Supply Issues with Miami Beach Single Family Homes (non-Waterfront)

The vast majority of the REAL buyers that we are working with today are looking to purchase deeply discounted single family homes in prime locations on Miami Beach. These types of homes are in limited supply, as most of the island communities in Miami Beach have a very finite supply of non-waterfront homes that are in good condition. The most desired communities consist of Palm, Star, Hibiscus, The Venetian Islands chain, North Bay Road area, LakeView in Miami Beach, the La Gorce Golf Course area, and Pinetree Drive area homes.

In the past two weeks, we've been working with offers for non-waterfront homes that fit into the above mentioned category. One of our clients just missed out on a well priced sale, just off of the La Gorce Golf course community in Miami Beach. Details of this latest sale:

Address:5601 North Bay Road, Miami Beach, FL 33140

Comments:This home is located on a corner lot in the upper North Bay Road area of Miami Beach. Completely turnkey with stone flooring, three bedrooms, circular driveway, beautifully landscaped property, two car garage, and hurricane shutters throughout. The house even has a bose sound system and an insect protection system! The buyers can move in, with no additional investment required.

Sold Price: $975,000
Original “For Sale” Price: $1,595,000 (1/2008)
Bedrooms: 3
Bathrooms: 3
House S.F.: 2,648
Land S.F.: 7,850
Sold Date: November 5, 2009
Discount from Original Asking Price: 39%

Noteworthy: The correct (and reasonable) asking price of $1,295,000 was changed on September 10, 2009, and the house went under contract via cooperating broker on September 30, 2009. Once again, the key take away is for sellers to price their homes accurately in order to get a qualified buyer and sell!

Read more
Miami Beach Waterfront Mansion on Pinetree Drive Faces Foreclosure

The former Miami Beach summer home of the late S.S. Kresge (original founder of K-mart) located at 4949 Pinetree Drive and designed by world famous Architect, Carlos Schoppel is facing foreclosure. According to our local ABC affiliate WPLG, it is scheduled to be auctioned later this month. In its heyday, this palatial Miami Beach waterfront estate was one of the premier single family estates in all of Miami Beach.

The 6-bedroom, 6.5 bath, 8.500-square foot home is set on two acres on Pinetree Drive and is currently listed for sale for an asking price of $9,500,000. It has a Venetian pool, guest house and all the luxuries money can buy. A true, one-of-a-kind estate featuring the largest water frontage of 670 ft. available in Miami Beach. Clay tennis court-wine cellar-marble flooring-Venetian tiled swimming pool w/2 private cabana's-2 detached guest house's-4 car garage-expansive meticulous grounds w/ marble fountains.

The estate has been owned by a former Developer's widow, who lost her husband in 2001. This is a sad case of what appears to have been predatory lending practices during the height of the real estate boom. The homeowner took out a loan on the estate that ballooned to a $50,000 monthly mortgage payment.

UPDATE: Property is still listed for sale on Multiple Listing Service for $9,500,000

Read more

Page 1 Of 1

2 Articles Found