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.

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

1374B S Venetian Way in Miami, Florida

Migrating south for the winter, need some fun in the sun? Miami Beach’s tropical waters + powdery beaches aren’t enticing enough, this is what’s on around town:

• Art Basel
• NFL Pro Bowl
• NFL Superbowl XLIV
• Miami International Boat Show
• South Beach Wine and Food Festival
• Winter Music Conference
• Sony Ericsson Open

Not feeling the hotels, rather go native? Try this one on for size, 1374B South Venetian Way is located on the westernmost isle of the Venetian Islands. Short term and long term leases welcome. If your stay becomes more permanent, check out the house next door!

Vitals on 1374B South Venetian Way:

• Lot Size: 10,500SF (60′ on the H2O)
• Living: 7,117 SF (7 bed/8 bath/1 half bath)
• Furnished
• Media Room
• Putting Green
• Rooftop Pool
• Boat Dock
• 2-Car Garage
• Built in 2006

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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

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:

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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

Reduced to $7.495M on September 28, 2009

1374A South Venetian Way, Miami Skyline, Miami, Fl

So you went to the International Miami Boat Show and Strictly Sail Miami, and conundrum, you need somewhere to dock your new vessel?

I just reduced this HOT Venetian Islands contemporary home by a million dollars; it is now listed for $7.9M. Yes, South Florida’s luxury real estate market is on the move. Built in 2006, this waterfront property offers stunning views of the Miami skyline andBiscayne Bay.

1374A South Venetian Way, Entrance, Miami, FL

The light filled interior boasts soaring ceilings, gourmet kitchen with blue Bahia Brazilian granite counter tops + Viking appliances, lavish master suite with private terrace, media room, elevator, smart house system and more. Sexy rooftop terrace stacked with summer kitchen and panoramic views is perfect for BBQ’s and stargazing. Other perks include 3-car garage, full house generator and boat dock.