Significant Luxury Property Sales Are Made In the Sunset and Venetian Islands Miami

By Sunny Isles Real Estate Expert on March 12th, 2013

Sunset Island Real Estate

Sunset Island homes for sale

In yet another sign that the Miami real estate market

is well on its way to making a comeback, famous, former driver for Formula 1, Eddie Irvine, recently sold his Venetian Islands home for approximately $7 million. Irvine is well-known for his successes during his 4 year stint as a driver for Ferrari. His home was sold to a local developer, who preferred to remain anonymous.

The impeccable property featured 5 bedrooms and 5 ½ bathrooms. It was designed by well-known architect Luis Bosch. According to data found in public records, Irvine purchased the home in June of 2010 for $1.95 million. When asked, the Miami Dade County Property Appraiser’s Office stated that the home had an appraised value of $1.83 million. As aforementioned, similar sales are also being seen in the Sunset Islands as well as other South Beach homes for sale. Another luxury home recently sold for the sum of $20 million. This particular home boasted 7,200 square feet in size, and it featured four bedrooms and four bathrooms. The home was closed on in December of 2012. The owner who sold the home originally purchased it for the sum of $2.15 million in 1991. The home has appreciated, obviously, fairly significantly in value. The sale is one of the single most valuable ones through all of 2012. Another home, also located on Sunset Island, recently sold for $12.9 million.

Sales like these are beginning to occur with more frequency, and if the trend continues, the economic benefits will be seen all over Miami. There is currently hope that other single family home and condo sales will continue to follow suit.

New Projects for High Rise Condos In Miami Are In the Works

By Sunny Isles Real Estate Expert on March 5th, 2013

Fisher Island Real Estate For Sale

Pre Construction Condos Miami

In separate deals, two realtors have current plans to propose the construction of new high rise condos in Miami Beach. These two locations would be named Residences at the Miami Beach Edition and Deauville Hotel Beach Resort. Together, the two proposed developments would boast 440 units. This would bring the total amount of proposed unit developments to 13,315 since 2007, when the housing market bubble first burst.

In the 5 years since the market first crashed, one new tower has been constructed, and 12 high rises are currently in the construction phase. For the Miami Beach pre construction projects, the Residences at Miami Beach Edition would call for an 11 story tower to be built, with 26 of its units being designated as part of a resort complex. On the 4.2 acre site, there would be plans for at least 3 towers to be built.

In June of 2010, the developer of this project purchased what was formerly known as the Seville Hotel for approximately $57.5 million. The Seville Hotel was originally constructed in 1955. Prior to the housing market crash, the hotel was going to be revamped and reopened as resort under the Ritz Carlton flag.
To the north of Miami, on one of its barrier islands, building proposals for a 20 story high rise with an estimated 412 units are currently in production. The developer of this project is Deauville Associates LLC. They are currently seeking approval from the government to build this new high rise tower. Prior to this, they have sought and received approval to build a tower that would hold 150 condo units, but this new, more ambitious project has replaced the old one. Approval for the project will take several months to seek out.

Since 2003, approximately 49,000 new units have been created in South Florida. Of these numbers, 94% have been purchased by foreign investors. While there are currently many new plans in place, if approved, most of these new projects are not scheduled for completion until 2014. This is the projected date for when the last of the unsold units from the prior Miami real estate boom will be sold. As of right now, it is not clear how these proposed towers will be built. Obtaining construction financing has never been more challenging for developers, and there is the uncertainty principle regarding who exactly will purchase them.

In an effort to surmount future financing problems, developers of these new high rises are requiring prospective buyers to pay deposits, some as high as 80% of the unit’s price, in phases. By comparison, before 2006, developers were only requiring deposits of 20% from buyers. Real estate agents and firms will certainly be casting an eye towards these new developments with baited breath. The Miami housing market is only just now beginning to show signs of recovery from the previous economic depression, and if the market were to become oversaturated with new housing again, it could spell potential disaster.

Recent Sales on South Beach and the Price Per Square Foot

By Sunny Isles Real Estate Expert on October 2nd, 2010

South Beach Miami Real Estate

South Beach homes for sale

When you are considering buying a home in the South Beach

you are going to want to do some research to find out what the average price is for homes. One of the easiest ways to do that is to compare the average price per square foot of the different properties. Here are some of the most popular properties in the area as well as the average price per square foot. They are in order from highest to lowest. All of the data is from units sold in 2010.

Ten units were recently sold at The Setai Miami Beach

The Setai condos sold for an average of $1,517.28 per square foot. Apogee Miami Beach, another popular property, sold nine units. The average price per square foot at this property was $1,317.74. Twelve units sold at Continuum North for $1,053.44, and four units sold at Il Villaggio Miami Beach for $859.08 per square foot.

Continuum South

had sixteen properties sell with an average square foot price of $769.49. Murano at Portofino had four sold properties at $730.21 per square foot. Mosaic sold five units at $631.59 per square foot, while Murano Grande had eleven properties sell at $556.68.

Seventeen properties sold at ICON South Beach

for $543.99, while Blue Diamond Miami Beach sold twelve units for $470.51 per square foot. The Yacht Club sold sixteen properties at $443.40, and at Bentley Bay, nine condos sold for $412.74 per square foot.

Cosmopolitan South Beach

sold eleven units for $384.58, and Sunset Harbor had fourteen units sell at $346.17 per square foot. Roney Palace had an amazing thirty units sell for $341.87 per square foot, the Floridian had twenty-five condos sell at $317.81 per square foot. Rounding out the list is Wavery, which had eighteen units sell at $307.04 per square foot.

As you can see, there are many different types of properties available in the area, and people with large and small budgets alike should be able to find a great home in South Beach.

Luxurious Venetian Islands Homes In Miami Florida

By Sunny Isles Real Estate Expert on June 25th, 2009

Venetian Islands Miami Homes For Sale
Venetian Islands Florida Houses For Sale And Rent

The Venetian Islands homes

are located just off the coast of Florida, literally within minutes of Miami Beach. From these islands, one is availed of a city skyline view, day or night, and is offered a suburban environment located very close to what the city has to offer. These islands are among the most sought-after Miami Beach real estate. While one enjoys a very short commute to the city, they are removed enough from the heart of it to allow a very tranquil environment and plenty of space to relax and enjoy the seaside environs.

The Venetian Islands real estate

is populated by primarily luxury single-family homes. The history of this development goes back to the 1920’s when one of the first real estate booms hit Florida. The islands are artificial and there are 7 of them in total, 6 of which are the site of homes. From east to west the island are Belle Isla, Rivo Alto Island, Di Lido Island, San Marino Island, San Marco Island and Biscayne Island. The seventh island, called Flagler Monument Island, is not developed but is used as a recreational destination by residents. The islands are all part of either Miami or Miami Beach.

Island residents

make their way to the city via a series of bridges that link the island and the mainland. The Venetian Causeway is a stretch of road that has become popular for recreational activities over the years. Residents of the islands use this causeway for activities such as taking a bike ride, walking their pets, going out for a run or for simply strolling about and enjoying the subtropical climate. The islands are properly located in Biscayne Bay.

Nearby the Venetian Islands homes are Star Island homes, Palm Island homes, Hibiscus Island homes and Fisher Island real estate. As is the case with its neighbors, the Venetian Islands houses are a waterfront community which is characterized by a great many villas and estates for sale. This area is perfect for those who want or need to be close to the major metropolitan areas but who want a bit of distance between themselves and the hustle and bustle of urban life at the end of the day. The communities on this island are peaceful, laid-back and emphasize a luxury lifestyle. All of these factors have made the Venetian Islands Miami homes consistently among the most sought-after locations for those seeking a luxury lifestyle near the dynamic and growing city of Miami.