Real Estate Blog

The Top-5 Luxury Neighborhoods of Miami Beach!

MARKET UPDATE ON MIAMI BEACH'S ULTRA-LUXURY REAL ESTATE MARKET

This 5-year market update on the Top 5 Luxury Neighborhoods for single-family homes in Miami Beach is presented by top producing realtor Nelson Gonzalez who has sold 8 waterfront mansions with a selling price of over $15-Million.

In the last several years, events like Art Basel and the International Boat Show Weeks have introduced our beautiful Miami Beach city to many domestic and international art enthusiasts and avid boaters. It is very easy for one to fall in love in Miami Beach; the weather is ideal, our beaches are among the best in the world, and Florida has no state-income tax! These are some of the reasons that have contributed to the tremendous growth of our city and its population, and the increase in demand for luxury homes! With over 30 sold homes with a selling price between $15-Million and $33-Million in the last 5 years alone (12 of them sold in 2017 and 2018), our ultra-luxury real estate market is on a steady rise to becoming a world-renowned destination for luxury real estate – although still undervalued when compared to other international cities such as London and Monaco!

Miami Beach has many exclusive neighborhoods and islands with ultra-luxury waterfront properties on the fringes of the Biscayne Bay waters. In this market update, we will break down the numbers of the top 5 neighborhoods of Miami Beach that have sold the most expensive waterfront estates in the last 5 years.

# 5: The Sunset Islands of Miami Beach!

Ranking on the fifth spot in the ultra-luxury real estate market with 3 sold homes with a selling price of over $15-Million are the Sunset Islands of Miami Beach. The highest sale for the Sunset Islands so far was the sale of Lenny Kravitz’s former waterfront mansion which we sold to our buyer for $16.5-Million in 2017. The other 2 closed sales were at $16-Million and $15.5-Million, both in 2014.

The Sunset Islands are a guard-gated community comprising of four beautiful islands consisting of waterfront estates and dry-lot homes. The waterfront estates that are on the Biscayne Bay waters are typically expansive lots with significant water-frontage, and are offering spectacular views of the Downtown Miami skyline while the homes on Sunset Lake are offering beautiful views of the lake. The Sunset Islands are located between the trendy Sunset Harbour neighborhood and the 41th Street causeway, and nearby the Miami Beach golf course. The Sunset Islands are the preferred luxury neighborhood for homeowners who want to live in a secure and guard-gated community. The Sunset Islands recorded 2 waterfront sales in 2017 and 2 waterfront sales in 2018. Click Here to see all homes for sale on the Sunset Islands. Click Here to see our exclusive listing, Villa Jasmine, the former waterfront mansion of Enrique Iglesias. The views from Villa Jasmine are simply mesmerizing.

# 4: The Venetian Islands of Miami Beach!

Ranking on the fourth spot in the ultra-luxury real estate market with 3 sold homeswith a selling price of over $15-Million are the Venetian Islands of Miami Beach. The first significant ultra-luxury sale on the Venetian Islands was 212 W Dilido Drive that closed at $22-Million in 2017. We proudly represented the buyer in the sale of this spectacular modern mansion that is still holding the record-breaking price for this neighborhood. This year, 2018, the Venetian Islands recorded its 2 additional ultra-high-end sales at $17.3-Million and $17-Million. All 3 homes were brand-new with modern architecture.

Ideally located between Miami Beach and Miami, and interconnected with the Venetian Island causeway, the Venetian Islands comprise of five lush man-made islands lined with beautiful waterfront and dry-lot single-family homes. Because of the incredible views and their proximity to South Beach, many top-rated restaurants, cultural and entertainment venues, boating and sports activities, and beautiful sandy beaches, the Venetian Islands are the hottest selling luxury neighborhood for the last 2 years with 19 sold waterfront homes in 2017 and 13 sold homes so far in 2018.Click Here to see all available homes for sale on the Venetian Islands. Click Here to see our exclusive listing on the Venetian Islands, 403 E Dilido Drive.

# 3: Star Island, Palm Island, and Hibiscus Island in Miami Beach!

Ranking on the third spot in the ultra-luxury real estate market in Miami Beach with 5 closed saleswith a selling price of over $15-Million are Star Island, Palm Island, and Hibiscus Island. Star Island is the preferred island by many celebrities and the supper wealthy buyers. In fact, of the 5 closed sales, Star Island recorded 4 sales while Palm Island recorded 1 sale. The highest closed sale in this ultra-luxury neighborhood is the sale of 4-5 Star Island Drive which sold this year at $33-Million.

This luxury neighborhood is situated in the Biscayne Bay waters between South Beach and Downtown Miami, next to the Port of Miami. This guard-gated community comprises of oversized waterfront estates and dry-lot homes. The waterfront estates located on the South and West side offer incredible views of Downtown Miami, while the North and East side offer views of Biscayne Bay and Miami Beach. This luxury neighborhood recorded 5 waterfront sales in 2017 and 4 closed sales so far in 2018.Click Here to see all homes for sale on Star Island. Click Here to see our exclusive listing which happen to be the most iconic waterfront mansion in Miami Beach – the former mansion of Al Capone.

#2: Pine Tree Drive in Miami Beach!

Ranking on the second spot in the ultra-luxury real estate market with 6 closed sales over $15-Million is Pine Tree Drive in Miami Beach. Located on the Indian Creek Waterway, Pine Tree Drive is a residential street comprising of expansive waterfront estates and dry-lot homes. Interestingly enough, 5 of the 6 closed ultra-high-end sales were new modern waterfront mansions, with the highest selling at $22.575-Million in 2017.

This luxury neighborhood is located on the east side of Miami Beach and spans from 41th Street all the way to 64thStreet and overlooks millionaire-row – Collins Avenue. This neighborhood is prized for having deep and expansive waterfront lots with up to 80,000-sf lots. Click Here to see all homes for sale on Pine Tree Drive.

#1: North Bay Road in Miami Beach!

Toping at the #1 spot in the ultra-luxury real estate market in Miami Beach with 10 closed sales over $15-Million is inarguably – North Bay Road! If you are from Miami Beach or the area, as soon as you hear North Bay Road you would immediately associate it with the most spectacular mansions and incredible views of the wide Biscayne Bay waters and Downtown Miami skyline! Spanning from 20th street up to 65thstreet, North Bay Road is divided in three sections: Lower North Bay Road, Mid North Bay Road, and Upper North Bay Road.

In 2015, North Bay Road recorded its highest and record breaking sale with the sale of 5800 North Bay Road which we sold at $33-Million! In addition, we sold 2 other brand-new modern mansions on North Bay Road with a selling price of over $20-Million. North Bay Road has recorded 5 waterfront sales in 2018 and 6 waterfront sales in 2017.

This address is the favorite among many CEO’s, hedge fund managers, celebrities, and sports stars. Click Here to see all available homes for sale on North Bay Road. To see our 4 exclusive listings of waterfront mansions on North Bay Road visit the following links: 6360 North Bay Road - the newest and largest waterfront mansion in Miami Beach;2318 North Bay Road - the best deal in Miami Beach for a mansion of this magnitude; 6010 North Bay Road - the best priced brand-new mansion in Miami Beach; 6050 North Bay Road - the lowest priced waterfront property on North Bay Road, offered at land value but the current mid-century home is absolutely beautiful.

Notable: INDIAN CREEK ISLAND!

Although Indian Creek Island is its own municipality, because of its location on the barrier island we feel that it’s more than worthy of including it in this market update. With under 40 waterfront homes on the entire police-guarded island, Indian Creek Island is the most exclusive zip code for waterfront single-family homes in Miami Dade county! It is the only private island with a police force and a private Golf Course. Because of the small size and high value of the island, and typically low or no inventory on the market, there have been only 2 closed sales on the island, which we proudly sold both in 2015 and 2014 at $30-Million and $28-Million. Currently, the only home for sale on this island is 38 Indian Creek Road which we have exclusively listed at $23,900,000. Click here to see the video of this glorious waterfront estate.

This market update was presented and published on October 12, 2018 by Nelson Gonzalez and Julijana Rose from THE NELSON GONZALEZ TEAM at EWM Realty International. For any questions, please contact us at 305.674.4040

 
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