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