2 Indian Creek Drive
A South American buyer has paid $14.5 million for a vacant lot at 2 Indian Creek Drive on Miami Beach’s Indian Creek Island, The Real Deal has learned. The property, which was listed for $16.9 million, was sold by an Indian Creek Property Investments, a Florida limited liability company based in Miami. [more]
Miami’s home sales activity is the highest it has been in five years, according to a report from Douglas Elliman Florida. The number of residential sales jumped by 20.5 percent over the second quarter of last year, to 3,618 single-family and condominium units, according to the second-quarter report, which was prepared by property appraisal and consulting firm Miller Samuel. “Unquestionably, the report shows we’re heading toward a healthier market,” said Vanessa Grout, president of Douglas Elliman Florida. “You can tell that this is a market unlike anything we have ever seen — and just by seeing all of our pending contracts, I can tell you that it’s still strong, and we’re looking at probably an unusually high third quarter.” [more]
A number of recent reports have noted the vibrancy of the tri-county area’s rental market — but it’s not just young professionals in one-bedrooms that are signing residential leases in droves. Miami’s high-end rentals are also booming, led by Miami Beach, which has seen its inventory practically vanish, led by New Yorkers looking to establish residency in South Florida. “There’s just no new inventory,” said realtor Kevin Tomlinson of One Sotheby’s International Realty. [more]
The 1929 Miami Beach home that was formerly owned by singer and actress Jennifer Lopez has seen its price increase to $34.5 million from $29 million, listing broker Nelson Gonzalez told The Real Deal today. The house is located at 5800 North Bay Road in Miami Beach, and includes more than 12,000 square feet of living space. “Basically, we’ve had several offers on it in the $20 [million range], and the seller is looking for more,” Gonzalez, a senior vice president at Esslinger-Wooten-Maxwell, said. “There aren’t that many houses left like it, and the only one that really competes is the $60 million home on Indian Creek. And that’s also been getting activity.” [more]
Miami Heat power forward Chris Bosh made a splash last fall when he put down $12.5 million on a 6396 North Bay Road in Miami Beach. Bosh’s purchase was one of the last of what EWM realtor Nelson Gonzalez called “leftover homes” — that is, homes built during the boom and equipped with ultra-premium amenities not found in older, surrounding properties. Now, few of these homes, which were predominantly on tony North Bay Road, are left, and buyers are beginning to look to surrounding neighborhoods in Miami Beach for deals. “I wouldn’t say there’s no inventory left, but there’s very little inventory left,” said Gonzalez, who is listing the former home of singer Cher at 64 La Gorce Circle.
[more]
The first quarter of 2011 might be Miami’s strongest three-month period since the housing bubble popped. After the last six months of 2010 saw a cooling down after federal tax stimuli expired, inventory of both single-family homes and condominium units is falling dramatically. “The market is ‘en fuego,’” meaning “on fire,” said Nelson Gonzalez, a senior vice president at Esslinger-Wooten Maxwell in Miami Beach. “I’m working seven days a week.” Gonzalez said there was no comparison between the activity he saw in the first three months of 2010 and the same period this year. “How do I compare a snail with a cheetah?” He said.
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The owner of Cher’s former La Gorce Island estate has slashed his asking price by another 11 percent in an attempt to take advantage of a perceived burst in activity in the Miami Beach luxury market, even though it means he’ll probably lose money on the deal.
The 11,460-square-foot mansion, which Cher rebuilt and sold in the 1990s, is now up for grabs for $10.2 million. It last changed hands for $9.7 million in 2006, when former Calvin Klein CEO Barry Schwartz sold it to developer Todd Glaser and investor Armin Mattli, who gave the property around $1 million worth of upgrades before relisting it for $16.9 million in 2008.
It’s been on and off the market since then, with celebrities like Janet Jackson and Julio Iglesias each taking a turn as tenants, but was most recently listed for $11.5 million in July. [more]
The South Florida home to see the biggest price cut today is an eight-bedroom, nine-bathroom house at at 4411 Pine Tree Drive in Miami Beach, according to data from Condo Vultures Realty. The $7.9 million Miami-Dade County home saw a $1 million, or 11 percent, price cut. It was originally listed for $9.9 million when it hit the market in December 2009. The price was last cut to $8.9 million in May 2010. The 11,878-square-foot waterfront home sits on a 39,000-square-foot lot and has a pool, terraces, fountains and private guest and staff houses. Nelson Gonzalez of Esslinger-Wooten-Maxwell has the listing. (Condo Vultures data includes condos and single-family home listings in the main metropolitan areas of Miami, Fort Lauderdale, West Palm Beach and Key West that are priced at $1 million and above, and that include photographs. Listings are taken from the South Florida MLS.) TRD
New Heat power forward Chris Bosh has purchased a 12,000-square-foot
home on exclusive North Bay Road in Miami Beach, the real estate firm
listing the property, Engel & Voelkers, said Friday. The seven-bedroom, eight-bathroom mansion at 6396 North Bay Road, which was built in 2009, sold for $12.5 million, $3.5 million less than the listing price. The seller was Glenna Norton, who developed
the property, completing the home in March of last year. The home is one
of the so-called “leftover houses” in Miami Beach, a term coined by
high-end realtor Nelson Gonzalez. [Miami
Herald]
Capri’s buyers are putting in a totally new lobby (right)
Nadim Achi and Miami-based Fort Capital Management purchased 46 units out of a total 69 in the Capri condominium at the end of May with the intent of performing various renovations and then, with a five-year plan, sell [more]
