Let’s Look Back, Shall We
After blogging stats for years now, the benefit to me and my client really becomes apparent. No longer do I have to search for numbers, run sales data, or try to re-interpret the Miami Beach real estate market on the fly for every client. I do it once, and once only.
These posts are great reference points, and as the years come to an end, having the previous year’s numbers to compare and contrast gives great historical insight into how the real estate market is performing and hopefully brings value to my readers.
2009 was a really blah year. I’m glad it’s over. So let’s do this.
Miami Beach Waterfront Home Sales for 2009
The stats below reflect Miami Beach home sales up to 63rd Street, including Indian Creek Island, La Gorce & Allison Islands, North Bay Road, Biscayne Bay Islands (Sunset Islands 1-4; Star, Palm & Hibiscus Islands; Venetian Islands), and all the waterfront areas in the mid-beach neighborhood (Pinetree Drive, Flamingo Drive, N. Meridian Avenue, Prairie Avenue, Chase Avenue, and Lakeview Drive and Court).
In 2009 there were 42 waterfront sales in Miami Beach. The average Miami Beach waterfront home sold for $702/ square foot. The high sale for 2009 was Shaq’s Star Island home which sold in June for $16M, and the low sale was a home in mid-beach for $1M. Coincidentally, the high and low sales in 2008 were just about the same.
Miami Beach Waterfront Sales 2008
Below is the chart for 2008 waterfront homes sales. In 2008 there were 49 sales and the average price of a Miami Beach waterfront home was $934/square foot. Compared to this year’s $702/ square foot, that is a $232/square foot, or 24.8%, drop in one year! In other words, if you own a 7,000 sf waterfront home, in 2008 it was worth $6,538,000- today it would be worth $4,914,000.
North Bay Road Waterfront Homes
Click on graphs for larger image
North Bay Road is a street that runs parallel to Biscayne Bay on the west side of Miami Beach. The waterfront homes range in price from about $3M to around $30M.
Historically, North Bay Road has out-performed other, more exclusive, gated islands like La Gorce Island or Sunset Island I & II. Many celebs ( JLO, Matt Damon, Ricky Martin, Shakira, Bee Gees, Calvin Klein, et al) have given up the gate for the spectacular, expansive views that North Bay Road offers. In 2009 there were a couple of shockingly-low distress sales which brought the average down to $690/ square foot.
Venetian Islands Waterfront Homes- Belle, Rivo Alto, Di Lido, San Marino, San Marco, Biscayne Island
The Venetian Islands (Belle Island, Rivo Alto Island, Di Lido Island, San Marino Island, San Marco Island, and Biscayne Island) are comprised of six man-made islands in Biscayne Bay that extend from the barrier island of Miami Beach to Miami’s mainland.
In the first half of the year there were only four homes that sold in 2009, compared to fifteen homes sold during the same time period in 2008. Thanks Bernie.
Venetian Islands Map
Sunset Islands 1-4
The Sunset Islands are four islands connected by canals from north to south. Sunset Island 1 & 2 are accessed at 29th Street and North Bay Road and Sunset Islands 3 & 4 are accessed from 20th Street and North Bay Road. The development of the islands began circa 1934 and the area was marketed to Hollywood celebs and high society-types.
“The Sunsets” as the locals call them, have been very popular over the last decade because of their proximity to South Beach. Lenny Kravitz used to own a home on SS #2. Enrique Iglesias owns on SS #1. Local lore had Frank Sinatra and Marilyn Monroe frolicking at a home in “the day.”
One of the most important homes in Miami, 1736 W. 28th Street, is currently on the market for just under $30M. Additionally, The Honorable Fred Hochberg, also owns a home on SS #1, 1600 W. 28th Street, which is listed for sale. The home was published in a design magazine. Fred? Tom? It’s a very, very chic residence.
- Zero Sales on La Gorce Island (There was one sale–but technically it was land.)
- Zero Sales on Allison Island
- Two sales on Indian Creek Island: 34 Indian Creek sold in September for $6M, and 22 Indian Creek sold in December for $9M. Both homes are on 80,000 sf lots.
- Miami Beach Real Estate: Lenny Kravitz Lists Home; Prominent Sunset Island Estate Listed for $29,900,750 [SBCB]
- South Florida’s Top Residential Deals of 2009 [TRD]
- Miami Beach Real Estate: Luxury Waterfront Stats for 3Q 2009 [SBCB]
- George Lindemann Junior Lists Art-Filled Mansion in Miami [The Real Estalker]
- Top 5 Miami Beach Trophy Properties For Sale [SBCB]