Top 3 Most Expensive Miami Beach Home Sales – October 2010

There were 14 Miami Beach homes sold in the month of October of 2010.   The highest sale was $3.25 Million and the lowest sale was a foreclosure in Normandy Island for $239,900.  October’s top sales come from Palm Island, Venetian Islands and Sunset Islands – although all of them under $5 Million (no mega luxury homes sold this month).   The rumor is that the top 3 Miami Beach home sales in October have something in common, they were all sellers in distress who HAD to get rid of their homes.  This should prove to be interesting in the months to come, since they are legitimate comps for many active listings out there.  These are instruments that buyers will not hesitate to hold on to, and sellers will try to justify or just ignore.

October’s Most Expensive Miami Beach Home Sale

1 Palm Av, Miami Beach, FL  33140

Listed for $3,650,000 and sold for $3,250,000 on October 14th, 2010

This home had quite a listing history with original listing price of $5.9 Million back in August of 2006 – selling for $3.695 Million in November of 07, listed again in December of 07 for $4.495 Million – then increased and decreased several times, as well as various Realtor changes.  It does show as a Trust Sale in the county records, which explains all the changes.

The home sits on the Eastern tip of Palm Island, overlooking Star Island and MacArthur Causeway/Government Cut and the description given is:

Perfect cottage by the sea! Best value! 110ft of open bay water frontage with magnificent views of Miami Beach in the distance. 2 bedrooms/2 baths main house with open floor plan, recently renovated and tastefully furnished. 1 bedrooms/1 bathroom detached guest house, 2 car garage. Exceptional lot affords best opportunity to expand or build new.

Features:

• 3,449 square feet of living space
• built in 1957
• 2 bedrooms / 2 bathrooms in main house
• 1 bedroom / 1 bathroom detached guest house
• 2-car garage
• 17,674 square foot lot
• 110 feet of water frontage
• Palm Island location
• renovated

October’s second Most Expensive Miami Beach Home Sale

441 E Rivo Alto Dr – Miami Beach, FL 33139

Listed for $3,800,000 and sold for $1,800,000 on October 12th, 2010

Talk about an amazing buy for a beautiful location with direct Northern open bay views!  According to the Multiple Listing Service (MLS), this home had been originally listed for $4.45 Million since November of 2007, with several price reductions and brokerage changes.  The property was immediately placed on the market for $3,349,000 just days after closing with no updates or changes – a perfect “FLIP JOB”.

According to the new listing agent, the purchase was a foreclosure (which doesn’t show on the MLS).  The sale price was at $627/square foot and the new listing price is $1,166/square foot.  The sold description read as follows:

This modern, tastefully renovated Venetian Island home is now available. The property sits on a huge 13,300+/- sf waterfront lot and boasts over 100 ft of waterfront and unobstructed wide bay views. The home features a great pool and includes a boat dock. The interior has a very well designed layout and the house overall is in excellent condition.

Features:

• 2,871 square feet of living space
• built in 1947
• 3 bedrooms / 3 bathrooms
• 13,382 square foot lot
• bayfront property
• Venetian Islands location
• private dock
• 100 feet of water frontage

October’s Third Most Expensive Miami Beach Home Sale

1440 W 21 St, Miami Beach, FL 33140

Listed for $1,950,000 and sold for $1,600,000 on October 22nd, 2010

This Sunset Islands IV home had been listed for $2,350,000 since April of 2009 and sold for $710 per square foot.  Many of you may know that the Southern view of this island is the least desirable from all of the Sunset Islands and has to do with condos and commercial properties across the canal.  You should keep this in mind when using W 21 street sales as comparables.

The home description read:

This original 4 BD / 3 BA home was gutted and converted into a fabulous 2 BD + den / 4 BA home, with permits.  This waterfront pied a terre on gated Sunset Island close to Lincoln Rd is the ultimate modern design and luxury. Great entertaining areas, new 40 FT pool, seawall and 20’X8′ dock to watch the sunsets with no bridges to Biscayne Bay. Philippe Starck fixtures, 36″X36″ limestone flooring, impact windows, new roof, electrical, plumbing, Miele, Wolf, Sub Zero, Duravit, Jacuzzi Tub in master.

Features:

• 2,255 square feet of living space
• Built in 1956 but completely renovated
• 3 bedrooms / 4 bathrooms
• 9,500 square foot lot
• 60′ of canal frontage
• pool
• Sunset Island 4 location

**all information obtained from the SouthEast Florida Multiple Listing Service**