Dwyane Wade House For Sale

This morning, Todd Wright, a writer for NBC Miami called me, to say that he was finishing an article about Dwayne Wade's House in Miami. Here is a reprint of some of what he wrote....

While selling his house isn't a guarantee Wade is high-tailing it out of town at the end of the season when he becomes an unrestricted free agent, it can't be interpreted as a positive sign. Wade has already turned down Pat Riley's best offer for a contract extension and moaned and groaned this offseason about the team adding pieces this year in order to keep him. Well that didn't happen, unless you count signing journey man Carlos Arroyo, but we don't think that's what Wade had in mind.

Now Wade is looking for moving boxes. Maybe he and Gabrielle Union needed a bigger place to put all her baggage, er, shoes. Or maybe Wade just wants to share a little piece of him with an independently wealthy fan.

The mansion has Wade written all over it, quite literally. The outdoor pool has the word "Flash" engraved at the bottom with two No. 3s on either side. Along with the lavish adult bedrooms, two rooms for children have murals of Wade and Baby D-Wade playing hoops on a playground.

Alex Shay, real-estate broker to most of Miami's stars, said the asking price for D-Wade's playground has dropped from $8.9 million to $3.3 million. Wade paid almost $4 million for the property in 2005. BillionaireXchange lists the starting bid at $4.6 million

Wade recently bought a rather understated pad in his hometown of Chicago, so maybe he is just trying to go back to his humble roots. So far no one has bid on the Miami property, but 4,500 people have looked at the listing. We hope on of them is Riley, who will then flip the property and offer it as part of a new contract to keep Wade in Miami.

Miami Beach Home Sold For $8,000,000

Miami Beach luxury homes are slow to sell these days, but yesterday a waterfront estate located at 4949 Pinetree Drive sold for $8,000,000. The 11,600 square feet house, with 8 bedrooms, and 10.5 bathrooms, is situated on a lot measuring over 2 acres, and was listed for sale in 2007 for an outrageous price of $20,600,000, rendering the property unsaleable. The price continued to drop for 2 years, until Raquel Woolin, the sole owner of the property, finally agreed to a reasonable asking price of $9,500,000 in August of this year.

The home was formerly owned by S.S. Kresge, the founder of K-Mart, and was designed by world famous Architect, Carlos Schoeppl. The property is a one-of-a-kind estate featuring the largest water frontage (670-ft) available in Miami Beach today. The meticulous grounds are replete with a marvelous tennis court, a venetian tiled swimming pool, 2 cabanas, and a 4-car garage.

Star Island - Miami's Most Prized Real Estate

Star Island home of Phillip Frost (outlined)
Star Island in Miami Beach is home to the stars, and is one of the most exclusive communities in Florida. The island consists of only 32 properties, and is coveted for it's location and privacy. Residents of Star Island include celebrities Sean Combs (P Diddy), Gloria Estafan, Rosie O'Donnell, and New York Yankees star Alex Rodriguez (A-Rod). Recently, a home previously owned by NBA basketball star Shaquille O'Neal, was reportedly purchased by Naomi Campbell's billionaire boyfriend, Vladislav Doronin.

Perhaps the single most prized property on Star Island is a 6 acre parcel of land located on the northwest tip of the island, owned by billionaire Phillip Frost and his wife. Mr Frost was the chairman of a large drug company, Ivax, which was sold several years ago. Situated on this amazing waterfront lot, is a 28,000 square feet mansion which was built in 2001. According to the Dade County property records, the property is assessed at a value of slightly more than $58,000,000, and the annual property taxes in 2008 were $730,000.

Miami Real Estate Undergoes Changes

Miami Beach Real Estate - Sunset Islands House

Miami real estate is undergoing some changes that are truly mind boggling. Some homes are selling for remarkably high prices, given today's economic climate, while others are selling at prices well below market value; and some sellers still don't get it.

Last week a beautiful new home was listed for sale in the Miami MLS (multiple listing service) for an asking price of $3,990,000. At first glance, this didn't seem like an outrageous price for a brand new house on the exclusive Venetian Islands in Miami Beach, with 4,600 square feet of interior living space, and 5 bedrooms.

At a second glance, one notices two very important factors -- that the house sits on a lot measuring 7,200 square feet, and that the property is not a waterfront home. That means that the seller is asking approximately $867 per square foot of living space, for a house on a lot which is less than three quarters of the size of most waterfront lots on the Venetian Islands.

Waterfront homes on the Venetian Islands have been slow to sell recently, and there are many waterfront houses for sale now. Sales of bayfront homes vary widely in terms of price per square foot, but $600 to $850 per square foot of interior space, can be used as a "rule of thumb" with regards to sales prices.

It begs the question, how does a home owner of a non-waterfront property come to the conclusion that he/she could possibly get anywhere close to the asking price, or even half of the asking price of $3,990,000? It is mind boggling, and one of the reasons that real estate in Miami is undergoing such turmoil.

On the other hand, sales of luxury homes on Miami Beach are still being made, albeit at a snails pace. Very recently a beautiful Miami Beach house on the Sunset Islands sold for $9,500,000. The 9,993 square feet mansion, situated on a 20,000 square feet waterfront lot, located at 1400 W 28th St. on Miami Beach, boasts 7 bedrooms and 7.5 bathrooms, and is a Mediterranean work of art, with fine marble, hardwood, and keystone floors. Although the asking price for the estate was $15,900,000, the property closed for just over 59% of the asking price.

Condos are moving slowly as well. Last week a beautiful condo at the Four Seasons in Miami sold for $1,000,000. The 2 bedrooms 2.5 bathrooms condo located at 1425 Brickell Ave on the 48th floor (48C), was a great buy for the new owner, at approximately $468 per square foot of interior space.

Miami Beach Fontainbleau Deep In Debt

Miami Beach Fontainbleau Resort Hotel

Miami Beach Fontainbleau Hotel may face a judgement of default on unpaid contractor bills, according to a report by the Wall Street Journal yesterday. Lenders had previously agreed with the Fontainbleau not to declare, for 45 days, $670 million of construction debt to be in default; the agreement expired August 31.

The Fontainbleau violated the terms of its loan, when they failed to maintain $60 million in reserves to cover construction liens on the luxury oceanfront hotel residence, according to the WSJ report. The Fontainbleau denies violating the terms of the agreement, and is contesting the debts. Executives refused to be interviewed, but issued a statement to the Miami Herald defending their position.

Howard Karawan, COO of Fontainebleau Resorts said: ``Fontainebleau Miami is a world class resort and our performance is among the strongest in the area. While this tough economy has created challenges that we are actively addressing with our lenders, Fontainebleau Miami will continue to provide an outstanding experience to its guests for many years to come.''

The Fontainbleau is primarily owned by Jeffrey Soffer, whose father, Donald Soffer, a South Florida real estate mogul, developed the City of Aventura from swampland in the 1960's. According to the Miami Herald, about a year ago, Jeffrey Soffer sold off half of the luxury oceanfront hotel. along with half of its debt, $375 million, to Nakheel Hotels, the investment arm of the Dubai government.

Miami Real Estate Market Sees Spark Of Light

Miami real estate has undergone its share of turmoil in the past few years, and many homeowners have suffered as a result. However, there are signs that a bottoming out is taking place right now, at least with respect to the sale of single-family homes in the Miami area. The latest statistics documented by Realist.com, showed a substantial increase in sales of single-family residences this July over July 2008. Last month 1,622 homes sold, as compared to 1,277 in July of 2008, a remarkable increase of approximately 27%. That is the good news. The bad news is that median home prices dropped considerably from a year ago. The median home price in July 2008 was $249,000, and last month, it was $206,000, a decrease in value of more than 20% from a year ago.



Condo sales tell a far different story. The overbuilding of condominium towers by greedy developers over the past several years, has taken its toll on thousands of Miami residents. In July of 2008 the median sales price of a condo in Miami was $348,000, and one year later, in July 2009, the median price dropped to $230,000, reducing the price of a condo to only 66% of its value just 12 months earlier. Sales have also dropped substantially in the Miami condo market. In July of 2009, only 1,524 condo units sold in Dade County, as compared to 2,441 sold apartments in July 2008, a drop of more than 40% in number of sales from the same month, a year earlier.

Sunset Islands Miami Beach House Sold For $6,000,000

A Sunset Islands Miami Beach house located at 1727 W 27th St. on Sunset Island 2, sold and closed this past Friday for a remarkable price of $6,000,000. If you use square footage as a measure of value, that translates into just about $961 per square foot of living space, making this one of the best sales on Miami Beach in sometime, if you are looking through the eyes of a seller. The sale is another signal that the bottom of the real estate market may well be upon us in the Miami area, at least with regards to single-family homes.

The 6,244 square feet, 4 bedrooms, 6.5 bathrooms house is situated on a 20,000 square feet lot (just short of 1/2 acre), with 100 linear feet on the intercoastal canal, separating Sunset Islands 1 and 2. The contemporary, spacious, open, luxury home was listed for an asking price of $8,250,000 and remained on the market for 310 days, before closing last week.

The exclusive Islands off Miami Beach's western shoreline, in Biscayne Bay are the Sunset Islands. They can be reached from North Bay Road at 20th and 29th streets. The Sunset Islands real estate community is made up predominantly of single family homes. While there are a few more moderate inland homes, the emphasis is on luxurious bayfront homes with unobstructed views. No matter how large your yacht, there is a home to accommodate it. The close proximity and ease of access to both downtown Miami and Miami Beach, combine to make a property on these Miami Beach islands, a dream home for those who love luxury living.

Foreigners Seek Miami Real Estate And U.S. Residency

Miami real estate is beginning to get a lot of attention from foreign nationals seeking permanent residency in the United States, according to a report yesterday by Monica Hatcher, a writer for the Miami Herald. The report states that Miami immigration attorneys confirm that wealthy foreigners are flocking here to apply for investor visas, which often lead to permanent residency, and eventual citizenship.

Whether that is good or bad news is left to be seen, but those visa applications have not turned into sales for the most part, as the Miami real estate market continues to reel. Only those who are willing to make substantial property and business investments are eligible for the visa, which has been available for more than 20 years, and is offered to foreign nationals who want to come to the U.S. for the purpose of creating jobs and developing business and real estate.

Randall Sidlosca, an immigration attorney with the Miami office of Fowler, White & Burnett, stated to the Herald that "Clients are coming to us primarily because of the economic opportunity they see in the market. It's mind-boggling to see the amount of interest. . . . It's rather good news. It could mean the market will turn around faster than in other parts of the state.''

Miami-Dade is presently part of a program instituted by the U.S. Department of Homeland Security, Citizenship and Immigration Services, whereby temporary residency in the U.S. is offered to foreign individuals who invest a minimum of $500,000 in a new or established business that is responsible for creating at least 10 full-time jobs.

Real Estate Market Bottom Imminent Except In Miami

According to a report by CNBC today, Sam Zell, chairman and founder of Equity Group Investments, who has made billions of dollars in the commercial real estate market, said that the bottom of the real estate market is imminent. Across the country, the residential real estate market has seen positive data for the past 3 months in a row, which inspired Sam Zell to say, "The key to everything is single-family housing because that's where consumption comes from. If people don't have confidence in their biggest asset, they won't have the confidence to spend."

Zell pondered that an equilibrium has been reached, which in turn will stabilize the residential real estate market, as prices stop falling. He does not include Miami in this bottoming out, due to the excessive overbuilding that has taken place in the area, along with the multitude of subprime foreclosures. He expressed his dismay that the government is considering programs that would increase taxes, at a time when consumer confidence is key to an economic recovery. The entire interview with Zell can be seen in the video above.

Miami Beach Castle Burns To The Ground

Once there was a man who built a castle on North Bay Road in Miami Beach. His name is Michael Burke Sr, the owner and founder of Windjammer Barefoot Cruises, a now defunct company he originally started in 1947. According to an article written in Cruisemates.com, "Captain Burke awoke one day aboard a vessel he didn't recognize and was subsequently informed he had won it in a card game the night before. Captain Burke, known affectionately as "CB," named it "The Hangover."

I met Captain Burke many years ago, when he owned a house on Star Island, in Miami Beach. He asked me to find a house for his daughter, who was about to be married. I did that, and subsequently became friends with the captain, an eccentric man. A few years later Captain Burke decided to fulfill a childhood dream, and sold his Star Island property, and purchased a property located at 4462 North Bay Road in Miami Beach. It was there that he would build his castle.

North Bay Road is one of the most desired areas in Miami, because it has some of the finest homes in Florida, situated on large lots facing the wide bay, where the most beautiful sunsets can be seen night after night. Many of the homes on North Bay Road are mediterranean in style, and some are modern homes, which have been built in the past several years. The house located at 4462 North Bay Road, was neither mediterranean in style, nor was it modern; it was literally built to look like a dark castle. The inside of the house made me feel like I was in Disney World. As you entered the property through the front gates, there was a pond, but this was no ordinary pond. Inside were 9 fairly large sharks swimming around in plain sight.

I know all of this because Captain Burke asked me to sell the house for him about 6 years ago, and I listed it for the hefty price of $5,500,000. I did everything I could to sell that house, and showed it to many, many buyers, but I never did make the sale, hard as I tried. In March of 2007 it sold for $7,600,000, and in January 2009 it was recorded as a foreclosure, in the preforeclosure stage. Yesterday it burned down. Those are the facts. Is it strange? Does it seem odd? Was it an accident in a vacant house, a fire started by no one? Maybe time will tell.