This post is definitely the hardest of the year to write, if done right. Usually I get this Miami Beach real estate retrospective out on New Year’s Day, but I wasn’t feeling so comfortable with that this year. Why, you ask? Well, I saw something in the number of sales NOT reported in the MLS that was higher than normal, so I decided to dig further. What I found is pretty interesting. I’m glad I waited. This year, I also created graphs to make it easier to compare one Miami Beach waterfront neighborhood to another.
2011 Miami Beach Luxury Waterfront Homes Stats
Since I primarily focus on luxury waterfront sales, these statistics represent all Miami Beach waterfront home sales up to 63rd Street, including Indian Creek Island, La Gorce and Allison Islands, North Bay Road, Sunset Islands I- IV, the Venetian Islands (Belle Island, Rivo Alto Island, Di Lido Island, San Marino Island and San Marco Island). Also included are all the Mid-beach waterfront areas in Miami Beach (Pine Tree Drive, Flamingo Drive, North Meridian Avenue, Prairie and Chase Avenues, and Lakeview Drive and Lakeview Court).
Fun with Numbers
In 2011, there were a whopping 75 waterfront home sales in Miami Beach – up from 53 residential real estate sales in 2010. That’s a 41% increase in sales. There were three killer sales at or above $20M last year. One was 13 Star Island Drive in April for $25.5M. Another was 1736 W. 28th Street (Sunset Island I) for $19.8M, and 4580 North Bay Road closed for $20M. There were some huge condo sales in 2011, too, but I’ll save that for my next post.
Total Miami Beach Luxury Waterfront Home Sales 2008-2011
I always go with my gut. The only advice I EVER give my clients is, “Go with your gut.” I am such a bad salesperson (joke). My gut told me that the Miami Beach real estate market bottomed out in 2009. Here are the stats to prove it:
|YEAR||SALES VOLUME||# OF SALES||$PSF|
2011 Miami Beach Luxury Waterfront Home Sales
You’re Probably Sayin’, “Kevin – Break it Down for Me.”
Ok. The average $PSF for 2011 was $769, up from $710 in 2010. The biggest Miami Beach real estate sale was about $16M in 2009 and 2010. To reiterate, we had three sales at or above $20M in 2011.
The Venetian Islands kicked butt and took names last year, racking up 25 sales – compared to 13 sales in 2010. The average $PSF for the Venetian Islands in 2011 was $729, up from $617 in 2010, which is an increase of about 15%.
There’s an amazing new listing on Di Lido Island at 34 W. Dilido Drive for $11.9M. This is for the buyer who wants the very best of the best, including expansive downtown Miami views from every room of this Venetian Island masterpiece.
North Bay Road
North Bay Road has always been a preferred choice for Miami Beach luxury living because of its unobstructed wide-bay views, especially on middle and upper North Bay Road. Many celebs and CEOs who initially gravitated to gated islands for privacy and security opt for North Bay Road now because of the breathtaking views. There were 11 Miami Beach real estate sales on this street last year – the same number of sales as in 2010. The average $PSF for North Bay Road in 2011 was $836, which is down from 2010’s $862. There was one big sale at 4580 North Bay Road for $20M, which included a 23,871 SF parcel of land at the neighboring 4570 address.
Palm and Hibiscus Islands
There were 11 real estate sales on Palm and Hibiscus Islands in 2011 and 11 sales in 2010. Not much stands out, except for 94 Palm Avenue, which sold for $14.2M last July.
In 2010, there were only two sales on all four islands. There was much more activity in 2011, with eight waterfront sales, including one of the largest Miami Beach real estate transactions of the year – $19.8M. The average $PSF for 2011 was $870. The only other point of interest about the Sunset Islands last year was that, upon Elizabeth Taylor’s death, it was announced that she had some sort of relationship with the man who once owned the home at 2555 Lake Avenue on Sunset Island II. The house was reported to be for sale at $13.9M, but was never officially on the market. It did, however, rent for $50k/month. Meh.
Flamingo and Pine Tree Drives
These streets run parallel to the Indian Creek Waterway on the east side of the island, which overlooks Collins Avenue. In the early days, the most important homes were built between the 40th and 50th blocks of Pine Tree Drive. Before the large hotels went up, these estates enjoyed oceanfront views and breezes. There is a stellar deal at 5869 Pine Tree Drive which was just reduced. Old-world mansion. Good buy.
There was one sale on Star Island in 2010. Last year, there were four sales, including the largest residential purchase in Miami-Dade County for $25.5M. Roustam Tariko, owner of Russian Standard Bank and Russian Standard Vodka (of course), purchased the property in April. In 2009, Naomi Campbell’s man, Vladislav Doronin, a Russian real estate developer, bought Shaq’s house for $16M at 26 Star Island Drive. This was Miami-Dade’s biggest sale that year.
Mid Miami Beach
This neighborhood consists of North Meridian Avenue, Prairie Avenue, Chase Avenue, Lakeview Drive and Lakeview Court. There were four sales in Mid Miami Beach in 2011. The average $PSF was $295.
La Gorce Island
La Gorce Island is one of the most prestigious neighborhoods in Miami Beach. It is known for its impeccable landscaping and security, not to mention its VERY expensive real estate. Many celebs live or have lived there, including Billy Joel and Cher (she’s lived everywhere). La Gorce Island is located at the northern end of North Bay Road and has approximately 95 homes, 33 of which are waterfront properties.
In June 2010, 88 La Gorce Circle sold for $16M to a German businessman and was the highest sale in Miami-Dade County for that year.
There were two waterfront real estate transactions in 2011: 68 La Gorce Circle, which sold for $6.5M, and 94 La Gorce Circle, which sold to rapper Lil Wayne for $11.6M. Average $PSF: $909.
There was one sale on Allison Island in 2011. 6475 Allison Road sold for $2.45M, with a $PSF of $491.
Indian Creek Island
Considered one of the most secure and exclusive places to live, and claiming to be “America’s most exclusive community,” Indian Creek Village has its own police force. It also has the only 24/7 armed boat patrol around the island and is often the only waterborne police force available on Biscayne Bay. Many CEOs, industry titans, philanthropists and a supermodel or two call Indian Creek Island home. There was one sale on the island last year – 18 Indian Creek Drive – which went for $14M and $1,923 PSF. One of the most expensive Miami-Dade County homes for sale, 3 Indian Creek Drive, is currently on the market for $60M.
- Miami Beach Luxury Real Estate: 2010 Waterfront Home Stats [SBCB]
- Scoop: They Just Keep Coming-Sunset Island Estate Trades for Almost $20M [SBCB]
- Miami Beach Luxury Real Estate: Waterfront Homes PPSF Falls 25% Y-O-Y [SBCB]
Browse What’s Left of Miami Beach Real Estate Here