South Beach Condos Blog » 33140

Scoop: They Just Keep Coming-Sunset Island Estate Trades for Almost $20M

Kevin Tomlinson — Tue, 19 Jul 2011 14:10:10 +0000

Known in the real estate community as Villa Tranquilla, the home of George Lindemann Jr. discreetly changed owners for $19.8M. Located on prestigious Sunset Island I, neighbors include Enrique Iglesias Jr., Robert Toll and Anna Kournikova. Kournikova recently listed her home on Sunset Island III for $9.4M.

1736 W. 28th Street, Miami Beach, Sunset Island I

Lindemann bought the property in 2000 for $8.425M. Villa Tranquilla was built in 1936 and was designed by noted Palm Beach architect Mauricio Fatio. The single-story neoclassical estate has more than 11,000 SF and seven bedrooms and baths. The equally impressive lot boasts 70,000 SF and 453 linear feet of prime, wide-bay water frontage.

Lindemann, an avid contemporary art collector, purchased the property in 2000 and enlisted German architect Annabelle Selldorf to refresh the property. Originally listed in March 2009 for $29,900,750, a sale price of $19.8M doesn’t break any PPSF records, BUT puts it right up there with Star Island estates, which sell for $1,700 to $2,400 PSF.

In 2008, Lindemann’s parents sold their home in Palm Beach for $68.5M.

Related Reading:

Miami Beach “Castle” Sells to MTV Exec Bill Roedy for $4.42M

Kevin Tomlinson — Wed, 14 Apr 2010 07:18:31 +0000

The famous “Castle” will be a distant memory, soon! Bill Roedy, Chairman and CEO of MTV Networks International, has purchased the land for $4.42M.

The house “mysteriously” burned to the ground on July 17th, 2009, under very dicey circumstances. Well, the new owner, who now lives at luxe Il Villaggio on South Beach plans to, of course, knock down the remains and build something (hopefully) more attractive on the VERY desirable piece of land. Calvin Klein will be his neighbor to the north.

The next obvious question is: Will Snookie party here? Too bad the house burned down; the original house was perfect for a season of “South Beach Shore.”

Spectacular Inferno Melts “The Castle”

North Bay Road is home or has been home to many high profile people like Calvin Klein, Ricky Martin, The Bee Gees, Matt Damon, and JLO.

Related Reading

Browse North Bay Road Waterfront Estates Here

Kevin Tomlinson -Plum TV with Anne Owen at 6396 North Bay Road in Miami Beach [Video]

Kevin Tomlinson — Fri, 07 Aug 2009 00:23:11 +0000

I had the opportunity to be interviewed by the beautiful and articulate Anne Owen, Publisher of Miami Modern Luxury Magazine.

We had a chat about Miami Beach real estate at a stunning estate on North Bay Road. The newly constructed estate is available for a cool $15M.

Special thanks to Wendy Chernin and Marlon Johnson at Plum for making us look good (or as good as we could have possibly looked).

Browse all Miami Beach waterfront homes

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

Kevin Tomlinson — Wed, 05 Aug 2009 09:08:22 +0000

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.com, 4424 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.

Miami Beach Real Estate: Sunset Island Lots Sell for Near Record $22.5M. UPDATED

Kevin Tomlinson — Thu, 09 Oct 2008 03:50:11 +0000

There’s a Big Difference Between Gossip and Good Information

An exclusive here, I first reported that the five lots on the tip on Sunset Island #2 in Miami Beach were under contract; what wasn’t known was the price or the buyer. Ask and you shall receive:

Closing Date: 10/2/2008
Price: $22,500,000
Buyer: Frenchmen & Women, L.L.C. No info known as of tonight on the buyer(s) (see update below for buyer). It seems that the new owner may be from the Philadelphia area.

Not much more to say except, 2nd highest price ever-recorded for residential real estate in Miami-Dade and Broward Counties.

Purchased in August, 2006 for $16,212,500, it is speculated that the seller of the property may have actually LOST money on the deal. Hmmmm……………..

UPDATE: Buyer: Robert I. Toll, Chairman and Chief Executive Officer of Toll Brothers Inc.

UPDATE: This highest price ever paid for any real estate in Dade & Broward Counties is 10 & 11 W. Star Island Drive in Miami Beach. In April, 2006 the parcel containing 120,000 sf of land closed for $27,000,000.

Browse Miami Beach and South Beach Real Estate, Here

Real Estate Scoop: Miami Beach Trophy Property Under Contract

Kevin Tomlinson — Mon, 15 Sep 2008 19:21:15 +0000

$29,000,000 LOT ON EXCLUSIVE
SUNSET ISLAND #2 UNDER CONTRACT

2500 Bay Avenue, Miami Beach, FL

Rumor has it, from people familiar with the deal, that this 84,000+ sf lot is under contract and is awaiting closing.

I’ve done a good amount of research on this lot, and in the last four years, there has been considerable “hoo-hah” (isn’t that a “Palin-ism?”) surrounding this property.

2500 Bay Avenue, Miami Beach – The Basics

Five lots totaling 84,000 sf and approximately 570 linear feet of waterfront.
Located at the tip of Sunset Island #2, the lots are considered one of the most important pieces of Miami real estate.

2500 Bay Avenue, Miami Beach – The History

Sept. 1976 – Property was purchased for $800,000. Owner Gigi Carrier-Cowell.
July 2004 – Sold to Paul Jacobson for $15.2M. From what I’ve been told, there was some type of broker drama in between the sale from Carrier-Cowell to Jacobson, but only the brokers involved know those interesting little details (I know, but I ain’t sayin’!).
August 2004 – Jacobson lists the property for $28M.
Feb. 2005 – Jacobson receives an approval from the city of Miami Beach for a lot split. According to the planning department, the lots are to be split in two: one at 39,472 sf and the other at 44,547. During the lot split process, a piece of land was sold to one of the neighbors. According to the docs from the city, the planning board severely reduced the size of the properties that could be built on the two lots.
Feb. 2005 – The day after the approved lot split, Jacobson reduces the entire parcel to $27M and lists each lot separately for $14.5M (larger lot) and $12.5M (smaller one).
July 5, 2006 – Property goes pending in the MLS.
July 25, 2006 – Some drama ensues, and the property becomes available for sale in the MLS.
August 14, 2006 – Property closes. Purchase price reported to be $16,212,500. Real estate community speculates that the actual purchase price is somewhere in the low $20M range. Buyer unknown, but a local developer is rumored to be the owner.
May 2008 – Property becomes available for sale for $29M. People familiar with the deal say that the contract is hard and pending closing.

In the event this is true, and the purchase price is accurately reported, this could be the highest price ever recorded for any piece of residential real estate in Miami-Dade and Broward counties.

Miami Beach Real Estate: A Few Good Condos

Kevin Tomlinson — Fri, 22 Feb 2008 04:54:49 +0000

I’ve been thinking about the idea of having a regular post that highlights what I feel are really great real estate buys here in Miami Beach. There is no exact science that goes into selecting them, just my intimate knowledge of each building and their respective values.

Miami Beach Condo Buys

ICON South Beach: 450 Alton Road #1601. This is a three bedroom corner unit with southwest exposure. It was reduced to $1.59M from $1.9M on 1.24.08.

Canyon Ranch Living Miami Beach Condo Hotel: 6801 Collins Avenue #C 404. This direct oceanfront condo-hotel unit at $875K is a steal. Most of the one bedroom condo-hotels NOT on the ocean are in this price range.

Green Diamond: 4775 Collins Avenue #1804. 2/2 + den has been converted to a three bedroom. Two parking spaces. Short-sale. Need I go on? $589K

1500 Ocean Drive: 1500 Ocean Drive #504. Great unit with great ocean and Ocean Drive views in South Beach. AAA building. Bank-owned. $1.2779M

La Gorce Palace: 6301 Collins Avenue #TS 7. Penthouse-level unit (32nd floor) with 9 feet ceilings. Beautifully updated. Best value in oceanfront building. $649K

Bath Club Miami Beach: 5959 Collins Avenue #1503. 3640 sq. ft. of luxury. Priced very well for height of unit and view. AAA building with spa-like amenities. $2.399M

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

Kevin Tomlinson — Mon, 04 Feb 2008 03:53:07 +0000

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:

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

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

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

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

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

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

6515 Collins Avenue #703 - 2/2, 1126 sf, $630,900

6000 Indian Creek in Millionaires’ Row:

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

Oceanside Plaza in Millionaires’ Row:

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

To search for more Miami Beach real estate, click here

Bath Club Miami Beach: Crunching the Real Estate Numbers at 5959 Collins Avenue

Kevin Tomlinson — Sat, 02 Feb 2008 04:18:07 +0000

I’m a very connected guy. I don’t mean connected in a way where I know people (well, I do know people); but I like to keep my ear to the ground. I noticed that a lot of new listings were coming on the market at the Bath Club in Miami Beach, so I decided to run some numbers and see what was going on there.

In the last 30 days, 11 listings came on the market. That may not sound alarming but with only 112 units in the development, it certainly caught my attention. As of today, there are 36 units on the market, which represents 32% of the condominium. A balanced real estate market dictates that about 10% of the condominium’s units could be available for sale at any given time.

Next, I did some numbers of actual sales activity in the Bath Club:

Pending sales: 2

Number of condo sales in last six months: 0

Number of real estate sales in the last 12 months:

#1507 $2.25M
#1203 $2.35M
#1802 $2.4M
#1502 $2.4M
#704 $2.2M
#606 $1.99M
#1001 $1.15M

New real estate listings for sale at the Bath Club Miami Beach within the last 30 days:

5959 Collins Avenue # PH 2005
5959 Collins Avenue #1504
5959 Collins Avenue #1004
5959 Collins Avenue #1503
5959 Collins Avenue #1404
5959 Collins Avenue #904
5959 Collins Avenue #607
5959 Collins Avenue #1508
5959 Collins Avenue #1708
5959 Collins Avenue #1008
5959 Collins Avenue #908

This data is based on information obtained from the Southeast Florida Regional (SEFR) MLS or from the associations participating in the SEFR.

To view all the listings at the Bath Club Miami Beach, click here