There’s a certain appeal to living on the water in Miami – whether it be an oceanfront home, an ocean-accessible home, or even just a home on a peaceful lake. So to shed some light on the overall waterfront market, I thought I’d tell you what has transpired over the past couple years. In order to keep it simple, I am limiting the conversation to all single-family homes priced up to $3 million, from Brickell south through Palmetto Bay.
Back in 2007, 20 waterfront homes sold throughout the course of the year that fit this criteria, at an average price per square foot of $552.
In 2008, 21 homes sold, but the price per square foot of the homes dropped significantly to $420.
So far this year, 22 homes have sold, and there are currently an additional 7 homes that are pending sale. The homes have sold at an average of $429 per square foot. Because these houses are priced so well and so aggressively, people are taking advantage of the opportunity, helping to push prices back up slightly.
There are certainly bargains to be found in this arena: Bill Meyersohn of Coldwell Banker has a 15,384 square-foot property on Alfonso Avenue with a home on it, currently listed for land value at $1,275,000. There was a time you would never see anything in this price range – even for land value! Alfonso is a fantastic street in the South Gables, and the property itself is lovely, with a special coral cut-out walkway leading down to the dock area.
While this search compares an array of different waterfront properties throughout Miami – some in gated communities, some canal-front north of US1 in the Gables, some with direct ocean access – one thing remains the same: we are comparing only waterfront homes, and doing so consistently over the course of three years. With questions or comments, please feel free to contact me.