88 La Gorce Island in Miami Beach's guard-gated, La Gorce Island closed this week for $16M. Additionally, 40 La Gorce Circle sold this week as well for $7.4M.
88 La Gorce Circle was built in 2008. It has 17,200 interior sf, 10 bedrooms, two docks, and a five car garage. The original list price was $25M. It sold for $16M and was on the market since November 2008.
40 La Gorce Circle was on the market for 5 days. Original list price was $7.9M and sold for $7.4M
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Bill Roedy, Chairman and CEO of MTV, recently closed on Miami Beach's now infamous "castle." Located at 4462 North Bay Road in Miami Beach, the estate was known for it's Disney-like Medieval-style architecture. The home was "created" by Windjammer Cruises founder Mike Burke and was sold in 2007 for $7.6M.
The home burned down in July of 2009 under very suspicious circumstances.
Watch the video of the spectacular fire that melted the "castle" here
The South of Fifth neighborhood in South Beach is what SoHo is to Manhattan. It is a "V" shaped neighborhood bounded by three sides of water and the most expensive condo living, south of New York City, takes place on South Pointe Drive.
South Pointe Drive condo prices range from about $700-$1500 psf. In 2009, the average price of a unit in one of the high-rise condos in SoFi (South of Fifth), was just under $1.7M for 2009.
Nine condos line the shores of SoFi:
2009 Real Estate Reports for Miami Beach Luxury Condos
Continue reading Miami Beach & South Beach real estate market reports here
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Photo Courtesy of New York Times
The "Venetians" are the closest single family residential neighborhood to South Beach. The Venetians were profiled in March, 2008 in the New York Times.
The majority of the development on the islands was between the 1930's and 1950's. The lure of the islands are their close proximity to South Beach, and, of course, their stunning waterfront views.
Prices for non-waterfront homes begin at $600,000; and waterfront homes, $1,900,000. The average lot sq. ft. is 10,500 with 60 linear feet of water frontage.
Browse Venetian Islands Waterfront Homes for Sale
Browse Venetian Islands Non-Waterfront Homes for Sale
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Nine luxury waterfront condos comprise the South Beach condo index. The activity for the first six months, which are considered "season" here in Miami Beach, has been extremely light.
Some condos like Apogee South Beach and Continuum North continue to have gains. Most of the other condominiums in the index have drops in sales and $psf.
Year-over-Year stats for 2008 vs.2009 for the period of 1/1 thru 6/30 show a 39% decrease in sales and a 20% decrease in $psf.
The condos in the South Beach Condo Index include:
To read the rest of the post on Miami Beach luxury real estate statistics, click here
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Miami, Miami Beach and South Beach luxury real estate from the area’s most respected Realtor®. I specialize in immediate occupancy condos, pre-construction condos and condo-hotels in Miami-Dade Co.
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