Category Archives: Foreclosure

Miami Beach Real Estate: Waterfront Foreclosures and Stuff

Hey!  I missed you.  Really, I did.  I won’t bore you guys with where I’ve been and what I’ve been doing but I will give you the quick and dirty and then get to the good stuff.

I joined ONE Sotheby’s International Realty about two months ago (it’s a blur–don’t know exact date) as vice president.  I was with my previous firm for approximately 15 years, so it was mildly traumatic.  Many people ask me why I left and I think that is a fair question, so I will answer it here. 

Most agents leave offices for more money.  I did not.  I joined ONE Sotheby’s for one simple reason:  It is a superior product for my client.  The exposure that Sotheby’s International Realty offers its clients is, quite frankly, unmatched here in the South Florida market.  Period. 

ONE Sotheby’s is in the midst of opening up FOUR offices in Dade and Broward counties, one of those being a spectacular new office in the chic South of Fifth neighborhood of South Beach, located at 119 Washington Avenue.  It will be a state-of-the-art real estate office with beautiful finishes and lots of windows letting the warm Florida sunshine in. 

ONE Sotheby’s is owned by Mayi de la Vega who is a Coral Gables-area real estate juggernaut and a beautiful person (inside and out).  Daniel de la Vega, Mayi’s son, is the broker and managing partner for the firm.  I’m very lucky to be associated with such a fine group of professionals.  Ok, enough.

On to business.  There are some pretty spectacular and rare Miami Beach waterfront foreclosures new to market.

Miami Beach Waterfront Foreclosures

First, there are two side-by-side properties available on San Marino Island (Venetian Islands)430 W San Marino Drive, Venetian Islands

430 W. San Marino Drive (above) is a very desirable point lot with 100′ of prime unobstructed water frontage.  The buyer will most probably raze the structure.  The lot is almost 13,000 sf.  Asking price:  $2,300,000

426 W. San Marino, Venetian Islands, Miami Beach

426 W. San Marino Drive (above) is also a point lot, right next door to 430 W. San Marino and is about the same size and water frontage as 430, but the house is livable.  It demonstrates some functional obsolesence:  the house is sited very close to the water and is not quite the caliber of home that would occupy this prominent point lot.  The property has been somewhat renovated, has a pool and a dock. This Venetian Island home has been vacant for some time now.  Asking price:  $2,500,000

One could purchase both homes together and obviously build a great home on two spectacular point lots, or knock them both down and build two new homes.  You get the picture.

1824 Cleveland Miami Beach waterfront foreclosure

Another waterfront property of note is 1824 Cleveland Avenue (above) on Biscayne Point Island in the North Beach neighborhood of Miami Beach.  The property is on a 9,000 sf lot and has canal views.  The list price is an unheard of price of $389,070

Check out more Miami Beach real estate here

Christmas Came Early For Me:”Miami Social” Starts Filming 2nd Season in March UPDATED

Santa is being waaaay too generous.  What a gift!  Knowing that another season of good laughs are right around the corner- just makes me feel all warm, and well, like I have a Snuggie on!

Michael Cohen confirmed the goodness today on his Facebook page

To be honest, I’d like to know what’s going on with “the most fabulous circle in Miami” (Watch the trailer, you’ll get it).

I saw Gonzalo, Sorah’s bf, having dinner at Quattro on Lincoln Road a few weeks ago.  I know that George French has moved out of the apartment at the Grand Venetian and now lives at Canyon Ranch.  Detoxing, maybe?  Anyhoo–Michael’s on Facebook.  And for being as “fabulous” as he is, no one sees the uber-weathly, and charming, Ariel.  Gotta love that Ariel “get the fat bitch out of my seat” Stein.

The success of the show has apparently trickled down to the hotel where the show was primarily shot: Gansevoort South Beach. Gansevoort South Beach is scheduled for a foreclosure auction next month.

 

 

Watch the trailer from season one for holiday goodness:

These are reasons you SHOULDN’T drink and Facebook.  Confirmed by Bravo! that the show will not be headed for a second season.  Seems like the Gansevoort and “Miami Social” are headed for the discount bin at the Dollar Store.

Related Reading

Miami Social:  “We’re Like the Most Fabulous Circle in Miami” [SBCB]

Miami Beach Real Estate Foreclosure Fight: Four Lenders, One Home & The Scandal of 4424 North Bay Road

Lately, mid-North Bay Road real estate just can’t stay out of the news.  I found this info, by accident, on the good ol’  internet.  I wasn’t looking, I wasn’t tipped.  It just came to me.  According to Law.com4424 North Bay Road is in the middle of a complex foreclosure lawsuit.  According to Law.com:

The suit filed in 2007 is set for trial in January before Judge Gill Freeman to determine which lender has priority to recover its losses on the property. The latest sale reflected in Miami-Dade property records is an October 2005 sale for $5.6 million to self-employed businessman Jason Zabaleta. The WaMu lawsuit claims Zabaleta conspired with others to victimize the bank twice, once on a $3.9 million loan in October 2005 and a second time on a $4.5 million loan in June 2006.

The bayfront property, a 5,768-square-foot mansion was once owned by Eddie Irvine, a Formula One race car driver from Northern Ireland, is two doors down from a property owned by Calvin Klein.  Coincidentally, the property just to the north of Calvin Klein, known as “The Castle,” burned to the ground just weeks ago.

 

Foreclosures and Short Sales in Miami Beach and South Beach Luxury Condos

I’ve done a round-up of all the short-sales, foreclosures, and bank-owned luxury condos in Miami Beach.  I’m sure there are more, but not all of these types of properties get listed in the MLS, which is what I’m using for my source.

First off, AQUA Allison Island Condos has four units available for sale:

  1. 6103 Aqua Avenue #201 – 1/1.5, 1380 sf, $369,000
  2. 6103 Aqua Avenue #901 – 4/4.5, 2766 sf, $1,200,000 (no balcony)
  3. 6103 Aqua Avenue #704 – 3/3.5, 2203 sf, $970,000
  4. 6103 Aqua Avenue #601 – 3/3.5, 2203 sf, $899,900

Next, Murano Grande in South Beach, has three condos listed for sale:

  1. 400 Alton Road #2309 – 2/2, 1437 sf,  $874,900
  2. 400 Alton Road #2209 – 2/2, 1437 sf, $850,000
  3. 400 Alton Road #605 – 2/2, 1437 sf, $850,000

The Green Diamond Condo in Millionaires’ Row has two units:

  1. 4775 Collins Avenue #1804 – 2/2 + den, 1550 sf, 2 parking spaces, $765,000
  2. 4775 Collins Avenue #1505 – 2/2, 1380 sf, $750,000

Bel Aire on the Ocean in North Beach has one unit:

  1. 6515 Collins Avenue #703 – 2/2, 1126 sf, $630,900 

6000 Indian Creek in Millionaires’ Row:

  1. 6000 Indian Creek #1801 – 2/2, 1300 sf, $650,000  

Oceanside Plaza in Millionaires’ Row:

  1. 5555 Collins Avenue #16Y – 2/2, 1350 sf, $470,000

To search for more Miami Beach real estate, click here

Miami Beach Condo Foreclosures-Why They May Not Be the Best Miami Beach Real Estate to Buy

I was watching Channel 7 News last week when a special segment about real estate foreclosures in South Florida aired.  I felt badly for the people in this story that are losing their homes but there are two messages in the video segment below which I feel may be beneficial to some.

It is my feeling that foreclosures in general ARE NOT the best buys for one reason:  the majority of the foreclosures that are available were originally purchased at or near the “peak” of the market—and the banks have lent too much money on these properties.  Since the banks are owed so much money on a typical foreclosed property, they don’t have the ability to sell it at today’s market price.  From WSVN’s Foreclosure Forced Out

Auctioneer: “Welcome to the mortgage foreclosure sale.”

Each week, hundreds of properties in foreclosure are auctioned off.

Auctioneer: “Home Equity Mortgage Corp. vs. Butler.”

On this day, for the first time in 21 years, not a single property sold, the banks had to keep them all.

Luis Valdeon: “The banks lent too much money. They did first mortgage and second mortgages, and they’re completely off of what the price really are, and that’s why everything is so high; you can’t sell them.”

And the foreclosed properties are piling up.

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Click Above to Play Video

 

Why The Miami Beach Real Estate Market Isn’t That Bad

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This is a five year history for the South Beach condo market for area code 33139.  The dark green bar represents condo sales and the light green bar represents condo units on the market.

I know that some of the numbers are a bit hard to read but they really don’t matter anyway.  What matters is the incredible amout of inventory (light green bar) that started to accumulate in May 2005.  The number of sales are off from the peak, but nothing alarming.  The real story here is the amount of inventory on the market.  People have not stopped buying here and Miami Beach real estate continues to sell if it is priced right.  If you need to sell your Miami Beach condo, PRICE IT RIGHT.  If you don’t need to sell your condo, now is NOT the time to sell and you should take it off the market until some of the inventory gets absorbed.  More from Foreclosure Forced Out

Barry Habib: “There’s no simple solution.”

Barry Habib is a nationally known mortgage expert. His advice? Get out before you get in trouble.

Barry Habib: “If they have equity in it, they’ve got to find a way to protect that equity. Put the house up for sale. Don’t be greedy. Don’t try and put it up at an unrealistic number. Homes sell, and they sell very quickly if they’re priced right in every market.”

Miami Beach real estate, South Beach real estate, South Beach condos, Foreclosures


 

 

Waterfront Home in Foreclosure in Miami Beach-Sunset Islands

Miami Beach waterfront foreclosure

Foreclosure at 1440 W. 23rd Street, Miami Beach

It is very rare for a home in a neighborhood like this to be in foreclosure.  The home has four family bedrooms and one maids room, 6,121 interior square foot and a 18,813 square foot lot.

Built in 1957, the home was completely renovated approximately seven years ago by Wallace Tutt, whose credits include Cher and Gianni Versace’s Miami residences.  Unassuming style and understated elegance resonate throughout the one-story waterfront home.

For boaters, the house has 107.5 feet of water frontage and an oversized dock with lift.

The Sunset Islands are gated islands popular for their proximity to South Beach and Lincoln Road. 

This home has always been a favorite of mine because of its high ceilings, voluminous rooms, and quality of finish. 

Click here for more info on 1440 W. 23rd Street