Bal Harbour is one of the most exclusive areas of Miami. Residents have premium access to high-end shopping, fine dining and the beach.
Condo sales at the exclusive St. Regis Bal Harbour have topped $758 million this year. Since launching sales in early 2012, the property has sold more than 200 units, with an average sales price of $1,450 per square foot.
A Few Luxury Oceanfront Condominiums in Bal Harbour:
One Bal Harbour
In the past year, we have seen some of the highest prices ever paid for luxury oceanfront properties in Miami.
A luxury oceanfront penthouse in the exclusive Continuum condominium in Miami Beach recently sold for a staggering $25 million.
According to the Miami Herald, the penthouse set a new record for sale prices in Miami, exceeding the $21.5 million spent for a luxury penthouse at the Setai, also in Miami Beach.
The exquisite 3-story penthouse features 25-foot ceilings, 5 bedrooms, 7 ½ bathrooms, a private pool and magnificent ocean and city views.
The penthouse was last sold in 2009 for $9.9 million. The new buyer plans on spending another $2 million on various renovations.
Source: Miami Herald
Continuum Miami Beach
The luxurious Canyon Ranch Living Miami Beach has around 12 units remaining.
This past August, Miami Beach’s Canyon Ranch Living sold eight penthouses within two hours of being on the market, due to a preexisting waiting list. At this time, there are a small number of penthouses, townhouses and 2-bedroom residences available for purchase.
Canyon Ranch Living consists of three beautiful, glass towers. The original tower, Canyon Ranch Living Carillon Hotel, contains the world-renowned spa and wellness center.
Residents in the luxury oceanfront condominiums are spoiled with sprawling ocean views and access to a lavish 60,000-square-foot rooftop spa and fitness center.
The signature spa club located at Canyon Ranch Living offers residents and guests relaxing massages, facials and additional spa treatments tailored to their needs.
Canyon Ranch Living
One Thousand Ocean, a luxury condo building in Boca Raton, hit sales of $205 million this month, after the purchase of a beach villa for $4 million.
The villa was paid for in cash by an unnamed resident of Virginia. One Thousand Ocean is located on a peninsula adjacent to the renowned Boca Beach Club and extends from the Atlantic Ocean to the Intracoastal Waterway.
The seven-story luxury beachfront building features 52 residences, with beach villas, waterfront condominiums and luxury penthouses. The developement is of the same caliber as Luxuria, The Excelsior and Mizner Tower, all also located in Boca Raton.
The exclusive oceanfront residences range from $3 million to more than $15 million.
There has been a lot of movement in the luxury real estate market this past year. Buyers from the United States, Canada, Europe and South America have purchased a large majority of the available inventory. Inventory is low, so developers from around the world are flocking to South Florida to build new luxury waterfront condo buildings.
5 Oceanfront Condominiums Currently Under Construction in Miami:
There are more than 80 new beachfront residential buildings planned for South Florida over the next couple of years.
A few of the driving forces for the influx of luxury waterfront properties are the increasing rental rates in the area, new residents from various parts of the world and the lack of inventory. Luxury waterfront condominiums are selling at a rapid rate, leaving low inventory and high demand.
A few of the most popular areas for new, waterfront developments are Sunny Isles Beach, Bal Harbour, Key Biscayne, Miami Beach and Greater Downtown Miami.
Many of the exclusive estates purchased in South Florida are second or third homes. To keep your investment in order, you need an estate manager who is dedicated, trustworthy and competent.
How to Find a Reliable Estate Manager for Your Luxury Waterfront Estate
Skills to Look for in an Estate Manager
Source: The New York Times
Golden Beach
Niki Higgins, the broker and owner of Seaside Properties Group at Douglas Elliman, recently sold a luxury seaside estate located in beautiful Palm Beach, Florida.
Niki Higgins said her clients were very discerning and had been looking for the right Palm Beach home for awhile. Her clients were immediately taken with the charm of this special luxury seaside estate.
The estate home was originally purchased by Gloria and Joseph W. McCarthy in 1999. Joseph McCarthy is a former president of the Motel 6 chain and the retired CEO of the U.S branch of Accor Corp.
They purchased the estate for $4.825 million during construction. The six-bedroom luxury home has 13,217 square feet, an exquisite foyer with a double staircase and loggias framing a pool and fountain. There is also a detached guesthouse. The glorious estate is located six blocks north of the Mar-a-Lago-Club and just one lot west of South Ocean Boulevard.
Over the last few years, the former owners hosted social events honoring the Palm Beach Round Table lecture series and the American Society for the Prevention of Cruelty to Animals.
The McCarthys felt it was the right time to downsize, since their children moved into their own homes. They now live in a new waterfront condo at One Watermark Place in West Palm Beach.
Source: Palm Beach Daily News
Luxury Seaside Estate
Another notable luxury real estate sale took place in North Palm Beach. A seven-bedroom estate sold for $21.17 million, according to the Palm Beach County Clerk’s office.
The Tuscan-style oceanfront home was built in 1997. This waterfront mansion is surrounded by 4 acres and 247 feet of ocean frontage.
The exquisite estate includes a spacious home theater, VIP guest suite and a wine room. The previous owner sold another 2.71 acres of the property for a recorded $10 million in 2009.
The lucky owner is a single man looking for a sizable oceanfront estate away from traffic. He is planning on making this his permanent residence.
Source: Palm Beach Daily News
12210 Banyan Road
The Palm Beach real estate market is catching up to Miami’s booming market.
Palm Beach has always been a popular location for luxury homeowners because of the fine boutiques, 5 star restaurants and unrivaled ocean views. Unfortunately, the housing market crash put a hold on the purchasing of luxury oceanfront homes for a while.
According to the Realtors Association of Palm Beach, the median price of condominiums in Palm Beach County rose 16 percent this August, compared to the same time last year.
“Buyers who were sitting on the sidelines became very active after the first of the year,” said Bonnie Lazar, 2012 president of the Realtors Association of the Palm Beaches. “As a result, inventory moved quickly and changed the dynamics of the market, sparking an increase in the median price of single-family homes.”
A few of the sought-after luxury oceanfront condo buildings located in Palm Beach are The Excelsior, Luxuria, Bellaria, One Watermark Place, Dolcevita and The Ritz-Carlton Residences.
Dolcevita
Luxuria
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