Why Move to Miami, Florida? Discover the Top 7 Ultra-Luxury Neighborhoods in Miami BeachApril 29, 2020
If you you are looking to relocate to Miami Beach, but are not familiar with the different luxury neighborhoods you can choose from, continue reading as we will give you the necessary information that will point you to the right direction towards finding the right community for you, and your dream home. Whether you are looking for a gated community, islands with parks for outdoor activities, an address on the wide bayfront, or a convenient location near the urban area of Miami Beach, we have it all!
In the last several years, world-class events like Art Basel, Miami International Boat Show, the Super Bowl, and the upcoming Formula 1 Grand Prix in 2021, have introduced our beautiful Miami Beach city to many domestic and international art enthusiasts, avid boaters, and second-home buyers who enjoy the waterfront lifestyle. 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, we have a diverse cultural background that is rapidly expanding, we have museums, art centers, sports teams and arenas, great restaurants, and last but not least – Florida has No State-Income Tax!
While Florida already had the advantages of having no state-income tax, the Tax Cuts and Jobs Act Bill that went into effect in 2018 spiked an unprecedented influx of wealthy buyers from high-tax states into Miami – which in turn resulted with an incredible performance of the luxury market segment in Miami Beach, and across all Florida. Our beautiful Miami Beach city is now on a steady rise to become 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 lush islands with waterfront estates on the fringes of the Biscayne Bay waters offering unique bay views. In this blog, we would like to introduce you to the top 7 exclusive communities, ranked by number of recorded closed sales with a selling price of over $10 Million between 2014 and 2020, based on sales through the Multiple Listing Service.
NUMBER 1: North Bay Road !
Triumphant at the first spot with 22 sold homes with a selling price of over $10 Million is North Bay Road! Spanning from 20th street to 65th street, North Bay Road is divided in three sections: Lower North Bay, Mid North Bay, and Upper North Bay Road. Because of the shape of the street, every estate on this exclusive street offers unique bayfront views, and some Downtown Miami skyline views. This address is the favorite among many CEO’s, hedge fund managers, celebrities, and sports stars. Lower North Bay Road is located near the Sunset Harbour neighborhood, which is the favorite spot for locals where they enjoy some of the best restaurants, gyms, coffee shops, shopping, and three major supermarkets. It is also nearby world-famous Lincoln Road Mall.
In 2019, North Bay Road recorded its record-breaking sale at $35,400,000 where we represented the sellers of the 2 adjacent properties that sold to one buyer. This new record sale surpassed the previous record-sale from 2015, which was held by 5800 North Bay Road which we sold at $33-Million, which we sold to Phill Collins. Currently, we have 2204 North Bay Road available for sale at $21.9M. Watch Video Tour.
NUMBER 2: The Venetian Islands !
Ranking on the second spot with 18 sold homes with a selling price of over $10 Million are the Venetian Islands. This chain of man-made islands is interconnected with the Venetian Causeway. Situated on Biscayne Bay, and conveniently located between the cities of Miami Beach and Miami, the Venetian Islands are a luxury community comprising of six lush islands – four of which belong to the city of Miami Beach and two to the city of Miami. Here, you can find many different shapes and sizes of waterfront and non-waterfront homes, with the ones on the tips of the islands offering over 100 feet of water-frontage and being the premier lots. The lots with western and southwest exposure are most desirable because they offer the Miami skyline as a backdrop over Biscayne Bay. Due to its proximity to South Beach’s and Miami’s top-rated restaurants, cultural and entertainment venues, boating and sports activities, and beautiful sandy beaches, the Venetian Islands are the hottest luxury neighborhood for the last several of years.
In 2017, we set the record for the highest sale on the Venetian Islands when we sold 212 W Dilido Drive for $22 Million – still holding the record for this neighborhood. Currently, we are selling 2 luxury homes on the Venetian Islands; 10 W San Marino Drive for $23.5M – a new mansion offering the premier Downtown Miami skyline views, and 403 E Dilido Drive for $4.45M – is the lowest priced waterfront home in this community, offered at land value.
NUMBER 3: The Sunset Islands !
Ranking on the third spot with 11 sold homes with a selling price of over $10 Million are the Sunset Islands of Miami Beach. 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.
In 2017, we sold the former Lenny Kravitz’s waterfront mansion to our buyer for $16.5 Million. In 2019, we sold another beautiful mansion for $14.6M. The highest sale for the Sunset Islands is the sale of 1600 W 25th street which sold in 2019 at $21.795M. We currently have a new mansion for sale – 1635 W 22nd Street, asking $17.5M.
NUMBER 4: Palm and Hibiscus Island !
Ranking on the fourth spot with 9 closed sales with a selling price of over $10 Million is the luxury community of 2 island – Palm Island and Hibiscus Island. 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 community has beautiful park with full courts for basketball, tennis, handball, and kid’s playground.
The highest sales for Palm and Hibiscus is the sale of 428 S Hibiscus Drive for $27.75M in 2017. Currently, we have listed for sale the most iconic waterfront mansion in Miami Beach – 93 Palm Ave – which is the former home of Al Capone for $12.95M. We also have a Spanish style villa listed for sale for $4.85M – 317 N Coconut Lane – offering incredible Downtown views, and is offered at land value.
NUMBER 5: Pine Tree Drive !
Ranking on the fifth spot with 8 closed sales over $10 Million is Pine Tree Drive in Miami Beach. Situated on the Indian Creek Waterway, Pine Tree Drive is a residential street comprising of expansive waterfront estates and dry-lot homes. This luxury neighborhood is located on the east side of Miami Beach and spans from 41th Street to 64th Street, overlooking millionaire-row – Collins Avenue. This neighborhood is prized for having deep and expansive waterfront lots with up to 80,000-sf lots. The highest recorded sale on Pine Tree Drive is the sale of 4555 Pinetree Drive in in 2017 for $22.575M. We currently have a fully remodeled art deco home for sale at $1.339M – 6166 Pinetree Drive.
NUMBER 6: Star Island !
Ranking on the sixth spot with 5 closed sales with a selling price of over $10 Million is the smallest ultra-luxury community, with the largest estates of all – Star Island. This small, guard-gated island is situated in the Biscayne Bay waters between South Beach and Downtown Miami, and is comprising of only oversized waterfront estates offering different views, depending on the positioning of the property. Star Island is the preferred island by celebrities and high net-worth individuals who want to enjoy more private lifestyle.
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.
NUMBER 7: La Gorce Island !
Ranking on the seventh spot in the ultra-luxury real estate market in Miami Beach with 7 closed sales with a selling price of over $10 Million is another ultra-luxury community in the upper north side of Miami Beach – La Gorce Island. This guard-gated island is famous for its beautifully landscaped streets and oversized estates. It is small, exclusive, and offers quick access to the Miami side through I195 causeway.
We hope you found this market update informative and educational. If you need further help with your search, we are here to serve you and help you find your dream home. Please contact Nelson@NelsonGonzalez.com or Julijana@NelsonGonzalez.com. This market update was presented and published on April 13, 2020 by Nelson Gonzalez and Julijana Rose at Berkshire Hathaway HomeServices EWM Realty.
Experience Ultra-Luxury With Berkshire Hathaway HomeServices EWM Realty takes you on a tour on the Venetian Islands.