Category Archives: Miami Real Estate

I’m Back! Miami Beach Real Estate: Single Family Waterfront Sales for 2013

I know, I know. I ‘ve been gone. Gone! But I’m back. In the year and a half I’ve been away, I’ve seen exactly ONE blog post from other sources that I consider great. Most of the stuff that gets pushed out to you is for reasons other than simply delivering useful info. I’m actually ready to write the 2014 waterfront statistics story, but before I do that, I feel I must do a 2013 stats report so today’s market can be fairly compared.

It would be pretty hard to top the “Great Land Grab” of 2012, where every Miami-Miami Beach real estate record in every sector was broken. And that’s basically what the current numbers prove.

Fleur De LisI find that every year has a story, a nuance that makes it unique. In 2012, Star Island and Indian Creek Island took the spotlight. The sales volume of both islands basically doubled from the year before.

Miami Beach Waterfront Home Sales Continue Fever Pitch in 2013

Reminder: This post discusses 2013 performance data. A review of 2014 will be out soon.

Throughout 2013, buyers of ultra-luxury properties still purchased with wild enthusiasm, but since the market was so hot in 2012, we were left with a low-inventory issue. When this happens, real estate looks to its tertiary market or pocket listings – listings that are active, but, for a variety of reasons, are not on the open market with a broker.

This happened in a big way in ’12 for Miami Beach. Of the 90 luxury waterfront home sales, 24 of them originated from pocket listings. That’s almost 27% of all transactions – a huge number.

2013 Miami Beach/Indian Creek Island Luxury Waterfront Sales

2013-house

Vacant Miami Beach Land Sales Skyrocket

With the availability of ultra-high-end homes lacking, investor focus shifted to ultra-prime vacant land or homes that could easily be knocked down. Eleven parcels traded in 2013, as opposed to ten in 2012. Sales price per square foot was $211 in 2012 and jumped to $285 in 2013.

Miami Beach Waterfront Sales – Vacant Land and Knock-Downs

2013 Vacant land parcels-knock downs
Check out Miami Beach real estate here.

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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Miami Beach Luxury Real Estate – Q3 Waterfront Stats: Ultra-Luxury INSANITY

A Rod $38M Miami Beach Manse

I really didn’t plan on doing a Q3 stats analysis of Miami Beach luxury waterfront homes, but with such incredible activity, especially in the ultra-high-end ($10M+) range, the stats are so out-of-control good that I just HAD to.

The big story of 2012 is the number of homes and parcels of land that sold in the $10M+ category and the velocity with which they moved. It seems that Miami, and Miami Beach in particular, is taking the wind out of our northern neighbor’s real estate sails: Palm Beach.

At the end of Q3, Miami Beach and Indian Creek Village had 13 sales in excess of $10M. Additionally, there were two transactions in Indian Creek Village that broke Miami-Dade County real estate sales records: 14 Indian Creek sold for $38.4M in March and was topped five months later by 3 Indian Creek at $47M.

Miami Beach & Indian Creek Village Residential Real Estate Sales: $10M+ thru 9/30/2012

YEAR # OF SALES SALES VOLUME
2012 13 $242,080,000
2011 10 $150,570,000
2010 5 $62,427,000
2009 1 $16,000,000
2008 5 $61,950,000

Prior to 2012’s record-breaking sales on Indian Creek Island, the biggest real estate deal in Miami-Dade County was three lots on Star Island that Robert Frost purchased from Leona Helmsley in 2006 for $27M. Helmsley, who was 75 at the time, bought in 1996 those five acres of land on the desirable west side of the island for $13M.

Star Island & Indian Creek Island Steal the Spotlight

The other notable story in Miami Beach luxury real estate is the unprecedented number of sales on Star Island and Indian Creek Island. Through 9/30/2012, there were 12 transactions on Star and Indian Creek islands combined. Prior total activity for these communities:

  • 2011 – 7 sales
  • 2010 – 2 sales
  • 2009 – 3 sales
  • 2008 – 3 sales

Luxury Miami Beach & Indian Creek Village Real Estate Sales thru 9/30/2012

Miami Beach waterfront real estate sales 2012

Waterfront Land Sales in Miami Beach & Indian Creek Village for Q3 2012

Miami Beach and Indian Creek Village Land Sales Q3 2012

Insights & Analysis thru Q3 2012

Since I’m wrapping up this post moments before the year-end stats come in, let’s act as if Q4 will be blah (which it won’t be; I’ve seen the numbers, so get ready!). Compare this data to prior years, and draw your own conclusions:

Miami Beach Luxury Waterfront Homes Sales: 2008-2012 (Q3)

YEAR SALES VOLUME # OF SALES $PSF
2012 $481,114,700 71 $915
2011 $351,263,033 75 $769
2010 $226,854,000 53 $710
2009 $169,331,447 42 $702
2008 $245,777,500 49 $934

So far, $PSF is up 19% from 2011. We are just about at 2008 pre-crash prices, BUT at double the 2008 activity level (wink, wink).

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Check out Miami Beach Ultra-Luxury Homes For Sale | Content by

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BREAKING NEWS: 3 Indian Creek Drive, Indian Creek Island, Closes for Record $47M

 

Miami Beach Real Estate: Indian Creek Island Estate Closes. Trumps Last Record Sale of $38.4M in March by $8.6M

 

Indian Creek Village, 3 Indian Creek Record SaleOriginally offered for $52M in 2007 and listed as high as $60M in 2010, the 30,000 SF modern manse at 3 Indian Creek Island in Miami Beach closed today — smashing all records — for $47M.

The home is sited on an 80,000 SF lot.  Indian Creek Island has been THE hotbed of ultra-high-end real estate sales in Miami of late.

 

View the Manse at 3 Indian Creek Drive in Miami Beach

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Miami Beach Luxury Real Estate: 2012 Mid-Year Waterfront Stats and So Much More [Updated] [SBCB]

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

CRAZY: Miami Beach Luxury Waterfront Real Estate Sales Surge More than 41% in 2011 [SBCB]

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

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

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.

Sunset Island, Lindeman Estate

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.

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