Miami Beach Rock Star Cribs

The Setai, South Beach

Recently, these four rock star properties traded in Miami Beach. Two homes, two condos. New and old, ocean and bay. Just as I always say to clients, it is all about the location.

> The Residences at the Bath Club -5959 Collins Ave #1103, Miami Beach – a 3 bedroom, 3,640 square feet oceanfront unit – acquired from the developer in 2005 for $2.28 million - sold for $2.29 million or $629 per square foot.

> The Setai – 101 20th St #1705, Miami Beach – one bedroom, 821 square feet, oceanfront condo – acquired in 2004 for $550,000, generates $110,000 in net rental income - sold for a $1.2 million OR $1,462 per square foot – impressive!

> North Bay Road – 5004 N Bay Rd, Miami Beach – a 4 bedroom single family home built in 1950, half an acres, 100 feet of waterfront – listed in Feb 2007 for $6.5 million, closed 9/29/08 for $3,075,000 or $747 per square foot.

> Venetian Islands – 122 E San Marino Drive, Miami Beach – a five bedroom home built in 2003 – active on the market 8/12/08, asking $1,799,000 - SOLD in less than 60 days on 10/29/08 for $1.7 million or $428 per square foot.

These recent Miami Beach sales just go to show that buyers continue to recognize the tremendous value of Miami Beach real estate, even in times of major economic instability.