22 Jun MIAMI AND THE BEACHES: WEEKLY TRANSACTION INSIGHTS
Week of June 22, 2018
Each week we bring you some of the most interesting waterfront property sales in the coastal areas of Miami and the beaches. These are not the ‘most expensive’ transactions, nor the ‘best’ or ‘worst’ deals made, but each are selected by Ross to provide unique insight into local market trends and transactions.
The Jade on Brickell was developed during Miami’s last condo development boom. As one of the few luxury waterfront condos in Brickell, it has always been a popular building with both vacation home owners and full time residents. This 3 bedroom “flow-through” unit at Jade last sold in 2009 as a foreclosure for $860,000 and just re-traded this past week for $1,523,000, certainly a decent return on investment over a nine year holding period.
Brickell is a favorite of young professionals because of its abundant choices of bars, restaurants and shopping – all within walking distance of many residential high rise condos and office buildings. Highlights include Brickell City Centre, Bazaar Mar by José Andrés, Komodo, and Zuma in the Epic Hotel.
Since undergoing a $1M renovation of the lobby and common areas, the Waverly has been raised to a new level. The direct bay “02” line faces west and features amazing views over the islands, bay and city from the upper floors. This condo was purchased by the seller in November 2016 for $980,000.
South Beach is one of the world’s premiere vacation destinations for visitors or year-round residents who want to live like they are on vacation. West Avenue runs parallel to Biscayne Bay and features the Mondrian Hotel, the trendy Chinese spot The The Drunken Dragon, Fox Hole sports Bar and a favorite tourist dining destination, Barton G, famous for their whimsical theme dishes.
The Mosaic on Miami Beach is too often overlooked with its boutique and understated feel. Featuring amazing ocean views and considering that the likes of the Faena House, Caribbean and the Edition condo hotel are newer luxury additions to this neighborhood, the Mosaic is a good value option for mid-Miami Beach.
Dining and entertainment highlights of the neighborhood include Pao by Paul Qui in the Faena, Eden Roc and the Fontainebleau Hotel which features premiere dining options including Hakkasan, Stripsteak, Scarpetta and the world famous LIV Nightclub.
A 3,100SF waterfront property that sits on a 14,000SF lot on Lake Surprise in the Lake View subdivision of Miami Beach, this home has several features to perfectly complement the south Florida lifestyle of enjoying the outdoors and boating the Miami waterways. The sellers purchased this home for $2.4M in June 2012. The adjacent 14,000SF lot at 758 Lakeview Drive was purchased for $2.35M in 2013 on which the owner developed a new custom-built 7,323SF (7 bedroom) villa.
Located in mid-beach, the Lake View neighborhood on Surprise Lake is on the southern portion of La Gorce Island, which is home to many of Miami Beach’s million dollar mansions and La Gorce Golf & Country Club. The Mount Sinai hospital and medical center is located a mile south.
As the third Icon branded building in Miami, the timing of this project has been challenging for owners. While Edgewater has much promise over the long term due to its strategic location and big waterfront views in the city of Miami, in just four years Edgewater has experienced rapid growth and development of new condos and upscale apartment buildings. With the addition of Paraiso Bay (1,500+ units in 3 buildings), Biscayne Beach, Hyde Midtown, Bay House, and others, there is plenty of supply, options and deals to be found. This 3 bedroom unit was purchased from the developer for $940,900 in 2015 and just resold at $720,000!
Midtown is one of the newest upscale neighborhoods to be developed in Miami. The Shops at Midtown include anchor stores such as Target and Homegoods as well as a row of excellent restaurants including Sugar Cane, Skorpios, Midici and Novecento.