Much like the high-end condos, Miami Beach waterfront homes had a tough go of it in the early part of this year. But, all told, the impact of the real estate correction will be most felt in the luxury waterfront sector. Our first ‘big‘ sale didn’t come until June, and still stands unrivaled.
Venetian Islands: Whaaa?
What really raised my eyebrow was the lack of sales on the Venetian Islands for the first half of the year. During the first half of 2008, there were 15 sales on the Venetian Islands, and only four sales for the same time period this year, for a total of nine sales for Q3 2009.
Miami Beach Waterfront Sales Statistics for 1/1/2009-9/30/2009
Looking forward to Q4 stats expect a few more sales on the Venetian Islands, one more shocker on North Bay Road; and a huge estate on Pinetree Drive that has been on the market for years and years (and mired in innuendo) finally closed last week.
Best Buys for Miami Beach Waterfront Estates
- 4766 North Bay Road, Miami Beach. $4.4M. Great lot, great views. Owner paid $5.7M in 2006
- 303 E. Rivo Alto Drive, Rivo Alto Island, Miami Beach. $1.990M. Great buy on a cute little home. Next waterfront home on the Venetians is $2.485M