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:

1. St. Regis Bal Harbour
2. Majestic Tower
3. Bellini
4. One Bal Harbour

One Bal Harbour

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