Venetian Islands Real Estate: November 2015 Market Report
Each week Miami Beach Realtors host a progressive open house of listings in the area This weeks focus was the Venetian Islands with an impressive 23 properties on the tour This is a great time for the Venetian Islands as the roads and infrastructure are in the last months of a $124 million restoration project The Venetian Causeway is expected to reopen by the Spring of 2016 offering residents new roads as well as utilities The construction project has not slowed the bustling real estate market in the neighborhood Here are some highlights of the market as we draw an end to 2015
Highest Price Listing 610 W Dilido Island
$15500000 for 5 bedrooms 6 baths in a 5210 square foot home on a waterfront lot
Lowest Price Listing 211 S Rivo Alto Drive $1595000 for 4 bedrooms 3 baths in a 2194 square foot home on an interior lot
Contracts Signed There are 4 properties that are currently under contract ranging in price from $5900000 down to $929000
Recent Closings Over the last 3 months we have seen 9 properties trade hands for $12500000 down to $1525000 Waterfront properties averaged $1450square foot in price vs $811square foot for interior lots
Featured Property 300 W Rivo Alto Drive
Of the actively marketed properties in the neighborhood we made special note of the home at 300 W Rivo Alto Drive offered at $12750000
This Venetian Island home was built in 1938 on a waterfront lot but recently remodeled beautifully It offers 5 bedrooms 5 12 baths and 90 feet of bayfront views with an infinity lounge pool and boat dock There is an outdoor living room with summer kitchen garden and even a koi pond with waterfall The interior design is tasteful yet dramatic with zebrawood walls calcutta gold marble top of the line appliances and Crestron security system
Here are some additional photos of 300 W Rivo Alto Drive
Shane Battier Lists Coconut Grove Home for $1,895,000
Just weeks after winning his second NBA Championship, Miami Heat Forward Shane Battier has listed his Coconut Grove home for $1,895,000, according to hothothoops.com. Battier purchased the five bedroom, Mediterranean-style home for $1.6M a little over a year ago in June 2012. The 4,300 square residence is situated on an 8,000 square foot lot and features a 2-car garage, covered patio with adjacent pool, formal dining room, gourmet kitchen with walk-in pantry, downstairs office and master bedroom with his and her walk-in closets.
Battier’s contract with the Miami Heat is set to expire at the end of next season but rumor has it that he is upgrading to a luxury home in Miami.
Miami Ranks Third on Knight Frank’s Q1 2013 Prime Global Cities Index
It is no secret that the Miami luxury real estate market has performed remarkably over the past twelve months. The latest report from Knight Frank confirms this. The Miami luxury real estate market ranked third behind Jakarta and Bangkok on Knight Frank’s Q1 2013 Prime Global Cities Index. Year-over-year, eight cities recorded double digit price growth for luxury homes but Jakarta, Bangkok and Miami led the way, recording annual price growth of 38.1%, 26.1% and 21.1% respectively. Surprisingly, prices for prime property in New York City declined 7.1% in the same time period, according to the same report.
Alex Rodgriguez Lists Miami Beach Mansion for $38M
After moving into the property less than a year ago, Alex Rodriguez looks to part ways with his ultra-chic Miami Beach mansion. The New York Yankees All-Star recently listed the 20,000 square foot, waterfront home for $39M. The modern North Bay Road estate is situated on a 1.07-acre lot and has 9 bedrooms, 11 full baths and 2 half baths. The completely-gated property features 275 feet of water frontage, 2 boat docks, a 3,000 square foot sports room with batting cage, commercial-sized elevator, heated pool, gourmet open kitchen, home theater, outdoor kitchen area, guest house, Crestron lighting, 16 security cameras, surround sound system throughout, seamless indoor/outdoor living spaces, rooftop deck, separate gym building with steam room, covered terraces and a 2,200 square foot Master Suite with atrium, sitting area, his and hers baths and over-sized closets.
Alex Rodriguez purchased the property for a reported $24M in 2010 while it was still under construction.
$47M Sale of 3 Indian Creek Drive Shatters Previous Record Set in March
Records were made to be broken. Sometimes, however, records are shattered. The recent sale of 3 Indian Creek Island for $47M shatters the previous record-breaking sale for single-family homes in Miami-Dade County set earlier this year by 22%. Edward Lampert, Sears Holdings Corp.’s chairman and hedge fund billionaire, purchased a waterfront estate, also located on Indian Creek Island, in March for $38.4M.
3 Indian Creek Drive is paradise-living at its finest. The 30,000 square foot, waterfront home is situated on an 80,000 square foot lot and has 10 bedrooms, 10 full baths, 4 half baths, a 100-foot resort-style pool, a full catering kitchen, certified greenhouse, rooftop lawn and Jacuzzi, panic room, wine cellar, servant room, chromotherapy spa and massage room, library, elevator and a 7-limo-sized car garage.
No word yet on who the buyer of 3 Indian Creek Drive might be. There are currently two single-family homes available for sale which could potentially eclipse the record-breaking sale of 3 Indian Creek: 12 Indian Creek Drive, listed for $45M, and the former Versace mansion, located at 1116 Ocean Drive, which has an astonishing asking price of $125M.
Al Capone’s Former Palm Island House Hits the Market for $9.95M
There is no sure thing but death and taxes – so the saying goes. As it turned out in the end, the two certainties brought about the demise of legendary American gangster, Al Capone – a person who at one time seemed untouchable. When nothing else would stick, the U.S. government finally nabbed the Chicago kingpin on tax evasion charges. He was later tried in court and sentenced to federal prison. Many people erroneously believe that Capone spent his final days locked-up behind bars . The truth, however, is that the mobster was paroled on November 16, 1939 and returned to his home on Palm Island in Miami Beach, Florida where he ultimately died from a series of health issues.
Al Capone purchased the Palm Island estate in 1928 – three years before his prison conviction – for $40,000. He used the waterfront home as an escape from Chicago when the authorities started breathing down his neck. Over the years, the property has had many owners. The current owner acquired the estate in November 2011 for $5.65M and since that time has fully restored it. Yesterday, the Palm Island waterfront mansion hit the market once again with an asking price of $9.95M. That’s gangsta!
Miami Beach Mansion Bequeathed to Pet Chihuahua Sells For $8.4M
Gail Posner, daughter of billionaire business magnate Victor Posner, made national headlines in 2010 when it was discovered that her Miami Beach mansion was bequeathed to her pet Chihuahua Conchita and two of her other dogs along with a $3M trust fund. According to her will, the dogs were to be taken care of by her staff which was to receive a grand total of $27M upon her death. Conchita, who was considered to be the “world’s most pampered dog” by Gail’s own accord, had her own bedroom and bathroom in the waterfront mansion, a $15,000 Cartier necklace and weekly spa treatments. Posner’s son Bret Carr was left only $1M. To no one’s surprise, Carr quickly contested the will. The hotly debated Miami Beach home sold last Friday for $8.4M. The 7 bedroom, 8 bath, 2 half bath waterfront estate had 9,700 interior square feet and featured a center courtyard, elevator, 2 fireplaces, enormous master suite, separate gym and staff quarters resting on 156 square feet of waterfront. According to public records, Gail Posner purchased the luxury home for $8.3M in September 2005. No word on where Conchita and the other two poochies will now reside.
Billy Joel’s Miami Beach Mansion on the Market for $14.75M
According to several sources, Billy Joel listed for sale his Miami Beach mansion this past Monday for $14.75M. The 8,881 square foot home offers 7 bedrooms, 8.5 baths, a luxurious bar with wine cellar, gourmet chef kitchen, a formal living and dining room, outdoor summer kitchen and expansive views of Biscayne Bay with over 150 feet of waterfront. The Mediterranean-style estate resides on La Gorce Island, an exclusive neighborhood that has seen its fair share of celebrity-residents such as Shakira and Lil Wayne.
Joel purchased the property in 2006 for $13.5M, according to public record. Below are the photos of his former palatial pad.
Ricky Martin Sells Miami Beach Home; Jay-Z and Beyonce Possible Buyers
Pop singer Ricky Martin has sold his Miami Beach luxury home for $10.6M, as reported this morning by The Miami Herald. The 9,491 square foot waterfront mansion features 7 bedrooms, adjoining guest quarters, 8 full baths, 2 half baths, a fully wired media room, Jacuzzi, pool and elevator. The Mediterranean home resides on 150 feet of waterfrontage along the prominent, star-studded neighborhood of North Bay Road.
The property was purchased by Ricky Martin for $10M in May 2005. No definitive word on who the buyer might be but the Herald article states that Jay-Z and Beyonce took a long, hard look at the home in December.
Exceptional North Bay Road homes currently on the market include:
Gail Posner, daughter of billionaire business magnate Victor Posner, made national headlines in 2010 when it was discovered that her Miami Beach mansion was bequeathed to her pet Chihuahua Conchita and two of her other dogs along with a $3M trust fund. According to her will, the dogs were to be taken care of by her staff which was to receive a grand total of $27M upon her death. Conchita, who was considered to be the “world’s most pampered dog” by Gail’s own accord, had her own bedroom and bathroom in the waterfront mansion, a $15,000 Cartier necklace and weekly spa treatments. Posner’s son Bret Carr was left only $1M. To no one’s surprise, Carr quickly contested the will. 
The hotly debated Miami Beach home sold last Friday for $8.4M. The 7 bedroom, 8 bath, 2 half bath waterfront estate had 9,700 interior square feet and featured a center courtyard, elevator, 2 fireplaces, enormous master suite, separate gym and staff quarters resting on 156 square feet of waterfront. According to public records, Gail Posner purchased the 
