Waterfront Property Selling at a Bargain

Miami Beach real estate has definitely been slow over the past few years due to the recession, and now as the economy and sales are starting to pick up, sellers are taking whatever they can get.  An example of this is the North Bay Road home that just sold for over $7 million less of the original asking price.

Placed on the market over three years ago, the 2046 North Bay Road property was listed at $17 million.  However, the immaculately constructed home just sold for  $9,750,000.  Sitting on a 38,314-square-foot lot, the waterfront property has seven bedrooms, nine bathrooms, two half-baths, and a four car garage in 14,582-square-feet.  Prior to this sell, there have only been a handful of other ultra-luxury homes that have sold this year.  The highest selling one was Shaquille O’Neal’s home on Star Island that sold for $16 million, which was also quite a steal for the new owner.

Other waterfront sales include:

1727 W 27 Street         listed at: $8.25M    sold at: $6M         date: 8/2009

34 Indian Creek Drive    listed at: $8.9M    sold at: $6M        date: 9/2009

2940 North Bay Road    listed at: $6.9M    sold at: $4.038M    date: 9/2009

1330 W 29 Street        listed at: $6.9M    sold at: $5.02M    date: 9/2009

1400 W 28 Street        listed at: $15.9M    sold at: $9.5M        date: 9/2009

Other luxury waterfront homes that are still on the market include:

22 Indian Creek Drive    listed at: $10.95M

4949 Pinetree Drive        listed at: $9.5M

Via: South Beach Real Estate Blog