High Net Worth Individuals are Buying Up Miami’s Waterfront Mansions | These are the Best Waterfront Communities on Miami Beach
The Best Waterfront Communities for Tax Refugees Moving to Miami
Florida is one of the fastest growing states in the country. While the Sunshine State was previously just desired by retirees, it is now a massive pull for Millennials and the so called ‘Tax Refugees’.
When the Senate passed the tax bill last December, high-tax cities (New York, Chicago, New Jersey, LA, Sillicon Valley, Baltimore, Washington etc) became even more expensive. Many of these High Net Worth Individuals (HNWI) flocked into Miami, looking for a similar lifestyle at half the costs. Miami’s luxury real estate communities embraced this new crowd with open arms.
Just when Miami was experiencing a high inventory in the luxury market, New York Hedge fund managers and Silicon Valley CEO’s started buying up the ultra-luxury end of the market. As Miami’s real estate prices are often a bargain compared to NYC’s properties, their arrival is leading to many record sales in the $10M+ range. In February 2019, a $50 million waterfront mansion broke the record for the most expensive single-family home ever sold in the Miami area, as Business Insider’s Lina Batarags reported.
The Venetian islands are desired among Miami’s tax refugees
The Best Waterfront Communities in Miami Beach
Those who are moving from the high tax states are often looking for Miami Beach Waterfront Mansions. Ocean Drive magazine reports that the Venetian Islands are desired by Californians for the walkability and bohemian vibe. They are looking to combine properties, or build massive homes sometimes on combined lots. Owners on the islands include: venture capitalist Jim Goetz, a partner at Sequoia Capital (the main investor in WhatsApp before selling it to Facebook for $19 billion), venture capitalist and real estate developer Robert Zangrillo, an early Facebook investor whose Dragon Global is developing Magic City and Ken Lerer, cofounder of The Huffington Post.
There was always big money on North Bay Road, but according to Business Insider a growing population of hedge funders and hugely wealthy corporate types is now buying these properties. Among them: Barry Sternlicht, founder and CEO of Starwood Capital Group, and Russell Weiner, billionaire founder of Rockstar energy drink. Most recently, New York developer Michael Stern plunked down $10 million-plus for a waterfront property.
These areas are desired with many high-net-worth-individuals moving here:
The Venetian Islands consist of 6 man-made islands in the Biscayne Bay between Midtown/Edgewater and Miami Beach. The islands are connected by the Venetian Causeway, which is a private toll way between Miami’s mainland and the Beach.
The Venetian Islands are desired by buyers for the many waterfront lots. In recent years investors snatched up empty lots or tear down properties to construct brand new contemporary mansions, which is desired by today’s buyers
- Price range: $1M – $22M
- Number of homes: Di Lido island is the most dense island with approx. 200 homes
- SF range of Homes:1,500 – 10,000+SF
- SF range of Lots: 5,000 – 20,000 SF+
North Bay Road
North Bay Road is a prestigious street in Miami Beach stretching from 20th street all the way up till W 63rd street. This street is very desired because of the many waterfront homes. Many of these waterefront lots are quite large with 20,000+SF and just like on the Venetian Islands, investors have bought many of the dated homes or empty lots and constructed luxurious and contemporary Miami mansions.
Some might argue the southern part of North Bay Road (Closer to 20th Street) is better as it is closer to Sunset Harbour with better views, while others prefer the northern part with the larger lots above 41st Street.
- Price range: $1M – $22M+
- SF range of Homes:1,900 – 13,500+SF
- SF range of Lots: 6,000 – 50,000 SF+
Hibiscus Island, Star Island and Palm Island
This exclusive island trio is located in the Biscayne Bay between Downtown Miami and the Beach along the McArthur Causeway. The homes are known to be owned by the international jetset and celebrities. Homes on the islands are large and located on large lots. The most exclusive island is Star Island.
- Price range: $1,2M – $28
- Star Island: $7.1 – $28M
- Palm Island: $1.8M – $24M
- Hibiscus Island: $1.2M – $15M
- Number of homes:
- Star Island: 35
- Palm Island: 150
- Hibiscus Island: 150
- SF range of Homes
- Star Island: 4,700 – 20,000
- Palm Island: 2,000 -12,000
- Hibiscus Island: 1,600 – 12,000
- SF range of Lots:
- Star Island: 40,000 – 87,000
- Palm Island: 6,500 – 60,000
- Hibiscus Island: 9,000 – 38,000
Although this blog is more about Miami Gated Communities for single family homes, we couldn’t ignore Fisher Island. This island is arguably one of the most exclusive and private enclaves in all of Miami. Fisher Island can only be reached by helicopter or ferry and is only accessible upon invitation from one of its residents. Fisher Island is self regulated and offers a golf course, tennis courts, 24 hours security, a marina and a school. Fisher Island is America’s wealthiest zip code and attracts many New Yorkers looking for a primary residence in Miami
- Condo Community
- Price range: $1M – $30M+
- SF range of Homes: 600 – 10,000
Indian Creek Island
Indian Creek island is a 250 acre private island with only 40 residences around an 18 hole Golf Course which belongs to the best in the nation. Known for its extremely large waterfront homes, Indian Creek belongs to Miami’s most exclusive communities and is often referred to as “Billionaire Bunker”, topping Zillow’s list of most expensive streets in the USA with an average home value of $21.48 million.
The extremely safe community enjoys maximum security by means of police controls via boat, jeep and Jet Ski 24 hours a day.
- Price range: $14,4M – $47M
- Number of homes: 40
- SF range of Homes: 3,500 – 30,000
- SF range of Lots: 53,000 – 118,000
The Sunset Islands are a group of 4 islands located in the Biscayne Bay just north of the Venetian Islands. The island group is one of Miami’s most desired residential areas as the 24/7 guard gated community offers superb real estate on an excellent location.
- Price range: $1,680,000 to $20M+
- Number of homes: Each island has between 50 and 80 homes
- SF range of Homes: 2,000 -10,000 SF
- SF range of Lots: 6,000 to 35,000 SF.
La Gorce Island
La Gorce Island is a guard gated Island community in the Biscayne Beach. The tropical and lush island offers various styles of homes, which are located on large lots. Some of the homes are located on waterfront lots while most of the homes are located on an interior lot. Many of the waterfront lots come with a boat dock. Like other island communities, homes for sale on La Gorce Island are desired because of their exclusivity, privacy and the tranquility that comes with island living. Besides the waterfront location, La Gorce Island is also close to other main areas of Miami and therefore desired with buyers.
- Price range: $2,5M – $30M
- Number of homes: 58
- SF range of Homes: 3,000 – 15,000
- SF range of Lots: 12,500 – 75,000
Allison Island is an 8.5 acre island in the beautiful Biscayne Bay of Miami Beach. The South of the island is called Aqua and is home to many townhomes and condos (3 midrise waterfront condos and 46 townhomes), while the North of Allison Island is known for its many waterfront homes. Single-family homes on Allison Island are located on spacious lots (16,000 SF+) and offer unobstructed views over the water as well as La Gorce Island or Indian Creek Dr. Home for sale on Allison Island are desired, because they offer a great deal of privacy and tranquility although they are just minutes away from the action of Miami Beach. Allison Island is also desired by boaters for obvious reasons.
- Price range: $2.8M – $11M+
- Number of homes: 50
- SF range of Homes: 3,600 -12,000
- SF range of Lots: 16,000 – 26,000
Biscayne Point and Stillwater
Biscayne Point is in the northwest tip of Miami Beach, just north of Normandy Isle and south of Surfside. Biscayne point is made up of two peninsulas that extend into the Biscayne Bay, called Biscayne Point (Southern peninsula) and Stillwater (Northern peninsula). Most homes are waterfront and enjoy amazing views over the Biscayne Bay and the Miami skyline. Biscayne Point is close to the beaches and all its entertainment while the community gives you a feel of tranquility and privacy.
Biscayne Point is desired with boaters and golf lovers as the waterfront community is surrounded by two golf courses: Indian Creek Country Club and the Normandy Shores Golf Course.
- Price range: $350K – $5.1M
- Number of homes: 300+
- SF range of Homes: 1,200 – 10,000
- SF range of Lots: 2,500 – 15,000
Normandy Isle and Normandy Shores
Normandy Isles and Normandy Shores belong to the private and gated island community of Normandy Isles. The island community is the most affordable of all Miami Beach gated communities with home prices already starting at $500,000 or less. The island still offers many dated homes that can be bought for good prices and remodeled into a multi-million dollar mansion. The island offers a great amount of waterfront homes. The norther part also called Normandy Shores is more exclusive than its southern counterpart and home to a 18 hole golf course called the Normandy Shores Golf Club.
- Price range: $450,000 – $8.5M
- Number of homes: 300+
- SF range of Homes: 1,175 SF – 5,000
- SF range of Lots: 6,000 – 16,000