Venetian Islands Miami Beach

PRICE: $799,000  **REDUCED**

Description | An impressive four bedroom four bathroom home with a huge back yard that is located in the heart of the Venetian Islands in Miami Beach. This two-story home features two bedroom upstairs, including the master suite and a large open terrace. Nestled between downtown Miami and Miami Beach lie the famed Venetian Isles. Originally developed during the 1920’s and 1930’s, Carl Fisher looked to create an island community in Biscayne Bay reminiscent of Venice. To view this large single family residence on the Venetian Islands  – call 305-673-5300 or email us info@miamiangelproperties.com.

Address | 521 W Dilido Drive, Miami Beach  -  map it

Property Type | Single Family Residence
Year Built | 1937
Living Area | 2,656 SF or  247m2
Bedrooms | 4
Bathrooms | 4
Waterfront | N

Download a full description (PDF):

521 W Dilido Drive (Right click the link and choose “Save link as”)

Five Island Ave on Venetian

PRICE: $244,000  **CLOSED SALE $225,000**

Description | This large one bedroom condo located on the famed Venetian Islands in Miami Beach is being offered at an attractive price of $248 per square foot. This amazing corner unit has been completely renovated with new plumbing, electric, kitchen, custom closets and bathrooms. Walk across the street to the Standard Spa or take a quick stroll to the Lincoln Road Mall. Call or email us today to view this amazing condo on Belle Island  -305.673.5300 or info@miamiangelproperties.com.

Address | 5 Island Ave #4J, Miami Beach -  map it

Property Type | Condominium
Year Built | 1967
Living Area | 985 SF or 92 m2
Bedrooms | 1
Bathrooms | 1
Waterfront | Y

Download a full description (PDF):

5-island-ave-5j (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.

Foreign Interest in Miami Increases

Although there is no official data available, the estimated percentage of second and investment properties owned by foreigners in Miami is as high as thirty percent. We attract investors and second home owners from all over the world, with our primary feeder markets coming from flight capital leaving Latin and Central America. This is one of the reasons that we have a somewhat unique residential market, and what is now helping us turn over so many foreclosed properties.

We even have certain areas where foreign investors look to purchase residential property. In South Florida, for example, Doral and Weston are two preferred areas for Venezuelans. Known locally as Little Buenos Aires, Argentines love the mid-Miami Beach area.  In the past few years, Sunny Isles Beach in North Miami is fast becoming a Russian enclave for vacation and second homes. Meanwhile, European clients prefer the many waterfront areas of Miami Beach, including the South Beach, Venetian Islands, Normand Isle, Treasure Island, Sunset Islands and Harbor Island.

So while our traditional second home American buyers out of Chicago, Washington D.C., Boston and New York have taken a back seat, international buyers have been flocking to our market to buy distressed real estate.  This year, the range of our international clientele has been extremely diverse and from all corners of the globe, including Turkey, Switzerland, Germany, France, Argentina, Bahamas, Bermuda, Canada, Israel, South Africa, Angola, India, Italy, Brazil, Ecuador, Guatemala, Spain and England.

So what has prompted this surge of international buyers in Miami?  The following driving factors are what we most commonly hear from our international clients buying in our market  -

1. Miami remains an alluring international destination. It is the American Riviera, our own little Sardinia, St. Tropez, Cyprus or Capri.
2. Miami is a cultural Mecca, a tropical paradise where the many cultures of the Americas live, work and play.
3. The cities of Miami and Miami Beach have invested hundreds of millions of dollars to develop the arts, history and culture of our area.
4. Miami is an international hub and easily accessible from most continents. We are a major international airport, sea port for cargo and trade, tourist hub, and regional business center for Central and Latin America.
5. A foreign owner enjoys the same fundamental rights to ownership* as that of a U.S. resident or citizen.
6. Although our country is suffering from a major recession, Miami is a safe place to enjoy, relax and revitalize oneself.
7. The Miami lifestyle is very unique and different to other major cities. This is a city that is always alive and it shows in our people, places, colors, festivals, and experiences.
8. While Miami has one of the highest rates of foreclosures in the country, the value that Miami offers today surpasses that of ten or even twenty years ago.

One of the tools still available to most foreign investors today, is the ability to obtain financing for a second home. Fair enough, relative to three or four years ago when most banks offered generous terms to foreign nationals, it is more difficult to obtain mortgage financing today.

However, one of the common misperceptions of our clients is that the difficulty lies in the program either not being available, or that the rates and loan-to-values are unattractive.  This is mostly an incorrect assumption as today interest rates are far more appealing AND foreign investors may still borrow up to 70% loan-to-value, or 70% of appraised value, whichever is less.

The real difficulty lies in getting approved to purchase a condominium in a project that does not meet today’s guidelines. The personal or borrower requirements, however, for proof of employment, six months reserves, sixty (60) day sourcing of the down payment in a local bank account, and letters of credit, are practically the same.

For further information on any of our properties, or Miami real estate, please call our office at    (305) 673-5300    or email us at info@miamiangelproperties.com.

 * Note that time spent in the United States and immigration status will determine tax liability. Foreign investors should consider title options carefully. There are a several legal issues and tax consequences for foreign investors from purchase to sale of the property – the advice of a qualified accountant, finance professional and attorney should be sought.

Miami Beach Foreclosure Fantasy

Getting all caught up in this real estate madness of chasing the next “best” deal to come on the market, certainly has its downsides and pitfalls. This obsession to find the perfect view, size, location, price, and all in a quality and not a distressed building, is at most just a real estate fantasy, a made for “Property Virgin” TV episode.

Here are some of the most common misperceptions that we commonly hear when “foreclosure hunters” visit our Miami Beach market:

• Cash is King; just because you can pay in cash does not mean that you can low ball the seller and offer way below asking. There are MANY cash buyers out there and you have some serious competition. This is particularly the case when bidding on a property in a high demand location or building.
• It’s All about Price; a value added real estate purchase is not ONLY about the purchase price! If the condo you are considering is in a financially stable building, with a high percentage of owner-occupants, a great location, low default rate,  with no major deferred maintenance issues or upcoming assessments, and conventional financing is available to buyers, then you have much less risk of further price deterioration and the safety of medium to long-term property appreciation.
• A Direct Ocean View; if you have always dreamed of waking up in your bed and looking over the ocean in Miami Beach, be prepared to pay significantly more for this direct view! Miami Beach is surrounded by water on three sides and there are multiple islands surrounding us in Biscayne Bay, such as the Sunset Islands, Venetian Islands, Palm Island, Hibiscus Island, Star Island, Belle Isle, Allison Island, and Treasure Island etc.  Therefore, the views vary GREATLY from location-to-location, building-to-building and unit-by-unit. You may just be able to buy that same 800 SF apartment with direct open bay views, as well as views of the ocean, Miami Beach, and the stunning views of downtown Miami at night, located on Treasure Island, which is just five minutes from the beach and ten minutes to South Beach, all for $80,000 – $100,000 less than that direct ocean view!
• It’s Only about Property Appreciation; this attitude will end your excitement and determination in a heartbeat. Real estate is not liquid asset that trades on a public exchange. While speculators enjoyed many years of unrealistic and unsustainable day trading in real estate, this is not realistic thinking or a smart approach to making a few bucks on your investment. Now don’t get me wrong, there are still many ways for a sophisticated real estate investor to make a quick buck in this market. However, as far as the general public goes, if you are buying that much desired second home or investment property in Miami Beach, you have to be thinking in terms of appreciation over five, ten or twenty years. And just as important, the pleasures of owning a second home in Miami Beach brings SO MUCH MORE to your life than just “how much will I make in three years?”
• Something For Nothing; people, stop deluding yourself. This is one of the most desired cities to own real estate in the world, and one of the cheapest! Everyone wants to experience and live in Miami Beach. Our 80,000 residents are truly a global, diverse, multicultural, open bunch of people. Our real estate is limited and we are built-out in most areas. There is a minimal amount of inventory coming online and most buildings are historically protected. Yes, there are a handful of new condo developments under construction on the beach with maybe a total of 600 new units and then that is it. This is not downtown Miami and the supply is limited.
• I Will Qualify For Financing; even if you have excellent credit, no debt and good income, the property you wish to buy may not qualify for several reasons. Nowadays the most common reasons are the lack of or no available condo association reserves, or more than 15% of owners are 30 days behind on paying their maintenance fees. Let’s face it, in the real estate boom days Fannie Mae or Freddie Mac would buy just about any mortgage on the secondary market.  Today, it is a completely different story.

I think it is important to work with the facts and the reality of the current real estate market. Many of our clients have been very successful in purchasing a property in a fantastic location for an incredible price. This is a result of having a realistic plan and working with the dynamics of this almost historic opportunity in our local real estate market.

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.

The Capri South Beach

South Beach’s newest luxury waterfront condo has officially opened its doors to new residents. Sitting on more than two acres of prime waterfront property in South Beach, The Capri South Beach comprises of three modern structures housing 72 condominium residences with several private boat docks.

In the late afternoon and evening when the sun is setting over the Venetian Isles, Palm, Star and Hibiscus Islands, Biscayne Bay and downtown Miami, the views are just spectacular. To say that these views in the heart of the American Riviera are not worth the $1,000 plus per square foot would not be fair, unless, of course you prefer to own a waterfront home on the Venetian Islands.

The developer, Maefield Development, teamed up with Kobi Karp Architecture and Rene Gonzalez Interiors to complete this exclusive South Beach project. The three buildings, Marina Piccola, Marina Grande and the Ana Capri, are reasonably set back from each other and allow for wide open views from most of the residences. The residences, ranging in size from 783 to 1,942 square feet of living space [72.7 m2 to 180.5 m2], feature floor-to-ceiling windows, expansive balconies, built in European closet systems and glass doors throughout. No expense was spared on the European kitchens with Poggenpohl cabinets, Miele appliances and Sub-Zero refrigerator.

According to Miami Dade public records as of December 17, 2008, two units [#1101 with two bed two bath and 1,128 SF; # 1102 with three bed three bath and 1,942 SF] have closed with each buyer paying $1,130 and $1,076 per square foot respectively.  With the scarcity of serious buyers and attractive financing in the million dollar and over range these days, it is going to be interesting to follow the closings on this project.

For more information on luxury waterfront homes and condos in Miami Beach, the American Riviera, please feel free 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.