I like when I get interviewed by the media on the Miami Beach real estate market. The reason I like it is because it forces me to review and analyze the Miami Beach real estate market statistics. Sometimes it is hard to do it when I am busy.
The following statistics are compiled not only from the Southeast Florida Regional MLS but from scouring the tax rolls as well as my intimate knowledge of the Miami Beach luxury market; so the recap below will be a very accurate representation of the complete Miami Beach luxury real estate market for 1/1/2008 thru 8/24/2008.
Miami Beach Luxury Home Sales: 5 Million plus:
- 30 Indian Creek Drive 3/2008 $7,000,000
- 36 Indian Creek Drive 5/2008 $7,050,000
- 5790 N. Bay Road 2/2008 $16,750,000 Old Gibb house
- 4567 Pinetree Drive 8/2008 $12,100,000 Land. 122,400 sq. ft. lot
- 4420 N. Bay Road 7/2008 $9,000,000 New Mediterranean
- 5050 N. Bay Road 4/2008 $13,100,000 Spectacular Palm Beach-style
- 16 Palm Avenue 3/2008 $11,500,000 Palm Island. Built 1930
- 24 S. Hibiscus Drive 5/2008 $10,600,000 Mediterranean built in 2003
- 1401 W. 27th Street 1/2008 $10,000,000 Sunset Island II. Mike Piazza’s home
- 4 Palm Avenue 5/2008 $6,900,000 Palm Island
- 5396 N. Bay Road 8/2008 $6,800,000 Renovated-JUST CLOSED
- 1425 W. 27th Street 5/2008 $5,700,000 Sunset Island II
- 6380 N. Bay Road 5/2008 $5,700,000 Home featured in Miami Vice movie
- 2012 N. Bay Road 7/2008 $5,400,000 On market for 20 days
- 214 W. San Marino 4/2008 $5,000,000 San Marino Island (Venetian)
- 1374 S. Venetian Way 5/2008 $6,250,000 San Marco Island (Venetian)
Miami Beach Homes Under Contract: 5 Million Plus
- 130 Palm Avenue List Price: $10,000,000 Palm Island
- 93 Palm Avenue List Price: $6,800,000 Original Al Capone home
I’m not going to do an analysis of $ psf because it, in this case, would be inaccurate. When “comps” are done they are typically compared against comparable homes. The Miami Beach home sales above vary widely from:
- size of lot
- level of renovation
So, it is impossible to make all things equal.
Waterfront home sales on Miami Beach range from about $700-$1200 psf depending on the factors above.
Incredible Miami Beach Waterfront Home
This incredible home located at 6431 Pinetree Drive Circle is one of my favorites. This home has no peers when it comes to the level of quality and finish. A flawless renovation of this 1935 Mediterranean estate perfectly blends old-world charm with today’s conveniences, including a whole-home generator. Best home on the market. Check ot 6431 Pinetree Drive Circle, Miami Beach, FL, here