Follow-up Blog – Did my “best deals” on Miami Beach homes from my August 16^th and May 29^th 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 29^th “best deals” and August 18^th 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.