Miami Beach Real Estate: The High End Market Gets A Reality CheckSeptember 10, 2009
SUNSET ISLAND 1: 1400 W 28 STREET, MIAMI BEACH, FL
It seems that the players in the wealthy sector of today’s market remain stubborn + liquid; generally I have seen a large gap in offers between buyer and seller. During the first two quarters of this year, the resistance among sellers to reduce has prevailed at the top end. Consequently, 2009 delivered ONLY 3 residential sales in Dade County that closed over $10M; one of which was Shaq’s Miami Beach estate @ 26 Star Island-listed for $22.5M, closed in June for $16M.
Q3 2009 is revealing the drop in the market across the board. Reality is slowly penetrating the inventory of luxury waterfront residences. The property located at 1400 W 28 Street on Sunset Island 1 in Miami Beach just closed today for $9.5M. Purchased in 2006 by a Los Angeles hedge funder for $11.6M, it was listed in July 2008 for $15.9M. A distinct rally is underway for Miami Beach’s waterfront homes.
PROPERTY VITALS FOR 1400 W 28 STREET:
Lot Size: 20,000 SF
On the H2O: 100′
Living Area: 9,933 SF
7 bed / 7.5 bath
Built in 2003