At the peak of the market in 2005 there were many ultra luxury Miami Beach homes built. Some of these Miami Beach homes were priced over $20 million and sat on the market idle through the end of the boom. Now these homes in Miami, referred to as "leftover houses" by Nelson Gonzalez, senior vice president at Esslinger-Wooten-Maxwell, are selling quickly.
Gonzalez says that "They put in all the best appliances, doors, hardware, landscaping, and moldings where before people used to skimp a bit, and the developers thought that the market was never going to end, and put in all the best of the best."
Gonzalez also added that the Miami real estate downturn has made these homes a bit more affordable, and they are selling quickly. These luxury Miami Beach homes are among several of the highest area sales of the year.
A home sold for $16 million at 88 La Gorce Circle. Another sold for $12 million on Palm Island and a third, on lower North Bay Road was asking $17 million and ended up selling for $9.7 million. Ironically the new buyers of the North Bay Road home, despite the high end finishes, completely rebuilt the house.
A seven-bedroom, 12,000-square-foot house at 6396 North Bay Road listed for $14.97 million is one of the leftover houses still on the market. Another one is a 13,618 square foot home located at 4580 North Bay Road with eight bedrooms and listed for $15.9 million.
Kevin Tomlinson, a Miami realtor with ONE Sotheby's in Miami Beach says, "Coupled with the time they've spent on the market, and the fact that the prices are more reasonable now, those are the properties that are selling." He added that the Miami Beach home at 88 La Gorce Island was priced at $25 million and sold for $16 million.
It appears that the truly high-end homes in Miami are amongst the ones moving in the Miami Beach real estate market.
Call MLR Realty at: 1-305-673-3303 for information regarding luxury Miami Beach homes or other Miami real estate properties for sale.
Contributed by Miami Luxury Villas
