Miami real estate news and information

Archive for the 'LUXURY & WATERFRONT PROPERTY' Category

The Problem with an Appraisal to determine VALUE

Value is subjective.  Among other things property value depends on one’s vantage point …   (Buyer, Seller, Realtor, Appraiser,Lender).  What a property is worth to anyone is about as subjective as a piece of artwork  … and will vary according to who the observer is.

The amount an appraiser determines a property to be worth  though is the amount a lender will base their loan amount on. So that’s key if you need financing.  By determining value (based on relevant comparable sales) we can get rough ballpark idea  (a range).  But you really have to look closely at the comps to know where the value lies… for you.   What’s behind the front door (finishes, quality of workmanship, and view) are what add value.  

We are working with buyers who are wanting to purchase a condo in one of Miami’s top luxury condo buildings …  The Gables Club, The Governor House, The Santa Maria, Deering Bay, Grove Isle, or Beacon Harbour.  In each of those buildings, sales prices for 2-3 bedroom units (2,500 – 3,500 square feet) can span from just under $400 a square foot to almost $700 a square foot.    Recent condo sales in Area 41 (Brickell, Coconut Grove, and Coral Gables) of luxury condo sales vary enormously… especially if you expand your search to include units that face a parking lot or butt up to an adjacent building…   Instead of a $1.5 million price tag for a water view , there are units you can find one for half that price … although they may overlook parked cars (as opposed to having waterviews and terraces overlooking the marina).  Read the rest of this entry »

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Miami’s one-time icon of crisis becomes an icon of the city’s condo turn-around

Alexandra and I have been showing property this past week on Brickell to foreign buyers as well as to a  handful of corporate relocations, relocating to Miami  … and I must say that I am impressed with the dramatic turn-around at the Icon Brickell…  The Icon has gone from virtually empty (and of concern I might add) to  quite a hot commodity.  One of the three towers is inching near selling out.  And with prices below the cost of replacement now,  that translates into a window of opportunity for buyers that won’t be here long.  

Interestingly enough, despite the glut of condos on the market in Miami over the past several years, there has been an increase in the number of condo sales over recent months that has gotten even the attention of the Miami Herald:

Miami’s one-time icon of crisis becomes an icon of the city’s condo turn-around – Real Estate News – MiamiHerald.com#storylink=fbuser#storylink=fbuser.

http://www.miamiherald.com/2011/06/09/v-fullstory/2270819/miamis-one-time-icon-of-crisis.html

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Coral Gables Boat Slips & Docks Available

Waterfront property  throughout Miami sells for a premium.   Property with dockage, or that included deeded dock space ,  tend to sell at yet another notch above.  For a list of the 13 currently available boat slips in Coral Gables, click here.

Marinas in Coral Gables

Dock space (whether deeded or cooperative)  in Coral Gables typically  costs anywhere from the high $100,000’s upward of $500,000 depending on the marina, the specific location within that marina,  and the size of yacht that can be accommodated. 

Application fees run as high as $15,000  (if you are looking at  slips in Cocoplum).  

Deering Bay application fees run considerably less .. $1,500 …  although Deering Bay does require marina  applicants to own property within Deering Bay ( whether a condo, townhouse, estate home or patio home)  before  they are eligible to purchasing a slip.

For more information,  contact us here or at 305 793-1365.

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Brickell Condos – PRICE PER SQUARE FOOT SOLD

The picturesque skyline that defines Miami to the rest of the world, and known locally as Miami’s Brickell area,  is one of the hottest  neighborhoods in South Florida right now. Investors wanting bargains have their eye on Brickell.  For some reason, we are getting increasingly more inquiries from international buyers, looking to purchase luxury waterfront condos particularly along Brickell …  and a high percentage of them  are cash buyers expecting to strike it rich,  for a song and a dance.

So here’s the question of the day:  “Can you really  find condos for under $20o,ooo in Miami?”   Yes… you can find property to buy in Brickell for under $200,000  (and  some that even offer waterviews)…  but … (THERE IS a disclaimer here!)… Read the rest of this entry »

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Deering Bay Penthouse Sells for $1,500,000

deering baySpectacular views from the penthouse of Siena in Deering Bay Golf and Country Club …  champagne on the terrace … and the only thing our new homeowners had to bring was a toothbrush … and  clothes.   

Congratulations!  Our buyers have an absolutely beautiful  bird’s eye view of paradise  now …   golf course, exotic birds and wildlife, lagoons, marinas, tropical greenery  …  open water, breezes and bright blue skies.  

Decoratored and furnished   …  this three-bedroom penthouse was a rather unique acquisition …  a Miami Pied-A-Terre  that was purchased replete with  tastefully luxurious furnishings…  art work on the walls …  even  patio furniture on the terraces …   potted plants… area rugs … linens…  Gorgeous!   13611 Deering Bay Drive #1404 …    Was there ever an easier move?  Read the rest of this entry »

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Key Biscayne, Florida: Home pricing THEN … and NOW

16-Island-Paradise-Federico-Carosio-IIIBack in 1951 you could buy a Mackle home on Key Biscayne with just $500.00 down …  and a pricetag of $9,540.00.  

Now,  you can’t buy a thing on the Key for even remotely close to that … not even vacant land. 

Okay, that’s not entirely true.  There are a handful of  3-4 bedroom homes listed for just over 1 million right now … but of the 87 homes currently listed for sale  56 of them are priced above the $2 million dollar mark.  Land value ranges upward of $750,000.00 just for vacant land (or knock-downs).

Of the total number of closed sales that took place within the past 12 months  only  26 homes (many of which were knock-downs or renovation projects) sold at below the $1 million mark.   The other  52 properties fetched  upward of that million dollar mark … up as high as $12,610,000.00  (and that one sale, located waterfront at  1 Harbor Point,  sold in just over a month).

If you are looking to buy or sell property on Key Biscayne, and are looking for a top agent to assist you,  we invite you to contact the Restivo Team here or by phone anytime, on either  305 793-1365 or 305 632-0164.

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Pinecrest Listing at 6130 SW 114 Street “Stands Out!”

9$2 to $3 million dollar homes in Pinecrest sold (on average)  at $338 a square foot in Pinecrest in 2010. 

6130 Sw 114 St Pinecrest - pool

This beautiful Pinecrest estate,  is priced well above the average square foot price on sold homes… but in my estimate it’s also a home that is considerably “above average”.   

We recently previewed  it on behalf of  buyers of ours.  Barely half-way through  previewing the living area,  we were calling our buyers,  and making arrangements for them to see the house.  Read the rest of this entry »

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Deering Bay Yacht & Country Club … Bare Basics or the Whole Works!

 

In case you’re wondering –   “Yes, you CAN  live in Deering Bay without any obligations whatsoever to join the country club.”

Deering Bay offers more than just homes and a pretty setting.  Deering Bay is one of South Florida’s premier gated residential communities, but it is probably as well known for being a premier yacht and country club as it is for it’s golf  and tennis.  

But… if country club amenities are among your ‘wish list’ have-to-haves, there are a lot more options available now  than before …  options for both country club membership and social membership.

I’ll be more than happy to provide you with additional information.   But below is a rough snapshot of what Deering Bay currently offers  in the way of  membership options…  Each includes spousal membership and includes children up to the age of 25  –   fortennis, swimming, fitness center, social events, dining (and obviously golf  privileges accompany the golf memberships).   COUNTRY CLUB MEMBERSHIP OPTIONS AT DEERING BAY: Read the rest of this entry »

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Waterfront in Coral Gables for $770,000 at 701 Vilabella – 100 ft

If for nothing other than it’s 100 ft of waterfront with direct ocean access, and it’s corresponding price tag,  701 Vilabella will likely sell quickly. 

701 vilabella

Close to the University of Miami,  and near the pedestrian center and heart of Coral Gables …  the property is within easy access to shopping, dining,  cafes and bookstores ….   and offers water access and boating which are high on the list for many of us living in South Florida.  

701 Vilabella Avenue was just recently listed through Jorge Fernandez of Sotheby’s …  and  priced at $770,000.  

It is one of  a number of homes held open for  Brokers and Realtors this week… and included in this blog  primarily because of the unique price-tag for this amount of waterfront property. 

The value is there,  with regard to both location and the 100 ft of waterfront …   ocean access (and fixed bridges) … 701 Vilabella in Coral Gables ….  The 3 bedroom 2 bath home is one to renovate or refurbish …   It’s the ideal Gables location for building something new. 

And if my hunch is right …   this property will likely not  be on the market for long.   If you are at all interested in seeing this property, or are considering buying, selling or building  in Coral Gables, please feel free to give me a call at 305 793-1365 … or drop me a note here.    I would be pleased to assist you with your next venture.

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5941 Pinetree Drive European Villa – Waterfront Overlooking Indian Creek $3,800,000 – Miami Beach

Feels like Europe … not Miami!  From the street or the cast iron gates you don’t get a feel for the grandeur inside.  You could easily miss it … driving along Pinetree Drive … but  the inside of this European  villa is worth a visit.   

5941 Pinetree dining room

Read the rest of this entry »

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