Update blog -did the best Miami Beach home deals sell?g

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Update blog -did the best Miami Beach home deals sell?

Wednesday, January 06, 2010
Follow-up Blog – Did my “best deals” on Miami Beach homes from my August 16th and May 29th blogs sell?
 
7 of the 9 Miami Beach homes have sold and closed, 1 is a pending sale and one property is still on the market.
 
Here are the specifics on how my May 29th “best deals” and August 18th Indian Creek “best deals” have fared.
 
Both of the two Indian Creek homes I chose as deals on August 18th have gone under contract and closed: 22 Indian Creek Drive and 34 Indian Creek Drive.
 
22 Indian Creek Drive was listed at $10,950,000. This home has 7582 square feet under air. It sold for $9,000,000 or a reasonable $112.50 per square foot for the land (80,000 square feet)
 
34 Indian Creek Drive was listed at $8,900,000. This home only had 3684 under air. It sold for $6,000,000 or $75 square feet for the land. (80,000 square feet of land)
 
Both of the Indian Creek properties measure 200 feet wide (waterfrontage) by 400 feet
deep.
 
In both of these cases, I used price per square foot as my main determinant of value as the
majority of the property’s value is in the land.
 
4949 Pinetree Drive (a distress sale) sold for $8,000,000.
 
With over 2 acres (102,000 square feet) of Miami Beach waterfront property and 630 feet on the water, this original Miami Beach estate home was a deal at only $78 per square foot for the land. Even though this home needs a complete remodel, a buyer recognized this as an opportunity. The home was originally built by the Kresge family, founders of K Mart
 
In June 26, I chose two “great deals” on N Bay Rd. 4640 N Bay Rd has a contract pending, the owners of 3114 N bay Rd have decided not to sell.
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