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:

• Lot Size: 20,000 SF
• On the H2O: 100′
• Living Area: 9,933 SF
• 7 bed / 7.5 bath
• Built in 2003

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:

• Illuminated 14′ diameter stained glass domed foyer
• Custom painted frescoes
• Venetian plastered walls
• Solid marble archways + columns
• Two master suites (one with red onyx master bath)
• Chefs kitchen
• Wine cellar
• Billiard room
• Gym
• Glass mosaic tiled infinity edged pool with underwater seating
• 4-car garage
• New dock