Miami Beach Home Sales Under $500,000 are selling like Mojitos

Miami Beach Homes under $500,000 are selling like Mojitos


In 2009, 11 Miami Beach homes have sold for under $500,000.

In addition, there are currently 9 pending Miami Beach homes sales contracts under $500,000.

20 closed and pending Miami Beach homes sales under $500,000!

What’s so great about that?
In 2006 not one Miami Beach home sold under $500,000, in 2007, one home sold under $500,000, in 2008, two homes sold under $500,000.
5 of the closed home sales were bank-owned homes.

5 of the 11 pending Miami Beach home sales are pre-foreclosure “short sales” and 2 of the 9 pending homes are bank-owned.

Decisive buyers from around the world are scooping up their discounted piece of paradise.

These homes are spread out around Miami Beach, all south of 63rd Street.

The condition, size and location of the homes vary; some are remodeled, some are tear-downs, all of the homes are on “dry lots”, non-waterfront.

Well-positioned Miami Beach waterfront homes are selling as well.

17 Miami Beach waterfront homes have sold in 2009, the lowest closing for $1,535,000. The highest, closing for a still respectable $16,000,000 was Shaquille O’Neal’s home on Star Island.

Two of the waterfront home sales were short sales and two were bank-owned.

Bank-owned homes sell more quickly than private homes as bank sellers aren’t emotionally attached to the homes.

There is still time to get in on the action, while buyers have a variety of good deals to choose from.

Realtors in Miami Beach are collectively breathing a sigh of relief as those of us who have survived the downturn can see the stale mate between buyers and sellers may be coming to an end.

Feel free to email me and I will email a link of all of the Miami Beach Homes

closed sales to you.

Warm regards,

John

Best Deals on Miami Beach waterfront homes May 5th, 2009

With most Miami Beach waterfront homes, the land is worth more than the structure, so I generally used price per square feet for the land as my guide to determining the best values currently for sale. The attached spreadsheet shows price per square feet for the land and price per square foot for the structures.

Bear in mind, the best waterfront deals typically need some degree of remodeling work. If a home has been recently renovated and is in a prime waterfront location, it is highly marketable and will sell for a higher price.

Miami Beach and South Beach in particular attracts home buyers from all over the world who have their 3rd, 4th or 5th vacation home here.

Overseas and out of state buyers will pay extra for a home that is already remodeled as communicating with contractors is not always convenient for the affluent. In addition, it can be time-consuming.

In my opinion, buyers of prime waterfront property who are willing to hire a contractor and invest in renovations will be rewarded.

For your information, an acre equals 43,560 square feet or 4047 square meters

Here are the best deals on the market as of May 5th, 2009. I will be happy to email you with the data and spreadsheets I used for my study. These are not my listings so I am not giving you biased “best deal” recommendations.

1520 W 21st Street $1,450,000 for an 8700 square foot lot or $166/sf for the lot. This is the lowest-priced South Beach waterfront home on the market in 3-4 years. There is a contract on the house, but the owner is accepting back-up offers. MLS M1288940

830 W Dilido Drive MLS M1271561 is listed at $2,950,000 or $220/sf. The home is open and updated with 110’ on the open bay. This point lot faces west with downtown views (if you look south from the pool).

430 W San Marino Drive. MLS M1213306 is a partially remodeled home with decent downtown views from the back yard and 100’ on the water. I believe this is the home we discussed.

2940 N Bay Rd $6,900,000 for over an acre on N Bay Road. MLS M1265269
This home has 150 feet on the water with a 43,988 sf lot. That breaks down to $156/sf for the land, which is a reasonable price. The house is a tear down as there is no room for a pool if you use the existing home. The pool used to sit southeast of the home before one large lot was subdivided into two lots. The view from the back of the house is N/NW with a view of the Julia Tuttle (195) causeway.

Sister Property:
2920 N Bay Rd $7,900,000 MLS
$153/sf for the lot.

4949 Pinetree Drive is an amazing deal. Listed at $11,900,000 for 102,671 square feet of land (roughly 2.5 acres) and over 671 feet of water frontage. MLS 1312130. You can dock two 100’ yachts on this property. The property features a clay tennis court, main house, pool cabanas and two guest homes. Take a look at the pictures, this home is breathtaking. The original owner of this home was the Kresge family, founders of K-Mart.

Feel free to email me at johngeerealtor@yahoo.com or call me on my cell phone
at 305-609-1087

Best Deals on Dry Lot Homes in Miami Beach May 3rd 2009

We are beginning to see an uptick in pending single family home sales in Miami Beach.

There are currently 377 homes for sale in Miami Beach. Over the past 12 months, 88 homes have sold.

The good news is that prices have been coming down and there are some super deals on "REO" bank-owned homes, short sales and deals with owners who are just plain motivated to sell.

In fact, 16 single family homes went under contract in the past 30 days!

People frequently ask me to send them the "best deals" and "steals".




My website has all of the homes for sale in Miami Beach regardless of who the listing agent is.


Therefore, all of the great deals are not necessarily my own listings.



To determine what I believe is a good deal, I study



1.) Location

2.) Price per square foot for the structure

3.) Price per square foot for the land

4.) Does it have a pool?

5.) The upgrades - new flooring, kitchens and bathrooms, & do they appeal to most buyers, i.e. neutral colors, nothing too eccentric, etc.



In the case of waterfront property, many times the land is worth more than the existing structure.



Without further ado...I have previewed at least 25% of the 377 homes for sale. I

In addition, I have compiled listings for sale on a spreadsheet organized by price per square foot. I will be happy to email to you.

Tonight, I'll cover the best deals on the market on dry lot homes only. These are not my listings, just THE best deals based on my obsessive research :>)

1.) MLS D1294135 6218 La Gorce Drive. Priced at $675,000 or $221/square foot, this 3/3.5 house is a "deal"at close to the asking price. It is a short sale, so there is no guarantee the bank will sign off on $675,000. Built in 1936, this home has Art Deco elements with a minimalist feel. It also has a terrific pool area adjacent to the guest quarters. The location is a B +. La Gorce Drive is quiet compared to Alton Rd and this house is centrally located. Take a look at the pictures and let me know what you think.

2.) MLS 1303119 5925 Alton Rd. A 3/3 with 2000 square feet for $649,000 or $324/sf, this home is the best value with views of La Gorce Golf Course. Updated, with a new roof, no pool.

3.) MLS 1297310 4771 N Bay Rd. A 4/3 listed at $995,000 or $393/sf , this home is the best deal for a starter dry lot home on the prestigious N Bay Rd. The home has been completely update and the floor plan is open. All it needs to make it a vacation retreat is a pool ($50,000 -$70,000) and there is room in the back.

I have the top nine best deals on a spreadsheet and I can also send you a link to the listings.

Have a terrific night,
John

Hierarchy of Miami Beach Home Waterfront Locations

Everyone knows "location, location, location" is the cardinal rule of real estate.

But, you may not know a good location from a great location if you are from out of the Miami Beach area. Here is the unofficial hierarchy of Miami Beach Waterfront home locations:


Hierachy of Best Miami Beach Waterfront Home Locations

Star Island - facing South/Southwest are the most valuable property locations as you have panoramic views of downtown Miami from the back yard-spectacular at night. Imagine watching the fireworks with 100 of your closest friends on the Fourth of July and New Year's Eve.

Sunset Islands - (homes with S/SW views only) Sunset Islands I and II hold the most land value, then Sunset Islands III and IV. Once again, wide bay south/southwest views of downtown are the best, then homes with wide bay views facing west or north/northwest.

Upper North Bay Road Waterfront Homes have west/southwest wide bay views of downtown.

Palm Island (east side/estate homes). Big south facing downtown views, yet you will hear the hum of traffic from the MacArthur causeway.

Venetian Islands (homes facing south only). These homes on S Venetian Way and the point lots on Rivo Alto, Dilido, and San Marino Islands have the prime downtown views. In addition, you have nice views of the boats moored in the little bay area south of the Venetians.

Lower North Bay Road homes face the Sunset Islands with west facing views, yet this location offers more protection for your yacht compared to homes on the wide bay. In addition, homes on lower N Bay Rd are considered "South Beach". You can walk or bike to the new Publix, Sardinia and Lincoln Road.

Pinetree Drive facing east. Most of these homes have 100' to 175' on the water. Your backyard view is of the intracoastal waterway. This is a terrific location for yacht owners.

Then you have Sunset Islands (not S/SW views), Hibiscus Island, and Venetian Island Homes with canal views.

Of course, the square footage of the land and the total linear feet of waterfrontage will affect land value as well.

When you are in the market for a waterfront home, I will do all of the homework for you and ensure that you buy a fabulous Miami Beach home with inherent value. Have a great night.

March 26th 2009 Miami Beach Homes Snapshot

There are 376 Homes on the Miami Beach market ranging from $399,000 (4721 Alton Rd) to $29,950,750 (1738 W 26th Street) in the gated Sunset Islands.

10 homes are listed under $500,000.... 10 homes are listed over $15,000,000

148 of the homes are on the water. The lowest-priced waterfront home is on Sunset IV at $1,450,000. It needs some TLC, but it is the best price for a South Beach waterfront home in years.

We are still seeing sales in all price ranges. Have a great night.

Happy New Year from South Beach

After spending New Year's Eve at a party at a beautiful Bentley Bay condo looking over Biscayne Bay last night, I woke up at noon and mustered the energy to write down my resolutions for 2007 (after watching a few bowl games) I came up with one... to post new blogs weekly. From the trenches in South Beach, I can give you a bird's eye view of what the real estate market is doing. With the same amount of traffic on my website Christmas week as there was the week before, I saw a 750% increase in the amount of potential clients who emailed or called me inquiring about Miami Beach Real Estate. I predict we'll see a surge in buying activity between now and Cinco de Mayo! Well, I posted one blog this year, one down, fifty one more to go!! You must visit South Beach this season, there's no other place like it on earth :)

South Beach Condo Hotels

I'm warming up to the concept of Miami Beach Condo-Hotel developments. One difference between South Beach vacation rentals and, let's say, Sanibel Island vacation rentals is that South Beach does not have many full service vacation rental companies that rent out one and two bedroom condos. Therefore, if you are an owner-investor in Miami Beach, you need to advertise the condo rental yourself, or have a Realtor list it on the MLS and schedule showings as if it were for sale. If you try to rent month-to-month in season, this process can be time-consuming and unrewarding. Current tenants don't like prospective tenants viewing the condo while they are trying to enjoy their vacation. The solution: Condo-Hotel residences. As an owner, you can use your condo several times a year, and place it in the Hotel's rental program to offset the costs of ownership. The Hotel and the owner usually split the profits 50/50 (after fees are incurred; housekeeping, maintenance, etc.). The big advantage is that you can probably net more money by allowing the professionals handle the renting of the condo. You can sit back in your lazy boy and let them handle all of the details. At press time, there are sveral new Condo-Hotel developments becoming available in South Beach, including The Penguin, the Edgewater, The Tides Hotel and of course, the W South Beach. I'll be researching all of their rental policies and amenities. I'll keep you up-to-date on the number crunching. Search all of Miami Beach preconstruction on my website at www.bestmiamibeachrealestate.com. That's all for now, back to relaxing in my Lazy Boy.