Miami Beach Luxury Real Estate

Tag: North Bay Road

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The “Dream Home” sold for $20.5 million this week. The exquisitely designed Miami Beach home has a stunning Burmese Teak Exterior and features soaring ceilings, walls of impact glass, large open kitchen with Gaggenau appliances, bar and office/library. The Master Suite includes room-size closets, dual showers, steam room, private terrace with outdoor showers and unobstructed water views. An adjacent cabana with summer kitchen and rooftop terrace is fit for outdoor entertainment along with a pool, spa and dock for ultimate relaxation.

2068 North Bay Road | Miami Beach, Fl | 33140 | 7 Bed | 7+ Bath | 12,076 sf. | 28,144 sf. | 100’ Waterfront

CBS4 Miami’s Lisa Petrillo takes you inside the modern elegant waterfront North Bay Road manse in this weeks’ Living Large segment.

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1374A S Venetian Way | Miami Beach |  Sunday, April 13th from 1pm to 3pm.

Stunning Modern Waterfront Home w/ fabulous Miami skyline views. This 2006 contemporary spacious home offers light filled rooms w/ soaring ceilings & water views. Kitchen features blue Bahia Brazilian granite counters, cooking Island & Viking appliances. Large Master Suite has its own private terrace & His/Her Closets.  Ultimate Panoramic Views from the rooftop terrace w/ a summer kitchen make it Ideal for year-round Outdoor Entertaining.

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4315 Meridian Avenue | Miami Beach | Sunday, April 13th from 12pm to 4pm.

Newly transformed waterfront home features spacious formal living, dining rooms, kitchen with morning eating niche, island, adjacent to a large waterfront family room, wet bar, an open raised deck and covered patio and pool with spa ideal for entertaining. Four comfortable bedrooms upstairs, master includes sitting area, large open terrace, separate shower/soaking tub.

Aerial: 5800 North Bay Road

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Aerial: 5800 North Bay Road

Article and Interview by Melanie Gray of The Real Deal.

Nelson Gonzalez grew up watching his dad buy and sell land in his hometown of Miami and across central Florida. Today, he’s the real estate player — holding the title of senior vice president for Esslinger-Wooten-Maxwell Realtors and directing a team of brokers who specialize in ultra-posh properties.

For Gonzalez, though, the best part of his day is when he’s making a deal himself. It’s where his heart is — and has been from Day One, when he went for a job interview 27 years ago at Wimbish Realty in Miami Beach.

“Before I said ‘Hello’ to the receptionist, something clicked and I knew this is what I wanted to do. “

Gonzalez landed the job and sold a house before his first week was over. He learned early on that relationships would be fundamental to his success — and that he had a knack for them: “I can develop a rapport with anyone. I ask the right questions about what the buyer or seller is looking for and really listen for the answer.”

Since 1998, Gonzalez has made EWM’s Top Producer list. Last year, he ranked first among the company’s 900 brokers in dollar volume — $262 million in sales, including $116 million at the Surf Club in Surfside.

Now, here are a few thoughts from Gonzalez on the luxury market and what’s ahead for housing:

You had 23 listings in early September. Eleven had asking prices of about $7 million or more; your two most expensive were waterfront estates for $40 million and $37 million. What are the challenges of selling such pricey homes?

On Miami Beach, $5 million to $10 million is not considered so expensive anymore (crazy!). Certainly, [for] any property over $10 million, the buyers are more knowledgeable in what they are looking for, and negotiating the deals is more challenging.

Is there a saturation point in the high-end market? What is it? How far away is it?

At this point, the inventory levels for high-quality homes are very low. The demand has continued to increase since the beginning of 2012 and the inventory levels have continued to drop. Until recently, there had been no new construction since 2007. [Now,] there are a few new high-end homes coming on the market, which is good [and will help with inventory].

How has selling luxury real estate changed over the years? And what changes do you expect to see in the next few years?

With the emergence of the Internet and especially social media, there is more opportunity for global coverage for our markets. I see that getting stronger in the next several years.

South Florida is the land of record real estate deals — nearly $3,000 per square foot, for example, for a non-oceanfront unit at Apogee South Beach, and $34 million for a penthouse at Ian Schrager’s Edition project, which isn’t even built. Are these prices realistic?

The prices are realistic and, in comparison to other top cities — New York, London, Hong Kong, Los Angeles, Chicago, San Francisco — are still inexpensive. The buyers are the next level of buyers in that a very high percentage of deals are paid in cash. They are looking for the best and are willing to pay for it.

What’s the biggest change recently as far as the largest group of buyers coming to the market?

The high-end market is still the international buyers, but slowly the domestic buyers are buying as well. The Brazilians, Latin Americans and Russians are the largest groups. I believe Asian buyers will soon be a large part of the market here as well.

What is the most surprising thing about the South Florida market now?

I did not think the real estate market in Miami would rebound as quickly as it has, and come back stronger than ever.

What is the most troubling thing about the South Florida market now?

There is not enough inventory to fill the demand. Two-thirds of all home sales in Miami close without financing from a lender; six years ago, only a fifth of sales were all-cash. I personally have not closed a financed deal in over four years. We are experiencing another level of buyer in the market. That said, banks are finally lending again, although they are being much tighter on their requirements, which I feel is good for the market.

Original Article can be found at this link.

Award-winning actor, Matt Damon, is selling his beautiful Miami Beach 12,705-square-foot home for $20 million with hopes of earning $5 million from the sale.

The sprawling home at 6020 North Bay Road features seven bedrooms, nine full baths and a two-bedroom guest house with a roof terrace. The Guest House is also equipped with a gourmet outdoor kitchen to entertain and soak in magical, panoramic views.

The lux amenities have been fitted for the Oscar-winning actor and his family which includes a home theatre, custom office, and spacious master bedroom suite with a spa bath and private terrace.

The gorgeous Mediterranean-style estate is sited on a double lot covering 43,000 square feet with 170 feet overlooking Biscayne Bay. The list of elites living on famous North Bay Road include Miami Heat’s Dwayne Wade and Chris Bosh as well as New York Yankee Alex Rodriguez.

The 42-year-old actor settled in sunny Miami Beach after meeting his Argentine wife, Luciana Barroso, in Miami while he was filming “Stuck on You”. Public records show Mr. Damon purchased the home in 2005 and as two separate purchases; first at $10.3 million and second at $4.2 million.

If a buyer wanted more land, we have an additional vacant lot at 6010 North Bay Road for sale for $6.95 million with 21,228 square feet and 85 square feet on wide Biscayne Bay making the entire property nearly 65,000 square feet and over 250 feet of prime water frontage!

The combined land would make the property quite a bit more attractive and unique as it is very difficult to find such a large lot on Miami Beach these days!

Images from realty.com

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Facts and Trends: Miami-Dade Condo Inventory 2003-2011

MIAMI BEACH, the small universe where I conduct business, the high end properties with the best addresses sold briskly during the first quarter of this year.  Five sales were recorded just on Star Island during the past two months, three of which closed over $10,000,000.  A record high of $25,500,000 was fetched for 13 Star Island Drive. Yes: inventories are dissipating, multiple offers are being received and nobody is building anew (yet).

SINGLE FAMILY HOMES

Lower North Bay Road, below 31st Street, has also been a HOTSPOT, with five homes going under contract or closing recently.  Most of these properties were bought with the intent to re-model or tear down for new construction by end users. Former Miami Heat center, Rony Seikaly’s, home is the exception, it traded in turnkey condition in December 2010 for $11,500,000. Today, 3114 North Bay Road is the only waterfront home available. Asking $4,500,000, the sellers are close to being permitted for a complete rebuild, which is motivating them to take it off the market temporarily, construct and re list a brand new modern home for $15,000,000.

CONDOS

The Miami Beach condo market is also thriving with inventories down and prices on the rise.  The ‘sun seekers’ have stayed in the game purchasing ocean and bay front units in the primest buildings including the South of Fifth and the Collins Park neighborhoods. Apogee, the youngest tower South of Fifth,  just unloaded one of its three penthouses for $11,500,000.  Originally listed for $22,000,000, this is a significant transaction for the Miami Beach condo market despite the incredible discount. A four bedroom, direct ocean front unit closed two weeks ago for $10,500,000 in the south tower of the Continuum. I sold a pied-a-terre at the Setai in March for $2,200psf, that’s a weighty number.

The buyer’s are international and domestic alike.  They realize that the market bottom has been reached and Miami Beach is a world class resort offering the best values in the United States if not globally. The price is right, the weather’s great, beautiful beaches and a growing sophistication!

ISH YOU WERE HERE: 18 INDIAN CREEK DRIVE, INDIAN CREEK, FL 33154

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.

2060 North Bay Road, Miami Beach

2060 North Bay Road, Miami Beach

As the new Miami Heat guard settles in on North Bay Road, the veteran moves on. I sold Rony Seikaly 2060 North Bay Road in 2002 for $2.15M. He tore down the house and built anew, selling it last week for $11.5M/$1,228psf. I believe the buyer, Marcelo Claure-President and CEO of Miami Based Brightstar Corporation, made a fair deal. This sale in addition to recent purchases made by Heat stars Chris Bosh and Dwayne Wade, are evidence that waterfront homes on North Bay Road and Miami Beach have rebounded from the bottom.

  • 9,363SF-interior
  • 26560SF-lot
  • 9Bed/10Bath
  • 125FT-water frontage
  • Built in 2005
  • Builder: John Turchin
  • Designer: Sam Robins
2060 North Bay Road, Miami Beach

2060 North Bay Road, Miami Beach

2060 North Bay Road

2060 North Bay Road

2060 North Bay Road, Miami Beach

2060 North Bay Road, Miami Beach

Aerial View (facing west): 5718 North Bay Road

5718 North Bay Road sold for $3.35M in '10: View facing west with Downtown Miami Skyline

Eight waterfront properties have SOLD on North Bay Road since February 2010! WOW, in the context of market conditions. But in my mind, not surprising. For me, North Bay Road is the Fifth Avenue of Miami Beach. Hands down the best address for waterfront property on the barrier island if you are a view devotee. Upon entering a North Bay Road home on the water, if well designed, its views instantly open up and out over Biscayne Bay, revealing fiery sunsets.

Back to the most recent deals:

  • 5760 North Bay Road SOLD for $4.5M on 2/10
  • 5150 North Bay Road SOLD for $3.75M on 2/10
  • 4462 North Bay Road SOLD for $4.42M on 2/10
  • 2324 North Bay Road SOLD for $3.5M on 4/10
  • 6100 North Bay Road SOLD for $3.4M on 5/10
  • 5718 North Bay Road SOLD for $3.35M on 5/10
  • 4640 North Bay Road SOLD for $2.75M on 5/10
  • 4358 North Bay Road SOLD for $7.4M on 6/10 (vacant land)

So why the frenzy? Now buyers are taking advantage, realizing there’s real value in the numbers.

5760 North Bay Road

5760 North Bay Road sold for $6.5M in '09 and $4.5M in '10

4640 North Bay Road sold for $3.6M in '09 and $2.75M in '10

4640 North Bay Road sold for $3.6M in '06 and $2.75M in '10

The "Castle' in Miami Beach, Florida

The "Castle' in Miami Beach, Florida

My client, Bill Roedy, CEO of MTV Networks, plans to dwell on Miami Beach’s famed North Bay Road. Home to The BeeGees, Ricky Martin, J.Lo and Matt Damon, Roedy made the best deal for waterfront land in the neighborhood last week, purchasing the ‘Castle’ for $4.42M. He plans to build anew for his family.

“The neighbors are going to be extremely happy once the ‘Castle’ comes down,” Gonzalez says. “It’s been an eyesore for years.” -Miami Herald on April 14, 2010

The well heeled neighbors may rest (at least until the construction begins), directly adjacent to Roedy’s south, designer Calvin Klein resides and to his north, D.C. architect David Schwarz.

Originally built in 1925, the ‘Castle’ has been a spectacle for more than two decades since Captain Mike Burke, Founder of Windjammer Barefoot Cruises, bought and transformed the property into his medieval fantasy. Decked with moats, sharks, grotto’s and gargoyles, I often wonder how he bore 17 Star Island Drive (which he sold to Thomas Kramer in the 90′s ). Subsequently, Burke sold the ‘Castle’ in 2007 for $7.6M. It went up in flames in July 2009. Roedy’s transaction truly reflects land value. The lot is 25,427 with 145′ of water frontage–wide open, west facing frontage on Biscayne Bay with views of Downtown Miami, doesn’t get much sweeter than that!

Eight North Bay Road properties have traded or gone under contract during the last sixty days. Buyer’s are finally off the sidelines, fully realizing the great value Miami Beach real estate holds. Who isn’t taking advantage of the discounted prices for private homes and ocean front condos in 2010? Primary residents are upgrading. The renters are buying. And the seasonals, both Domestic and International (Europe, Canada, Asia, and on) are in Miami, making deals.

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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 | [email protected]

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