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Prices for Miami Beach Luxury Condos Soar

January 25, 2013

Miami Beach’s world-renowned luxury condos are becoming increasingly popular, as prices are beginning to soar to unprecedented levels. Some of these sales have been large enough to attract the attention of even the media. As the Miami Herald reports:

On Tuesday, a penthouse at the Setai Resort at 2001 Collins Avenue closed for $27 million — the highest price ever for a South Florida condominium, according to real estate agents.

“We’re definitely seeing the market turning upward,” said Jeff Miller, of Zilbert International Realty in Miami, who represented the buyer in the sale of the palatial 7,100-square-foot condominium. “We’re seeing buyers come in from all over the globe.”

Just a few weeks ago, Ohio coal mining businessman Wayne Boich Jr. completed the sale of his Icon South Beach penthouse at 450 Alton Road in the uber-trendy South of Fifth neighborhood for just under $21 million.

The 6-bedroom, 7 1/2-bath Icon condo sparked a bidding war that drove the sale $2 million above the listing price — a level that is three times the $7 million Boich paid in July 2007 in the depths of the bust. It was a record price for a Miami Beach bayside condo.

“The luxury market is on fire in South Beach — especially the South of Fifth neighborhood,” said Dora Puig, principal of PuigWerner Real Estate Services, who was the listing broker for the Icon unit. “It’s moving Miami to totally different pricing points.”

Indeed, these high-profiles are part of a wider trend.Miami’s real estate market has been regaining a lot of strength over the past year, as people from all over the world are pouring in to make the most of the city’s world-class living opportunities. Luxurious Miami Properties from the ICON Brickell to the Continuum at South Beach are gaining worldwide attention, and momentum is building.

Last week, the Miami Herald also reported on the growth of both sales numbers and prices of coastal properties in Miami-Dade County. Waterfront communities – which include Miami-Beach, as well Coconut Grove, Wynwood, and Brickell – are leading every other region in South Florida. Needless to say, as prices continue to soar, this is an ideal time for buyers and sellers alike to make the most of Miami’s dynamic real estate opportunities. To learn more, contact Metro 1 Properties, the leading provider of Miami real estate, at 305-571-9991.

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