{"id":48823,"date":"2011-05-19T12:15:59","date_gmt":"2011-05-19T12:15:59","guid":{"rendered":"http:\/\/miamibeachrealestatenewsblog.com\/2011\/05\/19\/miami-beach-real-estate-2011-q1-market-is-en-fuego\/"},"modified":"2019-04-23T20:52:04","modified_gmt":"2019-04-23T20:52:04","slug":"miami-beach-real-estate-2011-q1-market-is-en-fuego","status":"publish","type":"post","link":"https:\/\/ewmrealestate.com\/blog\/miami-beach-real-estate-2011-q1-market-is-en-fuego\/","title":{"rendered":"Miami Beach Real Estate 2011 Q1: Market Is En Fuego"},"content":{"rendered":"<p>[imagebrowser id=16]<\/p>\n<p><a title=\"miami beach real estate\" href=\"http:\/\/www.nelsongonzalez.com\/\">MIAMI BEACH<\/a>, the small universe where I conduct business, the high end properties with the best addresses sold briskly during the first quarter of this year.\u00a0 Five sales were recorded just on Star Island during the past two months, three of which closed over $10,000,000.\u00a0 A record high of $25,500,000 was fetched for <a title=\"miami beach real estate\" href=\"http:\/\/miamibeachrealestatenewsblog.com\/2011\/04\/28\/miami-beach-real-estate-market-rolls-a-lucky-13-today-star-island-estate-sells-for-25-5-million\/\">13 Star Island Drive<\/a>. Yes: inventories are dissipating, multiple offers are being received and nobody is building anew (yet).<\/p>\n<h4>SINGLE FAMILY HOMES<\/h4>\n<p>Lower <a title=\"miami beach real estate\" href=\"http:\/\/miamibeachrealestatenewsblog.com\/category\/miami-beach-neighborhoods\/north-bay-road\/\">North Bay Road<\/a>, below 31st Street, has also been a HOTSPOT, with five homes going under contract or closing recently.\u00a0 Most of these properties were bought with the intent to re-model or tear down for new construction by end users. Former Miami Heat center<a title=\"miami beach real estate\" href=\"http:\/\/miamibeachrealestatenewsblog.com\/2010\/12\/14\/original-miami-heat-center-rony-seikaly-sells-north-bay-road-estate\/\">&#8216;s<\/a>, home is the exception, it traded in turnkey condition in December 2010 for $11,500,000. Today, 3114 North Bay Road is the only waterfront home available. Asking $4,500,000, the sellers are close to being permitted for a complete rebuild, which is motivating them to take it off the market temporarily, construct and re list a brand new modern home for $15,000,000.<\/p>\n<h4>CONDOS<\/h4>\n<p>The Miami Beach <a title=\"miami beach real estate\" href=\"http:\/\/online.wsj.com\/article\/SB10001424052748703730804576317150261940990.html\">condo<\/a> market is also thriving with inventories down and prices on the rise.\u00a0 The &#8216;sun seekers&#8217; have stayed in the game purchasing ocean and bay front units in the primest buildings including the South of Fifth and the Collins Park neighborhoods. <a title=\"miami beach real estate\" href=\"http:\/\/www.nelsongonzalez.com\/Real_Estate\/Condo_Buildings\/apogee\">Apogee<\/a>, the youngest tower South of Fifth,\u00a0 just unloaded one of its three penthouses for $11,500,000.\u00a0 Originally listed for $22,000,000, this is a significant transaction for the Miami Beach condo market despite the incredible discount. A four bedroom, direct ocean front unit closed two weeks ago for $10,500,000 in the south tower of the <a title=\"miami beach real estate\" href=\"http:\/\/www.nelsongonzalez.com\/Real_Estate\/Condo_Buildings\/continuum-i\">Continuum<\/a>. I sold a pied-a-terre at the <a title=\"miami beach real estate\" href=\"http:\/\/www.nelsongonzalez.com\/Real_Estate\/Condo_Buildings\/setai-south-beach\">Setai<\/a> in March for $2,200psf, that&#8217;s a weighty number.<\/p>\n<p>The buyer&#8217;s are international and domestic alike.\u00a0 They realize that the market bottom has been reached and Miami Beach is a world class resort offering the best values in the United States if not globally. The price is right, the weather&#8217;s great, beautiful beaches and a growing sophistication!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>[imagebrowser id=16] MIAMI BEACH, the small universe where I conduct business, the high end properties with the best addresses sold briskly during the first quarter of this year.\u00a0 Five sales were recorded just on Star Island during the past two months, three of which closed over $10,000,000.\u00a0 A record high of $25,500,000 was fetched for<\/p>\n<p class=\"more-link\"><a href=\"https:\/\/ewmrealestate.com\/blog\/miami-beach-real-estate-2011-q1-market-is-en-fuego\/\" class=\"themebutton2\">Read More<\/a><\/p>\n","protected":false},"author":1,"featured_media":130092,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_expiration-date-status":"","_expiration-date":0,"_expiration-date-type":"","_expiration-date-categories":[],"_expiration-date-options":[]},"categories":[11767],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.0 - 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