Pine Tree Drive Foreclosure

PRICE: $535,000  **CLOSED SALE $535,000**

Description | A large three bedroom house located in one of the most desirable and recognized neighborhoods in Miami Beach. This home is just minutes from the beach, La Gorce Country Club, the Miami Beach Country Club, downtown Miami, or South Beach. This property features a gourmet kitchen with stainless steel appliances, gas range, plus a Sub-Zero refrigerator, as well as marble floors, french doors, updated bathrooms and a two car garage.

For additional information on this property or other single family homes in Miami Beach, please email us at info@miamiangelproperties.com or call 305.673.5300.

Address | 5830 Pine Tree Drive, Miami Beach  -  map it

Property Type | Single Family Residence
Year Built | 1968
Living Area | 2,543 SF or 236 m2
Bedrooms | 3
Bathrooms | 3
Waterfront | N

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Miami Real Estate – March 2009

Summary - March 2009

For the month of March 2009 vs. February 2009, we experienced an 14% increase in the number of closed sales from a total of 206 to 235 closed sales. The inventory of properties for sale increased marginally by 10% over the previous month.  This is the third month in a row that we have seen an increase in the overall number of closed sales, and we are up an impressive 35% in the past two months alone.

While the average sale price of single family residences in Miami Beach with a price under $1 million continues to decline from $653,282 in January 2009 to $513,800 in March 2009, the average closed sale price of condominiums in Miami Beach (under $500,000) and in the Downtown/Brickell market actually increased. This is the second month in a row that we have seen prices increase in the Downtown market, and are up from $231,767 in January 2009 to $296,252 in March 2009 respectively.

This leads us to a bit of a quandry in regard to the prices of foreclosure and distressed properties. While we all hear that prices continue to drop, and in relative terms and year-over-year this is the case, the banks are playing a game of cat and mouse with their REO properties. Here is the spiel – offer the property to the public at a bargain basement price, allow multiple offers to accumulate, play it off for a few weeks, and many suckers will bid up the price to more than asking.  It’s simple enough, but works time and time again.

Another interesting change in sentiment this month is indicated in the sale of five single family residences in Miami Beach in the $1 million plus category. For the past few months, we have witnessed lackluster sales with many luxury home buyers sitting on the sidelines. With five closed sales in the luxury category, and an average closed sale price of $2.4 million, the luxury home buyer has re-emerged in Miami Beach.

Featured Sales -  Two Luxury Miami Beach Homes

28 W San Marino Dr, Miami Beach

This Bauhaus inspired house built in the 1930’s, is located on the prestigious San Marino Island in Miami Beach. With six bedrooms and six bathrooms, a total living area of 4,716 square feet, and incredible views of the Miami skyline, the property sold to Venetian Marino Investments Inc, Hubert Jean Marie Weisslinger as president and director, for $3,830,000 or $812 per square foot. This house was placed on the market in December 2008 with an asking price of $4,450,000 and was only on the market for 47 days before going under contract.

5777 Pinetree Drive, Miami Beach

The data used to generate this chart/data is gathered from the Multiple Listing Service (“MLS”) and the Miami Dade Clerk of the Courts. The data in the MLS is deemed reliable but not guaranteed. This data is for March 2009 for single family homes, unless otherwise indicated as condominiums/townhomes. The prices are the actual sales prices of all single family or condos/townhomes that closed during the month of March 2009.

Miami Spin Cycle

For most people today, the Miami real estate market is much like a spin cycle. Many talk as if they have been wiped out and got worked until they do not know which way is up. And yes, some have been wiped out, but really only due to their own greed.

So let’s look at a few notable deals in the Miami Beach area that closed in the past month.  We start with the luxury segment of the real estate market and North Bay Road. The magnificent old-world Mediterranean estate located at 5396 N Bay Road, with 6,977 square foot of living area and 79 feet of water frontage on the bay, traded for a price of $6.8 million. The buyer out of New York paid a handsome $975 per square foot and took out a $3.8 million mortgage from Bank of America for a property that last traded in July of 2005 for $5.0 million.

In Miami Beach, we also had three impressive waterfront land deals this past month.  The three properties located at 1339 N Biscayne Point Road, 3370 Chase Avenue and 4567 Pinetree Drive, each traded hands for $98, $102 and $99 per square foot respectively.  The sale of 4567 Pinetree Drive for $12.1 million, an unusually large 3-acres vacant parcel, with about 300 feet on the water, really stands out. This property was purchased by Seth Gerszberg, founder of hip hop T-shirt company Ecko, for $9 million or $74 per square foot, at practically the peak of the market in July 2004. 

This supports our previous findings that while the luxury segment has seen some lack of demand and stagnant prices, that there are still buyers out there that recognize the value, uniqueness and potential in Miami Beach waterfront property.  Alternatively, by looking just a little further north up Collins Avenue, to the quiet seaside village of Surfside, we find a very different story. 

My analysis of three recent sales of single family homes, all with identical size lots, and similar in age and size, revealed that all three traded at an average decrease in value of 37% of the most recent sale, of which two traded in mid-2006 and one in mid-2005.  The sale prices ranged from $239 to $281 per square foot, or $335,000 to $450,000.  I recognize that for many of you that you may consider that a hefty price tag, but one has to consider that many of these homes sold for almost double that amount just a few years ago.

Now I don’t know about you, but I think it’s beginning to smell like opportunity around here!