San Marino Island Miami Beach

PRICE: $827,526 **VENETIAN ISLANDS**

Description | A classic home located on San Marino Island in the Venetian Island chain practically minutes from Lincoln Mall Road, Epicure or The Standard Hotel, this home offers sophisticated entertaining and relaxed island living. The home is fully renovated and features hurricane impact windows, granite counter tops, ceramic tile floors, stainless steel appliances plus one car garage. This property is also available for rent asking $3,500 per month. To view this home in Miami’s renowned Venetian Islands, please call 305-673-5300 or email info@miamiangelproperties.com.

Address | 114 Venetian Way, Miami Beach  -  map it

Property Type | Single Family Residence
Year Built | 1941
Living Area | 2,157 SF or 200 m2
Bedrooms | 3
Bathrooms | 2
Waterfront | N

Download a full description (PDF):

114 Venetian Way (Right click, and choose “Save link as”)

Dilido Island Getaway

PRICE : $1,075,000   **CLOSED SALE $950,000**

Description | This stunning Venetian Island residence is located within minutes of downtown Miami, the Miami Performing Arts Center or South Beach. The property was fully renovated in 2006 and features travertine marble floors, a gourmet kitchen with gas stove, a spacious master suite and bathroom, walk-in closet, as well as access to the fantastic pool, jacuzzi and entertainment area. The physical plant was also improved with new electric and roof as well.

This home offers an incredible Miami Beach location – Call or email us today to view this property -305.673.5300 or info@miamiangelproperties.com.

Address | 830 E Dilido Dr., Miami Beach  -   map it

Property Type | Single Family Residence
Year Built | 1947
Living Area | 2,158 SF or 200 m2
Bedrooms | 3
Bathrooms | 3
Waterfront | N

Download a full description (PDF):

830 E Dilido Drive (Right click the link and choose “Save link as”)

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 Real Estate – December 2008

Summary - December 2008

For the month of December 2008 vs. November 2008, we experienced a substantial 74% increase in the number of closed sales versus the prior month. This increase in sales was predominantly focused in the Downtown/Brickell, Miami Beach and Coral Gables areas.

Recently, everyone has been talking about the big increase in sales of bank-owned properties or those in pre-foreclosure [short sales] and here is why. If you look at the combined total of 165 sales in Downtown/Brickell and Miami Beach condos [under $500k], a total of 95, or 58%, fell into this category. We think that the supply of bank owned properties will continue to climb as will the percentage of bank owned sales. Another fact that we should pay attention to, whether you are a real estate practitioner or investor, is that the majority of December’s distressed sales, or 73%, were bank owned properties and not short sales.

There was also an impressive increase in the number of sales of condos over $500,000 in Miami Beach versus November 2008. It should also be noted that more than 50% of these sales included some form of “jumbo” conventional financing. Apparently, the supply of jumbo mortgages is not so dire for Miami condos. I would also like to add that five luxury homes traded hands in Miami Beach in December, including waterfront locations on the Sunset Islands, Pinetree Drive, Allison Island, San Marino Island and Rivo Alto Island.

Featured Sales – A Downtown Loft and A Luxury Home

The Baylofts - 455 NE 25th St., Miami

This month’s featured sale was the purchase of a 2 bedroom, 2 bathroom loft condo in a new building near the Miami Performing Arts Center. The all-cash buyer paid $130,100 for 965 square feet [90 m2] of living space in a building that was constructed in 2004, which equates to a price of $135 per square foot! This unit features a wrap around balcony, 10 foot ceilings and stainless steel appliances. The best part is that the monthly maintenance fee is only $383, and with such a low purchase price, this condo was an absolute steal. We should also recognize that the most recent sale of an identical two bedroom unit in this building was at a purchase price of $238,100. This was a bank-owned property which was on the market for only 35 days and the original asking price was $129,900.

Sunset Island – 1525 N View Dr., Miami Beach

A Swiss buyer, Sonja Berchtold, as director of JP Investments I Inc., purchased this luxury waterfront home in late December for an all cash price of $6.25 million. This Caribbean Colonial residence has over 6,600 square feet (613 m2) with 5 bedrooms and 5.5 bathrooms and sits on almost an acre of land and with 165 feet (15.3 metres) of open bay frontage and direct access to the ocean. The seller, Rand Skolnick, purchased the home in February 2002 for $4.2 million. The original asking price was $8.9 million and after six months on the market the home sold for practically thirty percent less, or $6,250,000.

For any additional information on Miami real estate, foreclosures, short sales or bank owned properties, please contact us at info@miamiangelproperties.com or call 305.673.5300.

The data used to generate this chart is gathered from the Multiple Listing Service (“MLS”). The data in the MLS is deemed reliable but not guaranteed. This data is for December 2008 for single family homes, unless otherwise indicated as condominiums. Homes that are pending sales have had offers made on them, and those offers have been accepted by the seller, however the sale has not yet closed. The prices are the actual sales prices of all single family or condos that closed during the month of December 2008.

Miami’s Venetian Islands

Stretched across Biscayne Bay between South Beach and downtown Miami sits a chain of six reclaimed islands known as the Venetian Islands. These six inhabited islands, from west to east, includes the romantically named isles of Biscayne, San Marco, San Marino, Di Lido, Rivo Alto and Belle Isle. Some are part of the city of Miami, others part of Miami Beach.  Originally designed and developed in the early 1920’s to mimic Venice with numerous bridges and street lamps, the secluded Venetians are home to some of the most eclectic, unique and stimulating waterfront homes in Miami.

When the Collins Bridge was opened in 1913, it was the longest wooden bridge in the world and a solitary drive across the bay. After twelve years of service it was on its last legs. The Collins Bridge was then sold to the Venetian Islands Company, which proceeded to build the beautiful Venetian Causeway and fill in the bottom of the bay. With the building of the Venetian Causeway, Carl Fisher brought a small fleet of Venetian gondolas, complete with Italian gondoliers. The gondolas were used for close to fifteen years in Biscayne Bay to ferry locals, tourists and potential buyers around the islands. It did not take much for potential buyers to recognize the ease of access and location of the islands along with the tropical urban lifestyle afforded to one as a resident.

Traveling west on the Venetian Causeway from South Beach towards downtown Miami one first arrives on Belle Isle, which consists of several medium to large sized condominium buildings, together with a variety of multi-unit residential properties, and the completely renovated and re-designed The Standard Hotel. Belle Isle sits literally a short five minute walk to South Beach’s Lincoln Road Mall and also features a totally redesigned 3.3 acres “dog-friendly” Belle Isle Park.

The seven condominium buildings located on the Island Avenue, range from the classic Belle Towers Condominium to the modern Grand Venetian tower. During the real estate boom many of these properties were out of reach for the average buyer. However, in today’s market there are more than 80 properties available at attractive entry prices as low as $200 per square foot. A wide variety of apartments are to be found in these seven buildings, ranging from large one bedroom units to fully modern residences with large wraparound glass balconies. It is easy to recognize the allure of Belle Isle to second home owners and Miamians alike.  Revel in some of the most breathtaking views of downtown Miami, cruise ships and several surrounding islands, experience the tropical colors and serenity of a sunset over Biscayne Bay, or simply enjoy a weekend brunch and day at The Standard Spa to absorb it all.

Continuing further west on the Venetian Causeway one crosses over the islands of Rivo Alto, Di Lido, San Marino, and San Marco. This cluster of islands only allows for single family residences, of which approximately one third are waterfront properties. Waterfront lot sizes range from the standard 10,500 square feet up to 15,750 square feet for the larger properties on either the northern or southern points of the islands. Each island varies in size and number of homes, with the most exclusive waterfront properties considered to be situated on the island of San Marco. Currently, there are 58 single family homes ranging from $899,000 to $14,900,000 available on the market. It has been quite a number of years since we have seen waterfront homes available on these islands for less than two million dollars, however, this may just be the year to take advantage of the slow and distressed real estate market to snap one up.

So who lives in these homes? You would be surprised to learn that only approximately twenty percent of all residences are occupied as second homes, with the remainder being full time local residents. This is one of the many attractive features of living on the Venetians, you have a real sense of community and a safe neighborhood. Sure, there have been a number of real estate investors speculating on the increase in popularity of these unique homes, including the likes of Eddie Irvine, Larry Groll, and DCA Trust. However, included in the mix of homeowners on the Venetian Islands are just a handful of celebrities such as Paulina Rubio or music producer Estefano.

Miami is a unique city unlike few others in the world. It is the American Riviera that should be experienced from both the water as well as from the beach or comforts of your home. Living on the Venetian Islands offers everything to you. It is a melting pot that attracts successful locals, Latin Americans and Europeans alike. You can live large like Michael Stern, a commercial real estate developer, that incorporated his own indoor basketball court in his Mediterranean villa on Di Lido Island, or, you could simply enjoy the stunning sunsets from your one-bedroom apartment at Nine Island Avenue Condominium.

To view a map of the Venetian Islands see below. If you would like further information on any properties available for sale in this area, please do not hesitate to email us at info@miamiangelproperties.com or call 305.673.5300.

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.