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