Real Estate Agent Miami

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What Is The Price Of Luxury Living In Miami?

• The Miami luxury properties market is booming. As
  most Americans complain about the
  not-so-favorable economic conditions, the super
  rich are buying super expensive beach properties
  at a staggering rate. A good example of a
  luxurious property that went off the market not
  too long ago is a penthouse at the Setai Resort,
  which fetched a whooping 27 million. As far as
  far as Miami luxury condos and condos in Miamis
  South Beach are concerned, this was the highest
  price ever.

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• According to South beach real estate agents,
  there is no doubt that Miami's luxury real estate
  market is on the up and up. It's not just
  American buyers who are contributing to this
  upward trend. With more and more countries
  joining the league of emerging economies, an
  increasing number of people from across the
  planet are making their way to Miami to grab
  their share of the so called good life. Some of
  these countries include Brazil, Venezuela, and
  China just to mention a few.

• Not too long ago, Wayne Boich Jnr, a coal magnate
  from Ohio managed to sell his luxurious condo in
  South beach at a little over 20 million dollars.
  Prior to the sale, several potential buyers were
  locked in a rather fierce bidding war that saw
  the listing price of the property rise by 2
  million. Wayne Boich Jnr purchased the 7 and a
  half bath, 6 bedroom property in the summer of
  2007 at a price of 7 million dollars.

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• The Miami Luxury real estate market is without a
  doubt going crazy. According to a luxury real
  estate agent, one area that is significantly
  contributing to this state of affairs is the
  South of Fifth neighborhood. It is even being
  claimed that the 27 million dollar record for the
  Setai condo may not stand for too long.
  Currently, there is another property in the area
  up for sale at a mind-boggling 39 million which
  is an all time record high for a condo listing.

• The 11,000 square foot property is owned by Ian
  Bruce Eichner, a real estate developer from
  Manhattan. The property offers spectacular views
  of the Atlantic, heated pools, private elevator,
  over 800 square feet of guest quarters, a swanky
  beach cabana just to mention a few. With all
  those features, one would think that the property
  couldn't get any more 'A-list', but it does.
  According to the real estate agent who's
  currently handling the property, Tom Cruise was a
  tenant of this property during the filming of
  Rock of Ages.

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• 'Schrager's The Residences' is another brand
  that's stirring up a storm in the Miami property
  market. Out of the 26 properties built, only 13
  are still available. The most astounding fact is
  that despite the price per square foot for these
  pretties having doubled in just over 4 weeks to
  over 3000, scores of buyers are still showing
  interest. One condo in the development was sold
  at 34 million which is the highest price any
  condo has ever sold for in Miami.
• One of the main reasons some of these properties
  end up being bought at such outrageous prices are
  the bidding battles that take place. As mentioned
  earlier, this is what caused Wayne Boich's
  property price to go up by 2 million. In the
  Schrager's The Residences case, there was a
  bidding war between a wealthy New Jersey family
  and a moneyman from Wall Street, the former won.

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• According to real estate experts in Miami, the
  super high pricing isn't the most surprising
  aspect. What's astounding is the rate at which
  Miami luxury condos are being bought. More and
  more people are willing to pay top dollar for the
  very best of what this sunny destination has to
  offer.

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