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
Discover Miami Beach’s Most Prestigious Residential Communities Posted on May 10, 2018May 10, 2018 by Michael Light Miami Beach offers many luxury residential communities within its city limits, with many of them being very affluent, some being on its own exclusive island, but all of them offer some of the most prestigious residential addresses, housing multi-million-dollar mega mansions. So, let’s discover a little about some of these prestigious Miami Beach residential neighborhoods. Indian Creek Island Indian Creek is an exclusive 300-acre island located on the beautiful waters of Biscayne Bay and recognized as one of the wealthiest, private, most secure communities in Miami Beach, and the world. The high level of privacy and security is the highest priority to the residents of Indian Creek and maintained by having its own private police force, as well as its own 24/7 armed marine patrol monitoring the waters surrounding the island. It is not uncommon for Indian Creek Island to make an impression or make real estate headlines with the rich and famous residents who make it their home. Residents include Spanish singer Julio Iglesias, whose $28 Million home made it on the Top 10 List of Most Expensive Homes in South Florida in Forbes Magazine in 2006; pro golfer Raymond Floyd, former football coach of the Miami Dolphins Don Shula, television host Don Francisco, billionaire investor Carl Icahn, real estate billionaire Peter Breton, Victoria Secret’s model Adriana Lima, co-founder of Calvin Klein Barry Schwartz, Sheik Mohammed al-Fassi of Saudi Arabia, billionaire developer Donny Soffer, steel executive Leroy Schecter, wireless executive Rajendra Singh, radio magnate Raul Alarcon, former cable company CEO Ken Bagwell, US Senator George Smathers, coal and oil executive Christopher F. Viegas, former football team owner and billionaire art collector Norman Braman. In August 2012, Forbes Magazine featured a home sold on Indian Creek as the most expensive home sale in the history of Miami-Dade County. With only 41 luxury, waterfront residences surrounded by lush gardens, these spectacular homes feature resort-style pools, poolside cabanas, rooftop Jacuzzis, full spas, gyms, wine cellars, entertainment theaters, accentuated with lavish furnishings and the finest accessories. The amenities at Indian Creek include an 18-hole golf course, considered one of the finest and occupying the interior of the island with a few holes on the waterfront, and an elite country club. Just minutes away via 91st Street, you have the neighborhood of Surfside, the nearby conveniences and fine dining on Miami Beach, and shopping at the prestigious Bal Harbour Shops. Indian Creek is a magnificent parade of palatial homes exuding extravagance, with panoramic, breathtaking views of Biscayne Bay, the skyline of Downtown Miami, and a premier location of South Florida and the world. North Bay Road North Bay Road runs north and south along the western side of Miami Beach, and is one of the wealthiest communities in South Florida displaying stunning mansions and magnificent estate homes, accessorized with lavish furnishings, and complete with the ultimate in luxury amenities. These include fountains, resort-style pools, koi ponds, spas, Jacuzzi, fitness centers, billiards rooms, fireplaces, theaters, wine cellars and spacious gourmet kitchens with top-of-the-line appliances. Most of these professionally landscaped North Bay Road luxury homes feature waterfront pools and are just steps away from their own private dock, with expansive terraces perfect for entertaining and enjoying the breathtaking, panoramic views of Biscayne Bay. North Bay Road is a complete community with great schools, houses of worship, community interests, and lies near the Miami Beach Botanical Garden, a 2.6-acre property featuring a Japanese garden, and offering a world of activity from Zumba and yoga classes, to cooking workshops, gardening lectures, children’s programs and events for all ages. Lined with one elegant estate home after another in a superb neighborhood, North Bay Road has been home to many past and present celebrities including the Bee Gees, Matt Damon, Jennifer Lopez, Ricky Martin and Miami Heat champions Dwyane Wade and Chris Bosh. Within minutes, you are playing a round of golf at the prestigious La Gorce Country Club, on the white sand beaches of Miami Beach, dining on Ocean Drive, in vibrant South Beach, and half an hour from the Miami International Airport. For that sophisticated tropical retreat you can call home with all the South Florida luxuries, look no further than North Bay Road. Pine Tree Drive Pine Tree Drive is a scenic road on the eastern side of Miami Beach, well known as one of the most beautiful communities in Miami Beach and home to some over-the-top waterfront estates. Pine Tree Drive runs from W 23rd Street to W 63rd Street, west of Collins Avenue, in Miami Beach, Florida, just minutes from the white sand beaches on the Atlantic Ocean, and a short drive away from the popular and lively South Beach area. The prestigious Miami Beach Golf Club is a highlight of this luxury neighborhood, with a pro shop, ornate Mediterranean clubhouse and a unique golf course restaurant with a great menu and a full-service bar. Extravagant, architecturally designed homes with spectacular landscaping are seen one after another on this splendid street, featuring impressive entrances, fountains, resort-style pools, theaters, gyms, gourmet kitchens, wine cellars, impeccable details, and lavish fixtures. Pine Tree Drive is centrally located with easy access to Miami Beach, Downtown Miami, the Miami International Airport and a premier location for living a grand South Florida lifestyle. South of Fifth The enclave South of Fifth Street, also known as South of Fifth or SoFi, is a small affluent neighborhood situated on the southern tip of Miami Beach that begins at South Pointe Park and covers north to 5th Street, from east to west. Surrounded by the Atlantic Ocean and Biscayne Bay on 3 sides, South of Fifth is known as an exclusive tropical paradise where you can both relax and have easy access to all of the exciting water sports and activities that South Florida is so celebrated. One of the most popular destinations in South of Fifth is the 17-acre South Pointe Park. This park is very popular among locals and tourists, as it offers an immense amount of lush green space, paved promenades, outdoor exercise areas and kid’s play areas…perfect for friends, family and their beloved pets to get together for a nice picnic on the manicured lawns, rollerblading, or simply to enjoy a stroll down to the beautiful white sandy beach. South of Fifth is home to some of the most historic restaurants, beautiful oceanfront hotels and chic hotspots in Florida. Some of the historic restaurants include the famous Joe’s Stone Crab, which is open seasonally, Prime 112, Prime Italian and Smith & Wollensky; while the hot spots include Nikki Beach Club, the Big Pink and the low-key Ted’s Hideaway, which are just a few of our favorites. As one of the most exclusive neighborhoods in Miami Beach, it should be no surprise that SoFi is home to some of the most luxe condo towers in all of South Florida and is truly an ideal place to call home. A few of the ultra-high-end luxury condos on South of Fifth include Continuum South Beach, Apogee South Beach, 321 Ocean, One Ocean, Murano Grand at Portofino, Ocean House and the newly-constructed Glass Miami Beach. Star Island Star Island is an exclusive, man-made island in the beautiful, turquoise waters of Biscayne Bay, located in the southern part of Miami Beach, south of the Venetian Islands, and east of Palm Island and Hibiscus Island. It is only accessible by using Bridge Road, connected to the MacArthur Causeway, which takes you to the mainland. With its southern location, you are only a short drive away from the lively South Beach area with its sizzling nightlife and to Downtown Miami. Even though there is a guard house at the entrance of Star Island, it is a public neighborhood and you will be allowed to tour this tropical paradise with the incredible sight of one sprawling, magnificent home after another. The children of Star Island are served by the public schools of South Pointe Elementary, Nautilus Middle and Miami Beach High, in addition to the many private schools in South Florida. Star Island is famous for the wealthy residents it attracts, past and present, many of which are celebrities, movie stars, and the elite from the business world, sports stars, artists and entertainers. These headliners include our very own Latin music sensation Gloria Estefan, Madonna, Don Johnson, Thalia, Sean “P Diddy” Combs, Sylvester Stallone, Lenny Kravitz, Will Smith, Rosie O’Donnell and Shaquille O’Neal. Star Island boasts impressive waterfront residences, with all the luxuries to complement its splendor and beauty. As part of the Biscayne Bay Aquatic Preserve, Star Island is a floating jewel of architectural masterpieces on a tropical island in one of the most premier locations of South Florida, and the world. If you, or someone you know, are interested in purchasing a luxury home in Miami Beach, please contact Broker Associate Michael Light directly at (786) 566-1700 or michael@miamiluxuryhomes.com. Michael is a top-producing real estate professional, Senior Director of Luxury Sales and member of the elite Sports & Entertainment Division at Douglas Elliman Real Estate. Michael is also the Founder/Owner of The Miami Luxury Homes Group at Douglas Elliman.