Luxury Real Estate Realtors

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Condo Comeback in Miami Waterfront and Ocean Front

Downtown Miami and Brickell are rebounding fast from the real estate crash, thanks in large part to foreign buyers and some big developers

There is an increase in Luxury Waterfront Oceanfront condo & home demand (not just any condo, anywhere), record breaking sales, more affordable sales prices, condo building sell-outs, and its all thanks to the steady stream of international buyers making second and vacation homes purchases and investments in Miami Beach, Sunny Isles and Brickell. The market is looking good in terms of not one but many factors

Miami Beach condo, Sunny Isles Beach Condo and Downtown Brickell sales activity has increased significantly in the second quarter of 2011, especially for waterfront luxury properties. The second quarter of this year was also defined by an increase in high-end Miami Beach home sales. The Miami Beach and South Beach condo and single family residential market experienced sales surges fueled by strong demand for waterfront and oceanfront properties. Ultra-luxury waterfront communities have witnessed near-record sales activity since the housing market price corrections of the past few years. For example, this year’s most ultra-luxury home sale was an incredible Star Island home that sold for an amazing $25,500,000.

Home price indicators saw positive gains, especially for zip codes 33160, 33139, 33140, & 33141 in Miami Beach. High end, luxury homes sales increased and defined the market, which is consistent with the overall national trend of wealthy individuals (especially foreign buyers) driving the luxury real estate market in premier real estate areas of the country. Although Miami Beach single family home prices declined as sales edged higher (median sales price declined 15.9% to $925,000 down from $1,100,000) which is about 14% of Southeast Florida regional sales.

In highly desired waterfront areas with a high concentration of luxury condo buildings (such as the South of Fifth neighborhood of South Beach, Acqualina in Sunny Isles and Icon Brickell) slightly lower sales prices, and an influx of wealthy cash buyers, attributed to a large increase in the number of sold condominiums. Sunny Isles, Brickell and Miami Beach’s market trends indicate a stabilization in condo prices, with the average price per square foot declining by just 0.6% year over as the number of closed sales surged 25.3%.

Miami Beach’s, Sunny Isle’s and Downtown Brickell’s overall Real Estate Market has seen much positive news this year, including an increase in luxury waterfront condo & home demand, record breaking sales, more affordable sales prices, condo building sell-outs, and a steady stream of international buyers making second and vacation homes purchases on Sunny Isles, Brickell and Miami Beach.

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The Santidrian Team
Multi Million Dollar Producers

Raul Santidrian & Paula Santidrian