This past year, luxury homes and condominiums were outselling supply, and it looks like this trend will continue, even with many new luxury developments in the works.

A 5,803 square-foot penthouse at the exclusive Setai South Beach recently sold for $21.5 million. The luxury oceanfront penthouse was originally purchased by Netscape founder Jim Clark for $9 million in 2004.

A beachfront penthouse at the Mansions at Acqualina in Sunny Isles Beach is currently on the market for an astounding $55 million. The 15,000 square-foot duplex unit is the second most expensive luxury listing in Miami. The six-bedroom, eight-bathroom unit was furnished by Fendi Casa and features a theater, private elevator, wine room, billiard room, indoor pool, sky garden, waterfall and glass pool overlooking the ocean.

Source: Palm Beach Daily News

Setai South Beach

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

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

Here are 6 of the Best Things South Florida has to Offer its Newest Residents:

1. 5 Star Restaurants
2. Championship Golf Courses
3. Luxury Spas-The Setai was named one of “The World’s Best Spa Resorts” by the Five Star Alliance.
4.  Beautiful Beaches
5. Luxury Shopping

Acqualina Luxury Residences

Canyon Ranch Living

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

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