Many celebrities and, few notorious notables, today call Miami Beach and the surrounding island communities home including: Alonzo Mourning, Anna Kournikova, Antoine Walker, Barry Gibb, Chayanne, Cristina Saralegui, Don Shula, Dwayne Wade, Gloria Estefan, Hulk Hogan, Janet Reno, Jennifer Lopez, John, Secada, Julio Iglesias, Lenny Kravitz, Madonna, Matt Damon, O.J. Simpson, Pat Riley, Ricky Martin, Robin Gibb, Rosie O’Donnell, Shakira, Shaquille O’Neal, Sylvester Stallone, and Gianni Versace.

I'd like to highlight the latest estate sales in the South Beach and greater island of Miami Beach over for the past three months:

A total of TWENTY FOUR waterfront properties have SOLD on Palm, Hibiscus, North Bay Road, Sunset Islands, and the various other island chains off of Miami Beach since June 30, 2010. This is not surprising, given that Miami Beach waterfront real estate is the most desireable address if you are a view & location devotee and want to live in one of the most beautiful places on the planet! In my opinion, the most desireable waterfront homes and condominiums look out over Biscayne Bay, revealing amazing sunsets.

The six most recent noteworthy recent waterfront sales in Miami Beach:

  • 6396 North Bay Road SOLD for $12.3M on 9/10
  • 5245 Pine Tree Drive SOLD for $5.25M on 9/10
  • 5005 Lakeview Drive SOLD for $2.5M on 8/10
  • 216 Palm Avenue SOLD for $2.425M on 9/10
  • 81 North Hibiscus SOLD for $2.175M on 7/10
  • 803 East Dilido Drive SOLD for $1.9M on 7/10
  • Today's savvy buyers are taking advantage of the last few years price reductions, realizing there’s real value in premier waterfront real estate in the island communities of Miami Beach, along North Bay Road (facing Biscayne Bay), the Sunset Island Chain I - IV, the Venetian Island Chain which includes San Marco and Biscayne Islands, as well as Palm and Hibiscus Islands between Miami and South Beach. These premier waterfront homes are in limited supply- you can't grow or build another island!

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    A few month's ago, Jim Cramer (from the financial network CNBC), predicted a housing market bottom. For anyone considering buying a waterfront property in Miami Beach, and most specifically in South Beach. NOW is the time to be making offers on well priced Miami Beach homes or condos in premium waterfront buildings.

    Cramer’s Key Points:

    * Inventory is drying up & being steadily being absorbed
    * Housing starts have been down for over two years
    * New construction projects stopped two years ago
    * Florida is generally one year ahead of market trends
    * Interest Rate cuts have had a positive effect in absorbing excess inventory (at much reduced prices)

    Miami Beach single family homes (especially waterfront luxury homes) that are truly good deals continue to be in short supply. I’d like to take this opportunity to highlight two latest sales in the island communities off Miami Beach which are indicative of a price bottoming trend:

    Luxury Waterfront Island Home - 830 W Dilido Drive, Miami Beach
    Tropical paradise for that was on the market for sale for just 12 days at the final asking price of $2.9 Million. Wide bay views at the north tip of Venetian Islands.

    Key “Market Bottom” indicators:

    “For Sale” Price: $2,950,000 (12 days on the market at this reduced price point)
    Original List Price : $4,700,000 (July, 2008)
    Previous Price Reduction: $3,450,000 (January, 2009)
    Bedrooms: 4
    Bathrooms: 3
    House S.F.: 3,734
    Land S.F.: 13,408
    Closed Price per S.F.(Land): $194
    Closed Price per S.F.(House): $698
    Previous Sold Date: 2004 ($3,150,000)
    Closed Price: $2,610,000 (Sept 2, 2009)
    Discount from Latest Asking Price: 11.5%

    Property Address: 25 East Rivo Alto Drive in Miami Beach, Florida 33139
    Rivo Alto Island Waterfront Home – Completely Remodeled. Located on the preferred southern side of the Venetian Islands. This Mediterranean delight greets with a beautiful courtyard setting reminiscent of a European Villa. The sale also included a separate two story adjacent guest house.

    Key “Market Bottom” indicators:

    “For Sale” Price: $2,590,000 (19 days on the market at this ACCURATE price point)
    Bedrooms: 4
    Bathrooms: 4
    House S.F.: 3,894
    Land S.F.: 13,382
    Closed Price per S.F.(Land): $175
    Closed Price per S.F.(House): $740
    Previous Sold Date: 1998 ($950,000)
    Closed Price: $2,350,000 (Sept 1, 2009)
    Discount from Latest Asking Price: 9.2%

    As Real Estate sales specialists in waterfront properties in Miami Beach, what we’re seeing is waterfront and non-waterfront single family homes that are priced RIGHT receive multiple purchase offers and are selling relatively quickly close to the final asking price.

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