Visitors from Europe, South America, Canada and various parts of the United States are flocking to South Florida and buying what is left of the city’s real estate.
Here are 6 of the Best Things South Florida has to Offer its Newest Residents:
Acqualina Luxury Residences
Canyon Ranch Living
Jennifer Lopez, singer and actor, sold her Miami Beach estate for $13.9 million back in 2005. The oceanfront property was purchased by Mark Gainor, a health care entrepreneur.
After purchasing the lavish mansion, they put a further $11 million into the home. It consists of 12,000 square feet of living space, seven bedrooms, nine and half baths and 1.21 acres of land. The exquisite Miami Beach estate also features koi ponds, beautiful gardens and a large pool.
In 2010, they put the house back on the market unsuccessfully for $28 million.
Gainor has now put the luxury oceanfront estate on the market for $40 million, hoping to ride the new real estate buying wave.
Source: Miami New Times
Jennifer Lopez’s Former Miami Beach Estate
Sunny Isles Beach has become a hotbed for new residential construction. About six new luxury oceanfront condos are proposed for the barrier island over the next couple of years.
Some of the newly proposed luxury condominiums in Sunny Isles Beach are Chateau Beach, 400 Sunny Isles, Mansions at Acqualina, Porsche Design Tower and Regalia. It’s possible units in these buildings will be sold out by the end of 2012.
Foreign buyers have been eying South Florida real estate. Many of the foreign buyers are looking for good deals and a safe place to invest their cash.
Sunny Isles Beach was created about 15 years ago. At the time, the stretch of beach in Miami was covered with theme-oriented boutique hotels from the 1950’s. Developers realized that this area was ideal for beachfront condos.
At this point, Regalia is the only new tower under construction. The Regalia is a 43-story, luxury oceanfront residential building, featuring 39 units overlooking Golden Beach.
Source: The Miami Herald
Just last week, eight luxury waterfront condos at Canyon Ranch Living sold within two hours of going on the market, due to an existing waiting list.
This week, the Continuum, a luxury condo building in Miami Beach’s South of Fifth neighborhood, is making headlines with a $16.25 million oceanfront condo that sold to a foreign buyer. The beautiful three-bedroom, three-bathroom property sold within a month. The listing price was $19.5 million.
This is an exciting time for the high end real estate market.
Source: The Real Deal
Continuum located on South Beach
A Palm Beach luxury oceanfront home and seven-bedroom guesthouse recently sold for $41.5 million in the highest residential sale in Palm Beach since the housing market crashed.
Gay Hart Gaines, one of the owners of the luxury beachfront home, is a longtime Republican Party fundraiser who also served many years as the national chairman of GOPAC. Stanley N. Gaines is a retired chief executive of an automotive company.
According to the warranty deed, this was a private sale to Endigan LLC, an Arizona-based limited liability company.
The property consists of about 2 acres, with more than 160 feet of ocean frontage and a private road that was purchased in 2003. The property was originally purchased for $6.5 million in 1998.
Source: Palm Beach Daily News
1473 N. Ocean Blvd., Palm Beach
Bal Harbour is thriving. The value and sales of luxury oceanfront condos rose in Bal Harbour more than any other area in Miami-Dade County this past year, according to data from Miami-Dade Property Appraiser Pedro Garcia.
This is great news for sellers. Condos in the area rose 35 percent this year. The Bal Harbour shops, fine dining and nearby South Beach attract new buyers. The new St. Regis Bal Harbour Resort has also played a part in the increase. The St. Regis Bal Harbour Resort development opened this past January and has already achieved $630 million in sales.
Other luxury oceanfront condo developments are also doing well in the area. Property Markets Group is developing the 95 on the Oceana condominium complex.
Ryan Shear, managing director at development firm Property Markets Group says the increase in sales and property value has come from a couple of things taking place in Bal Harbour.
“One is the lack of supply — obviously there’s only so much oceanfront in South Florida,” he said. “And the other factor has been the South American buyers — these aren’t New Yorkers or Americans — in all these buildings.”
Source: The Real Deal
The news keeps improving for Palm Beach homeowners. The value of luxury waterfront real estate is going up in Palm Beach County, according to the Realtors® Association of the Palm Beaches.
“Pending and closed sales are moving in an upward direction in Palm Beach County, which is very reassuring,” said Bonnie Lazar, President of the Realtors Association. “In addition, February’s median sales price, based on all properties, is up from the previous month and the inventory of homes for sale is down. This clearly illustrates that Palm Beach County is experiencing a mini-recovery and better times are ahead.”
As sales increase throughout Palm Beach County, the inventory of luxury oceanfront condos is also decreasing. This is one of the best times in recent history to buy a luxury waterfront condo or estate, due to historically low interest rates. If you have been considering selling or buying property, now is a great time to move forward.
Source: Boca News Now
Sunny Isles Beach is becoming the coveted location for new condominiums in Miami.
According to the Miami Herald, six luxury condo towers are being developed in Sunny Isles, equating to 530 luxury oceanfront units along Collins Avenue. Developers have purchased four additional luxury sites for condos in Sunny Isles Beach.
In order to avoid real estate demise of 2007, lenders are mostly unwilling to finance developers for new condominum construction projects. Developers are now forced to use their own money, as well as payments from contracted buyers for these projects. In many cases, developers are requiring around 80 percent of the purchase price to be paid in increments over time based on construction milestones.
Sunny Isles Beach was created 15-years ago to accommodate international buyers’ demand for luxury oceanfront condos. The picturesque beach town attracts approximately a million visitors every year.
Source: The Miami Herald
Demand for South Beach penthouses is growing larger than the supply, due largely to foreign interest in South Florida’s real estate market.
Many foreign buyers are primarily interested in purchasing a penthouse with sprawling ocean views. However, there is not an unlimited supply of such properties.
In May, a triplex penthouse at South Beach’s Continuum sold for $25 million, setting a Miami record. Another penthouse in Miami was sold for $20 million.
Over this past year, a number of Argentinian developments have occurred in Miami. Argentinian developer Eduardo Constantini broke ground on a 142-unit condominium project in February. In March, Argentine Manuel Grosskopf paid $50 million for three parcels in Surfside, and Jose Luis Melo has five pending projects, totaling 800 units in downtown Miami.
Source: The Real Deal
Ruby Rinker’s Estate Home on Billionaire’s Row in Palm Beach
Palm Beach resident Ruby S. Rinker has sold her oceanfront estate home in a private deal for a whopping $23.5 million. The deed was recorded by the Palm Beach County Clerk’s office. According to property records, it is the largest single residential sale in Palm Beach in the last year.
The seven-bedroom home is situated on a 2.66 acre estate on the stretch of Palm Beach’s South Ocean Boulevard known as “Billionaire’s Row.”
Built in 1971, the house and a two-bedroom outbuilding have nearly 12,230 square feet of living space, according to Palm Beach property records. The property features a swimming pool and tennis court.
Rinker bought the house for $7.45 million in 1999.
Full Story: Palm Beach Daily News
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