Miami Beach home sales continue to reflect strong demand for well priced properties, especially remodeled waterfront homes & estates. We are also seeing significant unremodeled (land value) sales of both waterfront & non-waterfront homes recently closed in the City of Miami Beach. Below are the most signficant waterfront & non-waterfront sales from the last few weeks. Most notably, we're seeing the vast majority of waterfront homes in Miami Beach selling for LAND VALUES of between $404/SF - $632/SF. There have been a few notable exceptions to this trend- for a new & contemporary waterfront home, which sold on the Venetian Islands for $952/SF of land value (smaller lot), and a recent canalfront land sale which sold for $131/SF of land value in the Lake View subdivision of Miami Beach. Additionally, recent non-waterfront home sales on Miami Beach's Pine Tree Drive have ranged between $143/SF - $334/SF of land value, with the homes ranging from $334/SF up to $532/SF for an updated two story home, which closed on 8/30/2016.

Miami Beach's Recent Significant Waterfront Sales:

2920 North Bay Road - Seven Bedroom Magnificent & Remodeled Waterfront Estate with 170 linear feet of water frontage, WIDE Bay direct downtown Miami Skyline views, totally redone seven bedroom Estate Closed on 07/11/2016 for $19,950,000 ($415/SF of Land)

6385 Pinetree Drive Circle - Nine Bedroom Estate with 175 linear feet of water frontage, intracoastal, totally remodeled Grand Estate for closed for$19,000,000 on 08/22/2016 ($434/SF of Land)

440 W. Rivo Alto Drive - Venetian Islands Six Bedroom Brand New Architecturally Contemporary Home with 60 linear ft. of water frontage closed for $10,000,000 on 07/05/2016 ($952/SF of Land)

412 W. Dilido Drive - Venetian Islands (Land Value Sale). 90' linear water frontage closed on 09/02/2016 for $6,500,000 ($412/SF of Land)

860 Lakeview Drive - Canalfront 80 linear ft. of water frontage (land value sale) for $2,450,000 located adjacent to New Ritz Carlton Residences in Miami Beach's Lakeview Neighborhood ($131/SF) closed on 8/26/2016

609 East Dilido (Venetian Islands) - 60 linear ft of waterfront land value sale, house is a total redo (needs updating) closed on 5/26/16 for $4,325,000 ($411/SF of Land)

6300 North Bay Road (Upper North Bay Road)- 103 + linear ft of waterfront six bedroom breathtaking Estate, wide bay with direct downtown Miami skyline views. Totally updated & state of the art with new dock. Closed on 03/11/2016 for $10,270,000 ($407/SF)

55 East San Marino Drive (Venetian Islands) - 60 linear ft of three bedroom waterfront home was updated recently with lush landscaping & Intracoastal island views facing East. Sold for $5,300,000 on 1/19/2016 ($603/SF of Land)

295 N Coconut Lane (Palm Island) - 75 linear ft- this four bedroom waterfront home was totally remodeled in 2014 with cotemporary finishes, wide Bay DIRECT views of the downtown Miami skyline. $5,580,000 on 01/6/16 ($632/SF of land)

250 S. Coconut Lane (Palm Island) - 60 linear ft of waterfront, house was updated with new dock & views facing cruise ships and downtown Miami. $6,020,000 05/27/16 ($716/SF of Land)

5328 N Bay Road - 75 linear ft of waterfront six bedroom home ideal for updating with direct & wide bay downtown Miami views. Closed on 2/08/16 for $6,550,000 ($519/SF of Land)

1201 N. Venetian Way - 110 linear ft of waterfront, new six bedroom Contemporary Developer home (Decorator Ready) that new owner will add his own finishes. Property has direct downtown wide Bay Miami skyline views Closed on 01/15/2016 for $7,300,000 ($545/SF of land)

320 W. Rivo Alto Drive - 60 linear ft of waterfront, beautifully renovated four bedroom Mediterranean style home on Venetian Islands with furnishings included. $4,250,000 on 06/24/2016 ($404/SF)

28 W. San Marino Drive - Direct Downtown Miami skyline view with 100' of waterfront & new 53' dock, remodeled six bedroom home on San Marino Island with separate guest cottages & room for expansion of existing residence. $8,050,000 on 6/08/16 ($623/SF)

302 S. Coconut Lane - Direct downtown Miami skyline views, completely updated five bedroom contemporary home on Palm Island with 80' of waterfront, new dock + chef's kitchen. $4,700,000 on 06/15/16 ($538/SF)

Recent Non-Waterfront Sales in Miami Beach:

5236 Pine Tree Drive - Updated two story four bedroom home with 3,140 SF of living space. Closed on 8/30/2016 for $532/SF of liveable area & $220/SF of land value

5400 Pine Tree Drive - Land Value Sale closed for $1,340,000 Five Bedroom Home 4,002 SF of living space with unique architectural style. Closed on 08/12/2016 for $334/SF of liveable area & $143/SF of land value

5852 Pine Tree Drive - Updated Four Bedroom Home with guest cottage closed for $1,750,000 with 3,900+ SF of Living Space. Closed on 08/12/2016 for $443/SF of living space & $236/SF of land value.

The Sunset Islands neighborhood in Miami Beach is comprised of four distinct islands. They include Sunset Island I, Sunset Island II, Sunset Island III, and Sunset Island IV. As the name implies, this fashionable area treats residents to spectacular views of the sunset and features some of the best properties in the area. If you are a home buyer seeking seclusion and luxury, Sunset Islands may be just what you are looking for.

Sunset Islands Real Estate

Sunset Islands Waterfront Homes overlook Biscayne Bay to the west and can be waterfront or non-waterfront properties. Most homes in this neighborhood feature at least four bedrooms and have on average about 5,000 square feet of living space. Some of the homes are 10,000 square feet and above. Many properties are on lots that are at least 20,000 square feet with about 100 feet of water frontage. Homes range in price beginning around $4.5 million and can go upwards of $16.5 million. The average listing price is approximately $10 million.

Sunset Island homes are well-appointed and feature luxury details both inside and out. Some of the terrific amenities that homeowners here will enjoy include spacious living rooms, modern gourmet kitchens with state of the art appliances and deluxe countertops, marble bathrooms, huge yards with beautiful pools, and peaceful neighborhoods.

Sunset Islands are guarded communities and are located between 21st and 29th Streets. Sunset Island I and Sunset Island II are easily accessed through 29th Street, to the west of North Bay Road. Sunset Island III and Sunset Island IV are accessed via 21st Street at the southernmost part of North Bay Road. It is a terrific location for boat owners as there are no fixed bridges to and from the area, making it easy for large vessels to travel to the Intracoastal Waterway and the Atlantic Ocean.

Sunset Islands is known for its seclusion and luxury, making it a magnet for celebrities and other pillars of the Miami Beach community. Some notable residents include tennis star Anna Kournikova, singer Enrique Iglesias, South Beach Diet author Dr. Arthur Agaston, Miami developer Steve Muss (who purchased his home from rock star Lenny Kravitz), and architect Chad Oppenheim.

In the Heart of Miami Beach

Sunset Islands residents are close to everything that Miami Beach has to offer. The neighborhood is just minutes away from the famous Art Deco District of Miami Beach as well as the popular destinations found on Lincoln Road, Ocean Drive, Collins Avenue and Washington Avenue.

Miami Beach delivers in the food department, and the city is known for having some of the best restaurants in the country.Sunset Islands Miami Beach's residents can take advantage of this bounty by dining at any of the wonderful eateries that are nearby, including:

• Prime 112
• Joe’s Stone Crab
• The Forge
• The Meat Market
• Ola
• Van Dyke Café

For those that like to spice things up at night, there are many hot clubs that are in the area, including:

• Liv at the Fontainebleau
• Set
• Florida Room at the Delano
• Mynt
• Sunset Lounge at the Mondrian Hotel
• Whiskey Blue at the W Hotel

To get more information on the Sunset Islands community, visit www.thekleerteam.com. Whether you are scouting for Miami Beach Condos or South Beach Condos, you can get in touch with Miami Beach Realtor Allan Kleer at 305-767-7607.

Summarizing the top 21 most expensive sales of luxury homes and condominiums in Miami Beach's real estate market for the final quarter of 2011:

As indicated at bottom of this blog post, Eleven condominiums priced over $3 Million sold in Miami Beach in the final quarter of 2011 for an average price of $1,765 per square ft. of living space.

Also indicated at the bottom of the blog post, TEN waterfront homes in Miami Beach priced over $2 Million were sold in the final quarter of 2011, at an average sales price of $720 per square ft. of living space.

The available Miami Beach luxury waterfront home and condo inventory drastically declined last year. As I previously highlighted in my 2011 Miami Beach Condos Year End Review, affluent foreign (and mostly cash buyers) have been taking advantage of recent real estate price corrections by spending over $3 BILLION in purchasing luxury homes andn condos in Greater Miami. As a result, we've seen a dramatic drop in
Miami Beach's premier waterfront home and condo inventory. The most searched and sought-after Miami Beach waterfront homes are in the luxury island communities of Palm, Star, Hibiscus, Sunset Islands I - IV, and the Venetian Island Chain that links Miami with Miami Beach. The highest priced condo buildings are The Continuum on South Beach, Apogee Miami Beach, The IL Villaggio (directly on Ocean Drive), The Bath Club (North Beach area), and The Setai Condo/Hotel on Collins Avenue.

Given the strong anti-development sentiment and building regulations in Miami Beach, the future supply of premier waterfront homes and condos in Miami Beach will continue to be VERY limited. Combined with an amazing city and beach lifestyle, I believe that high net worth foreign cash buyers to will continue to invest in Miami Beach luxury homes and condos in premier locations. Therefore, I'm convinced that in 2012 we will see strong price appreciation for premier waterfront Miami Beach homes and condos.

Below are the Top 21 Closed Sales of Miami Beach Homes and Condos for the Final Quarter of 2011:

Miami Beach Luxury Homes Sales Update

In the past sixty days, there have been a total of twelve single family luxury homes sold in Miami Beach (closed sales over $1 Million). This represents an astounding 2000% sales volume increase in luxury homes sold from the same period in 2010! In just sixty days, over $58,000,000 (that's over Fifty Eight Million Dollars!) in Miami Beach single family homes sold in zip codes 33139, 33140, and 33140 versus just over $18,000,000 (Eighteen Million) for the exact same period last year.

The National S & P/ Case-Shiller Home Price national data was just released, which showed the first signs of a national turn in housing. Our thesis for the past two years has continued to become more widespread - the overall lack of new construction in over five years is slowly drawing down the unsold inventory that accumulated during the real estate market downturn. Buyer demand for Miami Beach's the luxury housing market has been driven mostly by high net worth Foreign Buyers (especially Latin American and Eastern Europeans) as well as Northeastern "snowbird" clientele. We're also seeing the strongest demand in years for luxury condos in South Beach's South of Fifth waterfront condo buildings- such asThe Murano at Portofino, The Continuum on South Beach, Apogee, Icon, etc. I'll elaborate more on these Foreign Buyers, who are driving demand for Miami Beach luxury real estate (especially in South Beach's highly coveted Condo market) in our next Blog post.

Below are the actual sales comparisons between 2010 and 2011 of closed single family home sales ($1 Million and over) in Miami Beach for Zip Codes 33139, 33140, and 33141:

Miami Beach and South Beach Real Estate Market OVERVIEW

Miami Beach condo sales activity has increased significantly in the second quarter of 2011, especially for waterfront luxury properties. The second quarter of this year was also defined by an increase in high-end Miami Beach home sales. The Miami Beach and South Beach condo and single family residential market experienced sales surges fueled by strong demand for waterfront and oceanfront properties. Ultra-luxury waterfront communities have witnessed near-record sales activity since the housing market price corrections of the past few years. For example, this year’s most ultra-luxury home sale was an incredible Star Island home that sold for an amazing $25,500,000.

Home price indicators saw positive gains, especially for zip codes 33139, 33140, & 33141 in Miami Beach with a boundary up to 30th street. The median sales price declined 15.9% year over year to $925,000 for Miami Beach single family homes. Consequently, the number of closed home sales transactions in Miami Beach increased 6.6% to sixty five individual homes sold during this period. High end, luxury homes sales increased and defined the market, which is consistent with the overall national trend of wealthy individuals (especially foreign buyers) driving the luxury real estate market in premier real estate areas of the country. Although Miami Beach single family home prices declined as sales edged higher (median sales price declined 15.9% to $925,000 down from $1,100,000) which is about 14% of Southeast Florida regional sales.

In highly desired waterfront areas with a high concentration of luxury condo buildings (such as the South of Fifth neighborhood of South Beach) slightly lower sales prices, and an influx of wealthy cash buyers, attributed to a large increase in the number of sold condominiums. Miami Beach's market trends indicate a stabilization in condo prices, with the average price per square foot declining by just 0.6% year over as the number of closed sales surged 25.3%.

Miami Beach's overall Real Estate Market has seen much positive news this year, including an increase in luxury waterfront condo & home demand, record breaking sales, more affordable sales prices, condo building sell-outs, and a steady stream of international buyers making second and vacation homes purchases on Miami Beach.

Summary of Miami Beach Real Estate Market activity
Miami Beach Home sales statistics for zip codes 33139, 33140, 33141
Single Family Homes for Sale ($1 Million and above): 294
Miami Beach Homes Sold YTD ($1 Million and above): 86
Average Miami Beach Home Sale Price: $3,401,000

Market Analysis of Miami Beach Home Sales YTD

Miami Beach Condo sales statistics for zip codes 33139, 33140, 33141:
Condos for Sale ($1 Million and above): 1,812
Miami Beach Condo Sold YTD ($1 Million and above): 163
Average Miami Beach Condo Sale Price: $2,260,810

Miami Beach Real Estate Sold for Record Price

A two-acre waterfront land sale in Miami Beach’s most expensive neighborhood has sold for $15 million ($187/S.F.), a record for Miami Beach Real Estate! A European buyer closed on the purchae of this premier and rare Miami Beach waterfront land this week, located at 4 Indian Creek Drive. Most notably, this incredible Miami Beach waterfront property, which previously sold for $11.4 million in 2005, has 200 feet of water frontage and 80,000 feet of space. The seller was a New Jersey based entity called L & L Indian Creek Prop LLC.

Containing nearly two acres (80,000 S.F.) adjacent to the world-class Indian Creek Country Club, with an 18 hole championship golf course at its front lawn and 200 feet wide bay front views with direct western exposure to view stunning downtown Miami skyline sunsets. Fully secured- with its own 24 hour police force and marine patrol, the nearby neighbors are among the most exclusive Miami Beach Homes and Estates. This incredible waterfront property is minutes to all Miami Beach amenities and the famous Bal Harbour Shops on Collins Avenue. One should expect the new owner to create a magnificent Miami Beach Home, which will rival any of the existing Estates and Homes in the nearby island communities of Star, Palm, and Allison Islands.

Read more: Miami Beach Real Estate Latest Record Sale

The Latest Miami Beach Real Estate Sales Statistics:

In the past ninety days Miami Beach Condo and home sales have seen closing prices for luxury waterfront properties reach levels not seen since the market highs of 2006. The island residential communities in Miami Beach (specifically in the South of Fifth neighborhood) and the luxury homes communities on the Venetian Islands and Star Island have seen incredible sales momentum for "turnkey" luxury waterfront properties.

The most prominent Miami Beach condo sales took place at The Continuum Condos in Miami Beach, where two spectacular Oceanfront combined condos with over 6,400 SQ. FT. of living space sold for an incredible $10,576,000 (this works out to over $1,643/S.F.) Also noteworthy, at the nearby Apogee in South Beach'sSouth of Fifth Neighborhood is a Penthouse sale for an incredible $11,500,000 (also over $1,678/SF) ! ! !

The most noteworthy Miami Beach home sales are the large Estates located at 4855 Pinetree Drive and the incredible home located at 27 Star Island Drive in Miami Beach's ultra-luxury Star Island Community. It should be noted that this Star Island home sold for $10,750,000, and is located just a few doors down from Gloria Estefan's and Rosie O'Donnell's magnificent Star Island residences.

The last 90 Days of Miami Beach Condo and Waterfront Home Sales:

As part of our evolving marketing strategy for the past few years, I now travel regularly to international real estate shows and meet with Brokers from around the world. I'm usually asked about the overall health of the Miami real estate market. Miami Beach waterfront real estate is what today's high end buyers look for, especially in demand are waterfront homes in one of the island communities, as well as condos in the South of Fifth Street area. Most out of town Buyers tend to believe that a direct Ocean view condominium is "THE" view to have, but as they see property and compare nighttime views, the value of the downtown Miami skyline quickly becomes apparent. The best South of Fifth condo buildings that feature these types of Downtown Miami & Biscayne Bay views are The Continuum North and South Towers, The Portofino Tower, Apogee South Beach, The Murano at Portofino, Icon South Beach, and The Murano Grande.

Many of the Brokers that we do busines with in South America and Europe also ask about the possibility of purchasing a foreclosed, or bank owned, waterfront condominium or home in one of the island communities in Miami Beach - such as Palm, Star, Hibiscus, Sunset Islands I - IV, or The Venetian Islands chain. The fact is that waterfront luxury condos and home sales are UP significantly in the past six months, along with an appropriate decrease in available inventory of listed property. For example, in the Summer of 2009, near the bottom of the real estate market, there were just under five hundred (500) condominiums on the active market for sale in Miami Beach's South of Fifth Street waterfront condo buildings - The Murano at Portofino, The Murano Grande, Icon South Beach, The Continum North and South Towers, and Apogee. As I write this in mid-February, 2011, these same condominiums buildings have a total inventory of just over one hundred fifty (156) listed condos. This represents a decrease of 67% percent in available, unsold inventory in South Beach's South of Fifth Neighborhood!

Does this mean that the waterfront condo inventory will run out? Of course not, but as new listings come on the market, Owners / Sellers will see a gradual price increases. There are many building and architectural restrictions imposed by the City of Miami Beach, since the city passed new building codes in late 2001 that put severe limitations on future re-developement. Also, there's vitually NO waterfront land available for future development in Miami Beach. The conclusion being that there will be severe limitations on future supply of new property becoming available in Miami Beach, which indicates the strong potential for future price appreciation.

Recent "Closed Sales" of Waterfront Condos and Homes:

Data Source: SouthEast Florida Regional MLS

I want to tell the truth about housing supply and demand in Miami Beach. As previously posted, there's been significant Miami Beach Real Estate Sales Momentum in the last few months -continuing a strong upward trend. According to financial experts, this simply wasn't supposed to happen so soon after the financial crash of 2008. I heard all summer that when the tax credit expired, we would begin to see a sharp degradation in purchasing of existing homes AND condos in Greater Miami and Miami Beach and a corresponding price decline, predicted as much as 20% to 25%!

We're experiencing the opposite -- strong sales momentum, and prices that are holding steady to actually increasing. For example, we are seeing this upward trend in Miami Beach's South of Fifth Neighborhood, which has a finite supply of luxury waterfront buildings such as The Continuum on South Beach, Murano at Portofino, and Icon South Beach. When you link the latest sales numbers with a zero new building construction starts, you get this monumental shift that explains the increase in sales and the increase in prices that were NOT supposed to happen so soon! A case in point, even in Miami Beach's long-troubled Bentley Bay condominiums at the southern end of West Avenue- we've seen a dramatic decline in inventory from approximately ninety (90) condominiums offered for sale in late 2008 to under sixteen (16) today. Also, due to the high volume of pending contracts we will probably see gradual price APPRECIATION for select waterfront South Beach condominium buildings.

I came to the conclusion long ago that the overall Miami Beach housing market (whether for condos or single family homes) is on the rebound. Particularly when we look at the City of Miami Beach's STRONG anti-development restrictions on tearing down existing buildings, and limited Floor to Area ratios, the conclusion is that there's a PERMANENT limitation on future housing supply in the city of Miami Beach.

This is particularly relevant for South Beach's South of Fifth neighborhood, and the appropriately named "South of Fifth" development that was just acquired by iStar Financial Inc. (NYSE:SFI). It was announced last week that iStar will have full ownership of the luxury Miami Beach real estate condominium project “South of Fifth,” located at 125 Ocean Drive (right next to the Bentley Hilton). iStar plans to rebrand South of Fifth, reposition the condominium in the market, and redesign the intimate, seven-story beach-front condo with a multi-million dollar luxury investment. South of Fifth currently features 28 oceanfront residential units, three office units and one retail space. Units range in size from 660 square feet to 6,240 square feet. Preliminary marketing plans will have asking prices in the $1,000/S.F. range. Condominium amenities will include a private lounge, gym facilities, beachfront pool, private beach club, hotel services, as well as 24-hour valet, security and concierge.

Miami Beach is an International tourism mecca, drawing affluent foreigners from South America and Eastern Europe. The South of Fifth Neighborhood is where everyone wants to be these days. This has turned into a diverse & complete vacation destination for tourists who crave year-round sunshine, modern luxury waterfront condo residences, a vibrant night life, and a wide variety of gourmet restaurants & beaches.

If you're a potential Miami Beach condo or home buyer, my recommendation is to act NOW. The fact is that there's a very limited supply of WELL priced luxury waterfront homes and condos in Miami Beach, particularly for waterfront luxury residences located in the immediate South Beach area. The more motivated Miami Beach sellers, whether they be lenders or individual owners, are rapidly disappearing!

The recent market activity for Miami Beach luxury homes, especially for premier waterfront properties, and South Beach condominium buyers is impressive. Although the national newsmedia continues to tell us that the national housing market is depressed, I can attest that my team and I are VERY busy these days. Almost all of our listed properties, whether they be single family homes or condominiums in both Miami and Miami Beach, have either sold or are under contract with well-qualified Buyers.

As I write this, in early January of 2011, my team and I have been overwhelmed by the strong Buyer activity of the past two months as high season has kicked into gear for Miami Beach Real Estate Buyers and Sellers. We're averaging a new Buyer inquiry EVERY HOUR- these usually come from our various Miami Beach condominium and luxury homes websites, and our international Brokerage partner portals in Latin America.

As our inventory of exclusively listed homes and condominiums in Miami Beach has been sold, we've been actively reaching out to homeowners in our target market of Miami Beach homes and condos. Potential sellers should be capitalizing on this growing demand for premier Miami Beach homes and condos from both USA-based and International Buyers by working with the RIGHT marketing Real Estate Agent / Brokerage Firm.

Key traits that Sellers should look for in a Miami Beach Real Estate Agent:

Latest Miami Beach Condominium and Homes Closed Sales Data: