Covid-19 was the Stimulus for Record-Breaking Sales in Miami Posted on September 19, 2020 by Michael Light Earlier this year, the virus/pandemic/lockdown (most people interchange any of these words) caused many to consider the Miami Beach real estate market on its way to crashing and burning. Everywhere I looked, headlines were written to induce visions of post-2008, plummeting values, end-of-the-world type catastrophic hyperbole that almost seemed like a self-fulfilling prophecy…many almost rooting for this. I’ve had calls and emails with many clients both locally and globally that asked how bad things would get and how much real estate value they would lose. I even have one client who sends me YouTube videos of so-called “experts” predicting real estate values crashing. I will tell those of you reading this the same thing I told them…you CANNOT look at things, especially real estate, on such a “macro” level – the overall real estate market in the U.S. or Florida or even Miami-Dade County has no bearing on your small pocket/neighborhood/community/street or building! You must think locally! If you ask a real estate agent “how is the real estate market” and they begin answering that question, as asked, take caution! No one can possibly answer such a broad question like that without understanding what neighborhood…what price point…what criteria…sales velocity/absorption rate/months of supply…houses or condos? Asking such a broad question will never get you an accurate answer. Furthermore, if you own a $10M waterfront home in Miami Beach, do you really care how the $500k condo market in Brickell is affecting the “real estate market?” Do you see what I mean when I say you cannot focus on the “macro” or overall view, but you must think local? If we look at $10M+ inventory, most people would not believe that the last 6 months may have been the most active, record-setting time period in the history of Miami real estate…and this includes the dreaded pandemic! Star Island in Miami Beach: There are only 28 homes on Star Island in Miami Beach plus 6 vacant lots. If you look back at the sales history of homes on the island, only 1 sale occurs every couple of years. Would you be surprised, if not amazed, that 4 homes have sold, 3 land sales closed PLUS 1 more home is currently pending contract on Star Island within the last 4 months? 22 Star Island – Sold for $49.5M July 2020 (Robert Kraft, owner of the New England Patriots, rumored to be the buyer) 11 & 12 Star Island – Sold for $37M August 2020 (THIS WAS A LAND SALE – 80,000 sq/ft lot – purchased by billionaire hedge fund manager Ken Griffin) 13 Star Island – Sold for $32.5M August 2020 (A-Rod and J-Lo rumored to be the buyers) 14 Star Island – Sold for $24M August 2020 29 Star Island – Sold for $20.1M September 2020 34 Star Island – Sold for $12M July 2020 (Land Sale – 40,000 sq/ft lot) 44 Star Island – Sold for $10M May 2020 (Land Sale – 48,266 sq/ft lot) 46 Star Island – Under Contract (Was Asking $39.95M) Gables Estates in Coral Gables: There are 192 homes, most are waterfront, within Gables Estates in Coral Gables. Known as the most exclusive gated community in Coral Gables, Gables Estates has only seen 9 closed sales over $10M during the past 5 years…but, during this supposed “collapsing” market, there have been 8 sales in the past 5 months alone! 620 Arvida Parkway – Sold for $49M April 2020 21 Casuarina Concourse – Sold for $37.5M June 2020 700 Casuarina Concourse – Sold for $30M April 2020 (Pharrell rumored to be the buyer) 90 Leucadendra Drive – Sold for $22M July 2020 115 Arvida Parkway – Sold for $20M August 2020 340 Leucadendra Drive – Sold for $12.25M July 2020 (Partially Completed Home – Under Construction) 150 Arvida Parkway – Under Contract (Was Asking $48M) 500 Arvida Parkway – Under Contract (Was Asking $21.9M) In addition to the two exclusive communities above, below is a list of additional, notable $10M+ closed sales over the past 6 months: 1510 W 25th Street – Sold for $24.5M August 2020 (Sunset Islands in Miami Beach) 252 Bal Bay Drive – Sold for $23.25M July 2020 (Bal Harbour) 19 Palm Avenue – Sold for $20.5M August 2020 (Palm Island in Miami Beach) 15 Palm Avenue – Sold for $19.75M August 2020 (Palm Island in Miami Beach) 38 Indian Creek Island Road – Sold for $17.028M April 2020 (Indian Creek Island) 23 Tahiti Beach Island Road – Sold for $16M April 2020 (Tahiti Beach in Coral Gables) 1635 W 22nd Street – Sold for $15M August 2020 (Sunset Islands in Miami Beach) 5050 North Bay Road – Sold for $14.2M February 2020 (North Bay Road in Miami Beach) 941 N Venetian Drive – Sold for $13.6M September 2020 (Venetian Islands in Miami Beach) 1525 N View Drive – Sold for $12.002M June 2020 (Sunset Islands in Miami Beach) 5212 North Bay Road – Sold for $11.1M August 2020 (Teardown for Land Value – North Bay Road in Miami Beach) 70 Palm Avenue – Sold for $10.85M July 2020 (Needs a Massive Facelift – Palm Island in Miami Beach) 4420 North Bay Road – Sold for $10.8M August 2020 (North Bay Road in Miami Beach) 445 + 441 E Rivo Alto Drive – Under Contract (Was Asking $19.9M on the Venetian Islands in Miami Beach) 6650 Allison Road – Under Contract (Was Asking $15.9M on Allison Island in Miami Beach) 460 N Mashta Drive – Under Contract (Was Asking $15.5M on Mashta Island in Key Biscayne) 555 Reinante Avenue – Under Contract (Was Asking $15.495M in Old Cutler Bay in Coral Gables) 35 E Dilido Drive – Under Contract (Was Asking $14.85M on the Venetian Islands in Miami Beach) 436 W Rivo Alto Drive – Under Contract (Was Asking $14.75M on the Venetian Islands in Miami Beach) 709 E Dilido Drive – Under Contract (Was Asking $10.9M on the Venetian Islands in Miami Beach) The sales above in the Miami & Miami Beach area do not just show that the market is active, they show that the appetite for luxury single-family homes is the highest it has ever been AND that we are in a Seller’s Market at this price point! If you are from New York, New Jersey, Chicago, California (places most of the buyers are coming from while “escaping” Covid-19 in their cities), you have to understand that though the real estate market where you are coming from might be “down” at this price point, it does not mean that our market is following suit. If you, or someone you know, would like to buy or sell real estate in Miami, please contact me, Michael Light, Founder/Owner of the Light Group at Douglas Elliman Real Estate. You may reach me directly at my office at 305-350-9842, on my cell phone at 786-566-1700 or via email at michael@miamiluxuryhomes.com.
JUST LISTED | 2-Story Gated Home with Guest House on Double Lot on Prestigious North Bay Road Offered at $4.495M Posted on January 11, 2020January 11, 2020 by Michael Light Michael Light and Sarah Gonzalez of Douglas Elliman Real Estate introduce to you 5763 North Bay Road, a beautiful fully remodeled 2-story gated home with a spacious detached guest house ideally situated on a double lot (17,100 sq/ft) on the most prestigious street in Miami Beach, North Bay Road. This beautiful home has just been listed for sale and offered at $4,495,000. This unique home offers classic Art Deco architecture on the exterior with a chic contemporary design on the interior. Offering 5,735 square feet of interior space, this Smart home offers a Savant system, Lutron lighting, Somfy shades, hurricane-impact windows/doors and 36″ porcelanosa flooring in charcoal throughout. The main house features 5 bedrooms, 4.5 bathrooms, a custom Henrybuilt eat-in kitchen with a chef’s island, premium Miele appliances, gas cooking and an attached family room, formal dining room, formal living room with cathedral-beamed wood ceilings and fireplace, theater/media room with black-out electric shades, executive office and a spacious master suite with a large walk-in closet with custom cabinetry/island, terrace and spa-like bathroom with Jacuzzi, dual-sink vanity, glass-enclosed shower and Smart toilet. 5763 North Bay Road Formal Living Room 5763 North Bay Road Formal Living Room 5763 North Bay Road Kitchen 5763 North Bay Road Kitchen and Family Room 5763 North Bay Road Formal Dining Room 5763 North Bay Road Executive Office 5763 North Bay Road is a perfect home for entertaining as it offers an expansive backyard with manicured green space, covered patios, a dining area with built-in summer kitchen and a swimming pool with an electric convertible cover. The home also features a detached guest house offering 2 bedrooms, one full bathroom and a kitchenette, a private lush mini park, perfect for kids and/or pets and an attached 2-car garage plus additional driveway parking. 5763 North Bay Road Pool 5763 North Bay Road Outdoor Patio 5763 North Bay Road Patio and Guest House If you are interested in purchasing this property, please contact Michael Light, Broker Associate and Senior Director of Luxury Sales at Douglas Elliman Real Estate, for a private viewing of the home. You may reach Michael directly on his cell at (786) 566-1700 or via email at michael@miamiluxuryhomes.com. Property Features – 5763 North Bay Road, Miami Beach Ideally Located on Prestigious North Bay Road in Miami Beach Gated, Fully Remodeled 2-Story Home with Detached Guest House Situated on a Double Lot Classic Art Deco Architecture with Contemporary Interior Design Home Square Footage: Living: 5,735 Square Feet / 533 Square Meters Lot Size: 17,100 Square Feet / 1,589 Square Meters 7 Bedrooms and 5.5 Bathrooms Total Main House Features 5 Bedrooms, Including Staff Quarter, + 4 Full Bathrooms + Powder Room Guest House Features 2 Bedrooms + Full Bathroom + Kitchenette Smart Home with Savant System and Lutron Lighting Whole Home Generator Hurricane-Impact Windows and Doors Throughout Gourmet Eat-In Kitchen with Henrybuilt Cabinetry, Chef’s Island, Premium Miele Appliances and Gas Cooking Formal Living Room with Stunning Cathedral Wood Beamed Ceiling Formal Dining Room with Picture Window Overlooking the Pool Theater/Media Room with Custom Electric Blackout Shades Executive Office with Custom Entertainment Walls Master Suite with Spa-Like Bathroom and Sun Terrace Overlooking Pool Parking: 2-Car Attached Garage + Additional Driveway Parking Expansive Backyard with Manicured Green Space, Covered Patios with Built-In Summer Kitchen and Dining Area Swimming Pool with Electric Convertible Cover Private Lushly-Landscaped Mini Park-Perfect for Kids and/or Pets Offered at $4,495,000 DOWNLOAD – 5763 North Bay Road Brochure Aerial View of 5763 North Bay Road in Miami Beach
Thursday Throwdown: Battle of the Islands…Hibiscus & Palm vs. Venetian Islands in Miami Beach Posted on August 17, 2017 by Michael Light Miami Beach offers a variety of exclusive islands that house some of the most gorgeous single-family homes and mega mansions in South Florida. A few of the most popular islands include Hibiscus, Palm and the Venetian Islands. Both Hibiscus Island and Palm Island are separate, private man-made islands in the crystal blue waters of Biscayne Bay, accessible only via the MacArthur Causeway and part of the City of Miami Beach. Both Islands offer exquisite multi-million-dollar homes with stunning architectural designs ranging from Mediterranean to the famed Art Deco to modern, and most have private docks for a true relaxing South Florida lifestyle. The Venetian Islands are a chain of 6 man-made islands in Biscayne Bay connected by bridges on the Venetian Causeway, which are part of both the cities of Miami and Miami Beach-depending on the island. The 6 beautiful islands that make up the Venetian Islands are Biscayne Island (Miami), San Marco Island (Miami), San Marino Island (Miami Beach), Di Lido Island (Miami Beach), Rivo Alto Island (Miami Beach), and Belle Isle (Miami Beach). 1374 S. Venetian Way is an amazing property on San Marco Island that epitomizes island living. Here is a video of the home: Available Waterfront Single-Family Home Inventory At this time, there are 27 waterfront single-family homes listed for sale on the Venetian Islands with an average list price of $10,052,370 and an average list price per square foot of $1,844.65. On Palm and Hibiscus Islands combined, there are 28 waterfront single-family homes for sale with an average list price of $12,734,250 and an average price per square foot of $1,777.07. Venetian Islands Waterfront Single-Family Home Inventory Total Waterfront Homes Available: 27 Average List Price: $10,052,370 Average List Price Per Square Foot: $1,844.65 Palm & Hibiscus Islands Waterfront Single-Family Home Inventory Total Waterfront Homes Available: 28 Average List Price: $12,734,250 Average List Price Per Square Foot: $1,777.07 Available Non-Waterfront Single-Family Home Inventory Currently, there are only 15 non-waterfront single-family homes listed for sale on the Venetian Islands with an average list price of $2,469,067 and an average list price per square foot of $863.55. Coincidentally, there are also 15 non-waterfront single-family homes currently for sale on Palm and Hibiscus Islands combined with an average list price of $3,371,700 and an average price per square foot of $836.95. Venetian Islands Non-Waterfront Single-Family Home Inventory Total Non-Waterfront Homes Available: 15 Average List Price: $2,469,067 Average List Price Per Square Foot: $863.55 Palm & Hibiscus Islands Non-Waterfront Single-Family Home Inventory Total Non-Waterfront Homes Available: 15 Average List Price: $3,371,700 Average List Price Per Square Foot: $836.95 Single-Family Waterfront Homes Closed in the Last 6 Months In the last 6 months, 8 waterfront single-family homes have sold on the Venetian Islands with an average sales price of $5,224,375 and an average price per square foot of $1,540.29. Together Hibiscus and Palm Islands have seen only 2 sales of waterfront single-family homes in the last 6 months with an average sales price of $5,812,500 and an average price per square foot of $1,201.58. Venetian Islands Waterfront Single-Family Homes Closed in Last 6 Months Total Waterfront Homes Closed in Last 6 Months: 8 Average Sales Price: $5,224,375 Average Sales Price Per Square Foot: $1,540.29 Palm & Hibiscus Islands Waterfront Single-Family Homes Closed in Last 6 Months Total Waterfront Homes Closed in Last 6 Months: 2 Average Sales Price: $5,812,500 Average Sales Price Per Square Foot: $1,201.58 Single-Family Non-Waterfront Homes Closed in the Last 6 Months In the last 6 months, 5 non-waterfront single-family homes have sold on the Venetian Islands with an average sales price of $1,832,000 and an average price per square foot of $670.46. Together Hibiscus and Palm Islands have seen only 1 sale of non-waterfront single-family homes in the last 6 months, which sold for $1,200,000, which was $500.42 per square foot. Venetian Islands Non-Waterfront Single-Family Homes Closed in Last 6 Months Total Non-Waterfront Homes Closed in Last 6 Months: 5 Average Sales Price: $1,832,000 Average Sales Price Per Square Foot: $670.46 Palm & Hibiscus Islands Non-Waterfront Single-Family Homes Closed in Last 6 Months Total Non-Waterfront Homes Closed in Last 6 Months: 1 Average Sales Price: $1,200,000 Average Sales Price Per Square Foot: $500.42 Hibiscus/Palm & Venetian Islands Single-Family Home Months of Inventory Waterfront Single-Family Homes Venetian Islands: 20 Months of available inventory Palm & Hibiscus Islands: 84 Months of available inventory Non-Waterfront Single-Family Homes Venetian Islands: 18 Months of available inventory Palm & Hibiscus Islands: 90 Months of available inventory Interested in the South Florida Real Estate Market??? If you, or someone you know, would like more information about luxury homes on any of the exclusive islands of Miami Beach, please contact Michael Light, Broker Associate and Director of Luxury Sales at Douglas Elliman Real Estate. You may reach Michael directly at his office at (305) 350-9842, on his cell phone at (786) 566-1700 or via email at michael@miamiluxuryhomes.com. Note: The information contained herein was retrieved from the Multiple Listing Service (MLS) on August 17, 2017, and is intended for informative purposes only and, thus, should not be relied upon.
Thursday Throwdown: Miami Beach vs. Coconut Grove Single-Family Homes Posted on August 3, 2017August 17, 2017 by Michael Light Miami Beach and Coconut Grove are 2 of the most sought-after communities in South Florida, so how do they stack up against each other in today’s single-family home real estate market? Only a few miles apart and both offering breathtaking water views, these 2 neighborhoods are like night and day, but they both seem to be the place everyone wants to call home. And now, because of a long list of reasons, everyone is flocking from Miami Beach to Coconut Grove. And, why not…The Grove is approximately 13 feet above sea level, offers a fun laid-back friendly waterfront environment and offers lots of great restaurants, shopping, parks, marinas, entertainment and a lot of history! So where do you get more of a bang for your buck…let’s look at the numbers. Available Waterfront Single-Family Home Inventory Currently, Miami Beach has 187 waterfront single-family homes listed for sale with an average list price of $9,825,298 and an average list price per square foot of $1,490.04. In Coconut Grove, there are currently only 8 waterfront single-family homes for sale with an average list price of $13,291,125 and an average price per square foot of $1,557.72. Miami Beach Waterfront Single-Family Home Inventory Total Waterfront Homes Available: 187 Average List Price: $9,825,298 Average List Price Per Square Foot: $1,490.04 Coconut Grove Waterfront Single-Family Home Inventory Total Waterfront Homes Available: 8 Average List Price: $13,291,125 Average List Price Per Square Foot: $1,557.72 Available Non-Waterfront Single-Family Home Inventory Currently, Miami Beach has 225 non-waterfront single-family homes listed for sale with an average list price of $2,047,639 and an average list price per square foot of $654.70. In Coconut Grove, there are currently 103 non-waterfront single-family homes for sale with an average list price of $1,912,476 and an average price per square foot of $547.97. Miami Beach Non-Waterfront Single-Family Home Inventory Total Non-Waterfront Homes Available: 225 Average List Price: $2,047,639 Average List Price Per Square Foot: $654.70 Coconut Grove Non-Waterfront Single-Family Home Inventory Total Non-Waterfront Homes Available: 103 Average List Price: $1,912,476 Average List Price Per Square Foot: $547.97 Single-Family Waterfront Homes Closed in the Last 6 Months In the last 6 months, 45 waterfront single-family homes have sold in Miami Beach with an average sales price of $5,353,133 and an average price per square foot of $989.25. Coconut Grove has seen 3 sales of waterfront single-family homes in the last 6 months with an average sales price of $8,016,667 and an average price per square foot of $919.55. Miami Beach Waterfront Single-Family Homes Closed in Last 6 Months Total Waterfront Homes Closed in Last 6 Months: 45 Average Sales Price: $5,353,133 Average Sales Price Per Square Foot: $989.25 Coconut Grove Waterfront Single-Family Homes Closed in Last 6 Months Total Waterfront Homes Closed in Last 6 Months: 3 Average Sales Price: $8,016,667 Average Sales Price Per Square Foot: $919.55 Single-Family Non-Waterfront Homes Closed in the Last 6 Months In the last 6 months, 82 non-waterfront single-family homes have sold in Miami Beach with an average sales price of $1,416,142 and an average price per square foot of $502.94. Coconut Grove has seen 79 sales of non-waterfront single-family homes in the last 6 months with an average sales price of $1,312,553 and an average price per square foot of $438.88. Please note that I just recently set 2 records for the Coconut Grove real estate market…the first non-waterfront home to ever sell in the history of the Grove over $5M and the highest-priced-per-square-foot non-waterfront home to ever sell in Coconut Grove, at $818 per sq/ft. Miami Beach Non-Waterfront Single-Family Homes Closed in Last 6 Months Total Non-Waterfront Homes Closed in Last 6 Months: 82 Average Sales Price: $1,416,142 Average Sales Price Per Square Foot: $502.94 Coconut Grove Non-Waterfront Single-Family Homes Closed in Last 6 Months Total Non-Waterfront Homes Closed in Last 6 Months: 79 Average Sales Price: $1,312,553 Average Sales Price Per Square Foot: $438.88 Miami Beach & Coconut Grove Single-Family Home Months of Inventory Miami Beach & Coconut Grove Waterfront Single-Family Homes Miami Beach: 25 Months of available inventory Coconut Grove: 16 Months of available inventory Miami Beach & Coconut Grove Non-Waterfront Single-Family Homes Miami Beach: 17 Months of available inventory Coconut Grove: 8 Months of available inventory Interested in the South Florida Real Estate Market??? If you, or someone you know, would like more information about the real estate markets in Miami Beach and/or Coconut Grove, please contact Michael Light, Director of Luxury Sales at Douglas Elliman Real Estate. You may reach Michael directly at his office at (305) 350-9842, on his cell phone at (786) 566-1700 or via email at michael@miamiluxuryhomes.com. Note: The information contained herein was retrieved from the Multiple Listing Service (MLS) on August 3, 2017, and is intended for informative purposes only and, thus, should not be relied upon.