family homes were up by 76 percent in Miami-Dade County and 47 percent in Broward County, compared to May of last year. Condo sales also rose by 36 percent and 25 percent in Miami-Dade and Broward, respectively.

As many as 60 percent of those sales, according to recent research from the Dabby Group Advisors, were foreclosures or short-sales that are sold for less than the mortgage owed against them. In some areas, like Homestead, the percentage of distressed sales is as high as 80 percent.

During the last market crash of the mid-1980s, distressed property sales accounted for no more than 15 percent of sales.

But now the low prices are spurring buying, which in turn is eroding the huge supply of homes and condos offered for sale.

The number of single family homes for sale in May fell from a year ago by 33 percent in Miami-Dade and 36 percent in Broward. The number of condos for sale dropped by 20 percent in Miami-Dade and 26 percent in Broward.

On the pricing front, median sale prices for single-family homes in May were down significantly from a year ago, dropping 39 percent in Miami-Dade to $194,700 and 36 percent in Broward to $190,000. The Miami-Dade median condo price slid 50 percent to $140,300 and 42 percent in Broward to $80,400.

The median price is the point at which half the homes sold for more and half for less.

Month-to-month figures, which are important to follow as market dynamics change, show pricing was essentially flat for homes and condos in Broward between April and May. In Miami-Dade, the median price actually rose by 10 percent for homes and 5 percent for condos.

A slowing of price declines and median prices that fluctuate only slightly from month to month is a sign that a bottom may be approaching.

The price of a Broward condo, for instance, has bounced between $85,000 and about $80,000 for the last five months. Similarly, the median home price has jumped between $219,000 and $190,000.

In Miami-Dade, Jenny Huertas, a real estate agent with Bal Harbour-based Condo Vultures, said more home buyers who can get financing are paying full list price for bank-owned properties in an effort to outbid investors with lots of cash.

”I have an investor from New York who wants to buy ugly houses and fix them up and sell them to first-time home buyers, but every time he gets outbid,” Huertas said.

Consequently, these cash-laden investors are being pushed to the condo market where they can bully-down prices because average buyers are having a tough time getting condo loans.

When prices will start appreciating again is anybody’s guess. ”Just because you reach the bottom, doesn’t mean you are going to turn around and come right back immediately,” said Andrea Heuson, a University of Miami finance professor who studies the real estate market.

If history is any gauge, home prices should come back sooner than condos. Until prices peaked in 2006, single-family home prices had fallen only one other time in the past 50 years. They dipped slightly after the real estate boom of the 1980s, but recovered in about a year.

Condos, on the other hand, have been an entirely different story. After the similarly overbuilt condo market crashed in 1984, the average price of a condo in Miami-Dade fell 47 percent and didn’t recover its peak price of $86,479 until 14 years later, according to research from the Dabby Group.

It took even longer in Broward, though for different reasons. Condos there were mainly in retirement communities and there was less demand.

Immersed in the Real Estate market 24/7, I am personally feeling and experiencing an uptick in the market.  I am seeing properties in Miami Beach starting to go under contract daily. It appears that we may have hit the bottom!  In my opinion, we may be scraping the bottom for a while longer before we see prices begin rising again but, the worst may be behind us.  Stay tuned for more news to come…

W SOUTH BEACH HOTEL & RESIDENCES

Scheduled to open July 2, 2009, the W South Beach Hotel and Residences hosted an affair for new company associates last week at the semi completed property located at 2201 Collins Avenue in Miami Beach. Shiny Ferrari’s adorned the building’s entry on 22 street, music was pulsing poolside as the W culture mingled under the moody lighting through the many lounging spots inside and out. One W employee commented that the event was an effort by the W to provide new hires with the “W experience.”  Will the W a la South Beach be a recessionario or recessionista for the brand?

Stay tuned for the opening, the elevators are not yet operational, so no report (images), YET, on the hotel rooms and units. In the meantime, a little eye candy courtesy of my Blackberry.

[View with PicLens]

PRIVATE ROOFTOP POOL: APOGEE PH A/800 SOUTH POINTE DRIVE MIAMI BEACH, FL

Apogee, as its name suggests, is the benchmark for luxury condo living in South Beach. Completed in 2008, the contemporary building is comprised of 67 residences ranging in size from 3,000SF to almost 7,000SF.  Located on 2.88 acres at the tip of the island in the South of Fifth neighborhood, Apogee was developed by the Related Group of Florida and designed by the Sieger Suarez Architectural Partnership. Elegantly conceived, each residence has ultra finishes by Yabu Pushelburg, Fanke, Miele and Dombracht as well as breathtaking views of the Atlantic Ocean, Biscayne Bay, South Pointe Park, the Port of Miami or Miami’s skyline.

One of Apogee’s three penthouses was listed for sale in July 2008 for $22M. Today, Penthouse A, like most real estate listings, was reduced to $18.5M. This year, several penthouses have sold as a result of price reductions in South Beach including units in Il Villaggio and Continuum I. In addition to PH A, there are 18 units currently offered for sale in Apogee.

PROPERTY HIGHLIGHTS:

• 6,853SF living space (under air)
• 6 bed, 7 1/2 bath
• 11,000SF of outdoor space (terrace and balcony)
• Private rooftop pool
• Private elevator
• Private air conditioned 2 1/2 car garage
• 22′ ceilings
• Tri-level (two floors of under air living space)
• Summer Kitchen
• 360-degree panoramic views

Images of Apogee:

[View with PicLens]

EXTERIOR VIEW: 100 SOUTH POINTE DRIVE PH 1 MIAMI BEACH, FLORIDA 33139

On the market for 562 days, Penthouse 1 at the Continuum I South Tower just closed today for $9.9M. This direct oceanfront residence, originally listed for sale in March 2007 for $25M, like everything in the market place, was reduced. In December 2007 it was offered for $21M. Asking price at the time of sale was $14.95M.  The seller paid $7M for the property in 2003, when the Continuum I, the first beachfront condominium in South Beach’s South of Fifth neighborhood, was completed.

Property Highlights

• Tri-level unit
• 5 bed
• 7 1/2 bath
• 7,734 SF (under air)
• 13′ ceilings
• Private elevator
• Private rooftop pool
• 4 parking spaces

INTERIOR: 100 SOUTH POINTE DRIVE PH 1

CONTINUUM SOUTH TOWER: 100 SOUTH POINTE DRIVE

ALTOS DEL MAR BEACH HOUSE: 7725 ATLANTIC WAY, MIAMI BEACH, FL 33141

OCEAN VIEW FROM ALTOS DEL MAR BEACH HOUSE: 7725 ATLANTIC WAY, MIAMI BEACH, FL 33141

Is it a dream of yours to to live in a luxurious beach house in Miami? If so, today is your lucky day, I have the exclusive listing for twelve residences in the historic Miami Beach neighborhood of Altos del Mar, which are currently under construction. Reside in a new beachfront property located ten minutes south of Bal Harbour Shoppes.

One of these homes, located at 7725 Atlantic Way, will be a Bermuda style structure conceived by esteemed architect Ramon Pacheco and the stylish  interiors done by NuHouse Design. This particular property is scheduled to be complete in the last quarter of 2010.

Property Highlights Include:

• Lot size: 16,000 SF lot
• Living area: 6,400 SF (9,950 SF gross space)
• 5 Bed
• 6.5 Bath
• 2-Car Garage plus Carport
• Gym
• Game Room
• Library
• 3 fireplaces
• Summer Kitchen
• Generator

[View with PicLens]

CAPRI SOUTH BEACH

My EWM Realtors colleague, Pablo Alfaro, and I just took the exclusive listing of the recently completed, luxurious development, Capri South Beach. Imagine taking in glorious panoramic views of the Miami Skyline and Biscayne Bay, the Intracoastal Waterway and the Atlantic Ocean while residing on two waterfront acres just steps away from Lincoln Road. I am describing Capri South Beach, the exclusive condominium comprised of two newly constructed buildings and one historic structure, secluded at the western most point of Miami Beach’s 16th Street on 500′ of water frontage. A true boutique development, the sixty-nine luxurious residences, private marina, fitness and spa facility, 24 hour security and valet make Capri South Beach the most desirable bayfront community on the island.

Ana Capri, the southern most building, is the smallest of the three, with only five units each occupying a floor.  With stunning views of the Miami Skyline to the west, entry to each unit is via private elevator. Each apartment offers 1,798 SF of living space with 3 bed and 2.5 bath.  The upper and lower penthouses closed in February 2009 for $2.379M and $2.362M respectively.

Marina Grande, the largest building, located in the center of the property, houses fifty-eight units, five per floor with the exception of the penthouse and ground floor levels. There are three penthouse units on the top floor, while the street level offers two Bay Lofts. A state-of-the-art gym and spa facility is located in Marina Grande.

Marina Piccola, the historic component of this project, was originally designed by Igor Polivetsky in the first half of the twentieth century. It  is the northern most point of Capri South Beach. Three floors make up this sixunit building. Also located in this area of the property is the private marina and bayside pool.

VIEW OF BISCAYNE BAY FROM CAPRI SOUTH BEACH

Nestled between Bal Harbour and Miami Beach, Indian Creek Village is a private island comprised of 300 acres, and home to an affluent community with thirty two waterfront estates. Also on the island, is the private and exclusive Indian Creek Country Club, which has one of the oldest and beautifully secluded clubhouses in Florida, built in 1929 by architect Maurice Fatio. Occupying the interior landscape is the Club’s 18-hole world class golf course designed by golf architect,  William S. Flynn in 1930. Known for its high security, the community founded the Indian Creek Village Public Safety Initiative in 1994,  employing its very own police department which apart from safeguarding the land, provides 24/7  police patrol by boat, maybe the only one of its kind, protecting Indian Creek Island residences from Biscayne Bay.

I just listed 22 Indian Creek Drive for $12.9M. Located on the south side of the island, this property has not been offered for sale since 1972, when it was purchased by Martha and Arthur Appleton for $300k. Mrs. Appleton, Martha O’Driscoll, was a Hollywood starlet in the 1930’s and 1940’s. Appearing in more than thirty seven films, she was one of the first to play Daisy Mae in Li’l Abner. Introduced by Candice Bergen’s parents, Martha left the silver screen and moved to Chicago to become the wife of businessman, inventor and philanthropist, Arthur Appleton. The Appleton’s, like many snowbirds, made South Florida a second home, which was the case with their property at 22 Indian Creek Drive.

Situated on an 80,000 SF lot, this estate sale offers 200 FT of water frontage on Biscayne Bay and the Intracoastal Waterway. The Regency style home is well maintained,  with more than 7,500 SF of living space. One may wish to renovate the existing classic structure built in 1958, or simply redefine the land by creating something new.

Rear Facade: 22 INDIAN CREEK DRIVE, INDIAN CREEK VILLAGE, FL 33154

View of Biscayne Bay (south): 22 INDIAN DRIVE, INDIAN CREEK VILLAGE, FL 33154

Offered for Sale: Indian Creek Island

At the moment, there are seven properties offered for sale on Indian Creek Island asking $9.7M to $57M, including:

• 3 Indian Creek Drive – $57M
• 12 Indian Creek Drive  – $35M *
• 18 Indian Creek Drive – $25.5M
• 4 Indian Creek Drive (vacant land) – $18M *
• 38 Indian Creek Drive – $14.9M
• 22 Indian Creek Drive – $12.9M*
• 40 Indian Creek Drive – $12.9M
• 34 Indian Creek Drive – $9.7M

*How could I resist, but I must emphasize my exclusive listings

Sold in 2008: Indian Creek Island

• 36 Indian Creek Drive sold for $7.05
• 30A Indian Creek Drive sold for $7M

Residents

According to the 2000 census, Indian Creek Village is the eighth highest income place in the United States (Fisher Island was number one on that list). This ultra secure neighborhood attracts a variety of  prominent homeowners, both past and present including: radio magnate, Raul Alaracon; Perry Ellis head, George Feldenkreis; singer, Julio Iglesias; former Calvin Klein CEO, Barry Schwartz; former Miami Dolphins Head Coach, Don Shula; and billionaire developer, Jeffrey Soffer, to name a few.

Aerial View: Altos del Mar Site, Miami Beach, Fl 33141

Acquire A Slice of Oceanfront

I take great pride in announcing that currently, a small community of twelve oceanfront and oceanside residences are under construction between 77th and 79th Streets in Miami Beach.  The ONLY single family residential oceanfront community in Miami Beach!  It is also, as its name suggests, the highest point on the island. Beautifully situated overlooking the Atlantic Ocean, there is simply no other place in South Florida that offers as much!  With breathtaking views, residences offer four to seven bedrooms and bathrooms and range in size from 4,000SF to 9,500SF.

Form Follows Function

Each property is truly one-of-a-kind, designed by South Florida’s foremost architects and designers including: Ramon Pacheco, NuHouse Design, B-Pila Design, Victor Diaz and Cesar Molina. A team of natives, they have exactly what it takes to create a luxurious product in Miami’s unique tropical environment. Leave it to them to know how best to construct  amenities that enhance oceanfront living with Miami’s omnipresent sunlight and the ocean’s easterly breezes. Outdoor spaces feature upstairs verandas overlooking the ocean with sun decks , spacious covered patios, lush landscaping, sparkling fountains and more. The interiors, incorporate elegant appointments such as spiral staircases, fireplaces, three-car garages, wine cellars, gyms and media rooms.

Altos del Mar Sculpture Park

To compliment the spectacular residences, a public park will be created between 76th and 77th Streets on the east side of Collins Avenue. The innovative public space, Altos del Mar Sculpture Park, will occupy three acres of land bordering the oceanfront fusing the natural landscape, pedestrian pathways and 19th, 20th and 21st Century artwork.

Altos del Mar is centrally located between South Beach and Bal Harbour.  Simply accessible to Dowtown Miami, Miami’s Design District and Miami International Airport.

Oceanfront & Oceanside Estates

Living on the ocean is the ultimate South Florida experience. Altos del Mar offers the unique opportunity with six private oceanfront residences. No need to share the beach with hundreds of condo neighbors, just claim a lot. Only steps away from the sand,  there are six extraordinary residences are located on the west side of Atlantic Way, several bordering Collins Avenue. Asking prices range from $2.750M to $15.9M.

ALTOS DEL MAR: 7815 Atlantic Way, Miami Beach, FL 33141

ALTOS DEL MAR: 7735 Collins Avenue, Miami Beach, FL 33141

Is rocker Lenny Kravitz going to ‘Fly Away,’ like the title of one of his hit songs, from Grammy Award winning album 5, suggests? Today, Kravitz listed his Miami Beach home located at 7936 Biscayne Point Circle for $2.85M. He purchased the property in 1997 for $725k.

Located on the tip of Biscayne Point, the peninsula just north of Normandy Island, Kravitz’s residence offers unobstructed views of Biscayne Bay, not to mention spectacular sunsets. Biscayne Point is a guard gated community located in the northern part of Miami Beach.

Property Highlights

• Lot Size: 12,150 SF
• Living Area: 5,717 SF
• Built in 1954

Not his first picnic in Miami Beach residential real estate, Kravitz sold his Sunset Island 2 home, 1800 W 25 Street, when the market was soaring in 2005 to developer Steve Muss for $14.5M. Kravitz purchased the property in 2001 for $8.9M.

Further adding his mark to South Florida, he launched a new business, Kravitz Design.  Maybe you have seen his work,  he is the creative behind the Delano Hotel’s ultra chic lounge, The Florida Room, which opened in December 2007. True to the music industry, Kravitz fused his new venture with his staple by designing a recording studio in the luxurious Miami Beach condo-hotel, Setai, that opened in 2008. A two-story penthouse, Setai Recording Studio (as it is know in the music world) offers 2,500 SF with state of the art equipment and inspiring views of the Atlantic Ocean.

At the 2005 MTV Music Awards, Kravitz proudly called Miami home, let’s hope he continues to spread more of his luster over our beautiful city.