The luxury condo sales of 2010 exceeded the expectations of many with two condos selling over $10M and another three selling within $1.3M of it. Before we kick 2011 into full gear, let’s take a look back at the top 5 luxury condo sales of 2010.
Setai – Penthouse B – 4 bedroom/4 bath (6,208 square feet) – This condo sold for $15M, or $2,416 per square foot, on June 4, 2010.
Santa Maria – Penthouse 4901 – 3 bedroom/5 bath (10,000 square feet) – This condo sold for $11M, or $1,100 per square foot, on May 21, 2010.
Fontainebleau II – Penthouse NO – 5 bedroom/5 bath (4,500 square feet) – This condo sold for $9M, or $2,000 per square foot, on May 14, 2010.
The Gables Club – Tower Suite A – 3 bedroom/6 full bath/2 half bath (10,190 square feet) – This condo sold for $9M, or $883 per square foot, on July 20, 2010.
One Bal Harbour – Penthouse 2108 – 4 bedroom/4.5 bath (5,262 square feet) – This condo sold for $8.7M, or $1,653 per square foot, on May 25, 2010.
900 Biscayne Bay Video Tour
Be sure to check out the video above if you haven’t had an opportunity to tour 900 Biscayne Bay. The high-quality, professionally shot video will help you understand why 900 Biscayne Bay is so highly regarded by foreign and domestic buyers alike. 900 Biscayne Bay offers some of the most breathtaking views in Miami along with unmatched quality and timeless elegance. The video is complete with audio narrations by Pedro Martin, the developer of 900 Biscayne Bay, and Sam Robin, the interior designer. You can find floor plans for 900 Biscayne Bay as well as additional pictures at www.900BiscayneBayMiamiCondos.com or our 900 Biscayne Bay building page. Contact us at 305-428-3860 if you are interested in learning more about 900 Biscayne Bay or inquiring about the availability. Developer inventory is running low. This could be your last opportunity to purchase a condo at 900 Biscayne Bay at reduced prices.
Santa Maria Penthouse Back on the Market – $14.9M
As you may recall, Penthouse 4901 at Santa Maria was a bank-owned foreclosure that came onto the market this past May at an asking price of $12.9M. Later that same very day, the status of the listing changed to “closed sale” and showed a purchase price of $11M, or $1100 per square foot. Earlier today, I noticed that the amazing, 10,000 square foot penthouse at Santa Maria was re-listed last month, on September 10th, at an asking price of $14.9M, or $1490 per square foot. There’s no question that Penthouse 4901 at Santa Maria is one of Miami’s most coveted luxury penthouses. It will be interesting to see how long it remains on the market before garnering the interest of another buyer. I’ll be sure to keep the penthouse on my radar and report the sales price after it closes.
View additional pictures and listing information for Santa Maria PH4901.
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!
Ten Highest Closed Sales Within the Past Six Months in Miami-Dade County
The following are the 10 highest luxury condo sales that have closed in Miami-Dade County within the past six months:
The Setai South Beach – Penthouse B – 4 bedroom/4 bath (6,208 square feet) – This condo sold for $15M, or $2,416 per square foot, on June 4, 2010. It was listed for $19,999,999.
Santa Maria – Unit 4901 – 3 bedroom/5 bath (10,000 square feet) – This condo sold for $11M, or $1,100 per square foot, on May 21, 2010. It was listed for $12.9M.
Fontaintebleau II – Penthouse NO – 5 bedroom/5 bath (4,500 square feet) – This condo sold for $9M, or $2,000 per square foot, on May 14, 2010. It was listed for $9.8M.
One Bal Harbour – Penthouse 2108 – 4 bedroom/4.5 bath (5,262 square feet) – This condo sold for $8.7M, or 1,653 per square foot, on May 25, 2010. It was listed for $12M.
Villa del Mare – Unit 7223 – 4 bedroom/5 bath/2 half bath (6,820 square feet) – This condo sold for $6.75M, or $990 per square foot, on March 1, 2010. It was listed for $8M.
Apogee South Beach – Unit 904 – 4 bedroom/4.5 bath (4,154 square feet) – This condo sold for $6.55M, or $1,577 per square foot, on May 21, 2010. It was listed for $6.85M.
Apogee South Beach – Unit 1801 – 4 bedroom/3 bath (4,154 square feet) – This condo sold for $5.9M, or $1,420 per square foot, on April 16, 2010. It was listed for $6,795,000.
Apogee South Beach – Unit 604 – 4 bedroom/3.5 bath (4,154 square feet) – This condo sold for $5.8M, or $1,396 per square foot, on June 18, 2010. It was listed for $6.25M.
Apogee South Beach – Unit 704 – 4 bedroom/3.5 bath (4,154 square feet) – This condo sold for $5.3M, or $1,276 per square foot, on March 18, 2010. It was listed for $5.8M.
Ocean Tower One – Unit 501 – 4 bedroom/5.5 bath (5,403 square feet) – This condo sold for $5.2M, or $962 per square foot, on June 3, 2010. It was listed for $6.25M.
It’s Not About the Money…It’s About the Sun, the Fun and the Rings!!!
They say Rome was not built in a day. I tell you tonight that the Three Wise Men of Miami have built Downtown Miami within a night. The Three Wise Men offer not gold, frankincense and myrrh but instead development, commerce and beer. The drinks will flow in Downtown Miami. The crowds will cheer, the people will spend and those who might be fortunate enough to witness NBA’s greatest team will be merry. This is an era of Miami basketball that will be long remembered, but never forgotten.
As I sit in Downtown Miami listening to the sounds of car horns filling the sky, I can only think of one thing. This is the single greatest moment for the City of Miami. Bigger than the movie Scarface, which put Miami on the map. Bigger than Miami Vice. Bigger than all of the rock stars, models and paparazzi who followed the celebrities in the 1980s to their paradise enclave. That was their Miami. Today, I present to you the new Miami. This is the beginning of something bigger and better than any developer or city official had ever envisioned for the city. This is Miami Bitch! And Miami’s Three Wise Men will proliferate an era within Downtown Miami within two years that could never be achieved within two decades.
Miami was the hotbed of the recent national real estate crisis. The epicenter of investor speculation. The Godfather of mortgage fraud. Prices tumbled here 50-70 percent from the peak. It was ripe for the picking. Miami was where real estate investment dreams were made. This was it. This was the moment where five years from now everyone who was fortunate enough to be connected to the City of Miami could say, “Damn…I coulda, shoulda, woulda”. Tonight was the moment where In one fell swoop, that was all washed away. Long forgotten.
LeBron and his crew, made up of Dwyane Wade and Chris Bosh, made the statement that it’s not about the money…it’s about the sun, the fun, the glitz, the glamour, the neon lights and the championships. The three perennial athletes proved tonight that it’s more about their legacy than it is about the benjamins. It has been written that Benjamin Franklin once started off his day by asking the question, “What good shall I do this day?” and ending it with “What good have I done this day?”. There’s no question that the newly crowned Kings of Miami have done very much good for the City of Miami and ohhhh so much good for Downtown Miami. It’s not about the money. It’s about the good of the city and, as I’ve said for weeks, LeBron James joining the Miami Heat, will do more good for the city than ten condo developers building ten glitzy high-rises could ever do for the city.
Rumor: LeBron James Makes Offer on $49.5M Gables Estates Home
Rumors swirled earlier this afternoon that LeBron James had made an offer on a $40M waterfront home in Coral Gables. My sources tell me that the offer was made on a 20,862 square foot mansion located at 11 Casuarina Concourse in the Gables Estates neighborhood of Coral Gables. The 8 bedroom/11 bath/2 half bath palace sits on a 3.6 acre lot with 880 feet of water frontage and comes with a dock to accommodate a 150-foot yacht. The Miami luxury home was previously listed for $49.5M before the listing expired on May 31, 2010. The Gables Estates waterfront home, which was purchased in July 1987 for 2,018,000, is currently owned by luxury auto dealer Alan Potamkin of Potamkin Auto Gallery.
