Catherine Rodstein Blog   Real Estate Blog

Although it was disruptive, South Florida was spared the worst of hurricane Irma.

Had we faced the brunt of the storm, different story. The city of Miami Beach’s mandatory evacuation allowed officials, FPL, and clean-up crews to work fast clearing debris and downed wires to restore power efficiently, and allow residents safe re-entry. Most of the hotels and businesses were up and running within days to a week. A few hotels including the Raleigh and the Ritz Carlton in Miami Beach remain closed, re-opening the first week of October. A loss to Miami Beach post Irma was the iconic Epicure Market in business since 1945, now closed.

Celebrity chefs Jeff McInnis and Janine Booth opened the long awaited Stiltsville Fish Bar in the trendy Sunset Harbour in Miami Beach Sept 29. BLT Steak, formerly at the Betsy Ross hotel, just opened at the Berkeley Hotel in South Beach. Participating restaurants extended Miami Spice to the end of October.

South Florida Real Estate relies heavily on foreign and out of state investors and second home buyers. Coverage of the storm hit the world news. The big question; the post Irma impact on Miami Beach Real Estate. Overall, Miami’s infrastructure held up well thanks to strict building codes and weeks of pre-Irma preparedness. Miami Beach has a $400 million storm pump system in place.

Although it’s too early for statistical data, many feel the South Florida Real Estate market remains intact. Many experts see a busier market post Irma as volatility can create momentum. Some buyers will pull back; others seize the opportunity as some sellers reduce prices. In essence, for many the allure and benefits of the coastal lifestyle outweigh the risks imposed by Mother Nature. Miami and Miami Beach homes with impact glass and generators will likely hold greater value post Irma.

Oceanfront condos in Miami Beach post Irma sales include a direct ocean view 2/2 at One Hotel and Homes in South Beach listed for $2,345,000 that sold for $2.2M, and South of Fifth, a 2/2 at South Point Towers in South Beach listed for $1,100,000 just sold for $965,000. One Hotel and Homes

Waterfront homes on Biscayne point in Miami Beach had a wide bay, 5 bed/6 bath, at 1425 Cleveland offered for $3,650,000 close for $2.9M Sept. 15.

Biscayne PointWaterfront homes for sale in Coconut Grove had one of the highest priced sales post Irma. On Matheson, a 5 bedroom, 9800 SF new construction canal front residence, 22 feet above sea level, sold for $7,550,000. Coconut Grove home sales include a 13,898 Sq Ft, 8 bed/9.5 bath estate on a 36,652 SqFt lot at 4020 Kiora, offered for $7,950,000, that just sold for $7.5M.

 
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