Palm Island Real Estate, Miami Beach

Palm Island Real Estate

Miami Beach MLS

Palm Island real estate features some of the most exclusive homes in Miami Beach. Today, Miami is home to an abundance of high-rise condos. But it also has private and luxurious estates, particularly on the several lozenge-shaped, man-made islands in the bay. Palm Island real estate, and Hibiscus Island real estate, consist of some of the finest homes in Miami Beach Florida.

Palm Island Home Sold For $11,950,000

June 2010
Palm Island in Miami Beach is one of South Florida's finest communities. Centrally located, it takes only 10 minutes to drive to the Miami International Airport, and 5 minutes to drive to world renowned South Beach, aka SOBE.

Recently, a luxury home on Palm Island sold for $11,950,000. The property, located at 55 Palm Ave. is situated on a lot measuring 30,000 square feet, with 100 linear feet of water frontage. The restored 8 bedrooms, 9 bathrooms house, is very spacious with more than 12,000 square feet of living space, and boasts 12 feet high cathedral ceilings, and beautiful views of the intercoastal water way.

Most noteworthy is that the property was previously purchased in 2003 for $2,900,000 and then again in 2004 for $3,400,000. The 1920's house was subsequently restored with a 10,000 square feet addition, and sold once again -- for a whopping profit. Could prices in Miami be climbing again, or does the new owner know something that the rest of us don't? Is this sale a precursor of a once again active and thriving Miami real estate market? The next 12 months or so should bring some answers.

Miami Beach Luxury Home on Palm Island Sold On The Cheap

February 2010
Miami Beach real estate on Palm Island 70 Palm Ave. Villa FerrariMiami Beach luxury home sales are still dismal, although there is a feeling among those in the real estate business, that things will pick up somewhat this year. One of the reasons that home sales are likely to improve, is that people interested in buying a home or a condo, who have been waiting for the market to improve before taking any investment risks, are slowly entering the market place, looking for great deals on luxury properties.

One great deal was made last week on a property on Palm Island, known as Villa Ferrari, recently owned by music producer Scott Storch. According to the Miami Dade County public records, the property consists of a house with more than 20,000 square feet of living space, on a 30,000 square feet lot, and is located at 70 Palm Ave.

Storch bought the home in 2006 for $10,500,000, but subsequently fell on hard times, and the property was foreclosed by Suntrust Bank in June 2009. Last week, Suntrust sold it to Weiner Russell Trust for $6,750,000, a great price for a 20,000 square feet Palm Island house, if you are a buyer.

The house was not in good shape, and upon entering through the massive front doors of the home, one could see that extensive renovation is needed. Immediately before the sale, a crew of painters and carpenters could be seen doing cosmetic touch up work to make the property appear more presentable. Notwithstanding, the sale of the Miami Beach mansion was a great buy for the new owner.

One great deal was made last week on a property on Palm Island, known as Villa Ferrari, recently owned by music producer Scott Storch. According to the Miami Dade County public records, the property consists of a house with more than 20,000 square feet of living space, on a 30,000 square feet lot, and is located at 70 Palm Ave.

Storch bought the home in 2006 for $10,500,000, but subsequently fell on hard times, and the property was foreclosed by Suntrust Bank in June 2009. Last week, Suntrust sold it to Weiner Russell Trust for $6,750,000, a great price for a 20,000 square feet Palm Island house, if you are a buyer.
Palm Island Miami Beach Florida home
The house was not in good shape, and upon entering through the massive front doors of the home, one could see that extensive renovation is needed. Immediately before the sale, a crew of painters and carpenters could be seen doing cosmetic touch up work to make the property appear more presentable. Notwithstanding, the sale of the Miami Beach mansion was a great buy for the new owner.

Al Capone House Palm Island Miami Beach Still Pending

April 2009
Al Capone’s former Miami Beach home, located on exclusive Palm Island, is still a pending sale, according to the Southeast Florida Multiple Listing Service. The property was listed for sale in early 2006, for the first time in more than 35 years, and was on the market for 28 months, before it became a pending sale in June 2008. The closing is scheduled to take place within the next few months.

The historical home needs total renovation, and if not for city ordinances that prohibit the demolition of buildings of historic value, it would probably be torn down, and replaced with a new structure. The house sits on a large 30,000 square feet lot, with 100 linear feet of frontage on Biscayne Bay’s intracoastal waterway, with a view of adjacent Hibiscus Island.

The 6,103 square feet house was built in 1922, and is one of the oldest homes on Miami Beach. The asking price for the property was $6,800,000. According to a Miami Herald report, Henry Morrison, who owns the home located at 93 Palm Ave., purchased it in 1971 for $56,000.

Miami Beach Real Estate Foreclosure - Scott Storch's House

70 Palm Ave, Miami Beach Florida - Villa Ferrari June 2009

Miami Beach real estate foreclosures are happening far too often these days, and Scott Storch' s house on Palm Island, named Villa Ferrari, is next. The Miami Beach mansion, 18,000 square feet of house on a 30,000 square feet lot, located at 70 Palm Ave., will be auctioned off at the Miami Courthouse in downtown Miami this Friday, June 26.

Mr Storch, a well known music producer, who has worked with stars such as Beyonce Knowles, Mariah Carey, and Paris Hilton, purchased the Palm Island estate for $10,500,000 in May 2006. As the real estate market began to lose value, and Scott Storch fell on hard times, with a reported drug addiction, his problems began to mount. According to several newspaper articles, the young Mr. Storch is recovering at this time.

The house has been in foreclosure for many months, and is no longer what it was when it was built just 5 years ago. It needs some renovation, and, although a number of prospective buyers have viewed the home, there have been no takers to date. The final judgement against Mr Storch was in the amount of $8,484,836.

Villa Ferrari On Palm Island - Soon In Foreclosure?

Villa Ferrari on Palm Island Miami Beach August 2008

The Scott Storch home on Palm Island, otherwise known as Villa Ferrari, is a gorgeous 18,000 square feet home sitting on a 30,000 square feet lot, facing downtown Miami, and is located on one of the best Islands on Miami Beach. Mr. Storch, one of the music business top producers, apparently hasn’t had a top 10 hit in nearly 3 years, and finds himself in a very similar predicament as many american home owners, albeit his house costs a little more than the average american can afford. Just over 2 years ago, he paid $10,500,000 for the property, which, at the time was listed for $13,900,000.

Today, according to Forbes, the producer is in financial straits with regards to the property. There is presently a mortgage lien on the property in the amount of $10,500,000, as well as liens for unpaid electric and security bills. Furthermore, according to Forbes, there are 2 years worth of unpaid taxes on the property to the tune of approximately $500,000. It seems like the famous music producer may have to pull a rabbit out of the hat to save his home from foreclosure. Best wishes, and good luck to Scott Storch.

Palm Island Tour

Palm Island

Palm Island, in Miami Beach is where a grand home, made for entertaining, is on the market for $19.7 million. The gated property, at around 1.5 acres, is one of the largest in Miami Beach.

The property of an unidentified media mogul, this 16,000-square-foot estate has 12 bedrooms, 15 full baths and two half baths. It consists of four structures--the main house, a guest house above the garage, staff quarters and an unusual entertaining pavilion that can accommodate up to 400 guests.

The main house has a two-story foyer with a winding staircase accented with hand-forged iron and brass. Floors are made of limestone and crema marfil marble, and there are 12-inch crown moldings throughout. The Moroccan-style doors are 12 feet high, and ceilings rise to 14 feet, accented with crystal chandeliers.

The large living room has a coffered ceiling and six sets of French doors that open out to the swimming pool. The dining room can accommodate 16 guests, and the kitchen is equipped to serve far more, with restaurant-style food storage facilities, a butler's pantry and space for two chefs to work simultaneously.

Upstairs, the master suite encompasses more than 1,500 square feet and includes two Roman-style Jacuzzi tubs, a wet bar and a balcony overlooking the bay and the pool. A second master suite has a large bathroom with sunken Jacuzzi tub.

The entertaining pavilion has a 1,000-square-foot gym, a wet bar and built-in DJ booth. The swimming pool is more than 150 feet long and features a fountain and several fountains. There is dock space for a boat up to 100 feet long, and the property offers views of downtown Miami.

Forbes Fact

One of the most notorious mobsters of the 20th century, Al Capone served more than seven years in prison on tax evasion and Prohibition-laws charges. After his release in 1939, he did not return to his adopted hometown of Chicago. Instead, Capone retreated to the Palm Island estate he had bought more than a decade earlier, living there with his wife until his death in 1947.

The foregoing excerpt is credited to Forbes Magazine

Palm Island Home Sold For $11,500,000

16 Palm Ave. on Palm Island in Miami Beach Sold for $11,500,000 in March 2008
A beautiful Palm Island estate was sold this month for $11,500,000. The mediterranean walled in 7 bedrooms, 6+2 bathrooms home, boasts 6,345 square feet of living space, a 35,348 square feet lot, and 215 linear feet of bay front. The home was previously purchased in 1992 for $1,700,000; it was listed on the market for sale for almost a full year before closing on March 3.

Miami real estate and Miami Beach real estate, feature some of the most beautiful islands in Florida. Miami Florida real estate is definitely a "happening thing", and if you drive around , or walk along the streets, you are going to see some amazing luxury Miami real estate