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2014 Miami Beach Luxury Waterfront Real Estate Sales – Prices Surge on Low Inventory and 2015 Predictions

It feels good to be back. This stuff is in my blood. I focus on a very specific niche of Miami luxury real estate: Miami Beach and Indian Creek luxury real estate. This market takes me from South Beach to the three pill-shaped islands — Star, Palm and Hibiscus Islands:
Miami Beach Waterfront Estates

  • Venetian Islands
  • North Bay Road (lower, middle, upper)
  • Sunset Islands
  • Mid-beach waterfront
  • Pinetree & Flamingo
  • La Gorce Island
  • Allison Island (residential side)
  • Indian Creek Island

I don’t include Normandy Village or the town of Surfside in waterfront real estate sales, as these areas represent “starter waterfront” and really aren’t considered an option for “UHNWI” (ultra-high-net-worth individuals).

Where to start? 2014 was pretty much more of the same. Very strong year with 81 home sales. We are still dealing with a lack of inventory in the Miami Beach single family home sector. How can I tell? Well, the year-over-year sales price per square foot jumped 16% in 2014 to $1,126. Days on market decreased from 241 in 2013 to 193 last year. Here’s an analysis of how sales price per square foot has shifted over the last five years or so.

Miami Beach and Indian Creek Island Waterfront Sales – Residential Homes and Vacant Land/Knock-downs

YEAR SALES VOLUME # OF SALES $PSF AVG PRICE PER HOME # OF LOT SALES $PSF LOTS-KNOCK-DOWNS SALES VOLUME/LOTS
2014 $556,608,650 81 $1,125 $6,763,530 25 $339 $181,555,000
2013 $520,037,050 90 $946 $5,778,440 11 $285 $75,105,000
2012 $602,818,300 99 $887 $6,089,073 10 $211 $96,495,000
2011 $351,263,033 75 $769 $4,683,507 N/A N/A N/A
2010 $226,854,000 53 $710 $4,280,264 N/A N/A N/A
2009 $169,331,447 42 $702 $4,031,701 N/A N/A N/A
2008 $245,777,500 49 $934 $5,015,867 N/A N/A N/A

I have not tracked land sales prior to 2012 because the numbers were insignificant. But in the chart above, you can see how notable they’ve become over the last three years. I remember when land would sell for UNDER $100 per square foot just before 2012.

2015 Luxury Waterfront Home Sales in Miami Beach/Indian Creek Island – Estates and Land

2014 homes

The Ever-Increasing, Ferocious Desire for LAND

land 2014

Miami: The City of the Future

I love to drive. Yes, even in Miami traffic, I drive… on Collins Avenue, Biscayne Blvd and Wynwood… through Craig Robins’ masterful transformation of the Design District – which is becoming Miami’s Worth Avenue… and along the awe-inspiring swirls of concrete in Doral at the intersection of SR 826 and 836. No matter where I am, my mind is completely blown by the incredible amount of money being pumped into this city by the TRILLIONS.

Even after 20 years in the business, I am amazed by the number of chic, UBER-expensive condos being designed by the most important architects in the WORLD. We have at least 5 five- and six-star condos from Pritzker Prize-winning architects such as Richard Meier, Norman Foster, Rem Koolhaas, Herzog & de Meuron and Zaha Hadid – her first residential project in the Western Hemisphere.

There is no real estate bubble here. People just WANT Miami. It’s just as simple as that. I was further emboldened by Time magazine’s declaration in its December 2014 issue that land and condos in Miami will prove to be one of the four premium commodities of 2015.

My prediction this year for the Miami Beach real estate market is that 1) Inventory will continue to be scarce 2) Days on market will continue to drop, and 3) Price per square foot for homes and land is headed for another healthy bump.

Hey New York City – you’ve got a lot of ground to make up because Miami is on it.

Browse Miami Beach real estate here

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Stratosphere: 2012 Miami Beach Waterfront Real Estate Sales Soar to Heights Unseen- UPDATED

Miami Beach Waterfront Real Estate Sales Break Records in Every Sector

Miami Beach Waterfront Sales 2012

I’m an information gatherer. I like doing these stats and market performance posts to better my understanding of the business, but in the last couple of years, it’s also been like witnessing something great – history – and getting to tell the story. This is not just a Miami Beach real estate renaissance or boom. It’s a solid upward trend.

Key Miami Beach Real Estate Factors

  • Location, Location, Location
  • Supply vs. Demand

I’ve been a real estate agent in Miami Beach for almost 20 years. When authoring this blog, I take special care to let the numbers do the talking, and then I provide the insight and analysis – which the numbers can’t do.

Miami Beach is a special place for all the obvious reasons. But the most important reason real estate-wise is that there is NO MORE Miami Beach land on which to build. I’ve been saying this to buyers and sellers for about the last five years, but now that reality seems to be sinking in – and to this I attribute “The Great Land Grab of 2012.” Miami Beach real estate transactions and prices have hit all-time highs.

Star Island and Indian Creek Village Take the Lead

During the last ten years, Miami Beach has become a luxury destination much like Jackson Hole or Aspen. In the years leading up to 2012, Star Island and Indian Creek Village were always known as the most prestigious neighborhoods in the area, but the true intrinsic worth of these enclaves wasn’t realized monetarily until last year.

The problem was that, for one reason or another, Star Island and Indian Creek Village never dazzled buyers like North Bay Road. For many years, North Bay Road was the most highly sought neighborhood for luxury Miami Beach waterfront real estate, by celebrities and others with the desire for wide-bay views.

Combined Star Island and Indian Creek Village Real Estate Transactions:

YEAR # OF SALES SALES VOLUME
2012 11 $208,880,000
2011 7 $97,827,500
2010 2 $16,555,000
2009 3 $31,000,000
2008 3 $22,150,000


Average Property Price on Star Island and Indian Creek Village:

  • 2012:  $18,989,090
  • 2011:  $13,975,400
  • 2010:  $8,277,500
  • 2009:  $10,333,333
  • 2008:  $7,383,333

Indian Creek Village Breaks Highest-Ever Sale Price – Twice

Prior to the two 2012 Indian Creek Village sales that broke all-time Miami Beach real estate records, the Leona Helmsley lots on Star Island, which sold in 2006 for $27M, was the biggest residential real estate transaction in the history of Miami-Dade and Broward counties. Then in March 2012, 14 Indian Creek sold for $37M, and last July, 3 Indian Creek sold for a staggering $47M.

Complete List of 2012 Miami Beach Luxury Waterfront Sales

Waterfront 2012 Miami Beach real estate luxury sales

What strikes me most is the incredible number of waterfront sales in 2012; we broke another record here with 99 transactions. That’s insane! We also smashed a record with our highest sales volume ever: $602,818,300 – that equals $6,089,073 for the average Miami Beach waterfront home. Talk about stratosphere!

Miami Beach Waterfront Sales Statistics 2008-2012

YEAR SALES VOLUME # OF SALES $PSF AVG PRICE PER HOME # OF LOT SALES $PSF LOTS/KNOCKDOWNS
2012 $602,818,300 99 $887 $6,089,073
2011 $351,263,033 75 $769 $4,683,507
2010 $226,854,000 53 $710 $4,280,264
2009 $169,331,447 42 $702 $4,031,701
2008 $245,777,500 49 $934 $5,015,867

Since 2009, sales volume has increased 256%, and the number of sales has more than doubled. Compared to 2011, sales volume increased 72% last year, and the number of real estate transactions went up by 31% during the same period!

2012 Miami Beach and Indian Creek Land Sales

Miami Beach real estate waterfront land sales 2012 updated

I have never seen this chart so full in nearly two decades – and with these kinds of numbers! Additionally, there are a number of homes in the “Complete List of Sales” chart above that are slated for demolition and lot splits, or in the case of three parcels on North Bay Road (4666, 4682, 4700), unity of title.

UPDATE 1/12/2013: 2550 Bay Avenue, on Sunset Island II, was sold on 12/31/2012 for $20M. The sale is not yet updated in the tax rolls, but the Warranty Deed from the Miami-Dade County Clerk’s website is available.

The property is comprised of a 46,318-square-foot lot and an approximately 7,000-square-foot house. The new owners plan to demolish the house and build a new one. Ultimately, the buyer paid $432 per square foot for the property, which is an all-time high in terms of price paid per square foot for land (see chart above). The lot is probably one of the ten most important parcels in all of Miami-Dade County.

The buyer, Mr. Markert, is the CEO of Amerisave Mortgage and will be living next to Robert Toll, CEO of Toll Brothers, Inc. Mr. Toll bought his lot(s) in 2008 for $22.5M and paid the second highest price ever for Miami Beach land. The 84,000-square-foot lot is comprised of FIVE lots on the tip of Sunset Island II.

Grand Total

The grand total for homes and land purchased in Miami Beach and Indian Creek Village in 2012 is $699,313,300.

Sexiest Estate for Sale in Miami Beach

A-Rod’s modern estate on North Bay Road certainly fits the bill. It was party and celeb central during Art Basel. Thank God that’s over. This city will kill ya… party after party after party. The newly-built, modern estate was constructed in 2011 and commands a very prime piece of North Bay Road. Ask: $38M.

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Celebrity Real Estate-On Last Day of Show Rosie O’Donnell Lists Star Island Manse in Miami [UPDATED]

SBCB Exclusive

 

 

 

 

Just in….

On the last day of her talk show on Oprah Winfrey’s OWN TV network, Rosie O’ Donnell lists her Miami Beach Star Island Estate for $19,500,000

Rosie O' Donnell 43 Star Island Drive, Miami Beach

The home located at 43 Star Island Drive, was purchased by O’ Donnell in 1999 for $6,750,000, is just over 11,000 sf and sited on a 48,266 lot with 203 linear foot of southeast facing waterfront.  The home has two separate private guesthouses and has been upgraded from when she originally purchased the property in 1999.  No pics yet.

There has been a good amount of activity on Star Island in the last 6 months.  Two lots just sold for over $8M each.  A well-publicized bankrupty forced the sale of businessman Claudio Osorio’s home at 15 Star Island Drive for $12,270,000.  15 Star Island was once Vanilla Ice’s (Robert Van Winkle) home.  Shoe designer Donald Pliner has his estate on the market for $19,999,999 at 29 Star Island Drive. **Update** Rumor has is that the Pliner house is now under contract.

 

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CRAZY: Miami Beach Luxury Waterfront Real Estate Sales Surge More Than 41% in 2011

Miami Beach Waterfront real estate

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
2008 $245,777,500 49 $934
2009 $169,331,447 42 $702
2010 $226,854,000 53 $710
2011 $351,263,033 75 $769

 

2011 Miami Beach Luxury Waterfront Home Sales

Miami Beach real estate luxury waterfront home statistics.

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.

Venetian Islands

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.

Venetian Island Waterfront Sales 2011

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.

North Bay Road waterfront sales

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.

Palm and Hibiscus Islands 2011 Waterfront sales

Sunset Islands

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.

Sunset Islands Waterfront Sales 2011

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.

Flamingo and Pinetree Drive Waterfront real estate sales

Star Island

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.

Allison Island

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.

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Browse What’s Left of Miami Beach Real Estate Here

Miami Beach Celeb Real Estate: Anna Kournikova Sells Sunset Island Estate

This year’s first multimillion-dollar sale of Miami Beach real estate has been logged.

Retired tennis player Anna Kournikova has sold her Sunset Island III home in Miami Beach. The 6,630 SF Mediterranean estate was built in 2000 and has seven bedrooms and eight bathrooms.

Originally listed in May 2011 for $9.4M, it closed on January 26th for $7.425M or $1,120 PSF, which is a 21% reduction in price. Ouch. Her luxury property at 2345 Lake Avenue was on the market for 231 days; the average number of days on the market for a Sunset Island home in 2011 was 116.

In 2011, there were eight sales on the Sunset Islands for an average of $870 PSF and a median PPSF of $833.

Don’t worry, fans.  Anna hasn’t left Miami Beach.  She’s leasing at Apogee South Beach.

View Photos of Anna Kournikova’s luxury home on Sunset Island III in Miami Beach

 

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Miami Beach Celeb Real Estate:  Seikaly and Piazza Sell [SBCB]

Browse All Miami Beach Real Estate Here

 

Setai South Beach Penthouse Sells for Record-Setting $21.5M. Breaks Multiple Miami Beach Real Estate Records

Previously described as the “mack daddy” of Penthouses in Miami Beach- Penthouse ‘A’ at The Setai South Beach closed yesterday for a record-setting $21.5M and brokered by Eloy Carmenate of ONE Sotheby’s International Realty.

Setai South Beach penthouse, Miami Beach

Originally listed for $27M in April of 2010, this 5,803 sf residence was owned by Netscape Founder Jim Clark.  Clark originally purchased the unit in 2004 in “decorator ready” condition (raw) for $9,000,000.  The Penthouse has 4 bedroom and 4 baths.  The buyer is not a celebrity and said to be a private businessperson

Two records were shattered not only in South Florida but all the way up to New York City.  To my knowledge, there has not been a single condo unit South of New York City that has traded for over $16,500,000 ($2300 psf) which was in Apogee South Beach ‘PH C’ ; additionally, I’m certain that no unit ever has obtained in excess of $3700 psf.

Setai PH ‘A’ sits atop of the 40-story world-famous Setai Resort known for its luxury and celebrity clientele.  The Setai South Beach is serviced by Singapore-based, five star hotel management company GHM Hotels.  There is also a Setai outpost in New York City.

More pictures of the Record Breaking Miami Beach Real Estate Sale at Setai South Beach

The last PH that sold in Setai South Beach was a lower PH, which sold in 2010 for $15M.  There has been intense activity in the ultra-high end homes and condos here in Miami Beach this year.  Apogee PH ‘A’ sold for what I believe was an unremarkable number of $11.5M, earlier in the year.  So far this year there have been four properties that have sold at or about $20M in Miami Beach:

  • 1736 W. 28 -Sold for $19.8M in July*
  • 4570 & 4580 North Bay Road– Sold for $20 in September*
  • 13 Star Island Drive- Sold for $25.5M in April
  • 101 20th Street PH ‘A’ -Sold for $21.5M in December*

*denotes ONE Sotheby’s International Realty’s involvement in sale

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