Aerial View: Sunset Islands, Miami Beach, Fl 33140

Current Back View: 1460 W 28 Street, Sunset Island 1, Miami Beach, FL 33140

Rendering/Back View: 1460 W 28 Street, Sunset Island 1, Miami Beach, FL 33140

Aerial Rendering: 1460 W 28 Street, Sunset Island 1, Miami Beach, Fl 33140

The Sunset Islands is an exclusive neighborhood of luxurious single family homes located in Miami Beach overlooking Biscayne Bay to the west. The community of both waterfront and non waterfront properties is comprised of four guarded islands located between 21st and 29 streets. Sunset Island 1 and 2 are accessible through 29 Street, west of North Bay Road. Entry to Sunset Islands 3 and 4 is at the southern most part of North Bay Road on 21st Street. The Sunset Islands attract a variety of  residents including celebrities, Anna Kournikova and boyfriend, Enrique Iglesias; South Beach Diet author Dr. Arthur Agaston; Miami Beach developer, Steve Muss who acquired his home from rockstar, Lenny Kravitz ; architect Chad Oppenheim; as well as many pillars in the community. Yachtsman seek out the The Sunset Islands as the location offers no fixed bridges, allowing larger vessels unrestricted access to the Intracoastal Waterway and the Atlantic Ocean.

I just reduced the list price of 1460 W 28 Street, a waterfront home on Sunset Island I, from $4.395M to $3.99M. Prices have not been in this range since the early part of the Millennium. This particular property has an open floor plan, classic appointments and abundant natural light. The sellers have plans designed to construct a new home, however the current structure, built in 1947, is charming and beautifully maintained. Either way, the property is a bargain, where else in Miami Beach can one find a home on a guarded island, with 100FT of water frontage for less than $4M? Currently there are four waterfront properties offered for sale on Sunset Island 1. These homes are all located on the same street as 1460 W 28 Street, but the asking prices significantly exceed this property, ranging from $29.9M to $4.5M.

1460 W 28 Street: Property Highlights

• Lot Size: 20,000 SF
• Interior Living: 3,643 SF
• 100′ of water frontage
• Boat dock
• 4 bed / 3 bath
• 2-car garage
• No fixed bridges
• Plans for new home

2008 Closed Sales: Sunset Islands *

SUNSET ISLAND 1:

• 1525 North View Drive sold for $6.25M

SUNSET ISLAND 2:

• 1401 West 27 Street sold for $10M
• 1425 West 27 Street sold for $5.7M

SUNSET ISLAND 3:

• 2277 Sunset Drive sold for $4.6M**

*These four waterfront homes which sold on the Sunset Islands in 2008 had an average sale price of $877.19 SF

** I will take credit where it is due, this was my listing, and I sold it directly to the buyer

FRONT FACADE: 6050 NORTH BAY ROAD, MIAMI BEACH, FL

One of my clients, like many buyers today, was having an identity crisis. Who was he, an owner or a renter? Until last week, he was a SIDELINER, a browser looking for a deal in the Miami Beach real estate market. He was on the verge of leasing a unit at the Continuum I on South Beach, when I introduced him to a mid century modern house at 6050 North Bay Road. This property was on the market for less than two weeks, my client recognized the opportunity I presented him with and jumped on it! Calculating the numbers, he concluded it was more cost effective to maintain the house than spend $10,000 a month renting a 2/2 in the Continuum I. Built in 1951, 6050 North Bay Road sits on a lot just under 20,000 SF with 77 FT of water frontage, unobstructed views of Biscayne Bay and a spacious interior with over 4,000 SF. Next door neighbor, Oscar Award winning movie star Matt Damon, paid $4.2M in December 2005 for virtually the same size lot, although the house was a tear down. Damon’s primary residence was acquired in April 2005 for $10.3M.

INTERIOR: 6050 NORTH BAY ROAD, MIAMI BEACH, FL

VIEW OF BISCAYNE BAY: 6050 NORTH BAY ROAD, MIAMI BEACH, FL

Miami Beach Luxury Waterfront Homes for Sale

Currently, there are 17 luxury waterfront properties for sale on Miami Beach’s North Bay Road with an average asking price of approximately $1,400 SF. In 2008, 10 waterfront homes sold on North Bay Road with an average price of $1,100 SF, and they are as follows:

1. 5790 North Bay Road sold for $16.75M
2. 5050 North Bay Road sold for $13.1M
3. 4420 North Bay Road sold for $9M
4. 5396 North Bay Road sold for $6.8M
5. 6380 North Bay Road sold for $5.6M
6. 2012 North Bay Road sold for $5.4M
7. 6410 North Bay Road sold for $5M
8. 6010 North Bay Road sold for $4.6M
9. 2040 North Bay Road sold for $4.1M
10. 5004 North Bay Road sold for $3.075M

You do the math, seems my client scored receiving a $1M rebate, paying $798SF or $3.2M for 6050 North Bay Road.

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