China Enters Florida Real Estate Market South Florida is the Nation’s Epicenter in Real Estate to Foreign Buyers
Broward County Home Prices Increased in October

Broward County Home Prices Increased in October

The Fort Lauderdale real estate market continued its upward march in October. The median price of a single-family home in Broward County rose 27.6 percent to $270,000 from $211,550 in October of last year. The median price of a condo increased 29.2 percent in the same time period.

Sales also rose 1.6 percent in October, even though inventory remained low. Sellers fetched closer to their asking price, and homes were on the market for fewer days, due to high demand and limited supply.

For more information on luxury real estate in South Florida, contact Seaside Properties Group at Douglas Elliman at 1-888-242-4422.

Source: Miami Herald

Fort Lauderdale real estate

Home and Condo Sales in Miami Continue to Increase

Home and Condo Sales in Miami Continue to Increase

Miami single-family homes and condos continued to see double-digit price appreciation in August. The Miami real estate market continues to entice both domestic and international buyers, and this unprecedented demand is driving up home sales and prices.

Single-family home sales in Miami rose 15.1% in August, from 1,051 sales a year prior to 1,210 transactions this year. Miami condo sales increased 7.9% to 1,592 sales this August from 1,476 sales in August of 2012.

While inventory is slightly increasing, sales are continuing to break records. Numerous new condo developments in Miami are in various stages of planning to help meet the robust demand.

Miami Real Estate

Miami

Manalapan Home on the Market for 45 Million Dollars

Manalapan Home on the Market for 45 Million Dollars

The real estate market in South Florida continues to sizzle. A luxury oceanfront home in Manalapan is on the market for $45 million.

Located at 800 S. Ocean Boulevard in Manalapan, the impressive estate has 18,000 square feet of living space and 203 feet of direct ocean frontage. The home also features 8 bedrooms, 11 bathrooms, a VIP suite, an underground garage, 2 pools and a tennis court.

For more information on South Florida real estate, contact Seaside Properties Group at Douglas Elliman at 1-888-242-4422.

Source: South Florida Business Journal

South Florida Real Estate

South Florida Real Estate

 

Miami Home Sales Rose in July

Miami Home Sales Rose in July

The Miami real estate market is thriving due to strong demand and insufficient inventory. Home sales are at levels unseen since the last real estate boom in 2005.

In Miami, single-family home sales ascended 27.3 percent in July. There were 1227 home sales in July of this year, compared to 964 in July of 2012. Miami condo sales increased 13.4 percent over the same time period, from 1356 condo sales in July of 2012 to 1568 sales this July.

While there was a slight increase in housing inventory, the current supply is still insufficient to meet the heavy demand. A surge in new condo developments in Miami is aiming to help alleviate this problem.

Grove at Grand Bay

Grove at Grand Bay, New Construction in Miami

South Florida Continues to See an Influx of New Residential Construction

South Florida Continues to See an Influx of New Residential Construction

Since October of 2012, developers in South Florida have proposed an average of 1,000 new condo units each month. At the current pace, South Florida can expect 145 new residential buildings, with the majority of those projects set to rise in Miami and Miami Beach.

The influx of new condos comes as the inventory from the last condominium boom shrinks. Some notable new developments include:

 

A full list of new luxury construction in South Florida can be found here. For additional information on any of these new buildings, contact Niki Higgins at 1-888-242-4422.

Jade Signature in Sunny Isles Beach

Miami Beach Mansion Sells for Record-Breaking $30 Million

Miami Beach Mansion Sells for Record-Breaking $30 Million

In another example of the booming South Florida real estate market, a sprawling Miami Beach waterfront mansion has sold for a record-breaking $30 million. The Mediterranean mansion known as Castello del Sol is located on prestigious La Gorce Island.

Castello del Sol includes 8 bedrooms, 9 1/2 bathrooms, a library, a theater, a double kitchen, a rooftop lounge, hand-painted ceilings and gold accents. The luxury waterfront home also features a one-bedroom guest house, a 2-bedroom staff condo and an on-property guard house. The lavish estate sits on 349 feet of water frontage.

The sale of Castello del Sol is the most expensive ever recorded on La Gorce Island, and it is tied for the 3rd most expensive sale ever recorded in Miami-Dade County.

Source: South Florida Business Journal

Castello del Sol, Waterfront Mansion in Miami Beach

Castello del Sol, Waterfront Estate in Miami Beach

The Luxury Market in South Florida Continues to Record New Highs

The Luxury Market in South Florida Continues to Record New Highs

South Florida’s real estate market is continuing its upward march, with the luxury end leading the charge. Prices are rising, and home sales are breaking records.

The luxury housing market was less affected by the market crash. Wealthy sellers are able to hold on to their property through rough financial times. Therefore, the luxury end was the first to rebound, and home prices have now passed their prior highs.

Alex Rodriguez recently sold his Miami Beach home for 30 million dollars, a new record in Miami Beach. A Fort Lauderdale waterfront home recently sold for 14.5 million dollars, a near record in Broward County. Luxury waterfront condo prices are also following this trend. Two penthouse units in the Miami Beach Edition were sold to one buyer for 34 million dollars.

Source: The Miami Herald

Miami Beach Edition

Miami Beach Edition

Another Penthouse Sells at One Thousand Ocean in Boca Raton

Another Penthouse Sells at One Thousand Ocean in Boca Raton

A luxury oceanfront penthouse residence in One Thousand Ocean in Boca Raton has sold for 7 million dollars to an all cash buyer. This is the building’s third penthouse deal since March and its fourth sale of new inventory in the last 75 days.

“The Sky” penthouse features 4,628 square feet of indoor living space and 2 terraces. The oceanfront condo also includes a private elevator, 14-foot ceilings, a cabana and a private, 3-car garage.

Currently, only three residences remain in the 53-unit development, including one designer-ready penthouse listed for 12.95 million dollars.

One Thousand Ocean is located next to Boca Raton’s Boca Beach Club. The beachfront condos are situated at the end of private peninsula at the Boca Raton Inlet.

Source: Sun Sentinel

One Thousand Ocean, Luxury Oceanfront Condos in Boca

One Thousand Ocean, Luxury Oceanfront Condos in Boca Raton

Oceanfront Penthouses Are Selling for Top Dollar

Oceanfront Penthouses Are Selling for Top Dollar

The luxury real estate market has seen some record-breaking listings this year. While resales of some of Miami’s priciest properties have been sitting on the market, buyers have been actively purchasing extravagant penthouses in new luxury condominium buildings.

Wealthy buyers are currently leaning toward pre-construction penthouses in Miami that are designed with them in mind. In Ian Schrager’s Miami Beach Edition, two penthouse units were combined and sold to a single buyer for 34 million dollars. A penthouse at the Faena House is currently on the market for 50 million dollars. Over the past year, the price of these exclusive residences has climbed to over 3,000 dollars per square foot, as developers react to the influx of cash heavy foreign buyers.

However, some audaciously priced residences have lingered on the market for long periods of time. For example, the former Versace mansion – Casa Casuarina – has seen multiple substantial price drops since it’s been on the real estate market. The property was first listed at 125 million dollars, but due to financial problems and a lack of privacy, the mansion is now priced at 75 million dollars.

Source: The New York Times

Miami Beach Edition

Miami Beach Edition

Miami Is a Remarkable Example of Global City Growth

Miami Is a Remarkable Example of Global City Growth

When Saskia Sasken devised the term “global city” to refer to urban areas vital to the world’s overall economic, cultural and political development, she was referring to cities such as London and New York. However, over 20 years later, the Columbia University sociologist declared Miami to be the best example of global city growth- a notion supported by the city’s booming real estate market.

Real estate in Miami is currently flourishing at record levels. Luxury real estate prices rose by 19.5 percent last year, which is the highest in North America and the fourth highest in the world, only trailing Dubai, Bali and Jakarta. The luxury market (top 5 percent) now averages between 1300 dollars per square foot to 1440 dollars per square foot. Prices are predicted to grow even more this year, as buyers continue to enter the market and supply drops.

While domestic buyers are showing interest in the ultra-luxury properties, foreign buyers continue to make up 60 percent of Miami’s total real estate market. To drive sales and prices, developers are also associating their high-end projects with world-renowned architects. A well-known name, like Zaha Hadid at One Thousand Museum and Herzog and de Meuron at Jade Signature, can add 20 percent to the total price tag. To go along with innovative design, units are also getting bigger, as developers focus on maximum pricing instead of maximum capacity.

With a multitude of new projects in development and prices topping 3000 dollars per square foot at some of the newest buildings, questions have been raised about the market’s stability. However, due to scarcer bank financing, the majority of condo buyers are purchasing in cash with deposits of 50 to 70 percent. These new terms are leading to a stronger, less volatile real estate market.

Source: Financial Times

Jade Signature Sunny Isles Beach

Jade Signature Sunny Isles Beach