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

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:

• Lot Size: 20,000 SF
• On the H2O: 100′
• Living Area: 6,244SF
• Built in 1984

1736 W 28 STREET, SUNSET ISLAND 1, MIAMI BEACH, FLORIDA 33140

Last weekend, the residence located on Sunset Island 1, at 1736 W 28 Street, was listed for $29,900,750. Seller, George Lindemann, Jr., purchased it in 2000 for $8.425M. Located in one of Miami Beach’s exclusive guard gated neighborhoods, this particular property occupies three point lots on the south western tip of  the island, offering panoramic views of Biscayne Bay, the Intracoastal Waterway and Downtown Miami. Built in 1936, the classic structure was designed by renowned twentieth century architect, Maurice Fatio.

Property Highlights

• Lot Size: 70,886 SF
• Living Area: 11,388 SF
• 5 bed,  5 bath , 2 half bath

I cannot help but compare this new listing to the sale of vacant land located at 2500 Bay Avenue on Sunset Island 2, which closed for $22M in October 2008.  This transaction was the second highest residential sale on Miami Beach. Not surprising, the property location is the ultimate, occupying 83,852 SF on the western tip of Sunset Island 2.

In case you are wondering,  the highest residential sale on Miami Beach was recorded in 2006  for the property located on Star Island at 10, 11 and 12 Star Island Drive. Lennar CEO and Director, Stuart Miller, purchased the property for $27M. Other residents of Star Island include Sean ‘Diddy’ Combs, Gloria and Emilio Estefan and Shaquille O’Neal.

Is another record sale in the cards?