Miami Real Estate Blog

Star Island Home Sold At Auction for $12,720,000

2011-11-05T19:06:00.008-04:00

The Star Island home of Claudio Osorio and his wife Amarilis was sold at auction on Thursday for $12,720,000. The auction was part of a bankruptcy plan that allows Osorio to once again take over the reigns of his failed high-tech building materials company.

The property located at 15 Star Island Drive in Miami Beach is a 9 bedrooms home with approximately 8,700 square feet of interior living space, situated on a 40,000 square feet lot, with 100 feet of water frontage. The house, although contemporary in design, is in need of total renovation.

Three other Star Island properties have sold this year for prices ranging between $10,750,000 and $25,500,000. At this time 5 properties are for sale on the island, including a vacant lot at 30 Star Island.

The best deal on the island right now is an 8,100 square feet home, with 205 linear feet of water frontage lining a 48,266 square feet lot. The property located at 42 Star Island is in need of total renovation, but seems like a bargain compared to the sale that took place on Thursday.

Miami Real Estate Prices Poised To Increase With Gaming

2011-10-22T14:03:00.007-04:00

Miami real estate values may once again increase, as gaming becomes a real possibility in Miami-Dade County. Rep. Erik Fresen, R-Miami, and state Sen. Ellyn Bogdanoff, R-Fort Lauderdale, will file gaming bills this month, according to a report in the Miami Herald last week.

The gaming bills will ask for permission to build three large resort casinos in the Miami area, and will seek a gambling commission for Florida, according to the Miami Herald report. Gaming licenses, which are presently housed under the DPR (Department of Business and Professional Regulation), will most likely be treated as a unique industry which would be regulated separately from other types of state licensing.

Genting Malaysia, a multibillion dollar casino group, may not take kindly to the idea of regulation changes, in light of their plans to build a $3 billion hotel casino facility in Miami. In addition, one cannot overlook a pending court case, where the issue in question is whether or not gaming legislation must come through a state constitutional amendment.

If gaming does come to Miami, real estate prices are sure to climb substantially, with an influx of new homeowners from all over the US, and from all over the world. Miami is well known as one of the worlds truly international cities.

Star Island Home for Sale $10,500,000

2011-07-05T18:42:00.020-04:00

Star Island, as many Miami Beach residents know, is home to the rich and famous, including Sean Combs, Gloria and Emilio Estafan, Rosie O'Donnel, and Naomi Campbell and her billionaire boyfriend. In March of this year 10 of the 34 properties on Star Island were for sale. Five of those properties sold in the past 4 months, and just this weekend, another home was listed for sale on this exclusive island, a virtual gated enclave, accessible by just one bridge.

42 Star Island Drive is now for sale for the first time since 1978, when it was purchased by its present owner. The home, built in 1925, and undoubtedly one of Miami's finest properties, is situated on a 48,266 square feet lot, with 205 linear feet of water frontage, overlooking beautiful Biscayne Bay in Miami Beach, Florida. The 8 bedrooms 7 bathrooms home, with 3 guest houses, awaits the right person to restore some of it’s wonderful classic features. The property boasts an 8 ton boat lift with 4 boat slips, and a top of the line security system, with cameras all around the property. The price -- $10,500,000.

There are 3 other homes for sale on the island at the present time, including 5 Star Island Drive ($49,995,000), 40 Star Island Drive (29,500,000), and 29 Star Island Drive($21,000,000).

Sunset Island Home of Anna Kournikova for Sale $9,400,000

2011-05-11T14:41:00.000-04:00

Anna Kournikova recently listed her Sunset Island home in Miami Beach, for sale for $9,400,000. The beautiful 6,630 square feet Sunset Island mansion boasts 7 bedrooms and 8 bathrooms, and is situated on a lot measuring 19,281 square feet, with 156 linear feet of water frontage.

The property is advertised as an "Ivy-covered, Mediterranean waterfront home on gated Sunset Island", with fine Saturnia and hardwood floors throughout, high ceilings, arched windows, a formal dining room, a living room with a fireplace, an island kitchen with granite countertops, a 2-story guest house, a sauna, and a large dock. Perfect for outdoor entertaining, the home boasts a covered entertaining area, a heated pool and a Jacuzzi, surrounded by a coral rock pool deck".

The Miami Beach home has only been for sale for 12 days. Kournikova purchased the property 11 years ago for $5,000,000.

The 4 beautiful exclusive islands off of Miami Beach's western shoreline, known as the Sunset Islands, are comprised of luxurious single family homes, some of which have the most breath taking views in Florida. Anna Kournikova's home has a very nice view of adjacent North Bay Road, but lacks the view of some of the finer properties on the opposite western end of the island.

Miami Real Estate Market Update

2011-04-28T19:19:00.012-04:00

Photo courtesy of Lenny Furman

Miami real estate asking prices are still too high, and sellers still don’t get it. If one drives around Miami Beach, or Coral Gables, particularly in those areas where luxury homes are located, it becomes painfully obvious that there are almost as many homes for sale now as there were in early 2009, when the real estate market in Miami took a deep dive.

Many homeowners who want to sell, but whose homes are not up for sale, report that they are waiting for the market to change, before they place signs in front of their houses. They feel as though they will not be able to get what they consider to be a good price for their property if they try to sell now.

The reality is that they are not going to be able to get what they consider to be a good price, whether they wait or don’t wait, because the fact is that sales prices are where they should be.

Prices that homes were selling for in 2004 and 2005 were so inflated that when the bubble finally burst, almost everyone was shocked, and now in 2011, sales prices of single family luxury homes are more or less the same as they were 7 years ago -- exactly where they should be.

It is understandable why sellers are frustrated, because in America real estate is supposed to appreciate, and if prices are the same now as they were so long ago, it is very hard to accept. However, if homeowners who want to sell, come to the realization that 2004 and 2005 home prices were based on greed alone, and not on value, it may well become a little easier to accept.

Realtors are also very much to blame for the frustrations of homeowners, because in their zest to get a listing, they tell a homeowner whatever he/she wants to hear, in order to secure the listing. The owner, of course, believes the realtor, gives the agent the listing, and then becomes extremely frustrated, when 6 or 12 months pass by, and the seller receives no offers on the property.

What is the answer? It is very simple. Realtors need to tell the truth to homeowners, and homeowners who want to sell must necessarily become a lot more realistic than they are.

If anyone doubts the veracity of what is written here, one needs only to look at the facts. Here are the most recent statistics of home and condo sales in the Miami area.

Lil Wayne's House In Miami Beach For Sale

2011-04-13T18:34:00.014-04:00

Lil Wayne’s house on La Gorce Island in Miami Beach is for sale -- that is what has been all over the internet today, on blog after blog. Is it true? No it’s not.

The latest rumor was started by an erroneous April 7th report by AOL Real Estate, stating that Lil Wayne put his La Gorce Island home up for sale due to tax problems.

Lil Wayne doesn’t own a house on Miami Beach, but it he reportedly rents a home on La Gorce Island. 94 La Gorce Circle is a 15,000 square feet home which was built in 2004, and except for the relatively small lot on which it is situated, could well be considered a Miami Beach mansion.

The home is advertised as an architectural masterpiece with “rich woods, expanses of glass, steel & select marble, lavished throughout this ultra-modern residence that features sky terraces with incredible views”.

In actuality, the property has been on the market for sale for quite some time. It was listed for sale in 2006 for $13.9 million, and has been on the market for most of the time since then. In November 2010 the price was dropped to $12.9 million, where it stands today.

Al Capone's House in Miami Beach For Sale $6.85 Million

2011-03-17T19:18:00.008-04:00

Al Capone's house in Miami Beach on Palm Island is for sale. Advertised as an opportunity to make a piece of Miami Beach history your own, the house once belonging to the infamous gangster Al Capone, comes replete with City of Miami Beach approved plans for rebuilding.

The Palm Island home, located at 93 Palm Ave, Miami Beach, FL, was previously listed in 2006, for $6.8 million, and went through 2 pending sales since that time, with no closing ever taking place. It was relisted for sale this month for $50,000 more than the original asking price.

The historical 6,103 square feet house, is situated on a 3 quarters acre lot, with 100 linear feet of frontage facing neighboring Hibiscus Island and Biscayne Bay. Built in 1922, the Capone house is one of the oldest homes in Miami Beach. Henry Morrison, who still owns the house, according to the Miami Dade property records, purchased it in 1971 for $56,000.

Star Island Real Estate Update

2011-03-01T22:23:00.014-05:00

Star Island real estate in Miami Beach has suddenly become readily available to the rich and famous. Star Island, long considered the most exclusive community in all of Miami, is composed of 34 waterfront properties. In this writer’s opinion, the homes in Indian Creek Village are much more exclusive, but that, of course, is an opinion.

Star Island sits like a floating jewel in the aquamarine waters of Biscayne Bay, between the main land and Miami Beach. The waters surrounding the island are part of the Biscayne Bay Aquatic Preserve. Star Island is not only coveted for its supreme, unspoiled waterfront location and limited number of residents, but also for its extreme privacy. Accessible by just one bridge, the gated enclave is the home of Miami's wealthy elite.

Some of the most famous residents of this very pricey community are Sean Combs (P Diddy), Gloria and Emilio Estafan, Rosie O’Donnel, and Naomi Campbell and her billionaire boyfriend (who bought the mansion previously owned by Shaquille O’Neal). The largest property on Star Island is a 28,000 square feet mansion situated on a 6 acre parcel of land, owned by Phillip Frost and his wife. Frost used to run a large American drug company called IVAX, which was sold several years ago, to TEVA, an Israeli drug company.

Today, 10 of the 34 properties on Star Island are for sale. Never before have so many Star Island homes been offered for sale at the same time. Four of the properties are vacant lots, valued by their owners from $7.9 million to $8.9 million, although it is unlikely that any of them will sell for those rather hefty prices. The other 6 luxury homes for sale are priced from $9.875 million to $49.995 million. The following properties are presently for sale on Star Island.

5 Star Island Drive $49,995,000
13 Star Island Drive $32,000,000
40 Star Island Drive $27,000,000
29 Star Island Drive $24,000,000
27 Star Island Drive $12,950,000
45 Star Island Drive $9,875,000
30 Star Island Drive $8,900,000
35 Star Island Drive $8,725,000
36 Star Island Drive $8,725,000
28 Star Island Drive $7,900,000

Whether or not any of these ultra-luxury properties are sold this year, is left to be seen, but if some of them are sold, it should come as no surprise, in light of a report published yesterday by the Miami Association of Realtors. The report states that pending sales of homes and condos, an accurate indicator of future market conditions, rose 22 percent in Dade County last month, year over year to 11,182 from 9,164 in February 2010.

Dwyane Wade Buys Miami Beach House For $10,650,000

2010-12-02T18:20:00.014-05:00

Dwyane Wade just bought a Miami Beach house on North Bay Road. The 28 year old Miami Heat, NBA all-star looked at more than 50 properties, before finally settling on the house he now calls home.

Dwyane Wade's house, located on upper North Bay Road in Miami Beach, is just a few blocks away from the house that Chris Bosh purchased just a couple of months ago, and less than one block away from the home owned by actor Matt Damon.

The 8 bedrooms house sits on a lot just over an acre, boasts 150 linear feet of bay frontage, and has more than 13,000 square feet of living area.

Dwyane Wade paid $10.65 million for the property, and ensured that North Bay Road in Miami Beach now has one more celebrity living on the block.

LeBron James Buys Miami House For $9,000,000

2010-11-19T16:51:00.043-05:00

LeBron James House In Miami Florida -- Coconut Grove

LeBron James, 25 years old Miami Heat basketball star, just bought a Miami home. The beautiful house, located in the Coconut Grove area of Miami, has 6 bedrooms and 8 and 1/2 bathrooms, with more than 12,000 square feet of interior living space. The lot, just under 20,000 square feet, is a tad small for such a grandiose mansion, but the proximity of the property to American Airlines Arena, where the Miami Heat play their home games, may well have been a deciding factor in Mr. James' decision to buy the home.

The 3-stories estate, located at 3590 Crystal View Court in Coconut Grove, has water views from every room, and a 3rd floor master suite, which boasts a huge balcony overlooking Biscayne Bay. The Miami home, just completed in 2010, also has a concrete dock, suitable for two 60 feet yachts. Previously purchased in 2005, for $3,500,000, the property was razed, and a new home was built. The owner listed it in January of this year for $12,900,000, and reduced the price to $11,900,000, before James purchased it and closed the deal for $9,000,000 less than a week ago.

Miami Makes Forbes List Of America's Most Expensive Communities

2010-09-28T18:32:00.016-04:00

Fisher Island, Miami Beach, just ranked by Forbes as #37 of America's most expensive zip codes, boasts a not too shabby median home price of $2,295,291. Forbes just published it's new list, with 4 Miami zip codes earning a spot as one of America's highest priced places to buy a home or condo, including aforementioned Fisher Island (33109), Key Biscayne (33149), Coral Gables (33146), and 2 small communities just north of Miami Beach -- Bal Harbour and Indian Creek (33154).

The report stated that these 4 zip codes make Miami one of the most expensive places to buy property in the United States, in spite of the fact that home prices have plummeted sharply in recent years, and that foreclosures have continued to mount. Hi-end luxury home prices have seen a slowing slide, according to Mike Simonsen, CEO of Altos Research, a Mountain View, Calif., firm that tracks housing market data.

"We have yet to see mortgage defaults climb aggressively into higher-priced homes, but there are some signs that those could hit in next twelve months" Simonsen said. "If those mortgage resets drive inventory at the higher end, that would cause major problems."

Although it does seem as if the luxury real estate market in Miami has all but slowed to a halt, a number of luxury realtors are reporting that foreign buyers are re-entering the market place to pick up those hi-end bargains which may no longer be as available in a year from now.

Chris Bosh Buys Miami Beach Home For $12.5 Million

2010-09-24T21:35:00.018-04:00

Chris Bosh just bought a Miami Beach home on North Bay Road for $12.5 million. The 26 years old NBA basketball star joined the Miami Heat in July of this year, and was reported to be looking at Miami Beach homes, when it was announced today that he purchased the property located at 6396 North Bay Road in Miami Beach.

The 7 bedrooms brand new 2009 home has approximately 12,000 square feet of interior living area, and is situated on a 24,000 square feet lot, with 100 linear feet facing Biscayne Bay and beautiful La Gorce Island. Very few Miami Beach ultra-luxury homes have sold for more than $1000 per square foot of living space, as this one just did, so the sale may be a sign of an improving real estate market in Miami.

The property was listed in June 2008 for $15,000,000, and the asking price was raised to $18,000,000 in 2009 when the mansion was finished, but with no buyers, the price was once again reduced, and was listed for $14,970,000 when Chris Bosh purchased it.

North Bay Road in Miami Beach has been known for housing such famous celebrities as Jennifer Lopez, Matt Damon, the Bee Gees, Shakira, Tommy Mattola, Thalia, Billy Joel, and Ricky Martin.

Coral Gables Vacant Lot Sold For $10.65 Million

2010-08-19T19:43:00.014-04:00

A Coral Gables lot directly behind Alan Potamkin's house, sold and closed this week for $10,650,000. The lot measures more than 2.5 acres and is lined by the waterway leading directly into Biscayne Bay.

Last month there were rumors that LeBron James, the newest addition to the NBA's Miami Heat, was trying to buy the Potamkin home, but when the Miami Herald finally spoke to Mr. Potamkin, he denied that there were any ongoing negotiations for the purchase of his mansion.

The Potamkin property was listed for $49.5 million, and remained on the market for sale for more than a year, before the listing expired, with no buyers anywhere in sight. The hefty asking price chased away any would-be buyers.

The vacant lot behind Potamkin's estate was listed for $15,700,000, and sold for a 32% discount. Although the location of the property can be said to be one of the best in Coral Gables, it pales compared to Potamkin's property, because it faces the canal and has no view to speak of.

The seller lost money on the deal. The lot was purchased in 2003 for $10,500,000, and although it just sold for $150,000 more than that, carrying costs, and commissions forced the seller to take a loss. The property remained on the market for sale for 2 years and 3 months, before finally closing on August 16.

Real Estate Community On Fire Over LeBron James' Housing Options - Miami Herald Interview With Alex Shay

2010-07-10T10:05:00.010-04:00

The Miami Herald wrote an article yesterday, after a telephone interview with this writer. It appears in today's print version of the paper. There are some inaccuracies in the article;for example, I did not say that LeBron James made a $49.5 million offer. The following is the text of the conversation.

Even before LeBron James announced he'd be coming to South Florida, which South Florida luxury home he would choose was being discussed
By TOLUSE OLORUNNIPA
tolorunnipa@MiamiHerald.com

July 9, 2010

What piece of prime South Florida real estate is fit for a king?

LeBron James landed in Miami on Friday after making the announcement he would be leaving Cleveland to join the Miami Heat, but even before that, the local real estate circuit was abuzz with questions of where the multimillionaire athlete would live.

According to analysis by Esslinger-Wooten-Maxwell Realtors, James will have plenty of multimillion dollar properties to choose from -- 355 Miami-Dade properties were listed for sale at prices above $4 million in May.

Some of those properties -- and some unlisted mega-mansions -- have been in the spotlight this month, as rumors swarmed that James had been shopping for real estate in South Florida in recent days.

On Thursday, Miami-based luxury Realtor Alex Shay began hearing rumors from other agents that James had put in a $49.5 million offer on a Gables Estates home being sold by auto tycoon Alan Potamkin.

The home, at 11 Casuarina Concourse, in Coral Gables, features 20,088 square feet of living space, eight bedrooms, 11 bathrooms and 800 feet of water frontage.

``It's a great big property on three great big acres of land -- it has all the bells and whistles, it has all the goodies that you want in a home,'' said Shay, who posted the rumor on his real estate blog. ``It's the second-highest priced property in Dade County.''

The most expensive home, an Indian Creek Village waterfront mansion listed at $60 million, is still under construction.

Other homes for sale in that neighborhood include a six-bedroom, six-bath listed at $12.9 million, a 17,000-square foot mansion listed at $17.9 million and a Mediterranean style villa with seven bedrooms listed at $6.5 million. Heat president Pat Riley also owns a Gables Estates mansion.

If James, 25, wants to settle in at a bachelor pad in one of Miami's luxury condominium buildings, he could opt for a high-rise in downtown Miami or South Beach.

A website launched weeks before James decided to come to Miami pitched a 4,200-square-foot Miami condo as ``LeBron's Future Miami Penthouse.'' It features 20-foot floor-to-ceiling windows, view of Biscayne Bay and, an extra perk, it's right across the street from AmericanAirlines Arena. The corner unit, at Marina Blue condominium, is on the market for $3.3 million.

Judging from the castle James will be leaving behind in Ohio, a condominium would likely mean a major space downgrade, so speculating Realtors are betting he'll end up in a single-family home.

James built a 35,000-square-foot mega-mansion outside of Cleveland in 2008, completely razing the 11-bedroom home that was on the land in order to erect the giant abode. The home includes a theater, recording studio, casino and more.

``Barbershop, bowling alley, ATM machine, Starbucks, all that,'' he told Jimmy Kimmel in a 2009 interview. ``You're going to have to do a show live from my house.''

With South Florida's home values still far below their peak, James could end up getting a bargain on a luxury property.

``He could probably make a great deal,'' Shay said. ``It depends on the house or the seller or the motivation of the seller, but there are good deals out there.''

Read more: http://www.miamiherald.com/2010/07/09/1723461/real-estate-community-on-fire.html#ixzz0tHx6K5Nx

LeBron James Tries To Buy Alan Potamkin's House in Coral Gables

2010-07-08T23:06:00.021-04:00

LeBron James is trying to buy Alan Potamkin's house in Coral Gables at 11 Casuarina Concourse, according to reports heard all over Miami today. Priced at a cool $49.5 million, Mr. Potamkin has been trying to sell the property since April 2009.

The one-of-a-kind breathtaking 8 bedrooms, 11 bathrooms estate on the open bay waterfront is situated on the finest lot in exclusive, gated Gables Estates. This 20,088 square feet grandiose home boasts 800 linear feet of waterfrontage and sits on a 3.6 acres lot, with a 100 feet dock to accommodate up to a 150 feet yacht.

There is a private guest suite with a lighted tennis court and courtyard on its own acre of land. Three suites with full baths, an upstairs master suite with a full gym, a billiard and media room are just a few of the featured highlights. Luitron lighting and a 12 camera security system are installed thrughout this estate.

LeBron James, for those of you who haven't heard, is one of the NBA's finest basketball players. He announced 2 just hours ago that he is coming to Miami to play for the Miami Heat. The Miami Heat hope that LeBron will help to bring an NBA championship to the city.

Palm Island Home Sold For $11,950,000

2010-06-28T20:05:00.013-04:00

Palm Island in Miami Beach is one of South Florida's finest communities. Centrally located, it takes only 10 minutes to drive to the Miami International Airport, and 5 minutes to drive to world renowned South Beach, aka SOBE.

Recently, a luxury home on Palm Island sold for $11,950,000. The property, located at 55 Palm Ave. is situated on a lot measuring 30,000 square feet, with 100 linear feet of water frontage. The restored 8 bedrooms, 9 bathrooms house, is very spacious with more than 12,000 square feet of living space, and boasts 12 feet high cathedral ceilings, and beautiful views of the intercoastal water way.

Most noteworthy is that the property was previously purchased in 2003 for $2,900,000 and then again in 2004 for $3,400,000. The 1920's house was subsequently restored with a 10,000 square feet addition, and sold once again -- for a whopping profit. Could prices in Miami be climbing again -- not, or does the new owner know something that the rest of us don't? Is this sale a precursor of a once again active and thriving Miami real estate market? The next 12 months or so should bring some answers.

Miami Beach Luxury Home Sold For $16 Million

2010-06-12T18:37:00.006-04:00

Yesterday a gorgeous Miami Beach home located at 88 La Gorce Circle on prestigious La Gorce Island, sold and closed for a whopping $16 million, $3.5 million less than the listed price. The property was on the market for sale since January of 2008, when the newly built mansion was originally listed for a cool $25 million.

The property boasts 260 linear feet of water frontage, on a 48,024 square feet lot, with a state of the art mansion, measuring 17,183 square feet. The 10 bedrooms home, built just 2 years ago, is replete with an elevated guest house, an over sized rooftop terrace, a staff house and a 5-car garage.

This magnificent estate is one of only a very few Miami luxury homes to sell for more than $1000 per square foot of living area. To many people that may seem quite remarkable, but not so, if you consider that condos in Miami Beach buildings such as the Apogee and the Setai, have fetched more than $2000 per square foot.

Rick Pitino's Miami Home Reduced to $13,900,000

2010-05-20T19:56:00.011-04:00

The Miami home of Rick Pitino, former NBA New York Knicks coach, and coach of the University of Louisville basketball team since 2001, has been on the market for sale since mid-September 2008, with no takers at the $14,900,000 asking price. Mr. Pitino recently reduced the price by $1,000,000, hoping to bring in a buyer for his ultra-luxury mansion located on Indian Creek, one of Miami’s most exclusive communities.

The island has only 40 waterfront properties, and is an incorporated city with it's own police force, private country club and golf course. A public safety department was created by the city in 1994, in order to provide security and medical services to this entirely exclusive and private community.

Mr. Pitino’s home is a stunning 2 story Mediterranean waterfront mansion, situated on a 53,696 square feet lot, with 7,295 square feet of interior living area, featuring 5 fabulous bedroom suites, 6 and one half bathrooms, a state of the art kitchen, a gym, and open balconies and terraces with gorgeous panoramic views.

The property next door was also recently for sale for $12,900,000. The slightly larger home, with 7,888 square feet of interior living space, is situated on a 53,736 square feet lot. At the end of March, the property was sold –- for $9,300,000.

Real Estate On The Front Line Of Luxury

2010-04-28T21:19:00.006-04:00

The video clip of the documentary below was recently produced for Plum TV. The first minute or so includes a part of an interview that Plum TV did with me. I was asked to respond to questions regarding luxury real estate in Miami.

A-Rod Sells His Miami Home for $8,500,000

2010-03-19T18:02:00.008-04:00

A-Rod, New York Yankees star, and the most famous player in baseball today, just sold his home in Coral Gables for $8.5 million, a whopping $3.5 million less than the $12 million he paid for it in 2004. Located at 181 E Sunrise Ave., the 6 bedrooms, 6 bathrooms, 8,300 square feet house, is situated on one of the finest lots, measuring well over an acre, in a guard-gated Coral Gables community.

The private bayfront sanctuary features breath taking oceanfront views, and the property offers the finest in waterfront yachting, entertaining and living. When the New York Yankees star separated from his wife some time ago, A-Rod, whose real name is Alex Rodriquez, moved out of the house, and rented a home on Star Island for several months, as his Coral Gables home remained on the market without a buyer. This week he finally sold the home, 14 months after the property was first listed for sale. Few people could afford to take such a huge loss on a home sale, but when you are one of the highest paid atheletes in the world, perhaps the loss doesn't seem quite as dramatic.

Premier Guide Miami Interviews Alex Shay About Real Estate Today

2010-03-07T00:44:00.005-05:00

Prominent Real Estate specialist, Alex Shay, discusses the ups and downs in the real estate market, and what it will take for the market to recover.

Alex Shay is a Miami Beach luxury real estate expert who has been in the business for over 20 years. Some of his clients include hedge fund managers and business executives.

Some of Miami’s most beautiful homes are featured on his website AlexShay.com.

Here is what Alex Shay has to say about Miami’s Real Estate.

PGM: You have been in the Real Estate business for a very long time. What lessons have you learned over the years?

AS: I have learned a lot. I have seen that in Real Estate, when dealing with luxury properties, you see the best in people and you also see the worst in them. I have been in this business for many years, and it is still a learning process. I am still learning, today.

PGM: What is the most important thing you have learned in dealing with your clients?

AS: The clients that I deal with, require top quality service, from a broker who knows what he is talking about and who knows what he is doing. You have t realize that these people have bought homes before they ever got in touch with you. They basically know what they are doing in terms of money and what they want. So basically, as a realtor I feel I am there to serve them, and once I identify the property that they want, I am there to negotiate the deal.

PGM: you are saying that the people who are buying in the market that you represent right now, are well educated on the market and their purchase?

AS: Not necessarily, but if they are not educated — for instance, you can have someone coming in from Europe or South America who is not educated on the market but wants to buy something in Miami. That person is going to be educated before buying anything. They wont really put out the money without first knowing what it is they are buying.

PGM: Is this the toughest period for real estate?

AS: The toughest since I have been doing it, and from what I understand, it is the toughest that it has ever been, at least in our lifetime.

PGM: Do you think there is any chance of recovery anytime soon?

AS: Absolutely. I think we are at the bottom right now. I think we are going to stay at the bottom at least until the end of the year. If you buy something in February or March of next year you will probably pay the same thing you are paying right now. After a while, maybe in 2011, things might start to even out, in terms of the market becoming more balanced. Right now there are many sellers and very few buyers. By the time next year rolls around there are going to be more buyers in the market place, Right now, people are still not spending their money.

PGM: Why is it so difficult for sales to go through right now?

AS: The most important thing about buying a home — people generally don’t pay cash, they borrow the money from the bank, and banks are not lending money except to the most qualified buyers. A few years ago, if you had a decent credit score, you could get a loan. Right now if you have a somewhat decent credit score — you might have to come up with as much as 40% of the value of the property, whereas, in the past you didn’t have to put down more than 20%. If you have the best credit you still will have to put down at least 20%, but probably more, unless you are buying the house under value.

PGM: You are an expert in real estate, what makes you an expert in this field?

AS: Knowledge of the marketplace, information, negotiating skills, and most of all, being able to get the deal to close, which is most important, once there is an agreement between buyer and seller. It is one thing to identify the right property, and another to negotiate the deal, and to make sure the contract gets signed. The most important is getting the deal closed.

PGM: What would have to happen in the market for things to turn?

AS: Sellers would have to come to the realization that the market is not what it was before — you cannot expect to get the same price for your house or condo as you could have gotten in 2004 or 2005. Also, more buyers will have to start coming out, and they will; and sellers must become more realistic.

PGM: Who are some of the people you have worked with in the past and who are you currently working with?

AS: I have dealt with celebrities, lots of wealthy people, some of the wealthiest people in the world, whose names you wouldn’t know because they are not famous. Basically a lot of people who buy luxury homes are surgeons and wealthy businessmen, some of the wealthiest people around. Luxury homes costing 2 million dollars and more can only be purchased by about 1% of the population, because only a relatively few can afford to buy such properties.

PGM: There are people who get a lot of listings, would you say that is the most lucrative way of doing real estate?

AS: Yes. The first thing that I learned in real estate it that listers last. You must list if you are going to be a successful agent in the real estate business, but in a market like this, if you can find a buyer, you are a hundred times better off, because there are so many listings on the market now.

PGM: Is this a good time for someone who is interested in Real Estate to get into the market?

AS: The best.

PGM: Why so?

AS: From the business end — let’s put it this way — for someone to start working in real estate in this market — no, it is the worst time, but for someone who is just getting into the business, and who wants to learn, and who can support themselves with savings for about 9 to 12 months, it’s a great time. It is going to take you about a year to know what is really going on in this business. A year from now things are going to start moving a bit, so if you are prepared, that’s great. If you need money now, it is not a good time to start working in real estate.

PGM: Tell me what contributed to the bust of the real estate market in miami?

AS: Inflated prices-GREED-that’s it-GREED!

PGM: Some of Miami’s most expensive homes are featured on your site. What does it take to sell these homes?

AS: From a sellers point of view, you want to be able to identify the right buyer for one of these homes, which right now, is not the easiest thing to do. Although there are a lot of people out there looking, the only people who are really buying in the luxury end, are those who can buy a property for less than market value. For example a beautiful home on North Bay Road, closed for $3 million, which is less than the value of just the lot. I don’t know what the situation was, but I know that the seller must have been really desperate to sell, because he sold it at a very low price.

PGM: How do you identify a buyer?

AS: A buyer is someone who fulfills 3 criteria — ready, willing and able. The buyer has to be ready emotionally, he has to be willing to go ahead and buy, and he has to be able to buy. What does able mean? He/she either has the money, or can borrow it.

PGM: Say someone calls you up on the phone inquiring about purchasing a property, how do you know that person is genuine?

AS: I am not going to show a property to a unqualified buyer. There is certain information that is required from this person to determine whether or not he/she has the ability to buy a house.

PGM: The foreclosure rate is extemely high in Miami. Is it only in the low end or in the high end as well?

AS: Most foreclosures are in the lower end, but a few are also in the high end. There was a recent high end foreclosure of the famous music producer, Scott Storch’s house, on Palm Island. That property was later bought by Rockstar Energy Drink.

PGM: Do you believe that sellers will continue to reduce their asking prices to save themselves, if the economy gets worse?

AS: I think sellers will reduce their asking prices out of necessity. They will never do it otherwise.

PGM: What are the most important things buyers look for when house hunting?

AS: A deal. Most people are interested in a deal, particulary nowadays. They are also interested in the area, the security, the value, the condition of the property, and so on.

PGM: Why should someone buy a house as opposed to a condo, right now?

AS: I don’t know if someone should buy a house as opposed to a condo, except that there are fewer houses than there are condos, and house prices have already dropped to the bottom. Houses arent going down much more. Condos still have a little room to go down in the next year or so, because there are so many of them. There are buildings that havent been finished, and there are developers who are trying to sell units in buildings that were built 4 or 5 years ago, and some of those buildings are still half empty. If you are looking strictly for the investment, then you might want to buy a house, but, on the other hand, there are certain things you cannot get in a house unless you are spending millions — things which you can have in a condo for far less, such as security. If you are going to get a house behind a guard gate, you will be paying a lot of money to do so.

PGM: Where would you say is the best place to purchase a condo in Miami?

AS: The most popular building is the one that has the least amount of condos — the Apogee on South Beach, The other one is the Setai on Collins Avenue.

PGM: How about Downtown Miami? has it become quite a buzz lately?

AS: If you want to live in downtown Miami, the best place to get an apartment would be the Icon Brickell because some of the condos have gone down as much as 50% in price. They are beautiful apartments in a great area. I would say the Icon Brickell would be a pretty good deal right now.

PGM: Do you have any advice for someone who wants to buy now?

AS: Make your best deal.

Lil Wayne Selling Murano Grande Miami Beach Condo

2010-02-16T00:24:00.007-05:00

Lil Wayne, rapper, actor, CEO, and fashion designer, is trying to sell his South Beach condo for $2.8 million. The 4 bedrooms, 3.5 bathrooms condo is on the 26th floor (unit 2601) of the Murano Grande, located at 400 Alton Road, in Miami Beach.

The 37 story Murano Grande is a 3 tier tower, directly on Biscayne Bay, in the heart of South Beach, and consists of 270 condo units, ranging in size from 1,400 to 3,990 square feet. At this time, 47 of the Murano Grande condo units are available for sale, from $430,000 to $3,900,000.

The condo boasts a 270 degrees wrap-around terrace, with amazing views of the Atlantic Ocean, Miami Beach, Government Cut, Fisher Island, and the Miami skyline. The spectacular Murano Grande condo building features a state of the art spa, a resort style pool, a tennis court, and great concierge and valet service.

DJ Tim Westwood asked Lil Wayne, in an interview last week, about rumors that the condo would be difficult to sell because of the strong marijuana odor throughout the apartment. The soon to be jailed rapper responded, "We're not having trouble selling it, but all the other stuff is true. The people that are coming to look at it like that more about it. That's like waking in Bob Marley's crib and you still smelling weed and his bed still messed up, and food still on the table. They're like, 'Leave all that shit. I want to buy all that shit.'"

Dwayne Michael Carter, Jr. (the 27 year old rapper's birth name), purchased the condo in August 2007 for $3,100,000. Lil Wayne is awaiting sentencing, after he pleaded guilty to a charge of attempted criminal possession of a weapon. It hasn't stopped him from working hard in Miami, shooting about a dozen videos to promote his recent album "Rebirth".

Scott Storch Miami Beach Luxury Home on Palm Island Sold On The Cheap

2010-02-12T17:19:00.019-05:00

Miami Beach luxury home sales are still dismal, although there is a feeling among those in the real estate business, that things will pick up somewhat this year. One of the reasons that home sales are likely to improve, is that people interested in buying a home or a condo, who have been waiting for the market to improve before taking any investment risks, are slowly entering the market place, looking for great deals on luxury properties.

One great deal was made last week on a property on Palm Island, known as Villa Ferrari, recently owned by music producer Scott Storch. According to the Miami Dade County public records, the property consists of a house with more than 20,000 square feet of living space, on a 30,000 square feet lot, and is located at 70 Palm Ave.

Storch bought the home in 2006 for $10,500,000, but subsequently fell on hard times, and the property was foreclosed by Suntrust Bank in June 2009. Last week, Suntrust sold it to Weiner Russell Trust for $6,750,000, a great price for a 20,000 square feet Palm Island house, if you are a buyer.

The house was not in good shape, and upon entering through the massive front doors of the home, one could see that extensive renovation is needed. Immediately before the sale, a crew of painters and carpenters could be seen doing cosmetic touch up work to make the property appear more presentable. Notwithstanding, the sale of the Miami Beach mansion was a great buy for the new owner.

Weiner Russell Trust, the buyer, is actually Russ Weiner, founder and CEO of Rockstar Energy Drink, a company that produces a beverage touted as the world's most powerful energy drink.

Credit Suisse New Owner Of Miami Beach Gansevoort South Hotel

2010-02-02T23:20:00.004-05:00

Credit Suisse took ownership of the Gansevoort South Hotel in Miami Beach last Thursday, after a New York auction produced no bidders for the 334 room, trendy South Beach resort. The previous owners, father and son team William and Michael Achenbaum tried, unsuccessfully, to find a buyer for their $89 million outstanding loan, before the foreclosure took place last week. Credit Suisse plans to sell the hotel, which presently carries a $390 million first mortgage.

Michael Achenbaum said that operations at the hotel will remain the same, and that the Achenbaum's company will continue to manage the popular Miami Beach resort. The Gansevoort South has been a hot spot to stop for celebrity party goers such as Fergie and her husband Josh Duhamel, and Lady Gaga, among others.

The hotel's 334 guestrooms average over 730 square feet of living space, and boast spectacular views of the ocean, bay, and city. State-of-the-art technology, and oversized bathrooms with separate shower and bath, are featured in every room of this now bank-owned resort. Any buyers?

South Beach Burger King To Sell Beer & Burgers

2010-01-22T22:28:00.009-05:00

photo courtesy of AP
South Beach Burger King will soon open a restaurant with a Whopper Bar, where customers will be able to buy a beer and a burger. A whopper combo, including a burger, Anheuser-Busch or MillerCoors beer, and fries will cost $7.99 at the Miami Beach restaurant.

Last Friday Burger King announced that the bar,which is scheduled to open in South Beach in mid-February, will have delivery service, as well as a walk up window and an outdoor dining area. Only beer will be unavailable for delivery. The first whopper bar opened last year in Orlando, Florida.

The beers will be sold in aluminum bottles to keep them cold, and will cost $4.25 if purchased alone. Chuck Fallon, president of Burger King North America, told the Associated Press that more bars are being considered in cities like New York, Los Angeles and Las Vegas. "You can have America's favorite beers with America's favorite burger," Fallon said.

Miami Condo Prices At Icon Brickell Continue To Fall

2010-01-17T16:33:00.010-05:00

Miami condo owners, who have listed their condos for sale, have all become acutely aware of the steep fall in value of their apartments. The over development of many huge buildings with hundreds of apartments, and no buyers, along with the foreclosures of thousands of other condos in Miami, has brought the condo market to it's lowest level in memory.

The good news is that condos can be purchased at prices that would have otherwise been unthinkable. Luxury real estate at low prices, relatively speaking, has become the norm in Miami.

The Icon Brickell, a 3 tower complex, with 1,796 units, one of the biggest developments in Miami in recent years, has dropped prices more than 50% on units in the third tower. Condos in the Icon Brickell that were selling for $680 per square foot, just a few years ago, can now be purchased for as low as $298 per square foot of interior living area. Condos in the other two towers have dropped about a third in value.

Related Group, the developer of the ultra luxury 3 tower project, is counting on Latin American buyers to come in, and snatch up the multitude of available units, at the steeply reduced prices. For those interested in living in a great area in the heart of Miami, the Icon Brickell is a good choice, and an opportunity to live in a building that is state of the art.

Miami Beach Commissioners Say No To Dolphin Stadium Tax

2010-01-16T18:01:00.007-05:00

Dolphin Stadium, as Miami residents well know, will host the Superbowl for a record 10th time next month. The Superbowl is a real boon for the city, which has not only experienced the effects of the long lasting recession, but has also seen real estate prices fall dramatically over the past few years, and people forced out of their homes by foreclosure.

Next month, money will come into the community, lots of it, thanks to the Superbowl, and the many visitors it brings to Miami. Hotels and restauraunts, retail stores, and many other businesses will benefit from the upcoming event.

Of course, in business, as everyone knows, one hand washes the other, so to speak, and the owners of the Dolphins would like to benefit as well. They want the citizens of the Miami area to help them with renovating the stadium, so that they can remain competitive for future Superbowl bids.

If the Dolphins get the help they want, it won't be from Miami Beach tax payers, thanks to Miami Beach Commissioner Jerry Libben, who proposed a vote to just say no to any tax imposition on the residents of Miami Beach. Last Wednesday, the City Commission voted unanimously, in a 6-0 vote, and passed a resolution stating that no public funding would go to any future renovations of Dolphin Stadium.

Miami Luxury Homes Sold For Bargain Basement Prices

2010-01-12T20:56:00.005-05:00

Miami luxury home at 221 Casuarina Concourse, Coral Gables, Florida

Miami luxury homes have been selling at a snail's pace in the past few years, with only 42 luxury homes with water frontage, sold in greater Miami Beach in 2009. Miami and Coral Gables have also experienced dismal home sales and huge price drops. All of this points to a bottoming out of the luxury real estate market in Miami. More luxury home buyers have re-entered the marketplace, and more sales are closing.

Recently, a fine luxury home in Coral Gables, located at 221 Casuarina Concourse, sold for $7,750,000. The property is just a stone's throw away from one of the most expensive homes in all of Miami, Alan Potampkin's Coral Gables mansion at 11 Casuarina Concourse, offered for sale for a whopping $49,500,000.

The 11,402 square feet, 8 bedrooms, 11 bathrooms home, situated on a 34,876 square feet lot was purchased in 2006 for $9,775,000, and closed last month for $2,025,000 less than the seller paid for it 4 years ago, in February 2006. Many home sales in Miami have mirrored this one, as sellers become more realistic, and realize that times have changed dramatically, particularly with respect to the Miami real estate market.

Many Europeans are visiting Miami this month, and some of them are taking advantage of the best buyer's market that Miami has seen in many years. It can truly be said that there has never been a better time than now, to make a great deal on a luxury home or condo in Miami.

Miami Beach Glass House Sold For $5.6 Million

2010-01-08T20:22:00.017-05:00

Miami Beach luxury real estate buyers are trickling back into the marketplace this month, as evidenced by more showings of luxury homes, more pending sales, and more closings. Last week, a beautifully updated Miami Beach home on Lakeview Court sold for $5,600,000.

"The Glass House-Miami Beach" as seen on Plum TV-true Zen living, is an authentic, modern one of a kind home, with Italian interior sliding glass doors, a Bofi kitchen and Bofi bathrooms, and C.G.I. hurricane impact windows and doors. A Japanese soaking tub, a guest house,a theatre, a gym, a heated infinity pool with a wading area lap pool, a hot tub, an enormous outside covered patio area, and a full summer kitchen are some features that make this home truly unique.

The 5 bedrooms, 6.5 bathrooms, 7,153 square feet house, located at 544 Lakeview Court, is situated on a very large lot measuring 39,496 square feet, just short of an acre (43,560 square feet), and boasts 200 linear feet of water frontage on Surprise Lake. The Miami Beach property was listed for sale for $6,495,000, and remained on the market for 351 days, before closing last week.

Miami Watson Island Developer Buys Another Month

2010-01-02T21:47:00.009-05:00

Watson Island Garden Development Project Rendering

"I think that with this letter we achieve half of what we set out to do last week, and that is to have Flagstone current on payments to the City of Miami," Flagstone attorney Alexander Tachmes of Shutts and Bowen, recently wrote to Miami city officials.

The Island Garden Development on Watson Island, which, 9 years ago, received approval to break ground, from the city and residents of Miami, is at a stall. According to reports, the developer claims that it has become difficult to begin construction, due to the economic meltdown.

Island Garden is a $400 + million waterfront project between the City of Miami and Flagstone Property LLC, intended for public and private use. Island Garden was expected to be a one of a kind destination in South Florida with a mega yacht marina, 2 luxury hotels and residences, expanded retail spaces, dining, entertainment and cultural facilities. A project that was intended to bring tourism dollars, and an estimated 12,500 jobs to the city, now seems like a lost hope.

The developer has not paid rent in 6 months, and is in debt to the city for $498,000, according to reports. After negotiations with the city, he was granted more time to come up with the money. However, he is negotiating a reduction to the $83,000 per month rent. The city is concerned that it will not receive the money due. Public documents show that Flagstone is in debt to the tune of $128,442 in outstanding balances, nearly $2.14 million in liens, and more than $913,000 in lawsuits.

Contributed by Daedrian McNaughton Premier Guide Miami

Bank Of America Tower Renamed Miami Towers

2009-12-30T15:24:00.009-05:00

Ranked the third highest skyscraper in Miami and Florida, the Bank of America Tower at International Place, formerly the CenTrust Tower, will soon have a new name. Effective January 1, 2010, the building will be named Miami Towers.

The 47 floors skyscraper is mainly used for commercial office space, with major tenants such as Bank of America, UBS, American Arbitration Association, and Foley & Lardner LLP, among others. The building is also comprised of restaurants, an executive health club, a park-like sky terrace, an auditorium, a car wash, dry cleaner, florist, atm, metro mover, sky terrace, and a walkway to the Hyatt Hotel and Convention Center.

The iconic Downtown Miami landmark is known for its distinctive night time illumination of shocking colors, commemorating festivities, sports events and other celebrations. Often used to host elaborate and exclusive events, one could pay to have the towers illuminated in a custom theme.

The building is one of many featured on the backdrop of the stage of The Tonight Show. It’s also featured in several films, video productions, and TV shows. The roof was the set of Gloria Estefan's 1994 video for "Turn the Beat Around".

The dramatic 3 tiered glass structure is a popular Miami landmark.
Contributed by Daedrian McNaughton Premier Guide Miami

Miami Beach Loews Hotel Plans $35 Million Renovation

2009-12-27T10:25:00.006-05:00

The Loews Hotel in Miami Beach, located at 1601 Collins Avenue, is one of 18 hotels in the USA and Canada, operated by the New York based company, and is arguably one of the finest hotels in Miami, with 790 rooms, including 50 luxury guest suites, 2 presidential suites, and 6 restaurants and bars.

Loews, which spent approximately $135 million on it's Miami Beach operation, before opening it's doors in 1998, recently announced a $35 million renovation, with plans to renovate all of the guest rooms, upgrade the lobby and build new retail stores. According to Loews Hotel Chief Executive Jonathan M. Tisch, the renovation is necessary to remain competitive with other luxury hotels, such as the 1,504-room Fontainebleau Miami Beach Hotel.

Tisch told the South Florida Sun-Sentinal that he expects business to increase by 10% in 2010, with an improving economy, although he admits that he is uncertain of the long term effects of the global economy on consumers. Notwithstanding, Tisch plans to open a 19th hotel in mid-town Atlanta, and is looking into buying up distressed hotel properties in popular cities like Boston, Chicago, and San Francisco.

Indian Creek Island Home To Victoria's Secret Model Adriana Lima

2009-12-24T00:05:00.020-05:00

Image by wenn.com
Indian Creek, an exclusive island just north of Miami Beach, has recently become home to Brazilian Victoria's Secret model Adriana Lima, 28, and her husband, professional basketball player Marko Jaric, 31, who just agreed to a contract to finish the remainder of the Spanish League season for Real Madrid, a european professional basketball team. The couple, who recently had their first child, plan to remodel the 1958 house, a 7,582 square feet structure, situated on a 1.84 acre lot, with 200 linear feet of water frontage on beautiful Biscayne Bay.

The home located at 22 Indian Creek Island Road, is one of only 40 waterfront properties on Indian Creek Island, sometimes referred to as America's most exclusive municipality. The island is an incorporated city with it's own police force, and a private country club and golf course. A public safety department was created by the city in 1994, in order to provide security and medical services to one of America's finest communities.

The estate was listed for sale in March of this year for $12.9 million, but the price was dropped 3 months later, to a more reasonable $10.95 million, before the property was sold and closed this month for $9 million.

Venetian Islands Luxury Home Finally Priced To Sell

2009-12-23T00:53:00.008-05:00

The Venetian Islands, located in Miami Beach, stretch to Miami across a span of 7 bridges called the Venetian Causeway, the oldest of metropolitan Miami's causeways, as well as one of the most charming areas in Florida. The 6 Venetian Islands are surrounded by Biscayne Bay, and feature amazing views of the water and downtown Miami, not to mention some of the finest luxury homes in Miami Beach.

One of those luxury homes has been on the market for sale since February, and is worth mentioning now, because it is a magnificent Mediterranean estate, which has finally been priced to sell. The spacious 5 bedrooms home, located at 1350 S. Venetian Way, Miami, boasts 7,991 square feet of living space, and has rooms that could be used as additional bedrooms if needed.

Listed in February of this year for a whopping $6,950,000, an incredibly high price, given today's market conditions, the owner dropped the price 2 times, and now has it advertised for $4,985,000, a reduction of almost $2 million. With a private dock, boat lift, and direct ocean access, set on an over sized lushly landscaped lot, measuring 12,250 square feet, with 70 linear feet of bay front, 5 upstairs bedrooms, and a new, drastically reduced asking price, the property is likely to be sold in the next few months.

Miami Beach Gansevoort Hotel Up For Auction

2009-12-13T15:13:00.013-05:00

Miami Beach has certainly seen it's share of economic turmoil during the past few years, and on January 28, one of it's stellar hotels, The Gansevoort South, located at 2377 Collins Ave, now in the foreclosure process, is going to be auctioned to the highest bidder. The trendy 334 room hotel, owned by father and son developers William and Michael Achenbaum, opened on South Beach just 2 years ago, and has become a central meeting point for celebrities, as well as Miami Beach's young, hip party people.

The Achenbaums say that the hotel is making money, but the project's weak condominium sales have put the hotel in a poor financial position. A few days ago they issued a statement to the press, claiming that the hotel is "profitable, and capable of covering it's respective debt."

In addition to it's 334 hotel rooms, the Gansevoort has 259 condominium units, 63,000 square feet of shops, restaurants, and salons, and a marvelous rooftop pool. It also has an outstanding mortgage of $314,000,000. To save the hotel and condo operation, the Achenbaums are attempting to buy back an $89,000,000 mezzanine loan that has been declared in default by the lender, Credit Suisse. The Achenbaums are trying to avoid the end of January auction.

Beachfront Realty Home Sales Show Improving Real Estate Market

2009-12-03T18:12:00.009-05:00

Home sales are improving in Miami, and the numbers tell the story. Beachfront Realty, one of the largest privately owned real estate firms in the State of Florida, with 3 offices, and more than 1,500 real estate agents, closed more than $56,000,000 in sales last month.

According to Beachfront's owner, long time Broker Ed Roberts, sales have improved month after month, since the beginning of 2009. Although many of the sales have been on the lower end of the market, sales of luxury homes have also shown promise, with a recent high-end sale of an apartment in the Jade Brickell in Miami.

Beachfront Realty home sales are a very good barometer of market conditions in the Miami area. Realtors associated with the company are located all over South Florida, and sales that take place, range from the low end to the most luxurious homes and condos in Miami.

The months of September and October were also very good for the firm, considering the depressed real estate market Miami has experienced over the past few years. In September and October 2009, Beachfront Realty closed over $50,000,000 in sales each month, and all signs point to an improving real estate market in Miami.

Home Sales At Highest Level In 2.5 Years

2009-11-23T22:29:00.008-05:00

Home sales increased remarkably in October, reaching the highest level in 2.5 years, albeit an inordinate number of those sales were to first time home buyers rushing to take advantage of the federal government's soon to expire tax credit. Nevertheless, the news is wonderful, and may be an indication that the worst is definitely over. Check out the video clip below, about the present state of the real estate market.

Visit msnbc.com for Breaking News, World News, and News about the Economy

Dwyane Wade House For Sale

2009-11-20T16:30:00.005-05:00

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

2009-11-13T12:57:00.009-05:00

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

2009-10-27T16:50:00.013-04:00

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

2009-09-19T19:44:00.009-04:00

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

2009-09-05T15:33:00.010-04:00

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

2009-08-31T17:07:00.009-04:00

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

2009-08-24T18:49:00.010-04:00

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

2009-08-13T13:36:00.014-04:00

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

2009-07-28T19:13:00.003-04:00

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

2009-07-18T20:31:00.013-04:00

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.

Shaq's Star Island Sale May Set Price Floor

2009-07-10T16:18:00.030-04:00

The following is a reprint of an article published today quoting Alex Shay's view of Star Island real estate.

By Sally Apgar July 10, 2009

The recent revelation that basketball star Shaquille O’Neal finally sold his mega-manse on swanky Star Island for $16 million — a substantial discount from the $35 million he once sought — might not thrill his neighbors.

They include Rosie O’Donnell, Gloria Estefan, Sean “P. Diddy” Combs, Lenny Kravitz and billionaire Phillip Frost, and it’s a safe bet none would welcome being added to the list of celebrity poster children for the luxury housing crunch.

The sale price of $16 million is a mind-numbing drop of 54 percent from his original list price in 2005 of $35 million.

It was a great deal for the buyer, Vladislav Doronin, the Russian billionaire boyfriend of supermodel Naomi Campbell, but what does that mean for the market value of neighboring houses?

Some real estate experts say that the sale of Shaq’s house and an $8.1 million August 2008 transaction for the mansion next door to Rosie are the latest comparable sales figures for the ultra-luxury enclave, and as such have established a new, drastically dropped floor in pricing for the exclusive man-made island.

“Star Island is down at least 50 percent from two years ago,” said Carlos Justo, a real estate broker to the stars who sold Rosie, Diddy and Estefan their homes. Justo ran into his own troubles investing in high-end homes, and made headlines last spring when he declared bankruptcy and said he was $20 million in debt.

But others dismiss the theory Shaq’s house will sink sales, saying there are only 35 homes on the hyper-exclusive island in Biscayne Bay. Only the very wealthy can afford the rarified luxury of Star Island and there are never more than a few homes on the block at a time.

“It’s simple supply and demand,” said Alex Shay, who sells luxury homes in Miami Beach. “There is only one Star Island; nothing else compares to it.”

Star Island is an oval-shaped, man-made island created in 1922 by Carl Fisher, an automotive parts pioneer and the co-founder of Miami Beach. The U.S Army Corps of Engineers dredged sand to build Star Island and several neighboring islets, including Fisher Island, where homeowners include Julia Roberts, Oprah Winfrey and Mel Brooks.

Although Shay doesn’t think that Shaq’s sale alone will drive prices down, he says Star Island and most of Miami Beach have not seen property values increase since 2003 or 2004, the peak of the market.

Shay and Justo agreed that sellers still insist on asking more than their homes are worth and buyers are just as stubbornly offering at least 20 to 30 percent less than the asking price.

“Greed hasn’t gone anywhere and foolishness is everywhere,” said Shay.

Last August, Dr. Cem Kinay, a physician, luxury resort developer and owner of a 560-acre island in the Turks and Caicos chain, bought 44 Star Island in an estate sale for $8.1 million, a discount of 17 percent from the asking price of $9.75 million.

“Dr. Kinay’s home and Shaq’s will establish a new level,” said Justo in an April interview.

The biggest sale on the island, which also set a record for Miami Beach, was in 2006 when Stuart Miller paid $27 million for three one-acre lots and 300 feet of waterfront. Miller is the president of Miami-based Lennar Homes, which has suffered enormously in the housing bust, with its stock price sinking 80 percent in the past three years. On an island where waterfront is precious currency, Kinay, only two years later, paid $8.1 million for 250 feet of waterfront and a one-acre lot.

Kinay’s next-door neighbor, Rosie, put her Star Island home on the market for $16.7 million in 2003, but changed her mind and didn’t sell. Rosie paid $6.75 million in 1999 for the estate.

In 2008, Shaq’s manse was assessed at $26.4 million, but still sold for $10 million less. Rosie’s house was assessed in 2008 at $11.9 million.

“Star Island has come down 50 percent from two years ago and we still haven’t hit bottom,” said Justo.

Time Magazine Real Estate Article Quotes Alex Shay Perspective On Higher Taxes

2009-06-30T14:46:00.010-04:00

The following is a reprint of a Time Magazine real estate article, quoting this writer:

Florida's Property Taxes Go Wacky in Housing Slump

By Tim Padgett Monday, Jun. 29, 2009

In Palm Beach County, buyers who find fire-sale bargains at foreclosed-home auctions — picking up, say, $400,000 houses for $100,000 or less — are realizing they're required in many cases to pay the same property taxes if the homes were still valued at $400,000.

In Miami-Dade County, to the south, where 1 in 4 homeowners is 30 days or more behind in his or her mortgage payments, residents are bracing for what Mayor Carlos Alvarez says could be an imminent property-tax hike to fill an almost $400 million budget hole — a move that veteran Miami realtors like Alex Shay insist would set recovery back. "It's out of line," says Shay, who recently took Alvarez to task on his Miami Real Estate blog. "A lot of people here are barely holding on to their properties, using credit-card advances to pay escrow, and the county wants them to take another hit?"

Welcome to Florida, the land of no income taxes — and killer property taxes. Whether it's a nightmare for someone who just purchased a Florida foreclosure or a tax hike that proves the last straw for some struggling homeowner, it's bad news for the individual, and increasingly for the state. It's also a painful reminder of the halcyon days when Florida's economy could lazily rely on soaring real estate prices — and related taxes — to pour ever more money into government coffers. Now local governments say they're broke, thanks to the housing bust, and many are trying to maintain the lofty property-tax rates levied during the housing boom or even increase them — even though that could exacerbate the housing bust.

Truth is, a dysfunctional property-tax system has been haunting Florida, if not many other states, far longer than the recession has. Over the past generation, Florida's explosive but fecklessly managed growth drove up real estate values, and therefore property taxes, beyond the reach of more and more families. In the 1990s the state adopted a "homestead" measure which, when homeowners become eligible for it, caps their assessed property-value increases at 3% a year (part-time residents don't qualify). But when houses are sold, a far higher base assessment usually applies, creating absurd situations in which neighbors with similar properties pay wildly disparate taxes. And during the boom, in expensive markets like South Florida, homeowners who had yet to qualify for the cap often saw their property levies double in just a few years — a big reason half of all South Floridians in a 2007 Zogby International poll said they were considering moving out of the state.

But lately the situation has gone from bad to, well, perverse. "One of the frustrating paradoxes of the recession is falling real estate markets and rising property taxes," says Kurt Wenner, research director at Florida Tax Watch in Tallahassee. A 2008 state reform, as well as another scheduled to go into effect next year, has reduced some of Florida's property-tax burden by making the cap more generous and accessible to more residents. But because of arcane provisions in the homestead law, government appraisers can tell a homeowner that although his house's current market value may be as depressed as a Florida sinkhole, its taxable value is still high or rising. More important, many of the state's county and local governments are raising their millage rate (the rate per $1,000 of assessed value that determines the property-tax bill) to make up for budget shortfalls.

One element of confusion, if not contention, is the tax bill due on dramatically discounted homes bought at foreclosure auctions. Those purchases, which represent about 40% of new home purchases in Florida now, are driving any home-sale revival the U.S. is seeing (even if they also help drive down surrounding home prices). But in many if not most cases, people buying foreclosed homes have budgets "that can afford the taxes on a $100,000 house but not necessarily a $400,000 house," notes Brian Paul, CEO of the Realtors Association of the Palm Beaches. Of course, Palm Beach County executives take a different view. "Introducing foreclosure into the [property appraisal] equation may be an interesting idea," says John Thomas, director of residential appraisal at the Palm Beach County Appraiser's Office, but "people should remember that property assessments are made based on the surrounding neighborhood more than a specific house."

Of course, homeowners can appeal to their county's value-adjustment boards to negotiate lower assessments. And real estate experts like Paul say onerous tax bills aren't proving too large a hindrance to foreclosed-home purchases. The bigger concern is that during the boom, many local governments spent their revenue windfalls like sailors, which makes taxpayers less sympathetic to their budget whining. Mayor Alvarez insisted this month that "it's almost impossible that we can achieve an acceptable budget" without a property-tax increase. But because Miami-Dade residents saw so much official profligacy during the housing bubble — county commissioners were famous for having cops chauffeur them around town, which cost hundreds of thousands of dollars in police overtime — Alvarez's suggestion is being met instead by calls to further streamline the county's bloated bureaucracy.

Shaquille O'Neal's House On Star Island Sold To Naomi Campbell's Billionaire Boyfriend

2009-06-25T17:22:00.011-04:00

Shaquille O'Neal's house on Star Island, Miami Beach, one of the most exclusive locations in Florida, sold and closed on Tuesday for $16,000,000. The 2-story architectural masterpiece was previously owned by former Miami heat player Rony Seikaly, who sold it to Shaq. According to published reports, the property was purchased by super-model Naomi Campbell's billionaire boyfriend, Vladislav Doronin.

The property located at 26 Star Island Drive, is situated on a very large lot, measuring 106,888 square feet (just short of 2.5 acres) with 312 linear feet of waterfront. The 19,444 square feet house needs total renovation, as it has not been updated in years.

Star Island sits like a floating jewel in the aquamarine waters of Biscayne Bay, between the main land and Miami Beach. The waters surrounding the island are part of the Biscayne Bay Aquatic Preserve. Star Island is not only coveted for its supreme, unspoiled waterfront location and limited number of residents, but also for its extreme privacy. Accessible by just one bridge, the gated enclave boasts many famous residents as well as Miami’s wealthy elite.

Miami Beach Real Estate Foreclosure - Scott Storch's House

2009-06-23T18:55:00.013-04:00

70 Palm Ave, Miami Beach Florida - Villa Ferrari

Miami Beach real estate foreclosures are happening far too often these days, and Scott Storch' s house on Palm Island, named Villa Ferrari, is next. The Miami Beach mansion, 18,000 square feet of house on a 30,000 square feet lot, located at 70 Palm Ave., will be auctioned off at the Miami Courthouse in downtown Miami this Friday, June 26.

Mr Storch, a well known music producer, who has worked with stars such as Beyonce Knowles, Mariah Carey, and Paris Hilton, purchased the Palm Island estate for $10,500,000 in May 2006. As the real estate market began to lose value, and Scott Storch fell on hard times, with a reported drug addiction, his problems began to mount. According to several newspaper articles, the young Mr. Storch is recovering at this time.

The house has been in foreclosure for many months, and is no longer what it was when it was built just 5 years ago. It needs some renovation, and, although a number of prospective buyers have viewed the home, there have been no takers to date. The final judgement against Mr Storch was in the amount of $8,484,836.

Miami Beach Real Estate For Sale - Luxury Homes Are Plentiful

2009-06-19T21:00:00.019-04:00

Miami Beach real estate sales have been sluggish for almost 3 years, and the trend continues today. Some sellers are still asking buyers to pay $1,000 or more per square foot of interior living space, in areas where waterfront homes are selling for more like $700 per square foot. The inflated prices have slowed the luxury Miami Beach real estate market to a standstill, with few closings taking place, and an over-abundance of luxury waterfront homes for sale.

As of today, there are 43 waterfront homes for sale on the Venetian Islands, as compared to 40 properties that were on the market in February 2009. The four Sunset Islands have 18 waterfront homes for sale, as compared to 14 houses for sale 4 months ago. In February, there were 31 homes for sale on Palm Island and Hibiscus Island, and today there 30. On North Bay Road, there are 19 bayfront properties listed for sale, compared to 16 that were available in February.

Numbers don't always tell the entire story, but those people who were involved in the Miami Beach real estate market in 2004, may remember that there were relatively few homes for sale in those days, and when homes were listed, buyers were often outbidding each other, and homes were selling for the asking price, and often, for more than the asking price. When a property was listed, it didn't take very long to sell. It's a far different story in June 2009, so one would think that sellers now "get it". They don't.

Asking prices are still inflated. Part of the fault lies with realtors, who are willing to accept listings at almost any price, in order to prevent other realtors from taking the listing. When a seller tells an agent that he/she wants to sell the property for 50% more than the realtor knows they could possibly hope to get, the agent goes along with the seller, and secures the listing at the inflated price, hoping that the seller will lower the price in coming months. The results of this practice are evidenced in the stragnant luxury real estate market we are presently experiencing.

For buyers who have the money, it's a great time to buy property, because a buyer can easily have his/her way with a seller, often purchasing a luxury home for hundreds of thousands, or even millions of dollars less than they would have had to pay just a few years ago. REO's, which are bank owned properties, can be bought at bargain basement prices as well. In past years, very few luxury homes on Miami Beach were foreclosed, but not so anymore. Homes that were purchased for millions of dollars a few years ago, and subsequently foreclosed, can now be bought from banks at huge discounts. Oftentimes the same bank that owns the property will also take back a mortgage from the buyer.

Miami Real Estate Tax Increase Pushed By Mayor Carlos Alvarez

2009-06-07T17:18:00.024-04:00

Miami real estate taxes are going up, by the good graces of Miami-Dade Mayor Carlos Alvarez, who said last week, "It's almost impossible that we can achieve an acceptable budget with cuts alone. There is a real possibility of millage and fee increases.'' It is as if Miami homeowners were not in enough trouble already, with one of four Miami property owners being 30 days or more behind on their mortgage payments.

Miami residents remember well the boom years, when property values soared, and along with the inflated prices, millions of dollars more in property taxes were deposited into the coffers of Miami-Dade; taxes were not lowered in favor of homeowners, but instead the city found other ways to spend the windfall dollars received. Now that things have changed, and the money has been spent, Mr. Alvarez, a Republican, (the party that speaks of smaller government, less spending, and lower taxes), is going to raise taxes on suffering homeowners.

The reason for the increase is that Miami-Dade needs more money in order to provide a number of services. The only way to get that money, according to the Mayor, is by taxing suffering homeowners. The fact that Miami-Dade homeowners also have budgets, which they are unable to support, doesn't seem to matter to Mayor Alvarez. Covering the budget matters.

It seems like the Mayor is up for a fight with some commissioners who have already lined up against the tax increase. Commissioner Rebeca Sosa wants Miami-Dade to consolidate departments, cut some government jobs, and to eliminate some services, but is adamantly against a tax hike. Commissioner Javier Souto said that ''We need to adjust and squeeze. Tax increases at this moment are unthinkable.'' Ain't it the truth.

Miami Beach Real Estate Auction Scheduled

2009-05-31T11:11:00.069-04:00

Miami Beach real estate has slowly and steadily lost a substantial amount of its value in the past few years. Most homes are selling at 2003 prices, with a few exceptions, and the bottom is yet to be seen. Foreclosures on Miami Beach were almost unheard of a few years ago, but not so anymore. On Wednesday June 3rd, 2009, another luxury home is scheduled for auction at the Courthouse in downtown Miami.

The property, located at 5005 Lakeview Drive in Miami Beach, consists of a charming Mediterranean house with 6,000 square feet of interior living space, that is situated on a lot measuring 47,540 square feet, with 200 linear feet of frontage on the intracoastal waterway. The large family home was purchased in March of 2004 for $3,100,000, according to the Dade County Property Records, and is presently being offered as a short sale for $3,000,000.

The estate has been on the market for sale since September 2007, when it was listed for $6,500,000. Five subsequent price reductions brought the price down to the $3,000,000 being asked today. The property is unlikely to be sold at auction, because most luxury home buyers are still sitting on the sidelines waiting to see how the real estate market plays out. Literally hundreds of luxury homes are presently for sale on Miami Beach, and the buyers are few.

Home owners who really want to sell are going to have to come to grips with a very different reality, the one that exists today, not the one that existed yesterday. Prices of luxury homes on Miami Beach are still inflated, and sellers are reluctant to admit that they may have to accept 30% to 50% less for their property than they originally anticipated. For those who doubt, there are some interesting statistics that appeared on Friday in the Miami Herald.

According to figures released by the Mortgage Bankers Association, in the first 3 months of this year, Florida ranked first in the country in foreclosures, with 11% of of its mortgage loans in foreclosure. In addition, one of four borrowers in Florida were either late on their mortgage payments or in foreclosure during the first quarter of 2009. A report just released by Zillow.com, a web based real estate service, states that approximately 71% of home owners who purchased a home or condo in Miami in the past 5 years, are "underwater", meaning that the amount they owe on their mortgage exceeds the present value of their home.

For home buyers, luxury or otherwise, all of this is good news, because a buyer can practically have his/her choice. "Low-ball" offers which were once frowned upon by both sellers and realtors, have become commonplace in today's market. As Donald Trump recently said on Larry King Live, "There has never been a better time to buy".

Continuum Condo South Beach – Alex Birkenstock Buys Penthouse for $9.9 Million

2009-05-25T14:17:00.019-04:00

Continuum South Beach is one of the finest condo buildings on Miami Beach, standing 42 stories high, and located at the southernmost tip of South Beach. About 10 days ago, Alex Birkenstock, a German bachelor, and reportedly a member of the famed footwear Birkenstock family (although his New York realtor insisted that he is a “private hedge fund guy”, and not the Alex Birkenstock who recently departed from the operational business of Birkenstock), purchased a tri-level Miami Beach penthouse in the Continuum for $9.9 million. Birkenstock had no comment to make regarding his identity.

The 7,374 square feet, 5 bedrooms, 7.5 bathrooms condominium, on the 40th floor of the Continuum South Beach, boasts 360-degree views of the Atlantic Ocean, Biscayne Bay, and the city. The residence features 13 feet high ceilings, and a 26 feet high ceiling in the dining room, its own private elevator, and smart house touch panels that allow you to operate everything from the lighting to security to high-end audio and video systems. This most luxurious apartment in the sky is truly state of the art.

The Continuum is situated on 13 acres of some of the most prized real estate in the world, featuring 3 pools, 3 tennis courts, and 2 restaurants. Birkenstock bought the condo from Howard and Lilly Steinberg, who, according to the Dade County property records, purchased it in June 2003 for $7 million.

The Steinberg’s had been trying to sell the penthouse since March 2007, when they listed it for $25 million. In December 2007 they reduced the price to $21 million, and when they were unable to secure a buyer, they again lowered the price to $14.5 million at the end of November 2008.

Hibiscus Island Home Of Ponzi Scheme Swindler Scheduled for Auction

2009-05-19T22:43:00.058-04:00

Hibiscus Island Miami Beach Home - 394 S Hibiscus Drive, Miami Beach Florida

Hibiscus Island, adjacent to Palm Island, is a guard-gated island community, with 24-hour Miami Beach police security, and some of the most luxurious homes in South Florida. 394 S. Hibiscus Drive is the address of one of those homes, a luxurious 5,500 square feet luxury waterfront home on a large lot, which, up until just 2 months ago, belonged to the now infamous Edward Okun, recently convicted of bilking investors out of $126 million in an elaborate ponzi scheme.

In just about 10 days from now, the property is scheduled for auction at the Miami Court House. Okun, of course, is behind bars, while he awaits sentencing for the crime. He purchased the 7 bedrooms, 7 bathrooms Miami Beach home in 2005 for $5,500,000. The jury found Okun guilty of conspiracy to commit money laundering, money laundering, and conspiracy to commit mail and wire fraud, wire fraud, bulk cash smuggling and perjury.

A-Rod’s House In Coral Gables $11,000,000

2009-05-15T12:51:00.014-04:00

A-Rod's House Coral Gables Florida $11,000,000 - 181 E Sunrise Ave

A-Rod’s house in Coral Gables remains on the market for sale, after 8 months. New York Yankees star, Alex Rodriguez listed the home for sale in mid-December 2008 for $12,300,000, but quickly lowered the price to $11,000,000 after only 2 months. He purchased the property, located at 181 E Sunrise Ave, Coral Gables, FL., in 2004 for $12,000,000, and according to Dade County public records, there is a $5,500,000 mortgage attached to the home.

The mansion is one of Coral Gables’ finest, with 8,310 square feet of living area, situated on a 46,243 square feet lot, with breath taking ocean front views. The 6 bedrooms, 5 + 3 bathrooms home has been completely renovated, and is also for rent for a cool $35,000 per month.

First Time Home Buyer Tax Credit – Use It For A Down Payment On Your Home

2009-05-13T21:07:00.010-04:00

Tax Credits for first time home buyers were recently announced by the Obama administration. Yesterday, Secretary of Housing and Urban Development, Shaun Donovan announced that the Federal Housing Administration (FHA) told lenders to inform first-time home buyers that the $8000 tax credit to first time buyers can now be used as a down payment.

This is very good news to many Miami home buyers who have been saving up for their first home. It will be a real boost to the low end Miami real estate market, and may help the local economy, as buyers begin to renovate their recently purchased homes.

Of course there are some restrictions, the main ones being that the home must be a principal residence, and must be purchased before December 1, 2009. Before the announcement by Secretary Donovan, home buyers would have received the tax credit only after filing their 2010 federal tax return.

In addition to helping home buyers, and stimulating the economy, the extra money that first time home buyers will now have available for renovations, will also aid in improving the appearance of the neighborhoods they live in, and thereby boost home values in the future. For those who have never purchased a home before, and who have been saving for a down payment, there has never been a better time to buy.

Apogee Condo South Beach Sold For $6,000,000

2009-05-06T20:02:00.023-04:00

Apogee Condo, South Beach, located at 800 South Point Drive, is one of the finest condominium buildings in Miami Beach. With only 67 private residences in the heart of South Beach, the Apogee boasts 10 feet high ceilings in every condo, as well as a midnight kitchen in every master bedroom, and a summer kitchen on each balcony. Each floor shares 4 apartments, and has a private elevator.

Two days ago, a beautiful Apogee condominium on the 11th floor (unit 1104) of the 22 stories high structure, sold for $6,000,000, only $800,000 below the asking price, or a discount of about 12%. In former times, a 12% discount would be pretty high, but not so in the presently depressed Miami real estate market.

The Apogee condo was advertised as being located on the best line in the prestigious South Beach condominium building. A spacious 4,154 square feet of living space is divided into 4 bedrooms, and 5 bathrooms, with intoxicating views of Biscayne Bay, and Fisher Island in the distance. One of the finest features of this beautiful unit is a terrace, extending 11 feet beyond the apartment’s exterior wall, and measuring an ample 2,400 square feet. Not bad for a South Beach condo that just sold for $1,444 per square foot.

Pending Home Sales Jump Defies Expectations

2009-05-04T18:03:00.012-04:00

According to a report by CNN today, pending home sales nationwide, jumped by a surprising 3.2% in March over the previous month. The report goes on to state that overpricing seems to be ending, although, according to this realtor, that is not at all the case in Miami.

Some possible good news for the Miami real estate market is that the greatest gains in pending home sales is in the southern part of the US, which saw an 8.5% jump from February to March, and a 7.7% pending home sales jump from one year ago. President of the NAR (National Association of Realtors) Charles McMillan, said in a prepared statement “For buyers who've been on the sidelines and have good jobs, the market has never looked more favorable.”

No one can know for certain the exact time of a bottom in the real estate market, but there are signs that point to a recovery. More people are looking at properties to buy, more realtors are receiving more phone calls from more prospective buyers, than in the past 2 years, and more home showings are taking place. For the real estate market in Miami, that is very encouraging news.

Miami Real Estate - The Magic City

2009-05-02T19:05:00.029-04:00

Miami At Night ©2006 - 2009 copyright all rights reserved

The Miami real estate market began when Julia Tuttle, a local landowner, persuaded the founder of Standard Oil to expand his railroad to Miami and build his own resort. On July 28, 1896, Miami's real estate market was given life. Miami grew rapidly in its first 30 years. After World War II, Miami's real estate was fueled by the area's perfect weather and tranquil beachfront location. However, the real estate development was cut short by a destructive hurricane followed by the Great Depression.

In the mid-1930's, the Art Deco buildings were constructed and this boom in the real estate continued until 1942. After World War II, thousands of Miami's soldiers settled in the city. In 1950, the once called Magic City became the "Crime Capital" when thousands of gangsters and gamblers moved to Miami.

By the late 1980's, Miami rose to international popularity when a movie was set in the city and gave Miami the deserving attention it wanted and needed. People from all over the US moved to Miami and tourists were coming to experience the place. Today, Miami stands as the third most popular tourist spot in the US after New York and Los Angeles, and is once again fondly referred to as the magic city.

Gables Estates Coral Gables - Casuarina Concourse Estate $49 Million

2009-04-30T18:11:00.047-04:00

11 Casuarina Concourse in Gables Estates, Coral Gables Florida - Alan Potamkin's House

Gables Estates Coral Gables, one of Miami's loveliest communities, is an area with ultra-luxurious homes nestled in a neighborhood of 192 properties, and is home to former Miami Heat coach Pat Riley. Entering the guard-gated, exclusive community of Gables Estates, via Casuarina Concourse, and driving all the way to the very end of the peninsula, passing some of the most beautiful homes in Florida, one finds him/herself in front of, perhaps the most grandiose property in all of Coral Gables, 11 Casuarina Concourse, home of Alan Potamkin.

Situated on a 3.5-acre lot, the spacious 20,862 square feet house, with 8 bedrooms, 11 bathrooms, and 2 half-baths, faces the open waters of Biscayne Bay, with breath taking, testimonial views of Miami’s unmatchable beauty. It is no wonder that Miami is so often referred to as the magic city.

Last week, the estate was listed for sale with a price tag of $49,500,000, making it Coral Gables most expensive home. The property juts into Biscayne Bay and is surrounded by 880 linear feet of waterfront. Attached is a 150 feet long dock to accommodate a yacht of equal length. Replete with a lighted tennis court, adjacent to a private guest suite, which sits on it’s own acre, the estate was built to satisfy those who can afford the very best in real estate.

Some additional features of this marvelous Coral Gables mansion are an upstairs master suite with a full gym, billiard and media rooms, luitron lighting & a 12-camera security system. Any takers? Photos courtesy of Avatar Real Estate Services

Fisher Island Condo Sold For 60% Of Asking Price

2009-04-24T17:32:00.016-04:00

Fisher Island Condo at 7912 Fisher Island Drive Sold for 60% of the Asking Price

A Fisher Island condo, on the ground floor, just steps away from the ocean with northeast views of the pool, and cruise ships in the distance, and just a few steps from the beach, sold last week for $5,457,000, just over 60% of the $8,970,000 asking price. The finely designed home, features a master bedroom suite, with an adjacent gym, and renovated and expanded guest bedrooms.

The 5,600 square feet condo has 5 bedrooms, and 6 bathrooms. Originally listed in August 2007 for $12,500,000, the price was dropped twice, and the property finally sold for less than half of the original price. The sale should serve as a good lesson to those sellers who have a need to sell, but are still pricing their properties at inflated values, remaining oblivious to present real estate market conditions.

Fisher Island real estate encompasses a 216-acre private island residential community of unrivaled luxury and splendor. The classic, Mediterranean style, private residential community of Fisher Island is nestled in a tropical-lush island club resort. Here, residents discover the privacy and security of an island where cultures from 40 nations blend against the backdrop of a cobalt-blue sky and the Atlantic Ocean. This private Miami Beach community, with its own zip code, is easy to reach by boat, seaplane, helicopter or car ferry.

Florida Governor Very Upbeat On Real Estate

2009-04-18T10:18:00.022-04:00

As part of this year’s Great American Realtor Days, 10 Florida realtors met with Governor Charlie Crist in Tallahassee this week, where discussions took place regarding real estate trends and current market conditions. The Governor was very upbeat, and told those in attendance that now is the time to buy real estate in Florida. Governor Crist said, "It doesn't get much better than this. Supply and demand is going to come into balance here. Two to three years from now, people will be saying, 'Back in April 2009 I could have gotten that home for so many dollars’; so you don't want to wait. Prices have gotten as low as they can. Now is the time to buy, while the deals still exist."

The Florida Association of Realtors (FAR), an organization with 125,000 members, was represented by 1,000 Realtors at the two-day Great American Realtors event. Realtors also expressed their positive outlook, telling the Governor that according to data compiled by the FAR, existing home sales this February were up by a whopping 20% over the same period last year. In addition, February home sales statewide were up 17% over January.

There are a number of reasons why real estate sales are beginning to show signs of improvement. Mortgage rates have dropped below 5% in most parts of the state, first time homebuyers now receive an $8,000 tax credit, and more people are taking advantage of housing opportunities that have become more affordable. The economic stimulus package has also become a major plus, encouraging more buyers to enter the market place.

Al Capone House Miami Beach Still Pending

2009-04-16T00:23:00.022-04:00

Al Capone’s former Miami Beach home, located on exclusive Palm Island, is still a pending sale, according to the Southeast Florida Multiple Listing Service. The property was listed for sale in early 2006, for the first time in more than 35 years, and was on the market for 28 months, before it became a pending sale in June 2008. The closing is scheduled to take place within the next few months.

The historical home needs total renovation, and if not for city ordinances that prohibit the demolition of buildings of historic value, it would probably be torn down, and replaced with a new structure. The house sits on a large 30,000 square feet lot, with 100 linear feet of frontage on Biscayne Bay’s intracoastal waterway, with a view of adjacent Hibiscus Island.

The 6,103 square feet house was built in 1922, and is one of the oldest homes on Miami Beach. The asking price for the property was $6,800,000. According to a Miami Herald report, Henry Morrison, who owns the home located at 93 Palm Ave., purchased it in 1971 for $56,000.

Alonzo Mourning Sells Miami Home

2009-04-11T06:43:00.020-04:00

Alonzo Mourning Miami Home Sold For $6,000,000

Alonzo Mourning, retired Miami Heat player, and NBA star, recently sold his Miami Home for $6,000,000. Located in Coconut Grove, at 3525 Anchorage Way, the 5 bedrooms, 5.5 bathrooms, 10,121 square feet home, is situated on an 18,583 square feet lot, with spectacular views of the Biscayne Bay from almost every room in the house.

The closing took place only two days after the Miami Heat retired Mourning’s number 33 jersey. The house was originally listed in 2006 for $10,000,000, but the price was subsequently dropped to $8,750,000, before it finally sold for $2,750,000 below the asking price, a discount of about 31%.

A German couple, Timo and Georgia Kipp, who had been leasing the house since last August, purchased the property. Apparently, the Kipps liked it enough to buy it. Alonzo Mourning owned the house since 1996, when he paid $3,200,000 for the property.

Miami Beach Real Estate - One of Miami’s Most Expensive Homes

2009-04-08T00:34:00.015-04:00

1736 W 28 St. On Sunset Island I, Miami Beach Is For Sale $29,900,750

One of the most expensive homes in Miami Beach is for sale on exclusive Sunset Island I, for $29,900,750. Designed by Maurice Fatio, the 11,388 square feet home located at 1736 W 28th St., Miami Beach, is situated on a lot measuring 70,886 square feet, with 453 linear feet of frontage on Biscayne Bay.

The four Sunset Islands are located in the heart of Miami Beach, and the home is located on the tip of the first, and northernmost of the islands, one of the very best locations in the entire Miami area. The historically significant 7 bedrooms, 7.5 bathrooms house was built in 1936, and is designed in the Neo-classic style, with a contemporary feel. The 1.63 acres property is named La Tranquilla, and boasts sweeping views of the wide bay, an Olympic size pool, and the well-manicured surroundings of a tropical haven.

The previous sale of this most desirable home, was in June 2000, for $8,425,000. Less than 2 months later, the property was listed again, for $11,500,000, and in August of the same year, the price was raised to $12,500,000, before the listing was cancelled in April of 2001.

Stuart Geller Wins South Florida Top Home Designer Award

2009-04-05T15:39:00.050-04:00

Stuart Geller, founder and president of Geller Design Group, has won numerous awards in the Miami area, for excellence in interior design. Recently, the Builders Association of South Florida (BASF) gave Geller the coveted Platinum Award, for designing a wonderful residence in the Porto Vita (seen below), one of the finest buildings in Aventura.

Mr. Geller has also earned BASF Platinum Awards for a major developer’s model residences, as well as the Builders Association Best of the Best Award for a private residence. Geller has traveled extensively, and his expertise extends beyond South Florida, to homes he has designed for his international clientele in Mexico City, Caracas, New York, and New Jersey.

He feels that people who have trouble making their own design decisions, such as retirees, whose needs have changed, especially appreciate the gift of design. Stuart Geller wants people to know that although he is a recognized designer, one doesn’t have to be rich or famous to come to him. He said, “Sometimes people are afraid to come to a well-known designer, but we can work within your budget”.

Miami Real Estate Prices - What's Happening?

2009-04-03T14:19:00.020-04:00

60 La Gorce Circle On Miami Beach's La Gorce Island Sold For $3,200,000

A large lot on exclusive La Gorce Island was finally sold on Monday, after sitting idle on the market for well over two years. The property, located at 60 La Gorce Circle, on Miami Beach, was listed for $4,999,000, but closed for a much lower price of $3,200,000, a discount of approximately 36%.

The previous sale of the vacant lot was for $4,700,000 in August 2004, at the height of the Miami real estate boom. Eight months later, the property was again listed for sale, this time, for an incredible $6,800,000. When the seller failed to bring in a buyer, due to the inflated price, he was forced to reduce it 3 times, as the empty lot remained stagnant on the market for almost 2 years and 5 months, before Monday’s closing took place.

The sale is very interesting, in that it exemplifies just how much prices have dropped in the Miami area. Notwithstanding, if one takes a look around at asking prices of luxury homes and condos in Miami and Miami Beach, it becomes increasingly clear that asking prices are much higher than they should be. Sellers have evidently been somewhat oblivious to this fact, and it is becoming painfully obvious that if they want to compete in the present market place, they are going to have to become much more realistic.

Things have changed dramatically, and change is sometimes very difficult to accept. It is a buyer’s market, and it will be a buyer’s market, for the foreseeable future.

Four Seasons Condo For A Great Price $1,175,000

2009-03-27T16:20:00.011-04:00

Four Seasons Condo at 1425 Brickell Ave. For Sale $1,175,000

There is a great deal on a 2 bedrooms condo in the Four Seasons, one of Miami’s finest residences, and the tallest residential tower south of New York City. Standing 70 stories high, the Four Seasons Millennium Towers caters to those who demand the highest quality, as well as a luxury lifestyle.

The wonderful 2 bedrooms, 2.5 bathrooms apartment (see virtual tour), features floor to ceiling high impact glass, hurricane proof windows, and absolutely amazing views of the city and bay. Located on the 48th floor, unit 48C is on the market for sale, for an asking price of $1,175,000, after just being reduced from $1,300,000.

The sought after corner unit is equipped with top of the line appliances, such as a Miele stove top and oven, and a Sub-Zero refrigerator. The luxury condo is finished with marble floors.

Miami Luxury Homes - Why Don't They Sell?

2009-03-24T17:59:00.010-04:00

Luxury homes in the hundreds, line the greater Miami Beach community, which stretches from South Beach (1st and Ocean Drive) all the way through Bal Harbour (96th through 102nd St.), and is one of the nicest areas in all of South Florida; the real estate in this area is very desirable. So why aren’t luxury homes selling? Is it the economy? It is partially the economy, but homeowners, as well as realtors, are also somewhat responsible.

Miami Beach is an area with some of the most desirable luxury homes in Florida, and although the economy is in a big mess, with so very many foreclosures, luxury homeowners have not been as hard hit as many others, whose homes are valued at far lower prices. Nevertheless, sellers continue to list their homes with realtors, at inflated prices, which they cannot possibly hope to obtain. Many realtors, in their zest to secure a listing on a luxury property, will often list at almost any price that the seller dictates.

These actions hurt everyone. Sellers truly believe that the realtor they have chosen to work with would not be willing to take on a property, which they will not be able to sell, but agents don’t want to lose the listing to other agents who will market the property at a higher price, so they take the listing. The unfortunate result is that luxury homes have flooded the Miami market place at inflated prices, and sales are few and far between.

Most people prefer fact to fiction. There are some facts that sellers of residential real estate in Miami should know. For example, according to the Southeast Florida multiple listing service, there are presently 266 residential waterfront properties listed for sale in the greater Miami Beach area. Since January 1st of this year, there have been only 6 closings of listed waterfront homes, and 9 waterfront homes are presently listed as pending sales.

Homeowners, who hope to sell their property, are going to have to come to grips with the reality of the present, something that can sometimes be very difficult to accept. They must be either willing to market their homes at prices that will bring in buyers, or they really ought to take their homes off of the market altogether. Realtors, too, have to be a lot more determined, and must educate homeowners, and make them aware of actual market value, without fear of losing their client.

Miami Beach Luxury Home Owner Rips Off 600 People

2009-03-20T11:42:00.007-04:00

Edward Okun, owner of a multi-million dollar luxury home on Miami Beach’s Hibiscus Island, was jailed as a common swindler yesterday, after being convicted of bilking 600 people out of $132 million dollars in a Ponzi scheme. Okun was the sole owner of the now defunct Investment Properties of America and the 1031 Tax Group, both based in Richmond, Virginia.

During the trial, prosecutors presented evidence to show that Okun (in photo above at his 2005 wedding) used the money generated from his Ponzi scam, to fund a lavish lifestyle, which included a 5,500 square feet luxury waterfront home on a large lot on Miami Beach’s prestigious Hibiscus Island, as well as planes, cars, boats, and his lavish wedding in 2005.

Okun, 58, took the money that he collected from unwary people, who used his company to defer taxes on capital gains of property sales, and used it as his own. In court, his attorney said that Okun didn’t feel he did anything wrong, and that he had always intended to return the money.

Donald Trump Declares Greatest Time In History To Buy Real Estate

2009-03-18T00:58:00.009-04:00

Speaking by phone on Larry King Live last night, Donald Trump declared that this is the greatest time in history to buy real estate. He stated that there are great opportunities to buy property right now, and that he has just purchased a number of properties, and is continuing to buy more real estate. He said that even those people, who do not have a lot of money, could do well in this market, if they go to the bank and buy one of the bank owned properties, while asking the bank to take back the mortgage.

Trump seemed to be as disgusted with the banks as most Americans, and called them incompetent. He said that the government has stuffed the banks with billions of dollars, but the banks won’t lend the money.

When told by Larry King that 45% of Americans believe we are headed to a depression, Trump said that he wouldn’t go as far as saying there will be a depression, but he does think that things are going to further deteriorate, before they improve.

He approves of the job that President Obama is doing, he said, because Obama does need to keep the banks in this country alive. Speaking about the bailout money that the government seems intent on dishing out to large institutions, Trump said that he thinks that the money should be given to the people instead, rather than to the large corporations. He said that in two years, things would be back to the way they were in the “old days”, but with some restrictions.

Venetian Islands Condo For Sale $799,000

2009-03-12T21:39:00.008-04:00

1000 Venetian Way, Apt. 1601 For Sale $799,000

A fine Venetian Islands condo on Miami Beach is up for sale in one of the most desirable buildings on the Venetian Islands. Priced at $799,000, the 2 bedrooms, 2 bathrooms apartment, with a spacious 1,830 square feet of interior living space, is surrounded by terraces on 3 sides of the condominium. Located at 1000 Venetian Way, on Biscayne Island, one of the 6 Venetian Islands, the apartment is listed at an asking price of $436 per square foot, a pretty decent price for a condo with a great view, in a great location.

Miami Beach Homes For Sale

2009-02-20T18:14:00.007-05:00

Lots and lots of properties are for sale on Miami Beach, and that is neither a play on words, nor an exaggeration. The marketplace is flooded with properties that remain unsold month after month, as more and more homes become available for sale. An examination of the luxury market in Miami Beach tells a dire tale.

As of today, there are 40 listed waterfront properties for sale on the Venetian Islands, with 11 homes for sale on Rivo Alto Island, 13 homes for sale on Dilido Island, 3 homes for sale on San Marino Island, and another 13 properties for sale on San Marco and Biscayne Islands. The 5 islands mentioned, along with Belle Isle, comprise the Venetian Islands.

Palm Island and Hibiscus Island, which lie just south of the Venetian Islands, are also part of Miami Beach. On those 2 islands, a total of 31 waterfront properties are listed for sale, with 16 available waterfront homes on Palm Island and 15 on Hibiscus Island. The 4 Sunset Islands lie just northeast of the Venetian Islands, and 14 waterfront properties are listed on the Sunset Islands, with 7 listed homes on Sunset Island I and II, and 7 on Sunset Island III and IV.

North Bay Road is located on the west side of Miami Beach, and is well known for its exclusivity. It has been home to the Bee Gees, Jennifer Lopez, Thalia, Shakira, and a number of other well-known personalities. There are 16 waterfront homes listed on North Bay Road.

Who is going to buy all of these homes? Are the buyers out there? The answer is, yes. However, the resistance to purchasing a property is greater than ever, as buyers sit on the sidelines, afraid to buy a home that might not appreciate for some time to come. An additional problem is that the banks are still not lending money, so even when a buyer is ready, willing, and financially able, the banks won’t close the loans.

What does it all mean? Buyers must be savvier than ever before, and sellers must realize that by lowering the asking prices on their homes, they are not giving their properties away, as many sellers have expressed. Sellers who really want their properties sold, are going to necessarily have to become much more realistic, and realize the market is no longer what it was a few years ago; and there is no evidence whatsoever that indicates an appreciating housing market in the near future.

When properties on small lots are being listed on the Venetian Islands for up to almost 8 million dollars, and other properties on North Bay Road, on larger lots, are listed for less than 4 million dollars, something is amiss. North Bay Road homes have generally had substantially more value than Venetian Island homes.

The news is not all bad, however, because there has been a slight increase in activity, with more buyers appearing in the marketplace. When the banks start lending, things will improve, and when sellers become more realistic, more homes will be sold.

Donald Trump Tells People To Buy Real Estate Now

2009-02-17T21:09:00.008-05:00

Donald Trump was a topic of discussion today. Appearing on the CNN program, The Situation Room with Wolf Blitzer, the Donald told everyone watching, that this is a great time to buy real estate, and that he is presently doing just that. He went on to say that there are many bargains out there, and that those who have the means, should be buying if they can get into great deals.

Blitzer asked him how one could know that a deal is a great one, in light of the possibility that home prices may continue to fall. Trump felt very confident that a person making a great deal now, would be happy with the investment in years to come.

All of this happened, as Trump Entertainment Resorts filed for bankruptcy today. Trump insists that the company bears his name only, and that it represents less than 1% of his total holdings. He said he had nothing to do with the management of the company.

Trump expressed, in another interview, that the difficulty in the economy is that the banks won’t lend money. He suggests that the government should not give the banks bailout money unless they loan it out.

South Beach Condo Listed For $12,000,000 Sold For $7,600,000

2009-02-04T18:22:00.010-05:00

View From 1000 South Pointe Drive, Apt. 3801 Sold For $7,600,000
South Beach condos are being sold for far less than asking prices these days, as exemplified by a sale that was recently made in the Murano Portofino, one of Miami Beach’s luxury buildings. Listed for sale at an asking price of $12,000,000, the spacious 3 bedrooms, 5.5 bathrooms, one-of-a-kind, South Beach penthouse sold for $7,600,000.

As everyone who follows real estate, or watches the nightly news, knows, prices have come down substantially in Miami Beach, and the question on many people’s minds is when the bottom is going to come. Although that is a very tough question to answer, the fact is that there are more buyers coming out, and there is a slight improvement in activity, with more inquiries being made, and more homes and condos being viewed. Sooner or later, that is going to translate into more sales, and a market bottom.

Everything Is Amazing, Nobody is Happy

2009-01-30T18:18:00.013-05:00

From time to time, it becomes necessary to post something other than real estate information. This is such a time. Enjoy the video clip below.

Miami Real Estate Outlook Bright

2009-01-20T22:58:00.005-05:00

The outlook for real estate in Miami is bright, according to the Times Online, the online version of the Times Newspapers, Ltd., published in London. The January 18th article states that real estate agents in Florida are reporting the first signs of recovery.

Michael Cannon, director of Integra Realty Resources, a valuation company in South Florida said that “We’ve seen continuing increases in sales volume for six months. The market peaked in the second half of 2004 and bottomed out in the second half of 2008”.

Of course, the pundits are always ready with their commentaries, and no one can predict the future, but many realtors are beginning to see buyers coming back into the marketplace. They are bargain hunting, and with good reason. The real estate market has never been worse, at least not since before most of us were born. If the bottom could be accurately predicted, everyone would be rich. It’s not that easy.

It does make sense, however, that realtors doing business every day, do have some valuable input, and many of them are reporting more activity. That is going to translate into an increase in sales at some point, because more and more bargain hunters are beginning to appear in the marketplace. Real estate closings and pending sales over the next few months should be a pretty good barometer of what is to come in 2009 with regards to the housing market in Miami.

Venetian Islands Home Sold For $3,700,000

2009-01-11T08:21:00.011-05:00

Venetian Island Home Sold For $3,700,000

Last week, a 3 bedrooms, 3.5 bathrooms, 3,500 square feet home at 324 W. San Marino Drive, on the Venetian Islands in Miami Beach, sold for $3,700,000, a pretty good price for the seller, in this present market. The house, located on San Marino Island, one of six Venetian Islands, was recently updated, and is situated on one of the best lots on the Island.

The property features beautiful views of the open wide bay, 65 linear feet of water frontage, a 15 by 40 feet pool with 9 feet depth, 2 jet-ski lifts, and 2 boat slips. Listed for sale in 2008, the property remained on the market for 177 days, before closing. It was originally listed for $4,495,000, and although, the property sold for almost $800,000 below the asking price, the seller was nonetheless able to sell the house for more than $1000 per square foot.

Shaquille O'Neal's House On Star Island Back On Market

2009-01-06T16:45:00.012-05:00

Shaquille O'Neal's Star Island Home In Miami Beach For Sale $25,000,000

Shaquille O’Neal’s house on beautiful Star Island, is back on the market for sale. The property has been for sale for well over 3 years, and the asking price was as high as $35,000,000, just 2 years ago. The listing expired a few months ago, when the asking price was $29,000,000. This time the price has been reduced to $25,000,000.

Located between the mainland and Miami Beach, Star Island is one of the most beautiful islands in the Miami area. The property occupies 2.5 acres, and has a tennis court. Inside the almost 20,000 square feet house, is a gym and an indoor racquetball court.

Let The Realtor Beware!

2008-12-28T13:03:00.006-05:00

Real estate agents really have to be careful nowadays, particularly with regards overly friendly homeowners. One homeowner in West Hartford, Connecticut, became very friendly with a 28-year-old real estate agent, when he went to her house to discuss selling it. She was trying to be nice to him, by giving him gingerbread to eat. That’s when her problems began.

The lady forgot to tell the agent that the gingerbread was “special”. It had lots of ingredients, including one ingredient that made the real estate agent feel ill. She made the gingerbread with marijuana. She didn’t tell the realtor what he was about to eat, and the poor guy got sick. Watch the news clip below.

Fisher Island Condo Sold For $5,600,000

2008-12-12T18:44:00.017-05:00

5031 Fisher Island Drive Sold For 5.6 Million Dollars

A beautiful Fisher Island home, which was listed on the market for sale at an asking price of $7,500,000, closed yesterday for $5,600,000, a reduction of almost $2,000,000 or 25 percent. The condo boasts almost 7,000 square feet of living area, with 3 oversized bedroom suites, and 4 and one half bathrooms.

There is a formal state of the art kitchen, a formal dining room, and a spacious living room with expansive patios. In this setting, one can enjoy views of the bay, the city and the forever changing sunsets. Built in 2004, this condo is a “smart home” with advanced technology.

Fisher Island is a 216-acre private island residential community of unrivaled luxury and splendor. Residents, club members and hotel and resort guests enjoy a host of sumptuous amenities. Although Fisher Island is part of Miami Beach, it has it's own zip code, 33109, and if you want to get on or off of the island, you must take a ferry.

Allison Island Home Sold For $3,400,000

2008-12-09T18:48:00.022-05:00

A beautiful home located on Allison Island in Miami Beach, (6570 Allison Rd.) just sold for $3,400,000, almost $600,000 below the asking price of $3,995,000. The 6,172 square feet house is situated on a lot measuring 17,280 square feet, with 80 linear feet of waterfront.

The 5 bedroom, 5 and a half bathroom, 2 story, Allison Island luxury mediterranean style estate was built in 2001, has a 4 car garage, with maid’s quarters, an outside patio area, and an entertainment pavilion with outdoor kitchen, in a tropical setting.

At a selling price of approximately $550 per square foot of interior, air conditioned living space, on an oversized lot, for a finished waterfront house, the deal was a pretty good one for the new owner.

Is The Miami Herald For Sale?

2008-12-06T23:03:00.007-05:00

It looks like the Miami Herald might be for sale, according to a report published on Friday by the New York Times. The sale, if there are any serious bidders, and if it occurs at all, would be directly related to the present Miami real estate market.

The Miami Herald apparently has relied on heavy advertising of real estate for a substantial part of its profits. When the real estate market went into a deep recession, those profits fell steeply, and as a result the paper might be for sale.

Owned by the McClatchy Company, the Herald suffered substantial losses this year. In Florida, the parent company experienced a decline of 22.5 percent in revenues from advertising, whereas ad revenues in other parts of the country declined 14.7 percent.

National Association of Realtors Four-Point Plan

2008-12-02T17:52:00.006-05:00

The NAR has recently promoted a four-point plan to help improve the real estate market, and to boost an economic recovery in the U.S. They are asking for the support of realtors in this effort, and have recently sent out the following sample letter to members, in the hopes that many agents and brokers will mail their representatives in congress a letter that goes something like this….

“Dear _______,
As a constituent and a Realtor, I ask that Congress focus any future stimulus package on reinvigorating housing markets. The current crisis is the result of problems in the nation's housing markets. Efforts to boost the economy must calm jittery real estate markets. Earlier, the National Association of Realtors (NAR) proposed a 4-Point Housing Stimulus Plan that should be part of any new stimulus package. NAR's plan would:

*Make the $7500 first-time homebuyer tax credit available to all buyers and eliminate repayment requirements. The credit's limited availability and repayment requirement severely limit the credit's use and effectiveness.

*Make the 2008 FHA, Fannie Mae and Freddie Mac loan limits permanent. New rules for 2009 will reduce them. Now is not the time to limit mortgage affordability.

*Get the Treasury relief program back on track and target more funds to mortgage relief. Create a federal mortgage interest buy-down program to make below-market rates available and stabilize home prices.

*Permanently bar banks from engaging in real estate brokerage and management. The banks have proven they have enough to do to simply manage the loan process. Banks should not manage home sales and purchases.Housing has always lifted our economy out of past economic downturns. It's imperative now to foster a housing recovery, so that the economy can recover.

Thank you for your hard work.
Sincerely, "

Of course, any American citizen in support of the plan would be welcome to send a similar letter to congress.

Miami Home Sales Stats Show Significant Gains

2008-11-15T09:03:00.015-05:00

According to the most recent statistics published by the Florida Association of Realtors, the real estate market in Florida showed significant gains in September. The statistics by FAR show a 24% increase in sales of existing residential properties across the state, as compared to sales made in September 2007. Condo sales also increased 11% statewide.

Miami also benefited from increased sales. Existing home sales were up 14% in September 2008 over the same period last year, while condo sales dipped by 1%. The condo market is obviously going to take longer to recover, due partially to the overbuilding that took place in the past several years. Although these statistics are not overwhelming, they do indicate change, particularly when considering the many months of double-digit declines that took place in Miami and Miami Beach in 2007 and much of 2008.

Four Seasons Condo in Miami $1,300,000

2008-10-28T10:43:00.029-04:00

The Four Seasons in Miami is 70 Stories High

Former Chicago Bulls NBA basketball player, Boris Gorenc, whose teammates were Michael Jordan and Scottie Pippen, has put his condo on the market for sale. Just listed for $1,300,000, apartment 48c is a gorgeous, 2 bedrooms, and 2.5 bathrooms home in one of the finest residential buildings in all of Miami.

The Millennium Towers Residences in the Four Seasons, located at 1425 Brickell Ave. in Miami, is the highest residential building south of New York City. This wonderful Miami condo is bright and airy, with floor to ceiling windows throughout. The apartment is equipped with top of the line appliances, including a Miele stove top and oven, and a Sub-Zero refrigerator. The luxury condo is finished with marble floors.

The views are amazing from this corner apartment, where one can see the City of Miami from one side, and the beautiful bay from the other side. Included with the apartment is a membership to the exclusive Four Seasons Gym.

The Four Seasons security and professional staff provide five star service, including the utmost in comfort and safety, 24 hours a day, seven days a week. There is a 24-hour concierge service, and all hotel amenities are available to the proud owner of this fine downtown Miami residence.

South Beach - An Introduction

2008-10-12T20:38:00.022-04:00

The southern tip of Miami Beach, also referred to as South Beach, or SoBe, has come to be known as the American Riviera. SoBe has experienced an unprecedented rebirth over the last decades. Once a quiet haven for retires, this southern most part of Miami Beach is one of the hottest, exciting tourist destinations in the U.S. South Beach is very much a part of Miami, but it is also a world all its own. The never ending nightlife, the incredible shopping, the cool late night ocean breezes, the golden sun-baked days, and the beautiful South Beach condos are just a few of the attractions that make South Beach such a popular destination. Enjoy the video tour below!

Tour of South Beach on the Southern Tip of Miami Beach

Sunset Island Lot Sold For $22,500,000

2008-10-03T14:12:00.010-04:00

2500 Bay Ave. Sunset Island II, Miami Beach, Florida

An empty lot located on prestigious Sunset Island II, just sold and closed yesterday for $22,500,000. The lot, which measures 1.93 acres, faces the wide bay and has approximately 570 linear feet of bay front. The asking price for the lot was $29,000,000. The Sunset Islands are located in the heart of Miami Beach. Since the beginning of this year, 3 other Sunset Island homes with waterfront views have sold, ranging in price from $4,600,000 to $10,000,000. At the present time, 12 other waterfront properties are listed for sale on the 4 Sunset Islands.

The Price Drop In Miami

2008-10-01T17:12:00.027-04:00

Sales prices have come down substantially in Miami Beach, yet some sellers are still asking very high prices for their properties, prices that are high enough to render those properties un-saleable sans a significant price reduction. If there is any doubt, read on and arrive at your own conclusion.

A property on North Bay Road in Miami Beach sold 2 days ago for much lower than the asking price. As everyone in the area knows, North Bay Road is one of the most exclusive streets in all of Miami, and the sale of a house located at 5004 N. Bay Road (shown above) is quite significant, in that it tells a story of the Miami Beach real estate market.

The sales price was $3,075,000 for a property that boasts 100 linear feet of waterfront, on a lot measuring 21,500 square feet, complete with a 3 bedrooms, 4 and 1/2 bathrooms house that has 4,123 square feet of living space. The sale is remarkable, considering that most homes on North Bay Road have sold for considerably more. The asking price for the home was $4,799,000, but the house was in the process of foreclosure, as a lis pendens had been placed on the property in July of this year.

Even some homes on the Venetian Islands on Miami Beach, are asking much more. For example, recently a house on the Venetian Islands was listed for an asking price of $10,000,000. Granted the house is new, with 8,000 square feet of living space, but it is situated on a lot measuring 13,382 square feet, much smaller than the lot size of the North Bay Road property.

Buyers are looking for great bargains these days, and well they should be. Sellers who really want to sell will have to price their properties accordingly, if they hope to strike a deal. It is 2008 now, and the days of 2004, when the real estate boom was at it's peak, are long gone.

The Housing Problem

2008-09-28T22:07:00.010-04:00

The problem with real estate in the Miami area is not only that there are too few buyers, but also that getting a mortgage loan is now very difficult for almost everyone. The banks, which created this mortgage mess in the first place, with the help of unscrupulous mortgage brokers, are now giving loans to only the most highly qualified people. Down payments have to be at least 20%, but are often more like 30% or even 40%, and interest rates are higher for all but those with the highest credit scores.

With the dearth of PMI, private mortgage insurance, which is required by banks for those who have less 20% to put down on a house or condo, loans at more than 80% loan to value have all but disappeared. However, there is a light at the end of the tunnel. There is some very good news for buyers who want to live in places like Miami Beach, where homes and condos were very often unaffordable for all but those with high incomes.

Prices in Miami have fallen 20 to 30 percent in many pricey areas, and many prospective buyers who were unable to buy in Miami Beach, now have the opportunity to own a house or condo in the Miami area; if they can get a loan, that is.

Another bit of good news is that August real estate sales results were recently released, and according to an article today in the Miami Herald, sales of single-family homes rose 22% in Dade County from the same period a year ago, and condo sales rose 13%. In Broward County, home sales rose 13% in August from the same period a year earlier, and condo sales remained flat.

There is still a glut of homes and condominiums for sale in Miami. According to Ron Shuffield of EWM, the over supply of homes and condos remains very high, with Miami-Dade experiencing a 32 month supply of houses, and a 41 month supply of condos on the market for sale. In an even market place, a 6 to 12 month supply of inventory is the norm.

Venetian Islands Real Estate - Home Reduced To $1,525,000

2008-09-06T00:00:00.015-04:00

Venetian Islands House On Miami Beach

UPDATE: (Nov. 5, 2008) Now reduced to $1,295,000

A very charming, updated house on Dilido Island was reduced in price from $1,695,000 to $1,525,000 just a few days ago. The charming 3 bedrooms, 3 bathrooms pool home has an ample 2,750 square feet of interior living area, and sits on a 7,020 square feet lot in one of the best locations on Miami Beach. The Venetian Islands home located at 30 E. Dilido Drive, previously sold in 2002 for $518,000, before any restorations to the house had been made.

Pinetree Drive Waterfront Lot 2.8 Acres Sold

2008-09-05T21:05:00.024-04:00

A huge 2.8 acre Miami Beach waterfront lot located on Pinetree Drive, priced at $13,900,000, recently sold for $12,100,000. It is one of the largest waterfront home sites on Miami Beach.

The largest home site on Miami Beach is a marvelous Star Island property measuring 6.1 acres, and belonging to former Ivax (now TEVA) chairman Phil Frost and his wife.

The Pinetree Drive lot boasts 300 linear feet of waterfront, and is large enough to build one of Miami’s grandest estates, or up to 3 spacious houses. Dockage is available for even the largest of private sea going vessels. The property address is 4567 Pinetree Drive, Miami Beach, FL.

South Beach Condo In Continuum Sold For $6,025,000

2008-09-04T17:31:00.011-04:00

A magnificent condo in the Continuum on South Beach in Miami Beach which was listed for $7,500,000, very recently sold for $6,025,000, which is a reduction $1,475,000 or 20% of the asking price. That is still $1,376 per square foot of living space.

The sale is quite remarkable, because the apartment was on the market for sale for only 67 days before closing. The 4 bedrooms, 4.5 bathrooms condominium has a generous 4,378 square feet of interior living area and 8,000 square feet of wrap around balcony.

The views from this South Beach condo are unobstructed, so that one can see the amazing views of the Atlantic Ocean, Fisher Island, the Miami skyline, and the luxury cruise ships going by. The Continuum is located at 100 South Pointe Drive, and the apartment that sold is on the 16th floor (1606/7) of this wonderful 40 stories high South Beach building.

Star Island House Sold For $8,100,000

2008-09-02T17:24:00.011-04:00

44 Star Island, Miami Beach Florida

Star Island is one of the very exclusive islands on Miami Beach, and properties there are at a premium. 44 Star Island was listed on the market for sale for $9,750,000 and just sold and closed for $8,100,000. The 6 bedrooms, 5.5 bathrooms home is in need of substantial renovation, but the property sits on a 48,266 square feet lot, which is well over an acre, and boasts 215 linear feet of bay front. The sale is worth mentioning, because it is another step in the right direction, in a market that is beginning to see signs of change.

Home Sales Up In July

2008-08-25T14:50:00.005-04:00

According to data released this morning by the National Association of Realtors, home sales were up in July of this year. Hitting a 5-month high, existing home sales, which include houses, condos, and townhouses, climbed 3.1%.

However, the median home price for all existing home types was down 7.1% from a year ago. Housing inventory remained high, with available housing growing 3.9%, to an inventory of 4.6 million homes, translating to an 11.2 month’s supply of houses, condominiums, town houses, and co-ops.

Villa Ferrari On Palm Island - Soon In Foreclosure?

2008-08-24T19:53:00.013-04:00

Villa Ferrari on Palm Island Miami Beach

The Scott Storch home on Palm Island, otherwise known as Villa Ferrari, is a gorgeous 18,000 square feet home sitting on a 30,000 square feet lot, facing downtown Miami, and is located on one of the best Islands on Miami Beach. Mr. Storch, one of the music business top producers, apparently hasn’t had a top 10 hit in nearly 3 years, and finds himself in a very similar predicament as many american home owners, albeit his house costs a little more than the average american can afford. Just over 2 years ago, he paid $10,500,000 for the property, which, at the time was listed for $13,900,000.

Today, according to Forbes, the producer is in financial straits with regards to the property. There is presently a mortgage lien on the property in the amount of $10,500,000, as well as liens for unpaid electric and security bills. Furthermore, according to Forbes, there are 2 years worth of unpaid taxes on the property to the tune of approximately $500,000. It seems like the famous music producer may have to pull a rabbit out of the hat to save his home from foreclosure. Best wishes, and good luck to Scott Storch.

Miami Shores House Reduced To $799,000

2008-08-15T14:50:00.012-04:00

9650 N.E. 5th Avenue Road, Miami Shores $799,000

A charming 3,740 square feet home, situated on a 13,000 square feet lot, with a pool, has just been drastically reduced in price. Just this week, the seller reduced the price from $926,000 to $799,000 to more closely reflect present market conditions.

The house, located at 9650 NE 5th Avenue Rd., in Miami Shores, has 5 bedrooms, and plenty of room for family living. Here is the listing report description of the property:

Unique design and flair exudes in this fabulous Florida contemporary home. A beautiful formal entry introduces a warm and inviting ambiance with lovely natural light and windows that capture the beauty of the Florida tropics. Open kitchen with a center island where large sliding windows overlook the Zen pool and covered deck area. Enjoy the huge family room with mammoth closets. Additional office area, with french doors to the pool and private patio offers the ultimate in privacy for those who work at home. Upstairs you'll find a wonderful master bedroom with a private deck.

Miami Beach Home For Sale $15,900,000

2008-07-26T00:04:00.010-04:00

2046 N. Bay Rd. Miami Beach Florida For Sale $15,900,000

2046 N. Bay Road, Miami Beach is a great address, because the property includes a magnificent new classic contemporary home boasting 15,000 square feet of interior living space, on a very generous sized lot of 38,314 square feet (almost an acre). The water views from this particular location are very charming and the property has 112 linear feet of waterfront. The Miami Beach house is on the market for sale, with an asking price of $15,900,000.

That amounts to just over $1000 per square foot of living space. The gorgeous estate has an 80 feet pool, a gazebo and spa, a 4-car garage, and a guardhouse. It’s a beautiful home located in the very heart of Miami Beach. When you consider that just a few months ago, a Miami Beach condo sold for more $2,000 per square foot, it seems like a pretty good price for those who can afford the very best.