China Enters Florida Real Estate Market South Florida is the Nation’s Epicenter in Real Estate to Foreign Buyers
South Beach Luxury Condos Are Selling Quickly

South Beach Luxury Condos Are Selling Quickly

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,  South Beach, Miami, luxury oceanfront condos

Continuum located on South Beach


Sale Prices in Palm Beach Are Rising

Sale Prices in Palm Beach Are Rising

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


luxury oceanfront home at 1473 N. Ocean Blvd., Palm Beach, Florida

1473 N. Ocean Blvd., Palm Beach

Bal Harbour Luxury Condos Driving the Booming Miami Market

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


Palm Beach Oceanfront Real Estate Prices and Sales Keep Increasing

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

New Condo Boom in Miami Hits Sunny Isles Beach

New Condo Boom in Miami Hits Sunny Isles Beach

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





Miami Penthouse Market is Thriving

Miami Penthouse Market is Thriving

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

Palm Beach Billionaire’s Row Estate Home Sells for $23.5 Million

Palm Beach Billionaire’s Row Estate Home Sells for $23.5 Million

Ruby Rinker's Estate Home on Billionaire's Row in Palm Beach

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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Miami Heat Forward Sends Pompano Beach Estate to Auction

While Miami Heat forward Mike Miller may be preparing for the NBA Playoffs on the court, he is preparing his Pompano Beach estate for auction off the basketball court.

His 9,000 square foot, waterfront estate in Pompano Beach will be sold to the highest bidder on June 30th.  This is the second time the estate has gone to auction.  In 2011, it sold for $5.4 million.

The home features six bedrooms, eight baths and two half baths.  Miller is currently ranked No. 15 on the Business Journal’s list of highest paid athletes.

Full Story: South Florida Business Journal

South Florida's Luxury Real Estate Is Again in High Demand

South Florida’s Luxury Real Estate Is Again in High Demand

The Mansions at Acqualina, Luxury Oceanfront Condos in Sunny Isles Beach

The Mansions at Acqualina (right) is One of Many New Ultra High-End Condos Being Built in the Booming South Florida Luxury Real Estate Market

In South Florida, the luxury real estate market is booming. While Wall Street turmoil kept many potential buyers on the sidelines for years, they’ve reentered the market with  renewed confidence.

Ultra-exclusive properties are in strong demand.

Most buyers are out-of-towners looking for a second, third or fourth home.  Nearly all pay cash — regardless of the price.

In Miami-Dade, the hot spots are well known: South Beach, Gables Estates, Star Island and Key Biscayne. Affluent New York deal-seekers are confidently purchasing these luxury waterfront properties.

Full Story:  The Miami Herald

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Anna Kournikova's Sunset Island Home Sells For $7.4 Million

Anna Kournikova’s Sunset Island Home Sells For $7.4 Million

Tennis star and celebrity Anna Kournikova recently sold her Mediterranean-style home for $7.4 million on Miami Beach’s uber-exclusive Sunset Island.  The 6,630 sq. ft. property is located on 150 feet of the Intracoastal Waterway. The property includes a two-story guesthouse, entertaining area and a large dock.