June 29th, 2009
North Bay Road Miami Beach Waterfront Homes for Sale Market Report
At the moment, my favorite street for single family homes in South Beach and Miami Beach is North Bay Road. Since the creation of Miami Beach, North Bay Road has been the premier address for Miami Beach estate homes.
Currently, there are 38 homes for sale on North Bay Road; 17 are waterfront homes.
I have previewed a majority of these homes with clients. In addition, there are six waterfront lots for sale.
The lowest-priced waterfront home is 4640 N Bay Rd, a 3 bedroom, 3 bath home with 2041 square feet of living area listed at $2,995,000 with an open bay views.
From a layman’s perspective it looks like the super-steal of the century. It is unusual, as the home sits on only 5400 square feet of land. Although there is no standard size lot for N Bay Rd, 20,000 square foot is the average size.
At $1467/ square foot for the house, 4640 N Bay Road is the most expensive home on N Bay Road based on price per square foot...
In my opinion, the best “Deal” on a home is 3114 N Bay Rd listed at $4,390,000. The 2nd lowest-priced home on N Bay Road offers open bay/downtown Miami views and 100 feet on the water. The lot is 20,000 square feet, more than sufficient and at $511 per square foot for the interior, this home is THE lowest priced per square foot home on N Bay Road.
3114 N Bay Road does need some remodeling as most “Great Deals” in Miami Beach waterfront homes are not in showroom condition.
Many of these homes were built in the 1920s and 1930s heyday of Miami Beach. Families passed homes from generation to generation. Consequently, many of these 4-6 million homes are in need of restoration and/or renovation.
In addition, there are six waterfront lots for sale.
2920 and 2940 N Bay Rd are being sold by the same owner for $7,900,000 and $6,900,000 for approximately 52,000 square feet of land for 2920 N Bay Rd and 44,000 square feet of land for 2940 N Bay Rd.
Invest in these lots together and you’ll have over two acres and 300 feet of exclusive South Beach water frontage to dock your yacht year around.
Although this location does not offer wide bay views of downtown, the lots are priced well at $150-$156 per square foot for the land.
Feel free to request a spreadsheet from me. I have organized all of the North Bay Road Homes for Sales by price per square foot for the interior space and price per square foot for the land on each property. I will expand this blog throughout the week.