The real estate market has had a tough year. High-end condos, luxury estates, and waterfront homes have been struggling to make sales and the decreasing prices are leaving sellers with headaches they probably didn’t anticipate. Miami Beach is no different from any other place in that regard, and waterfront homes in the Magic City have had a slow third quarter—to say the least.
Owning a waterfront estate in Miami is certainly a touch of luxury that simply cannot be underestimated. However, it seems the ongoing economical crisis is stealing the spotlight away from some of the city’s most deluxe homes, and sellers are struggling to make their home shine for potential buyers.
It is reported that Miami Beach’s first “big” 2009 sale of luxury waterfront property didn’t come until June, and since then, nothing of its caliber has surfaced. Fisher Island, Venetian Island, and Star Island are just a few examples of Miami’s luxurious waterfront property locations, and they all have been producing weak sales numbers compared to what homes there could/should be worth.
There was an obvious lack of sales on the Venetian Islands during the first half of 2009. During the first half of 2008, the luxurious island had 15 sales, while during the first half of 2009 there were only four. By the end of the third quarter, sales on Venetian Island this past year totaled a frighteningly low nine, and none of them are particularly noteworthy.
A few sales that went through included 4766 North Bay Roach for $4.4 million which is located on a great lot with spectacular views. The owner reportedly paid $5.7 million in 2006 for the property. Another third quarter sale was at 303 E. Rivo Alto Drive, on Rivo Alto Island for $1.990 million which is a great price for a smaller, but still luxurious, home.
So what can we hope for from the fourth quarter? Well, there are expected to be a few more sales on the Venetian Island, one potentially great one on North Bay Road, and a rumored huge estate on Pinetree Drive that has been on the market for years and just closed last week.
Chin up Miami homeowners, it can only get better from here. Right?