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!

    Miami Beach Palm Island HomesMiami Beach HomeMiami Beach home for sale

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    Miami Beach Real Estate AgentWhen giving a Miami Beach Real Estate Agent the Marketing Exclusivity (Listing Agreement) to a particular property, what are some of the things that a seller should look for? Successfully selling Miami Beach waterfront homes or condominiums requires QUALIFYING potential buyers and other real estate agents.

    Why qualify potential buyers, and agents representing buyers, before showing a property? Our #1 rule in real estate is to not waste time and to have a focused approach to marketing properties. There's nothing worse than having a seller clean, get ready for a showing, uprooting their family, and have a buyer (perhaps with a buyer's agent) show up to a house or condo that is listed for sale, and decide that "it's not what they are looking for". This leads to frustration, anger, and disappointment for all concerned, and demonstrates a lack of targeted marketing, as well as a breakdown in communication in the marketing and sales effort.

    Therefore, one of the FIRST things we do is QUALIFY all buyers/real estate agents who inquire about a listing. We QUALIFY all potential parties by asking about the price range of the buyer, what kind of home or condo they may be looking for (contemporary, traditional, size of property, waterfront or non-waterfront, etc.), and we ask the agent working with them how long they have been working with this client, and whether they have seen other homes or condos on the market. For example, for a Miami Beach waterfront home on Palm Island, a listing agent should know if the buyer is interested in a guard-gated community, and if they are willing to pay a premium for this? Also, the buyer's agen needs to know the minimum price point of their client, and make sure that they are financially qualified to purchase in the price range of a Palm or Hibiscus Island waterfront home currently on the market.

    We realize this process takes a little extra time, effort, and diplomatic tact (especially with the real estate agent representing the potential buyer). However, it is the feduciary duty of the listing agent to bring the seller QUALIFIED buyers, and to generate the best possible offer at the highest price. As always, the goal is to have a pending contract that has a high probability of closing - otherwise the seller will be forced to place their home or condo back on the market, having wasted time, energy, and financial resources with an unqualified buyer!

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    The national and international financial headlines have taken a markedly negative tone lately- with widespread reports of a slowdown in the overall economic recovery and especially the housing market. However, for PREMIER "A" location waterfront properties, such as Miami Beach waterfront condominiums and homes, the story is perceptibly different.

    I have personally witnessed and worked in putting three deals together in the past month. Due to the ongoing activity of international and cash buyers, Miami Beach's real estate market has been insulated from the national drop-off in sales of the past few months. The vast majority of my clients are not eligible for a tax credit, so their interest in purchasing real estate didn't taper off after the benefit expired at the end of April. The national drop-off in demand generally comes from the lower-end price spectrum buyers who rushed to get in on the tax credit deal. In the two months since the tax credit expired, pending sales in Miami-Dade and Broward Counties have fallen 2.6 percent, according to the Realtor Association of Greater Miami and the Beaches.

    However, what I'm seeing and personally experiencing are that financially strong international buyers keep coming into the Miami Beach marketplace. They're especially attracted to the South Beach waterfront real estate market due to the substantial price reductions that we've seen from the market high's of 2006. The inventory of significantly PRICE REDUCED waterfront condos and homes in areas such as South of Fifth Street in South Beach, Palm Island and Hibiscus Island, the Venetian Island chain, Sunset Islands, and even Star Island is extremely limited. The most important criteria to keep in mind for future pricing trends is INVENTORY- in South Beach most especially, the inventory levels for waterfront properties continues to DECLINE.

    The Latest Ultra-Luxury Waterfront Example of This Trend:

    Address: 55 Palm Avenue, Miami Beach, FL 33139

    Palm Island Miami BeachPalm Island Miami Beach Home

    This unique and impecabbly restored Spanish Colonial Palm Island Estate has over 12,000 SF of interior space, with over 100 linear feet of waterfront on Biscayne Bay. Featuring 12 foot Cathedral ceilings, Bulthaup kitchen, an interior courtyard, incredible backyard with Gazebo & pool. Incredible Views of the Intracoastal and the MB skyline plus much more.

    Sold Price: $11,900,000 (498 Days on Market)
    Original “For Sale” Price : 15,500,000 (1/2009)
    Bedrooms: 8
    Bathrooms: 11
    Interior S.F.: 12,184 ($976/SF)
    Total Land S.F.: 30,000 ($396/SF)
    Closed Date: June 16, 2010
    Reduction in Sales Price (from Asking): 23%

    For those who would like to read more on the latest sales trends:

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