Sunset Islands Real Estate Market Report – Miami Beach Luxury Real Estate

There are currently 26 single-family home listings in The Sunset Islands of Miami Beach.

• The highest priced listing is the bay front residence located on Sunset Island Number 1, at 1736 W 28th Street with 7 bedrooms / 7 and a half bathrooms, 11,388 square feet of living space and 453 feet of water frontage – listed for $29,900,750
• The lowest priced listing is the residence located on a dry lot on Sunset Island Number 4, at 2121 Lucerne Avenue with 3 bedrooms / 3 bathrooms, 1,846 square feet of living space and a 7,200 square foot lot.

There are 2 properties under contract and the 2 closed sales this year are as follows:

• 1401 W 22 Street – Sunset Island 4 – 4 bedroom / 5 and a half bathroom water front home with impeccable finishes – listed for $4,200,000 in December of 2005, lowered on different occasions until reaching $3,200,000 on April 2009 and finally selling for $2,734,500 in June of 2009. ($598/square feet)

• 1600 W 24 Street – Sunset Island 3 – 4 bedroom / 4 and a half bathroom residence on a dry lot with 3,453 square feet of living space and 11,858 square foot lot. Listed for $2,749,000 in September 2008 and selling for $2,100,000 in June 2009. ($608 / square feet)

What’s unusual about those 2 sales is that the dry lot house sold for more per square foot than the water front home – goes to show that the waterfront sale is not a good comp and as Rick calls it “a fluke” – could be days on the market, or just that the one seller was just motivated to let the home go.  There were 4 waterfront sales in 2008 averaging $920 per square foot and 3 dry lot sales averaging $512 per square foot – for comparison’s sake – last year’s Venetian Island‘s waterfront average price per square foot was $897 and this year it is down to $659.  Sunset Island Homes historically hold their value better than many other islands in Miami Beach, because of security, proximity to South Beach and easy access.