High End Making A Comeback-At A Price!September 17, 2009
The properties located at 2940 and 2920 North Bay Road occupy more than 96,000SF of prime waterfront land in Miami Beach; one with a dilapidated Mediterranean-style home and the other, an adjoining vacant lot. Most recently sold as one piece in 2006, the property traded for $13M. Since then, the lots were subdivided, creating two folios, which one may assume could yield a great return but, was purchased going into a bad market. Listed for $6.9M, 2940 North Bay Road closed today for $4.038M/$426SF…WOW!
And the lucky winner is? A local developer, who confided to me that this will be the last house in which he resides, it’s a keeper. He plans to renovate the 9,476SF manse. I’m all for preservation and old world style, but many buyers make the mistake of trying to save a home because they think they will spend less $$$ by using the existing structure. While under construction, at a point too far along to turn back, homeowners often realize that the renovation is costing them much more than starting from scratch. Not that he asked, but I believe that this house is a tear down. It’s in very bad condition with low ceilings and an odd floor plan. Either way, he did buy a great property at a good price and will do well in the future with this investment.
The adjacent 52,360SF of land, that’s 170FT of water frontage ladies and gentleman, is ripe for the picking. Listed at $7.9M, who’s ready to make a STEAL?! Who wouldn’t want to be Miami Vice producer, Michael Bay’s neighbor. Formerly Hulk Hogan’s residence, Bay picked it up 2900 North Bay Road for $17M.