Miami Beach Real Estate Market Reports for 2009 – La Gorce Island Luxury homes

La Gorce Island homes are known for their scale and “wow” factor. It is a guard-gated community in Miami Beach with some of the nicest landscaped streets you will see anywhere in South Florida and with large, luxurious homes. As for real estate sales in 2009, only 3 and none of them are waterfront.  There are currently 10 homes listed for sale at La Gorce Island ranging in price between $19,500,000 and $1,600,000 – which is again evidence that the high-end Luxury inventory is not moving. Six of the 10 homes currently listed are above $5 million, all except one listed for sale for quite some time.

Address Bds Bths HBth sqft Water Lot Size List Price Sale price $/sq.ft
6675 Windsor Ln 5 5 1 4,347 N 13,125 $1,500,000 $1,450,000 334
6640 Pinetree Ln 4 4 1 3,534 N 12,500 $1,475,000 $1,312,416 371
6630 Sheffield Ln 5 4 1 3,515 N 13,125 $1,300,000 $1,200,000 341

The good news about La Gorce is that the average price per square foot is high for homes on dry-lots (non-waterfront homes) – putting the price per square foot based on those 3 sales at $349.  I’m curious to see what happens with the Mega-home inventory in Miami Beach – will it start moving in 2010?  I’m sure a lot of those home owners hope so.

**UPDATE** There were no additional sales in the month of December in La Gorce Island which makes this real estate market report the FINAL one for 2009.

4 thoughts on “Miami Beach Real Estate Market Reports for 2009 – La Gorce Island Luxury homes

  1. Whoa, with prices as high as $19 million, I could imagine it being a tough market. Were these homes selling during the real estate boom? I could see this taking a very long time for buyers to be interested in this scale of luxury. Even movie stars and athletes are waiting the market out for buying homes like this. There is just such a large supply of luxury homes and so much uncertainty in the market right now. I mean, Im sure they’re beautiful homes, but I dont see any of them selling for some time.

  2. The reality is that a $19 million property seems ridiculous for many that have no comprehension of the lifestyle, but these homes do sell and are not far fetched and not only bought by celebs and movie stars.

    The price range has decreased – look at Shaq’s house for example that he bought for $32 million and just sold for $16 million. But make no mistake that there still is a market for the very high end home.

  3. Quite pricey this is not Beverly Hills, California! I don’t think 19 million dollars is worth of a Miami Beach Homes, should cut the price down remember we are still in deep mud after the global recession all real estate should lessen their price tags so it will get a break even

  4. 2Go Media,
    remember that $19 million is reduced – although with today’s final prices, don’t be surprised if that same property ends up closing for less than $15 mil

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