Revisiting my Predictions on the Best deals on Miami Beach Waterfront homes.
I researched and chose the five best Miami Beach waterfront deals in my May 28th blog.
4 of the 6 homes of my “best deals” from May 28th are closed or pending deals.
Two of the homes sold and closed: 830 W Dilido Dr for $2,610,000 and 2940 N Bay Rd for $4,038,947.
Two of the homes have pending contracts: 4949 Pinetree Drive - $9,500,000 and 1520 W 21st Street - $1,450,000
2940 N Bay Rd is an interesting property, it was a double lot recently split into two properties. Listed at $6,900,000, 2940 N Bay Rd sold for only 58% of its asking price.
I am seeing this at a higher frequency lately. Although the list price to sales price ratio for Miami Beach homes is 91%, some homes are selling at far below the asking price.
2940 N Bay Rd.’s sister property, 2920 N Bay Rd is still listed at $7,900,000 ($151 per square foot for the land). Based on the selling price of 2940 N Bay Rd., the owner may entertain an offer of $4,600,000 for 2920 N Bay Rd for 52,360 of land and 170 feet of water frontage.
These are anomalies, but it seems as though some sellers give in when they see an all cash written offer. In addition, irrespective of the bubble bursting, owners who purchased homes and land in prime waterfront locations in Miami Beach prior to 2002 have gained millions in equity.
To bring you up to date on my previous blog from August 29th, two more Miami Beach homes under $500,000 have sold and three more “under 500k” homes are pending deals
In 2009, a total of 13 Miami Beach homes have sold for under $500,000, four times the amount that sold in the past three years combined!
Since I wrote the August 29th blog, three more homes have gone under contract for under $500,000 and two homes under $500,000 have closed.
Warm regards,
John
