North Bay Road Home Sold For $6,500,000

Miami Beach Home On North Bay Road Sold For $6,500,000

One of the most exclusive streets in Miami is North Bay Road, which stretches from 20th street to just north of 63rd St on the west side of Miami Beach. It used to be known as “millionaires row”, when homes on Miami Beach could be purchased for much less than a million dollars, and some of the priciest homes were on North Bay Road.

There are still homes on Miami Beach, which sell for well below a million dollars, but not that many. For example, today there are only 4 homes for sale in the main part of Miami Beach (South Point to just north of 63rd St.), for less than $600,000, and none for under $500,000.

Last week, a marvelous North Bay Road home, built in 1951, sold for $6,500,000, which was $1,400,000 below the asking price of $7,900,000. With 113 feet of bay front, on a 27,000 square feet lot, the property located at 6380 N. Bay Road sold for approximately $1160 per square foot of interior living space.

The fully restored Miami Beach home features open spaces, 5 bedrooms, 4 full baths, lush gardens, a Koi pond, and a pool cabana with bath. This is the second time the home was sold in the past 2 years. In 2006, it sold for the same price of $6,500,000.

Venetian Islands Home Sold For $6,250,000

A brand new Miami home located on San Marco Island, one of six Venetian Islands stretching from Miami Beach to Miami, sold last week for $6,250,000. The home located at 1374 S. Venetian Way, Miami Florida was built in 2006 on a 10,500 square feet, wide bayfront lot facing downtown Miami. The owner had the property listed on the market for sale for just over a year at an asking price of $7,950,000, before it closed a few days ago.

The 7 bedroom, 8.5 bathroom home boasts a very spacious 7,117 square feet of interior living space, with 60 linear feet of bayfront. The property sold for approximately $878 per square foot of living area. The home is high tech throughout, featuring a roof top pool and a large deck, an elevator to take you from the ground floor to the pool area, numerous terraces and balconies, and a beautiful master suite with amazing views.

Miami Beach - Introducing Pinetree Drive

One of the nicest areas of Miami Beach is Pinetree Drive, which is just west of Collins Ave. and stretches from 23rd street to 63rd street. Lined with some of the largest homes on Miami Beach, this popular area is conveniently located, and downtown Miami, South Beach, and Miami International Airport are just minutes away. Waterfront homes line the east side of Pinetree Drive, and less expensive non-waterfront homes line the west side, with home prices presently ranging from $899,000 to $23,000,000. There are now 44 homes for sale on Pinetree Drive. Enjoy the aerial view in the video below.

Pinetree Drive On Miami Beach Aerial View

Miami Housing Market Report

Recently, CBS4 came out with a report, which stated that according to Forbes Magazine, Miami is #1 on the list of the top ten worst selling housing markets in the country. The CBS4 report, goes on to say that during the peak real estate market of 2004, prices were climbing through the ceiling, with increases in home values of about $1000 a week. These days the story is quite the opposite, however, with home prices falling a whopping $1250 a week, so far this year.

Further declines in home prices are expected in Miami. The overbuilding by greedy developers with the blessings of some politicians a few years ago has a lot to do with it, as there is presently a large oversupply of condominium units in the Miami area. Many new buildings are still under construction, and the units in those condo buildings will also have to be sold. That spells high supply, low demand, which translates into prices continuing to fall, at least in the condo market.

The Florida Association of Realtors and Jack McCabe of McCabe Research recently reported that the over supply of condos and town homes in Dade County is represented by more than 24,000 condo units for sale in the Miami area. According to the report, that represents a five-year supply.

Aventura Florida - A Fine Miami Community

Aventura Florida is one of Miami’s finest communities, and is home to Aventura Mall, as well as to the very private Turnberry Isle golf course. Aventura has been referred to as the Beverly Hills of Florida, because it is located very close to the ocean, and right between Miami and Fort Lauderdale, making the airports in both cities easily accessible to the frequent traveler. Many fine homes and condos can be found in the city of Aventura, which has become home to an international population. Enjoy the video tour below.

Introducing Aventura Florida

2 Ultra Luxury Miami Beach Homes Sold

5050 North Bay Road Miami Beach Florida Sold For $13,100,000

Two ultra luxury homes sold this week on Miami Beach. 5050 North Bay Road, which had been listed for $18,900,000, sold for $13,100,000 after having been on the market for sale for almost 8 months. North Bay Road has been home to many celebrities in past years, including personalities like the Bee Gees, Jennifer Lopez, Thalia, Tommy Mottola and a number of others. 24 S. Hibiscus Drive on Hibiscus Island was listed for $14,900,000, and sat on the market for 6 years, when this week a buyer paid $10,600,000 for the 13,000 square feet Miami Beach home.

Miami Beach Condo Sold For $2,000+ Per Square Foot

The Setai Courtyard at 20th and Collins Ave on Miami Beach

Who would have guessed that in a depressed real estate market like the one in Miami, a 3 bedroom condominium in Miami Beach could fetch over $2,000 per square foot? That is what happened just 2 days ago, when a condo on the 34th floor of the Setai sold for a very hefty $5,100,000. Located at 20th and Collins Ave. on South Beach, a now world renowned resort location, the Setai is one of the most exclusive buildings in all of South Florida.

Built in 2004, the Setai is a 40 story resort hotel and residential tower. The 34th floor condo (unit 3401) is actually 2 apartments that were put together to make a 3 bedroom, 3 bathroom condo. With approximately 2,500 square feet of living space, the unit has 2 master bedrooms and 2 balconies offering a 360-degree panoramic view of the ocean and the Miami skyline.

Miami Home Sales Prices Decline 21.7 Percent

According to the Case-Shiller home price index released today by Standard & Poor's, home prices nationwide (for 20 key metro areas) are down a previously unheard of 12.7% in the 12 months ending February. That is a record for falling home prices. Miami and Las Vegas suffered the biggest losses, with Miami home prices declining 21.7% year over year.

According to David M. Blitzer of Standard and Poor’s, there is no bottom in sight. "Prices of single family homes continue to drop across the nation", he said. The report further states that 17 of the 20 metro areas posted the largest declines recorded by the index, since it began tracking prices in 2000.

Although the report is frightening to say the least, and although the Miami real estate market has almost slowed to a halt, there does seem to be a light at the end of the tunnel, as evidenced by some of the sales that have been recently made in Miami. For example, in Miami Beach, 17 waterfront luxury homes sold at prices ranging from $2,350,000 to $10,000,000 in the first 3.5 months of this year.

Miami Architectural Gem Sold At Bargain Basement Price

1215 N Venetian Way, Miami, Florida Sold at $588 Per Square Foot

A gorgeous Miami home just sold on San Marco Island at an amazing price, if you were the buyer that is. Located at 1215 North Venetian Way in Miami, this 7 bedroom, 6.5 bathroom home boasts a very spacious 7,653 square feet of living space, and is situated on a 13,382 square feet lot, with 105 linear feet of unobstructed bay front.

The home sold this week for $4,500,000, which is approximately $588 per square foot of living area. For those of you who are not familiar with prices of waterfront homes in Miami and Miami Beach, that is an amazing price in an area where homes are often selling from $700 to $1,000 or more per square foot. It demonstrates how much prices are falling in the Miami area. The home, which was built in 2003, was listed for $5,700,000 and had been on the market since 2005.

Real Estate 101 - What Is A Short Sale?

A short sale in real estate refers to a concept whereby a lender (mortgagee) agrees to discount the amount of money owed on the loan made to a borrower (mortgagor), due to hardship on the part of the borrower. It basically allows the homeowner (mortgagor) who owes money to the lender (mortgagee), to sell the home or condo for less than the amount owed to the lender.

The benefit to the mortgagee is that the lender gets to cut losses, which would be much greater if the lender is forced to foreclose on the property. The advantage to the homeowner (mortgagor) is that he/she gets to sell the property for less than he/she owes, avoids foreclosure, and the balance of the debt is forgiven. The advantage to the buyer is that he/she gets to buy the property on the cheap, so to speak. It seems like a win, win, win situation for everyone.

Ah, but we have often heard that all that glitters is not gold, so what is the problem? The problem is that the entire ordeal can be very frustrating, and often enough, an effort in futility. Why? The easiest part is making the deal between the buyer and the seller. The seller is eager to sell, thereby avoiding foreclosure, and the buyer is eager to buy the the home or condo at a great price.

They may come to an agreement as to price and terms, and execute a legally binding contract, but then the problems begin, because the deal must be presented to the lender, and the lender must agree to the price before a sale is made. The mortgagee's required agreement to the sale is listed on the contract as a contingency. Without the fulfillment of the contingency, there is no sale.

Long delays by the lender in responding to the contract for sale can be very frustrating for buyers and sellers. Buyers often walk away in frustration or even anger. Then there is the question of price. Banks and other lenders like to make money, but they can’t stomach losing it, so they often wont just agree to the price on the contract. Again a frustrated buyer may walk away, and the process has to begin anew. That is the long and short of a short sale.