I could start out this post with “A Top Producer’s Perspective” or something, well, rather dopey like that—but since I’m a numbers guy—I’ll let them speak for themselves. I have lots of analysis (easy to understand) and anecdotal info which will make it very easy to gauge what is going on with Miami Beach luxury waterfront real estate.
Miami Beach Waterfront Home Sales for 2010
Compiling these reports takes time. It takes me a good ten hours to retrieve and research the data, look for non-MLS sales–verify that they were “arms-length” transactions, etc. FYI, I DO NOT report sales that I know were not “arms-length” transactions. An example of a non-arms-length transaction would be where a seller “short sells” the house to himself or herself, which most likely involves a corporation, usually one in Delaware, but is still living in the house. That’s the new mortgage fraud. I know of about three to four homes on Miami Beach that have done that, so those sales ARE NOT reflected in my stats. Anyway, a good, smart agent would know that. Wink, wink.
Moving right along, the stats reflect Miami Beach waterfront home sales up to 63rd Street, including Indian Creek Island, La Gorce and Allison Islands, North Bay Road, Sunset Islands 1-4, Star, Palm and Hibiscus Islands, Venetian Islands, and all the waterfront areas in the mid-beach neighborhood (Pinetree Drive, Flamingo Drive, N. Meridian, Prairie & Chase Avenues, and Lakeview Drive & Court.
In 2010, there were 51 waterfront sales in Miami Beach, up from 42 sales in 2009. The average Miami Beach waterfront home sold for $710/square foot, up from $702 in 2009. The high sale was $16M for 88 La Gorce Circle; the high sale in 2009 was Shaq’s, which sold for $16M as well. I would put the chart in for 2009, but except for the number of sales, it looks, more or less, like 2010. Now, the real story was the drop from 2008 to 2009.
A relatively blah year–though some brokers are saying otherwise. Here are some interesting nuggets excised from the data:
There were only two(!) waterfront sales on the Sunset Islands in 2010. Both sales were on SS #4 and basically sold for land value. The Sunset Islands, especially Sunset I & II, are one of the most desirable neighborhoods in Miami Beach.
Related Sunset Island Reading
- Miami Beach Real Estate: Sunset Island Lots Sell for Near Record $22.5M
- Sunset Islands Waterfront Homes for Sale
- Sunset Islands Non-Waterfront Homes for Sale
North Bay Road
North Bay Road continued to shine as the BMOC. Eleven waterfronts sold this year and many prominent pieces of real estate traded to equally prominent people. (Bosh, Wade, A-Rod, et al.) The total volume for homes sold in 2010 was a whopping $67,462,000. The average $/psf for North Bay Road was $862.19 for 2010. 5800 North Bay Road, an estate once owned by Jennifer Lopez during the “Bennifer” days, was listed for $29M.
Related North Bay Road Reading
- Miami Beach Celeb Real Estate: Seikaly and Piazza Sell
- Miami Beach Real Estate: Has A-Rod Finally Stepped Up? $7.4M Acre of Land on Celeb-Studded N. Bay Road Sells
- Miami Beach “Castle” Sells to MTV Exec Bill Roedy for $4.42M
- North Bay Road Waterfront Homes for Sale
- North Bay Road Non-Waterfront Homes for Sale
All the chatter this year went to North Bay Road, but the Venetian Islands quietly racked up 13 waterfront sales. The average $/psf was $616.83, down from $671 in 2009, and the total volume of sales was $28,272,000.
Related Venetian Islands Reading
- Miami Beach Real Estate: Waterfront Foreclosures and Stuff
- Venetian Islands Waterfront Homes For Sale
- Venetian Islands Non-Waterfront Homes For Sale
La Gorce Island
The highest sale of the year was on La Gorce Island. 88 La Gorce Circle sold for $16M in June. It was originally listed for $25M. One of the best buys of the year was 40 La Gorce Circle, which sold for $7.4M. It is located on the western side of La Gorce Island so it has nice wide bay views. It was priced at $7.9M and sold in seven days.
Related La Gorce Island Reading
- 11 sales on Palm and Hibiscus Islands. Average $/psf $702.42
- 7 sales on Pinetree Drive
- 1 sale on Indian Creek Island
- 3 sales in the mid-Miami Beach neighborhood