Palm Island Miami Beach is located just south of Hibiscus Island, and is a neighborhood of South Beach within the city of Miami Beach. This man-made island is located in Biscayne Bay, and is solely accessible via the MacArthur Causeway, which links the island to Greater Miami Dade County and Miami Beach proper. Property values on this Miami Beach Island are relatively high, as it is a highly coveted island to live on, as the entire island is only 82 acres in size.
The 1940s and 1950s were an interesting time for Palm Island, as it was not solely residential. The Famous Latin Quarter Nightclub, owned by Lou Walters, the father of internationally known journalist Barbara Walters, became the mid-century destination for big-named entertainers such as Dean Martin, Tony Bennett, Sammy Davis Jr., and Frank Sinatra. These crowd-pleasing entertainers would perform three shows a night for crowds of celebrities and tourists vacationing in Miami Beach during the popular winter months. Al Capone was one of the first residents on the island.
Nowadays, Palm Island is comprised of single-family mansions, and is revered as one of Miami Beach’s most exclusive and luxurious neighborhoods. Architectural styles on Palm Island range from Mediterranean Classic to Art Deco and Miami Modern. Both waterfront and dry lot homes are available on the island. Current well-known residents include Latin heartthrob, Enrique Iglesias; Mexican songstress, Anna Gabriel; Irish American actress, Gabriel Anwar; and Barbara Walters, among others.
Miami Beach’s Palm Island is the ideal place for avid boaters to call home, or to use as a vacation oasis. A great majority of the homes on this island have over 90 feet of waterfront space and large boats and yachts are commonly seen docked at residences. Palm Island is definitely a go-to location for those looking to find the perfect Miami Beach waterfront homes.
Palm Island Miami Beach is an ideal neighborhood for active individuals or people with families, as Hibiscus and Palm Islands share a community area, which features a children’s playground, as well as racquetball, tennis, and basketball courts. Children and teenagers who reside on Hibiscus Island fall into the Miami-Dade County Public Schools district, and attend the following schools: South Pointe Elementary School, Nautilus Middle School, and Miami Beach High School.
The current average listing price is $13,000,000; while the current average rental price is $85,000 a month. The average sold price for a property on Palm Island is $6,500,000 Property value ranges from $4,200,000 to $32,000,000. Rental price ranges from $15,000 to $150,000 a month.