South Beach Condos

2
Jun

The Secret of Why Foreign Investors Are Buying in South Beach

South Beach real estate

Investors, people in retirement and those on vacation have a great opportunity to find South Beach condominiums with the most desirable luxuries possible. South Beach real estate is close to where the most adventurous can go deep-sea diving, charter an airplane or a yacht, play water sports, play golf or tennis, shop at the art galleries and boutiques and enjoy the best weather throughout the entire year.

 

Purchase prices for the best condos for sale in South Beach are undeniably huge, but the view that people have from these highly fashionable and gorgeous homes makes the price worthwhile. Asking prices for these homes range from $20 million to $30 million.

 

Southern Florida has several great condominium options for foreign buyers, and those from Latin American countries are taking advantage of them at the greatest rate. These buyers know that they are receiving favorable deals in this location. Investors in the United States have also taken notice, and they are using real estate in the South Beach area as a secure place for their available funds in increasing numbers.

 

The Miami Real Estate Market Is Recovering

 

The housing market is recovering in the southeastern region of Florida as more people are buying condominium homes in this area. Demand is high as are the prices. As a matter of fact, housing prices reach a new high every single month in South Beach, and this has been happening for more than 12 months with all types of residential properties. Developers have noticed this trend, and they are setting out to meet the demand with more than 24 new construction projects ready to begin construction this year.

 

Of the recent South Beach condominium buyers, 80 percent are from Asia, Europe and Latin America. Lower prices are encouraging these buyers to make large deposits so that they don’t miss the chance to purchase one of these fabulous homes. However, time is running out, and potential buyers only have until the end of next year to make the commitment to purchase a South Beach condominium unit. Currently, the vacancy rate is lower than eight percent.

 

Speculators Love this Market

 

Speculators have come to South Beach to search for their riches for many years, and they aren’t surprised when the markets create a bubble, experience a burst and then create a bubble again in southern Florida. Foreigner investors are coming from countries where the currencies are strong, and they are ready to take advantage of the boom after the bust that is happening in South Beach right now.  

 

South Beach is particularly attractive to Latin American buyers because their governments are currently seeking ways to separate them from their money. Their countries are also experiencing political trauma. As a result, wealthy residents are seeking other ways to diversify their funds, and they have found that condominium property in the United States is a safe investment for them.

 

The top condos for sale in South Beach are safe places for wealthy foreigners to invest their money, and this fact helps to poise this area for a resurgence after the housing bust of 2007.

 

6
Feb

Condominium Homes Are Not Finished Setting Records in Miami Beach

Continium condo South Beach

The luxury condominium homes in South Beach are out of this world, and so are their purchase prices. Proof of this is the amount of money that the penthouse at the Setai Resort sold for last month. One lucky investor purchased this home for the astounding price of $27 million. This amount set a record for condominium unit prices, and the area’s real estate agents are well aware of it.

 

Miami real estate agent Jeff Miller stated that condominium prices are on their way up this year, and he is someone who knows. Miller represented the buyer of the record-breaking 7,100 square foot penthouse, and he has informed the rest of the country that many people from other parts of the world are interested in purchasing condominium homes in the Miami Beach area.

 

Businessman Wayne Boich, Jr. experienced a large payday after he sold his Miami area condominium property. The Icon South Beach penthouse owned by Mr. Boich went for almost $21 million. In the year 2007, Boich purchased this unit for a mere $7 million, but properties have become so popular lately that people are engaging in bidding wars, and this is exactly what happened with the Boich penthouse. The price of this six-bedroom, seven and a half bathroom behemoth benefited from the bidding war; the haggling increased the purchase price by $2 million. By the time Boich accepted an offer, the penthouse had set yet another record in this area.

 

More people are looking for condominium properties in the chic South of Fifth location than in many other areas, according to Dora Puig, the listing broker for the Boich property.

People have not missed out on their chances to purchase a fabulous penthouse in the South of Fifth area. The Continuum South Tower currently has one for sale, and it could possibly set another record in this city. The property is being listed with a purchase price of $39 million; no other property has ever been listed at a price as high as this one. Dora Puig, the same listing broker responsible for the Icon penthouse, is also taking charge of the Continuum penthouse. She saw her opportunity to increase the price of this astonishing property from $35 million to $39 million last summer when it became clear that a lot more people are seriously seeking to purchase condominium homes in Miami.

 

Bruce Eichner is the developer of the Icon, but he is also owner of the ostentatious 11,000 square foot penthouse. It has a deck that goes on for 6,000 square feet, and it also has a pool that can be heated to the guests’ specifications right on the roof. Not surprisingly, this home is huge with 13 ½ foot ceilings and windows so large that residents cannot help but see every nook and cranny of the surrounding area. Puig makes sure to mention that those who know where to find it can see deeply into far away Fisher Island. 

 

The information written in this article is courtesy of Martha Brannigan at [email protected].

22
Jan

Prices for Penthouse Condominium Homes Are Reaching Records Highs

Miami Beach Condos

South Beach condominiums reach high into the sky, and this is exactly how one can describe the purchase prices for these homes. Last week, a penthouse at the Setai Resort sold for $27 million. Miami real estate agents stated that no other condominium home has ever sold at such a high price before.

 

According to agent Jeff Miller, housing prices are on a definite march upward. Miller represented the investor who purchased the 7,100 square foot property mentioned above, and he has noticed that people from all over the world are expressing an interest in other Miami Beach condos.

 

Businessman Wayne Boich, Jr. realized a profit when he sold his Icon South Beach penthouse for nearly $21 million. Further proving that Miami real estate was becoming very popular recently, those interested in the Icon penthouse engaged in a bidding war that increased the purchase price by $2 million. In 2007, Boich only paid $7 million for this six-bedroom, seven and a half bathroom condominium home, and the price he eventually sold the property for is a record.

 

The South of Fifth area is the most sought-after for those who are seeking the most in-vogue real estate, and this is the area where people will find the most activity, according to Dora Puig the listing broker responsible for the Icon penthouse sale.

 

The Continuum South Tower also has a penthouse for sale, and it may break the standing record for the purchase price of a condominium home. Currently, this home that is located in the South of Fifth area is on the market for $39 million. No other Miami-Dade condominium home has had such a high price attached to it in its listing, and Puig is fortunate to have it in her portfolio as well. She noticed that there was considerable action occurring in the real estate market during the summer months, and she responded by raising the price from $35 million to the current $39 million.

 

Bruce Eichner was the developer of the Icon, and he saw fit to keep the 11,000 square foot prize penthouse in his possession. The penthouse also contains 6,000 square feet of deck and a heated pool on the roof. Inside the penthouse, the new resident who purchases the property will enjoy 13 ½ foot ceilings and floor-to-ceiling windows that offer a view of the entire surrounding area, including the Atlantic Ocean, Miami Beach, downtown Miami and the Biscayne Bay. People can even see all the way down into Fisher Island, according to Puig.

 

This property would not be complete if it didn’t have its own elevator. No one can enter the grounds without passing through a gated entrance, and residents also enjoy the fact that the lawn is so well manicured. Guests will feel welcome in their own 874 square foot guest area, and this is highly impressive. However, the guest area was designated to be the staff’s living quarters, according to Puig.

 

Most of the time, people can expect a penthouse such as the one at the Continuum to be paid for in cash. If not, the investor would need to place a $7.8 million down payment and obtain financing for $31.2 million. Mortgage broker Steve Schneider cautioned that this may be very unlikely. He has doubts that he could find a financier willing to grant such a high loan for one home.

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