Interinvestments Realty announces that South Florida’s Luxury Condos Are on Fire, Fetching Prices Never Seen before in the Area

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Data uncovered by Interinvestments Realty’s Research Department shows that in South Beach, especially in its uber-trendy South of Fifth neighborhood, the new sales prices paid are pushing the area to a different price level.

Emilio Jose Cardenal, President/Broker

The recent sales in South Beach are setting a new benchmark for highend luxury condos.

Sales results recorded in the local Multiple Listing System by Miami Realtors, as well as, Miami-Dade County property records, shows an Icon South Beach penthouse at 450 Alton Road in the super-trendy South of Fifth neighborhood that just sold under $21M. The six bedrooms, seven and a half bath condo sparked a bidding war that drove the sale price $2M above the listing price. The $21M selling price is a record price for a Miami Beach bayside condo. Another penthouse at Setai Resort at 2001 Collins Ave closed for $27M-the highest price ever for a South Florida condominium.

“This increase in prices reflects more than a recovery, there is a new benchmark in prices for luxury condos in South Beach,” says Emilio J. Cardenal, Broker and Executive President of Interinvestments Realty. “Closed sales are the best indicator on how to value properties at a given time. These comparables sales will set the prices for the new batch of units that will enter into the market.”

“Miami’s real estate market is just beginning to warm up. There are lots of opportunities at all price points. The sooner that buyers get in, the better values they will be able to obtain. I recommend buyers to consult with a Realtor who is an expert in the area before committing to buy a property,” continues Cardenal. “Actually, buyers can find housing at affordable prices in Miami, still there are new homes starting from the $200’s range, and townhouses in the mid $100’s. These are all properties that you can finance with FHA (government insured loans) with a 3.5% down payment. The interest rates on a FHA loan are at a 40 year low,” adds Cardenal.

“There is a pre-conceived idea that high-end properties typically are cash deals, but this is not necessarily true. We have been noticing lately, more transactions with financing at all price points. Banks are now more eager to lend, and with low interest rates it’s very tempting to take them up on their offers,” adds Cardenal. “There is also a recently approved state law that makes it easier to buy a property for investors and second home owners. This law gives tax breaks by capping the assessed value on a non-homestead property, limiting it to a 10% increase per year.”

We are very please to present the following properties, each one represents a great opportunity based on its location, construction standards and current prices:

  •     Merrick Manor at Coral Gables, delivers contemporary style and smart value without forgetting the graceful Mediterranean character of the Gables. Woods and natural stones join force with floor-to-ceiling glass and burnished metal to create a unique environment. Exquisite one-to-four bedroom floor plan accentuates the flow of today’s live/entertain lifestyle. From the reception, to the residences, and all through the building its amenities, careful design and attention to detail will make certain to enhance your daily experience. Merrick Manor makes possible Coral Gables within reach! Unit start from the low $200’s.
  •     Beachwalk is designed by Pinifarina and developed by the Related Group. It is located at 2600 E. Hallandale Beach Blvd. in Hallandale Beach, Fl. The building will have 300 units and will be 33-stories high. 2 and 3 bedroom residences ranging in size from 1,087 sq. ft. to 1,853 sq. ft. priced from $400,000 to over $725,000.
  •     Peloro – Miami Beach. With a planned completion date of late 2014, Peloro will be situated in Mid Miami Beach on Indian Creek and the Bay, just minutes away from Bal Harbour and South Beach. The project features 115 luxurious units, surrounded by breathtaking bay and skyline views. Peloro will be seven stories in height and will have one, two and three bedroom units, including 2-story townhouse and penthouses. Units will range in size from 635 sq. ft. to 2,268 sq. ft.

If you want to know more about the above showcased properties, their current availability, or if you want to schedule an appointment to visit the developments, please contact Interinvestments Realty.

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Melly Guasch, Public Relations
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