Archive for September, 2008

Archive for the ‘’ Category


Sep 15

Real Estate Scoop: Miami Beach Trophy Property Under Contract

$29,000,000 LOT ON EXCLUSIVE
SUNSET ISLAND #2 UNDER CONTRACT

2500 Bay Avenue, Miami Beach, FL

Rumor has it, from people familiar with the deal, that this 84,000+ sf lot is under contract and is awaiting closing.

I’ve done a good amount of research on this lot, and in the last four years, there has been considerable “hoo-hah” (isn’t that a “Palin-ism?”) surrounding this property.

2500 Bay Avenue, Miami Beach - The Basics

  • Five lots totaling 84,000 sf and approximately 570 linear feet of waterfront.
  • Located at the tip of Sunset Island #2, the lots are considered one of the most important pieces of Miami real estate.

2500 Bay Avenue, Miami Beach - The History

  • Sept. 1976 - Property was purchased for $800,000.  Owner Gigi Carrier-Cowell.
  • July 2004 - Sold to Paul Jacobson for $15.2M.  From what I’ve been told, there was some type of broker drama in between the sale from Carrier-Cowell to Jacobson, but only the brokers involved know those interesting little details (I know, but I ain’t sayin’!).
  • August 2004 - Jacobson lists the property for $28M.
  • Feb. 2005 - Jacobson receives an approval from the city of Miami Beach for a lot split.  According to the planning department, the lots are to be split in two: one at 39,472 sf and the other at 44,547. During the lot split process, a piece of land was sold to one of the neighbors.  According to the docs from the city, the planning board severely reduced the size of the properties that could be built on the two lots.
  • Feb. 2005 - The day after the approved lot split, Jacobson reduces the entire parcel to $27M and lists each lot separately for $14.5M (larger lot) and $12.5M (smaller one).
  • July 5, 2006 - Property goes pending in the MLS.
  • July 25, 2006 - Some drama ensues, and the property becomes available for sale in the MLS.
  • August 14, 2006 - Property closes.  Purchase price reported to be $16,212,500.  Real estate community speculates that the actual purchase price is somewhere in the low $20M range.  Buyer unknown, but a local developer is rumored to be the owner.
  • May 2008 - Property becomes available for sale for $29M.  People familiar with the deal say that the contract is hard and pending closing.

In the event this is true, and the purchase price is accurately reported, this could be the highest price ever recorded for any piece of residential real estate in Miami-Dade and Broward counties.

Posted by Kevin Tomlinson | Permalink | 3 Comments | Leave A Comment Categories: 33140, Big Ones, Miami Real Estate, Real Estate News
Sep 08

How Times Have Changed in Miami Beach

I’ve been in Miami Beach and South Beach for 16 years as of today.  I remember when I moved here; I actually had to leave the Beach to buy housewares (mop, toaster, everything!). There was nothing on the Beach. We had to leave for everything.  There weren’t many places to go to lunch. On Lincoln Road, we had choices like Granny Feelgood’s, the counter at Woolworths (does anyone have a picture of the counter?), The Beehive, and El Rancho Grande (it was half the size it is now.)

Fast-forward 16 years to one of the most explosive renaissances of any city anywhere.

Publix in North Beach

Publix in North Beach

It looks as if the North Beach area is going to be getting a state-of-the-art, hurricane-proof Publix.  It seems that grocery chain is in the final stages of getting the 46,000 sf store.  According to the article in Sunday’s Miami Herald, some neighborhood activists don’t want a large-surface lot for parking.  Um, hello! People need to park somewhere.

It will take about two years to build once construction begins.

I’ve heard through the grapevine that this Publix is slated to be one of their new upscale stores to compete with Whole Foods.  I’m sure that will make all the new owners and guests at Canyon Ranch Living Miami Beach, which is directly across the street, very happy.

[Source:  Miami Herald]

The Fresh Market in South Beach

The city unanimously approved the 22,000 sf store in the Sunset Harbour neighborhood in South Beach.  According to the Miami Herald, The Fresh Market will be located at the corner of 18th and West Avenue.  No time was given on the completion of the project.

Segafredo in SoFi/South Beach

A popular hangout on Lincoln Road and now on Brickell Avenue, Segafredo will be opening street-side at 124 Collins Avenue, just a few doors up from Nemo Restaurant.  I’m particularly excited about this one. I love the one on Lincoln Road, but most times it’s just too hectic, so a sexy SoFi location is sure to be a huge hit.  To be honest, I’m kind of annoyed that I didn’t think of the idea first. It’s going to be an instant hit with all those residents in the condos of the neighborhood (Continuum, Apogee, ICON, Murano, et al).

Check out South Beach real estate here.

Posted by Kevin Tomlinson | Permalink | 1 Comment | Leave A Comment Categories: 33139, 33141, North Beach-Condos, South Beach/SoFi