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.

Pink Snails: Dade Boulevard in Miami Beach, FL

It’s that time of year again Miami, Art Basel is almost upon us, official dates are Dec 2-5, 2010. Driving to the Venetian Islands today, I saw an installation of pink snails in front of the Miami Beach Golf Club. It flashed me back to 1983 and Christo’s Surrounded Islands. The Art Basel nuances on our local landscape are always welcome!

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

San Marco Island, Aerial View, Venetian Causeway, Miami, FL

Two waterfront homes were listed yesterday on San Marco Island, located on the western side of the Venetian Causeway, the historic bridge that connects Miami and Miami Beach:

• 1350 South Venetian Way is listed for $6.95M. The property was built in 2003; it has 7,991 SF of living space and is situated on a 12,250 SF lot.

• 1337 North Venetian Way is listed for $6.9M. The property was built in 2007; it has 5,859 SF of living space and is situated on a 12,250 SF lot.

Offering spectacular views of Biscayne Bay, seven other waterfront properties are currently for sale on San Marco Island including:

• 1374A South Venetian Way * is listed for $7.9M. The property was built in 2006; it has 7,880 SF of living space and is situated on a 12,250 SF lot. By the way, this property has SPECTACULAR views of the Miami skyline.

• 1215 North Venetian Way is listed for $7.9M. The property was built in 2003; it has 7,653 SF of living space and is situated on a 13,382 SF lot.

• 1384 South Venetian Way is listed for $6.8M. The property is under construction and is situated on a 13,382 SF lot.

• 1276 South Venetian Way is listed for $4.48M. The property was built in 1935; it has 3,788 SF of living space and is situated on a 10,500 SF lot.

• 1386 South Venetian Way is listed for $3.9M. The property was built in 1941; it has 3,286 SF of living space and is situated on a 13,380 SF lot.

• 1378 South Venetian Way* is listed for $3.4M. This is the only piece of waterfront, vacant land currently for sale on the island. The lot is 10,500 SF. The owner is amenable to seller financing!

• 1233 North Venetian Way is listed for $3.3M. The property was built in 1949; it has 3,864 SF of living space and is situated on a 13,382 SF lot.

*Listed by yours truly

At this point you are probably wondering what has sold on the island. In 2008 three of the twentyluxury waterfront homes that traded on the Venetian Islands were located on San Marco Island. The three transactions are the following:

SOLD for $6.25M in May '08: 1374B South Venetian Way, Miami, FL **

SOLD for $4.5M in April '08: 1215 North Venetian Way, Miami, FL

SOLD for $3.35M in May '08: 1239 North Venetian Way, Miami, FL**

**Sold by yours truly

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.