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.
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.