June 14, 2013
Rosie O’Donnell has sold her Miami home for 16.5 million dollars. Located on ultra-exclusive Star Island, the estate was originally listed for 19.5 million dollars. She bought the waterfront property in 1999.
An unnamed source stated, “Rosie sold the Star Island home because she was hardly getting down there with her kids’ busy schedules.”
The sprawling property is situated on over one acre of land, with 203 feet of water frontage. The Spanish-style mansion features 11,104 square feet of living space and 12 bedrooms. It also includes 2 separate guesthouses, a pool and a large dock.
Source: New York Post
June 12, 2013
A luxury waterfront mansion in Palm Beach has sold for 42 million dollars, as recorded by the Palm Beach County Clerk’s office. The estate at 1220 S. Ocean Blvd. was developed by builder Dan E. Swanson as a spec home and was originally priced at 74 million dollars.
The Billionaire’s Row estate was completed in 2011 and has never been occupied. It sits on 2.5 acres, with 200 feet of waterfront. The home and separate guesthouse comprise 27,000 square feet of indoor and outdoor living space, including an impressive 4,000-square-foot master suite.
42 million dollars is the second highest price recorded for a lakefront home in Palm Beach. It is the highest price paid for a South End waterfront home that does not extend to the Atlantic Ocean. The highest price ever fetched by a residence on the Intracoastal Waterway was 50 million dollars. That sale occurred in January of 2006.
Source: Palm Beach Daily News
June 05, 2013
After an intense 7-game series with the Indiana Pacers, the Miami Heat are headed to the NBA Finals to take on the San Antonio Spurs. Luckily, the star athletes can rest up in some of Miami’s most sought-after property during the team’s rare downtime. Off the basketball court, Heat players have been active in Miami’s booming real estate market.
LeBron James resides in a 12,000-square-foot, Coconut Grove home he purchased for 9 million dollars. The estate features 6 bedrooms and 8.5 bathrooms. Teammate Chris Bosh purchased a 12.5 million dollar home on North Bay Road in Miami Beach. Dwyane Wade also lives on exclusive North Bay Road. His luxury waterfront home contains an impressive 13,000 square feet.
The players aren’t the only Heat members with impressive real estate portfolios. Heat President Pat Riley owns a penthouse in the Apogee, an ultra-exclusive condo building in Miami Beach’s prestigious South of Fifth neighborhood. The 6,200-square-foot penthouse residence was purchased for 11.75 million dollars.
Source: South Florida Business Journal
May 29, 2013
With the luxury end leading the charge, South Florida’s real estate market is continuing its upward march. Prices in the high-end market are rising, and home sales in the area are breaking previous records.
The luxury housing market was less affected by the market crash. Wealthy sellers have the ability to hold on to their property through rough times, so the high-end market saw less of a decline. Therefore, the luxury end was the first to rebound, and prices have now surpassed their prior highs. Also, the luxury market in South Florida used to be more seasonal, but due to an increase of foreign buyers, that is no longer the case. Large sales are currently taking place during the summer.
Alex Rodriguez recently sold his Miami Beach home for 30 million dollars, a new record in Miami Beach. A Fort Lauderdale waterfront home recently sold for 17.5 million dollars, a recent record in Broward County. Luxury condo prices are also following this trend. In March, two penthouse units in the Miami Beach Edition were sold to one buyer for 34 million dollars. The units will be combined to create an 8-bedroom, 3-level penthouse containing over 16,000 square feet of living space.
Source: The Miami Herald
April 15, 2013
After a few years on the market, the price of Lilly Pulitzer’s Palm Beach home has been reduced. Sadly, the fashion designer and noted socialite passed away earlier this month. However, with the recent price reduction and death of the home’s famous owner, the ultimate Pulitzer fan now has a prime opportunity to literally own the designer’s closet.
Originally listed for 11.5 million dollars, the home is comprised of 9,000 square feet and sits on 1.4 acres of land. There is a 4-bedroom main house, a 3-bedroom casita and a 2-bedroom pool house. According to the MLS listing, the lot can be subdivided into 2 lots.
The sprawling estate is currently being marketed as land, which means the home is most likely a teardown. It is on the largest, non-waterfront Estate Section lot, giving potential buyers ample space to renovate or create a new, personal sanctuary.
Source: New York Observer
March 25, 2013
146 Nurmi Drive
A Florida proposal seeks to limit the number of days per year a homestead property can be rented without adversely affecting the homestead status of the property. The proposed bill allows the rental of a homestead property for up to 30 days in a year. If a homestead property is rented for more than 30 days for two consecutive years, the property will be considered abandoned as a permanent residence and the homestead tax exemption will be lost.
Current law bans homeowners from leasing their property for two consecutive years, but there is not a specific amount of time an owner must live in the property to keep their homestead exemption. Florida courts traditionally determine the abandonment of homestead property on a case-to-case basis. The proposed change would allow properties to be rented for fewer than 30 days per year for two consecutive years. Homes rented for more than 30 days per year for two consecutive years could potentially lose the homestead tax exemption.
Many Floridians rent out their residences seasonally and for special events, such as art festivals, business conventions and sporting events. By doing so, they don’t necessarily intend to abandon their residence’s homestead status. While the proposed bill limits the number of days per year a home can be rented, it allows homeowners to rent out their property for consecutive years, without losing tax exemption status. This affects homeowners who rent out their homes for short periods of time on do-it-yourself vacation sites and those who intend to rent out their homes for specific, yearly events. If the bill is passed, homeowners wishing to rent for more than the allotted 30 days and keep the tax exemption would have to do so every other year.
The material on this website/blog is for informational purposes only and does not constitute legal or tax advice. The material does not necessarily reflect the opinions of Seaside Properties Group at Douglas Elliman or any of its associates, employees or affiliates, and is not guaranteed to be correct, complete, or up to date. Please consult your own tax professional or legal counsel for advice.
The Palms, Oceanfront Villa VI
February 18, 2013
A few years ago most luxury home sellers knew they weren’t going to get the asking price of their home. Today, it’s a very different story. On a national scale the average home sold for 98.3 percent of the asking price this December, according to the Palm Beach Post.
There are a couple of reasons for these changes. The influx of foreign buyers into the luxury oceanfront home market from Miami Beach to Palm Beach, and the increase of luxury waterfront sales have decreased the level of inventory so much that it has become a seller’s market. Another reason luxury home sales and sale prices have increased is the historically low interest rates.
This is good news for luxury home sellers and buyers. Purchasing a vacation home is still an investment and it’s comforting to know that the value of your second or third home will go up over time.
Of course it’s important to make sure you’re asking price correlates with the market. The best way to determine this is by finding out the sale prices of the luxury homes in your building or neighborhood that have already sold. This also makes sense for the buyer. It doesn’t make sense to hold on to an asking price that is unrealistic, even in this market.
Source: The Palm Beach Post
February 14, 2013
Miami Heat President Pat Riley’s home that sold last year for sixteen million and eight hundred thousand is an example of a new trend in luxury real estate. Buyers are purchasing million dollar properties then tearing them down and starting over with better materials and a larger floor plan.
You might think this 12,856 sq. ft. Mediterranean-style luxury waterfront home with a theater, wine cellar, library, pool with waterfalls and an aqua bar would be enough, not necessarily.
This luxury waterfront home is coming down and in its place will be a more magnificent contemporary home. Mediterranean style homes seem to be going out of style for many luxury buyers, and being built in place of them are sleek, contemporary and mostly glass homes.
The luxury waterfront real estate market has been in such high demand over the past couple of years that much of the luxury oceanfront condominium inventory is gone and prime waterfront locations are disappearing as well. Miami has become a very desirable home to many due to events like Art Basal, South Beach Food and Wine Festival and other annual events.
It’s all about location and contemporary style homes these days.
“It’s really trending to the ultra-luxury. All sorts of exotic materials—exotic woods, exotic marbles, exotic stones,” said Sean Murphy, an executive vice president at Coastal Construction, a major builder of luxury hotels and condominiums that also has erected some of the most extravagant mansions in the region. “Everything is so exotic.”
Source: The Miami Herald
December 17, 2012
Luxury real estate prices are going up across South Florida but there are a few deals left among some of the most prestigious properties. In the height of the real estate boom in 2007 the historic Casa Alva estate, originally owned by the Vanderbilt family was put on the market for twenty three million. It didn’t sell.
The owner of the luxury estate, Mayor William “Bill” E. Benjamin II and his wife, Maura decided to try again this year and put the estate on the luxury real estate market for nine point eight million. It recently sold for six point eight million.
Casa Alva was designed by society architect Maurice Fatio in 1935 for Consueulo Vanderbilt Balsan, the former Duchess of Marlboro. The magnificent Mediterranean style 26,177 square feet, seven bedroom residence was named after Consuelo Balsan’s mother, and is located on 5 acres of land with about 500 feet of direct lake frontage.
In a 2010 article in the Daily News, Maura Benjamin described the antique boiserie in the master suite’s sitting room, for instance, as a fine example of French Millwork. “It’s Regency from Paris, and because of the depth of the carving, it’s extraordinary.”
She also noted: “Though I’ve lived here for many years, I’ll be on the phone and I’ll notice architectural features – something as simple as a door handle – and think how beautiful it is. Something as plebian as the Cuban-tile-floors-they are beautifully preserved.”
The new owner of this magnificent home located in Manalapan is Gary W. Parr, vice chairman of the Lazard Ltd. financial advisory and asset-management firm.
Parr is chairman of Venetian Heritage and has supported a variety of restoration and preservation projects, according to Internet sources. It is believed that he will restore the Casa Alva back to its original beauty and glamour.
Source: Palm Beach Daily News
October 22, 2012
Luxury waterfront estates in South Florida have become popular once again. Many of these estates are purchased as second or third homes. As a luxury estate owner you know it takes a person with very special qualities and a great commitment to keep your luxury waterfront home in order. You need an estate manager that is dedicated, trustworthy and competent.
You may have recently purchased a luxury oceanfront home in Bal Harbour, Golden Beach or possibly Singer Island and aren’t sure how or where to find the right estate manager for your estate. An estate manager is probably the most important person on your staff. You work closely with this person and he or she is the manager of one of your precious leisure homes.
What to Look for and How to Find a Reliable Estate Manager for Your Luxury Waterfront Estate
- Word of Mouth-one way to find a good estate manager is by asking your friends and neighbors if they know someone reliable and available. If you own a luxury oceanfront condominium you can ask the concierge if they know anyone who can work for you exclusively.
- Personal Assistant-you will probably have your assistant or someone else on your staff searching for the right luxury estate manager for your vacation home. Once your assistant finds a few appropriate candidates you will want to make sure the references are checked and there is a background check. Make sure you meet the top candidates in person. You want to make sure you have the right chemistry.
- Local Companies-quite a few companies from Miami Beach to Palm Beach have local candidates for you to meet. They do the background check for you but you will still want to check the references yourself or have your assistant check them. Ask your friends, business associates and neighbors to recommend the most reliable companies.
Important Skills to Look for in a Luxury Estate Manager
- Knowledge of luxury items
- Social etiquette and cultural knowledge
- Negotiation skills
- Resourcefulness
- Leadership skills
- Project management
- Business Management (finance, computers, organization)
A luxury estate manager does everything from greet guests at parties to keeping your treadmills working properly. He or she is a necessity to keeping your luxury waterfront vacation home running smoothly and properly.
Source: The New York Times
September 10, 2012
South Florida offers all of these things and much more. CNBC recently published a list of the Best Cities to Buy a Vacation Home and Florida made the list five times.
West Palm Beach came in at number five. Spending time in Palm Beach is definitely a luxury. You have your choice of some of the best golf courses, shopping and dining in the country. Many luxury oceanfront condos and waterfront estates have sold in the Palm Beach area this past year and are continuing to sell.
Recently on the Trip Advisor website it mentioned the sunny skies and nearly perfect weather found in West Palm Beach. The article went on to mention the variety of outdoor activities, cultural attractions, spas, golf courses, and nature centers available for entertainment. The downtown area of West Palm Beach has many designer boutiques, 5 star restaurants and exciting night life for those visiting the area.
Miami came in ninth on the list of Best Cities to Buy a Vacation Home. Nicknamed the “Cruise Capital of the World” Miami Beach is definitely one of the world’s favorite playgrounds. Luxury oceanfront condos have almost sold out in this area because of the night life, and restaurants and beach. The Travel Channel named South Beach the “Sexiest Beach” this year.
It’s pretty clear that South Florida has a lot to offer its luxury home buyers. If you’re looking for a place to relax with warm ocean breezes, and endless things to keep you occupied South Florida is without a doubt the place you’re looking for.
