Miami Beach Real Estate Market Report for 2009 – Sunset Islands Luxury Homes

The Sunset Islands are the epitome of Miami Beach Luxury Real Estate, starting with Sunset I.  Historically homes in the Sunset Islands hold their value better than other nearby islands because of access, security and proximity to South Beach’s “action” but far enough to have privacy.

There have only been 4 sales this year in The Sunset Islands

Address Bds Bths HBth sqft Water Lot Size List Price Sale price $/sq.ft
1400 W 28 St 7 7 1 9.933 Y 20.000 $15,900,000 $9,500,000 956
1727 W 27 St 4 6 1 6,244 Y 20,000 $8,250,000 $6,000,000 961
1401 W 22 St 4 5 1 4,576 Y 13,275 $3,200,000 $2,734,500 598
1600 W 24 St 4 4 1 3,453 N 11,858 $2,399,000 $2,100,000 608

The highest sale was at Sunset Island I (the most desired of all Sunset Islands) for $9,500,000 – this house was listed since July 2008 and originally priced at $15,900,000 (that’s a discount of over 40%). The lowest sale was a dry lot property located in Sunset Island III – located at 1600 W 24 St, selling for $2,100,000 and listed on and off since September 2008 with an original price of $2,495,999. It may have been the lowest priced sale, but sold for more per square foot than the immaculate waterfront home at Sunset Island 4.

The average price per square foot this year comes down to $780.75 – please note that none of the sales were open bay homes – an appraiser would pull comparables from North Bay Road homes because of the lack of sales in The Sunset Islands.  At least we saw 2 homes above the $5,000,000 range actually sell which is something we can’t say about The Venetian Islands.

**UPDATE** There was one additional sale in the month of December in Sunset Island Number 2 – this was the dry-lot property located at 2535 Lucerne Avenue listed for $2,750,000 and selling for $2,400,000 ($441/sq.ft) making this the lowest sale of 2009 in The Sunset Islands. This luxury home had been listed since January of 2009 with a starting price of $2,895,000 (that’s a 17% difference between list and sale price).

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