Miami Luxury Real Estate Prices Post 3rd Largest Percentage Increase in the World in 2011
The luxury real estate market in Miami had a remarkable year in 2011 and now, thanks to an annual report released by real estate consultants Knight Frank, we know how it compared to other international markets. The Wealth Report 2012 showed that Miami luxury real estate prices in 2011 increased 19.1 percent from the year before. The increase was the third largest when compared to other international luxury real estate markets, well ahead of London and Vancouver. Luxury properties in Miami are finally on the radar of the world’s elite!
New Luxury Listing of the Day
A beautiful 6 bedroom/7 bath waterfront home at 943 N Venetian Drive on the Venetian Islands hit the market earlier today. The asking price is $14.9M for the 9,255 square foot home which sits on a 47,250 square foot lot with 175 feet of water-frontage.
Nestled behind 15ft grandiose wooden gates is a perfectly manicured Mediterranean estate on a rare 47,250 sqft bayfront lot on N.Venetian Dr. This 6BR/7BA home was meticulously renovated by Peter Galo in 2004. Renovated for easy living with open spaces for formal/informal living. Great for entertaining with dining/living and family rooms flowing to the picturesque backyard overlooking 175ft on Biscayne Bay.
27 Star Island Drive (Casa Di Paolo) Hits the Market for $21M
It may not be particularly noteworthy when a Star Island home hits the market for $20M+. After all, there are currently two Star Island homes with asking prices of $35M. What does make this new listing particularly noteworthy, however, is that 27 Star Island Drive, also known as Casa Di Paolo, was purchased last May for $10.75M. The home was relisted earlier today with an asking price of $21M. The listing makes no mention of any upgrades or additions made to the home since last May and the pictures included with the listing are the exact same which accompanied the listing last year.
Here’s an excerpt from a blog post I wrote about the sale of 27 Star Island Drive last year:
The 12 bedroom/13.5 bath mansion resides on a 40,000 square foot lot and has 15,000 square feet of living space, a bayfront swimming pool and a boat dock with 100 feet of water frontage. The property sold in 300 days at a 17 percent discount from its initial asking price of $12.95M. The estate was previously purchased in 1999 for $5.9M.
There’s no denying that the luxury real estate market in Miami is hot right now. In fact, several major publications such as The Wall Street Journal, Forbes and Huffington Post reported last week about an Indian Creek home that was recently placed under contract for $40M by Sears Holdings Corp.’s chairman and hedge fund billionaire, Edward Lampert. But just how hot is the luxury real estate market in Miami? How much has the luxury real estate market improved over the past year? 27 Star Island Drive may help to shed some light on these questions if and when it sells. I’ll be sure to keep an eye on it and report any property status updates
13 Star Island Drive Sells for $25.5M – Record Breaking Sale
13 Star Island Drive in Miami Beach recently sold for $25.5M, making it the highest priced sale in Miami-Dade County history. The sale closed late last month but wasn’t updated in the MLS until yesterday afternoon. The 8 bedroom/8 full bath/2 half bath waterfront home resides on a 40,000 square foot lot and has 15,008 square feet of living space, a bayfront infinity edge pool and a fitness center. The Star Island waterfront estate sold in 50 days at a 20.3% discount from its initial asking price of $32M. The property was previously purchased in 2000 for $3.7M.
To put this sale into perspective, let’s compare it to another recent sale on Star Island. As you may recall, 27 Star Island sold earlier this month for $10.75M. That property also sat on a 40,000 square foot lot and had 15,000 square feet of living space. My initial reaction is that there is A LOT that can be done with $14.75M. An argument can be made that the west side of Star Island is preferable over the east side because you get a gorgeous view of the sunset and Downtown Miami skyline but you’d be hard pressed to find someone who would say that justifies the price. Nonetheless, 13 Star Island Drive is a beautiful property. There’s no denying that the luxury real estate market has performed remarkably well this year, especially given the state of the economy. There have now been four home sales this year of $10M or more, two of which have been properties located on Star Island.
Yet Another Luxury Sale! 27 Star Island Drive Sells For $10.75M
This has been quite a week for the luxury real estate market in Miami. Tuesday a condo at Continuum South Beach sold for $6.5M; Wednesday a luxury, waterfront home on Hibiscus Island closed for $9.35M and today I discovered that a waterfront home on Star Island sold for $10.75M. The sale closed Monday but the status in the MLS wasn’t changed until earlier this afternoon. The 12 bedroom/13.5 bath waterfront estate for sale in Miami resides on a 40,000 square foot lot and has 15,000 square feet of living space, a bayfront swimming pool and a boat dock with 100 feet of water frontage. The property sold in 300 days at a 17 percent discount from its initial asking price of $12.95M. The estate was previously purchased in 1999 for $5.9M.
40 S Hibiscus Sells For $9.35M
Earlier this afternoon, the ultra-modern, waterfront home located at 40 South Hibiscus Drive in Miami Beach sold for $9.35M, or $1,169 per square foot. The 8,000 square foot mansion has 8 bedrooms, 8 baths, 2 half baths and resides on a 24,000 square foot lot with 120 feet of prime waterfront and a boat dock. The luxury home sold in 329 days at roughly a 33 percent discount from its initial asking price of $13,995,000. For more information and pictures regarding the luxury home located at 40 South Hibiscus Drive, refer to the piece I wrote about it in October 2010.
40 South Hibiscus Drive in Miami Beach
I’ve had my eye on 40 South Hibiscus Drive in Miami Beach for quite some time. It’s a modern, ultra-chic, waterfront luxury home on Hibiscus Island. The 8 bedroom/8 bath/2 half bath mansion was designed by international award winning architect Chad Oppenheim, well known for his work on Ten Museum Park which is located in Park West. The 8,000 square foot home resides on a 24,000 square foot lot with 120 feet of prime waterfront and a boat dock. 40 S Hibiscus Dr, completed earlier this year, comes equipped with 82 feet of pool spanning two sides of the property, a covered outdoor kitchen and BBQ area, Miele kitchen appliances, floor to ceiling impact-resistant windows and doors, Kreon low voltage lighting, a 80kW generator and a fully integrated Crestron electronics system that gives you full control of the home from anywhere in the world.
Yesterday, the asking price of the home was reduced by over $1M from $13,995,000 to $12,900,000. My prediction is that 40 S Hibiscus Dr will be the next $10M+ home in Miami Beach to go under contract and will do so by year’s end. Luxury real estate in Miami Beach is doing quite well and there’s no reason for this prime piece of real estate not to be scooped up soon.
LeBron James and Dwyane Wade Make Their Decision
In today’s Miami Real Estate Review episode, we discuss a report released by The Palm Beach Post stating that LeBron James of the Miami Heat has recently placed a tri-level home in Coconut Grove under contract. We also reveal inside information that was disclosed to us last week that Dwayne Wade has signed a one-year lease on a 59th floor penthouse at 900 Biscayne Bay. We close the show by highlighting a few housing statistics.
Chris Bosh Buys Luxury Home on North Bay Road
Yesterday, the Miami Herald reported that Chris Bosh of the Miami Heat recently purchased a 7 bedroom/8 bath waterfront home on North Bay Road for $12.5M. Chris Bosh, along with LeBron James, joined the Miami Heat this past summer through free agency. Since that time, both basketball stars have been busy house hunting and it appears that Bosh has decided to acquire the 12,000 square foot home located at 6396 North Bay Road in Miami Beach. The waterfront home was built in 2009 and comes equipped with a gourmet kitchen, gym, elevator, Infinity-edge pool, boat dock and covered summer kitchen and BBQ area. The Miami Luxury Homes market is getting hot!
