Miami Beach Real Estate 2011 Q1: Market Is En FuegoMay 19, 2011
MIAMI BEACH, the small universe where I conduct business, the high end properties with the best addresses sold briskly during the first quarter of this year. Five sales were recorded just on Star Island during the past two months, three of which closed over $10,000,000. A record high of $25,500,000 was fetched for 13 Star Island Drive. Yes: inventories are dissipating, multiple offers are being received and nobody is building anew (yet).
SINGLE FAMILY HOMES
Lower North Bay Road, below 31st Street, has also been a HOTSPOT, with five homes going under contract or closing recently. Most of these properties were bought with the intent to re-model or tear down for new construction by end users. Former Miami Heat center, Rony Seikaly’s, home is the exception, it traded in turnkey condition in December 2010 for $11,500,000. Today, 3114 North Bay Road is the only waterfront home available. Asking $4,500,000, the sellers are close to being permitted for a complete rebuild, which is motivating them to take it off the market temporarily, construct and re list a brand new modern home for $15,000,000.
The Miami Beach condo market is also thriving with inventories down and prices on the rise. The ‘sun seekers’ have stayed in the game purchasing ocean and bay front units in the primest buildings including the South of Fifth and the Collins Park neighborhoods. Apogee, the youngest tower South of Fifth, just unloaded one of its three penthouses for $11,500,000. Originally listed for $22,000,000, this is a significant transaction for the Miami Beach condo market despite the incredible discount. A four bedroom, direct ocean front unit closed two weeks ago for $10,500,000 in the south tower of the Continuum. I sold a pied-a-terre at the Setai in March for $2,200psf, that’s a weighty number.
The buyer’s are international and domestic alike. They realize that the market bottom has been reached and Miami Beach is a world class resort offering the best values in the United States if not globally. The price is right, the weather’s great, beautiful beaches and a growing sophistication!