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Miami Beach is BOOMING

By
Real Estate Agent with Josh Stein Realtor SFL#3057661

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The 1980s and early 1990s brought a multi-billion dollar infusion of investment capital that produced a beautiful new Miami downtown skyline, a reborn Miami Beach, a modernized transportation infrastructure and a new way of life that features betters aspects of modern art, culture, sports and entertainment, all with a mostly international Latin accent. Although it has changed almost beyond recognition, Miami Beach has thrived amidst change and overcome many difficulties. The City of Miami Beach continues to be an international Mecca for travel, business and to establish a home.

Over the past few years, the Miami Beach Real Estate market has weathered the storm with seemingly no problems. South of Fifth (or SoFi as it is referred to) is an exclusive neighborhood located at the southernmost tip of South Beach. It is considered the most exclusive part of Miami Beach for ultra-luxury high-end condos. SoFi has experienced a spike in buyer interest starting in 2009 and continued throughout 2011. There is a relatively constrained supply of condo properties, meaning what is currently built likely represents the majority of the supply for the future. Demand for luxury condos, on the other hand, has continued to remain strong making Apogee, the two Continuum Towers, Murano at Portofino, Portofino Towers, Murano Grande and Icon South Beach, the most affluent and exclusive condominium buildings in Miami Beach.


Most of the properties that have sold in 2011 have closed at $1+ million plus. In December 2011 the Setai Penthouse sold for $21.5 million….in 2011 four properties sold for around $20 million in Miami Beach. The buying trend in South Beach and SoFi is led by International buyers who are coming into the market with plenty of cash to spend. 2011 was a HOT year for the luxury real estate market in Miami Beach and 2012 is projected to heat up even more.

Comments (1)

Edward & Celia Maddox
The Celtic Connection Realty - Queen Creek, AZ
EXPERIENCE & INTEGRITY - WE TAKE THE HIGH ROAD

Now thats some expensive property.  Good luck in 2012.

Feb 03, 2012 02:19 AM