Penthouse Featured On the Real Housewives Sells For $4.9 Million In Majestic Tower Bal Harbour Miami

By Sunny Isles Real Estate Expert on March 8th, 2013

Bal Harbour Condos For Sale

Majestic Tower Bal Harbour

In the Bal Harbour neighborhood of Miami

is located the Majestic Tower condominium development. A penthouse suite, which has regularly been featured on the Real Housewives of New York, has recently sold for the sum of $4.9 million. It was bought by an anonymous buyer from Argentina. Previously, the home had been owned by the father of “Housewives” alum, Aviva Drescher. Drescher’s father had bought the home in 1999, paying $927,000 for it at the time. The unit features four bedrooms and four bathrooms.

The prices in the Bal Harbour neighborhood have begun to increase dramatically. From this time last year, prices in the Majestic Towers development have increased approximately 20%. A number of Miami real estate buyers have been showing interest in the Bel Harbour neighborhood, which is located in northern Miami Dade County. As the area becomes more desirable, housing prices are surging.

Appearances on a television show or associations with a famous name are not a guarantee that a house will sell, but it does assist in the marketing aspect. In particular, homes that have been associated with icons of another era have had these connections exploited, as sellers hope that the storied histories will separate buyers from their wallets. The childhood home of Katherine Hepburn, located in Old Saybrook, Connecticut, has been marketed in this manner. The listing for the $30 million property details the site where the actress’s supposed relationship with Howard Hughes took place. Mention is made of the fact that he used to “landed his seaplane directly in front of the home.”

However, even these famous connections do not guarantee a sale. The “Housewives” Miami penthouse is the exception of the rule, but one only has to consider the story of rapper 50 Cent and his Farmington, Connecticut mansion. It has been on the market since 2007. Originally listed for $18.5 million, it has been discounted over the years until the current asking price is only $10 million. Situated on 19 acres, the home boasts 19 bedrooms, 25 bathrooms, a number of kitchens, outdoor and indoor pools, a shooting range, and its own private, 3,500 square foot nightclub.

A similar story is that of Joe Montana’s 500 acre Napa Valley estate. When it first went on the market in 2009, the property was listed for $49 million. In January 2013, he dropped the price to $35 million. The main home offers 9,700 square feet of living space, and the property’s many amenities include equestrian facilities, an olive farm, and a shooting range. Montana himself has described his home as a “true artistic expression of architecture”. As of yet, it has not sold.

There are many other celebrity associated luxury properties in Miami. Pharrell Williams recently listed his 40th floor penthouse suite for sale at $16.8 million. It will be interesting to see if the famous name association assists with its selling.

Bal Harbour, Surfside, Bay Harbor Islands Experience Economic Boom

By Sunny Isles Real Estate Expert on January 27th, 2013

Bal Harbour Real Estate

Bal Harbour condos

Bal Harbour real estate

which is located in the northern portion of Miami Dade County, has experienced a recent economic and housing boom. An increasing number of home buyers are seeking out property in this area, because, while quite beautiful, it is removed from the hustle and bustle of the city. However, if current trends continue in this manner, this may not be the case for long. In 2012, the community passed the $758 million mark in home and condo sales.

As a result of this boom, a number of new housing projects are being proposed for Bal Harbour, Bay Harbor Islands, Surfside, and the surrounding communities. There are currently 10 new proposed condo developments in the works. If all are completed, these projects would bring 500 new units to the Bal Harbour community. These proposed developments are already producing an effect on existing housing prices in Bal Harbour.

What is the driving force behind Bal Harbour’s popularity? According to reports released by the Miami Dade County Property Appraiser’s office, median home prices in Bal Harbour have risen 35% over the same time last year. In addition to home buyers’ preference for the community, sales here are also being driven by the recent development of St. Regis Bal Harbour. Officially opened in January of 2012, by August, St. Regis had already passed the $658 million mark in sales. One of the highlights of these sales was the $24.6 million purchase of 5 units that a foreign investor made.

Since the condos at St. Regis

have been completed, new shops and restaurants have also opened up in the vicinity, which has further made this community much more desirable. At the average closing, home buyers have been paying between $1,200 and $1,500 per square foot of space. In the last several months, several high profile expensive developments have been proposed for Bal Harbour. While approval for these proposed projects is still pending, it has become quite clear that this community is the new, hot commodity.

The housing boom has also driven economic growth in the community. In addition to the aforementioned new shops and restaurants, the Bal Harbour Club recently sold for a total sum of $225 million. Ryan Shear, who is the managing director of Property Markets Group, has attributed the new, sudden desirability of Bal Harbour to two primary factors:

One is the lack of supply — obviously there’s only so much oceanfront in South Florida, and the other factor has been the South American buyers — these aren’t New Yorkers or Americans — in all these buildings.”

Bal Harbour Realtors

will certainly be watching the new developments in Bal Harbour with an eager eye. Already, home prices in Surfside, a barrier island just north of Bal Harbour, have begun to rise as new buyers seek out homes. In 2011, growth in Bal Harbour condos was stagnant, but its fortunes appear to be on the upswing now, and it will be with baited breath that others await to see just how far the community rises.

Miami Luxury Condominium Sales on the Rise

By Sunny Isles Real Estate Expert on March 7th, 2011

One Bal Harbour For Sale

Bal Harbour One For Sale

Among the luxury condos in Bal Harbour Florida

One Bal Harbour is well known as one of the most luxurious. This towering condominium property has condominiums that range in price from the mid six figures to well into the millions of dollars. For properties in Florida’s luxury market, the sun is starting to shine again. Developers have picked up properties at condominium developments throughout the area and individual buyers are interested in moving in. For owners, this is a good time to consider engaging a real estate agent to list your property, if you’ve been thinking about selling.

As of the last quarter in 2010, there were 42 units for sale at One Bal Harbour Condo. There are several different unit styles at this property, ranging from 2 bed and bath condos to three bed and bath units. The highest price being asked during that quarter was $2.69 million, with a square-foot price of $1,018. While this is above the average for price per square foot in Sunny Isles Beach, that average figure has also been steadily climbing in the past several months. Some of this is due to investor interest. Property developers have been snatching up listings at these properties as the market improves, making available condominium properties scarcer and scarcer.

Part of Bal Harbour One’s appeal

is that it is such an upscale development. Even among the other luxury condominium prices in Bal Harbour, the price is higher than average. In 2010, most luxury condominium properties averaged approximately $511 per square foot of space. At Bal Harbour One condo, residents are asking over $600 on the average, a testament to the level of luxury at this development. Many of the properties were commanding prices well in excess of $1,000 per square foot.

Other statistics show that property owners were averaging over 90% of their asking price per square foot in 2010. For those who are considering listing a luxury condominium on the market, this is obviously a great incentive. Properties such as Bal Harbour One, because they cater to the very affluent, are also not as sensitive to the market in terms of price and demand. The upscale market continues to thrive. There are also unique features of Bal Harbour real estate that make these properties even easier to move.

While southern Florida is a favorite retirement and vacation destination for Americans, it’s also popular with people all over the world. Sunny Isles Beach is renowned for its many residents who hail from other nations, and this means that the real estate market always has an advantage over the general residential market. Luxury buyers are more willing to invest a lot in a property and, with the sort of amenities that are offered at Bal Harbour One, the sell is usually not so difficult for an experienced realtor. The proximity of Collins Avenue, one of the most fashionable streets in the most fashionable part of the Miami-Dade area, is also a huge selling point. There are plenty of places to shop and dine in style in this area.

Miami Beach real estate and Bal Harbour real estate

both been recovering from the aftershocks of 2008. While there were a large number of properties on the market following the crash, this is no longer the case. Even at competing properties, such as nearby Jade Ocean, Jade Beach and others, there are few condominiums on the market. This is, of course, partially due to the amount that have been bought up by property investors. For those considering listing, this all means only one thing: there is interest out there, provided you can reach out to those interested parties.

Over the past couple of years, the median price for One Bal Harbour condominium properties has fallen. This is until the last quarter of 2010, when they started to move upward again. With fewer on the market and more demand, it doesn’t take a sophisticated knowledge of economics to understand the likely performance of prices in the near future. With average prices per square foot on the rise and more interest in buying properties in southern Florida among the luxury demographic, it’s shaping up to be a seller’s market once again.

Selling luxury properties such as those at Bal Harbour takes real skill and experience. If you’re listing, be sure to hire a realtor with experience in this area. The luxury market operates differently than does the regular market. Because of the population of Sunny Isles Beach and the worldwide popularity of the area, it’s also important to deal with a realtor who can get your property in front of the eyes of people around the world. As the market heats up once again and money starts flowing, having a good realtor in your corner is imperative.

The Perfect Family Locale: Bal Harbor Condos are on Sale

By Sunny Isles Real Estate Expert on January 4th, 2010

Bal Harbour Condos For Sale
Bal Harbour Condos For Sale On The Ocean

Choosing Ocean Front Condo In Miami

or the right property to purchase, when you make the decision to move to the Miami area can depend greatly upon what you are looking for. One of the most popular areas is Bal Harbor real estate for a number of reasons. You may find that Bal Harbor condo is the perfect place to purchase your family’s next condominium.

Known for its family friendly location and a plethora of attractions and entertainment venues, Bal Harbor has become a favored area for new real estate condo purchases. A great number of shopping centers and malls as well as plenty of dining establishments are located in the area so that residents will never lack for activity and options.

If you are considering relocating to the Bal Harbor condo, then consider the selection of condos that are available now. The condos in the area retain a luxurious style in amenities and accommodation, providing buyers with the upper scale living expected of the area.

Because there is a lull in the Miami real estate market due to the low economy, the time is right for buyers to purchase Miami condo that they love. You may be surprised to find that you can afford a condo that has even more to offer since prices are at all time lows.

If you’re on the market to buy Bal Harbor home

look no further. There are great number of condominium options, both brand new and well established as well as single family homes in Bal Harbour on land as well as waterfront. As a resident, you will be able to enjoy luxurious living, family friendly entertainment options, and ocean front views. Additionally, Bal Harbor properties is within minutes of the other areas so that residents can enjoy all of the attractions of the city.

Anyone looking for the perfect place in Florida to relocate will love the Bal Harbour and Miami area. Buyers looking to move their family to the area will love the proximity of Bal Harbor where they will find five star dining, excellent options for shopping, and plenty of beachfront activities.

Most popular ocean front condos include One Bal Harbour, Bellini Condo Bal Harbour, Majestic Tower, The Palace Bal Harbour, The Plaza Bal Harbour, Tiffany Bal Harbour, Balmoral Bal Harbour, Harbour House Bal Harbour and of course soon to be completed St Regis Bal Harbour.

For more available condos for sale in Bal Harbour and Bal Harbour single family homes for sale please visit – Bal Harbour Properties For Sale And Rent.

Bal Harbour Tower – Prestige and Elegance in South Florida

By Sunny Isles Real Estate Expert on August 16th, 2008

Bal Harbour Tower Condos For Sale & For Rent
Bal Harbour Tower

The Majestic Bal Harbour Tower

rises 25 stories into the Miami skyline. Bal Harbour real estate is one of the most prestigious and opulent neighborhoods in Miami, offering you easy access to incredible shopping, dining and living. The amazing Bal Harbour Mall is located nearby and provides easy access to top designers from around the world. Enjoy shopping with Gucci, Tiffany’s, Versace, Prada, Chanel and many more. You will also find the best fine dining in the city around the Bal Harbour Tower. Gourmet restaurants offer you great tastes of the world, while the gourmet grocery store nearby will help you cook up some amazing cuisine at home.

116 spacious units

make up this property, offering you two, three or four bedroom options for your enjoyment. Floor plans range from 3520 square feet to over 5000 and provide you with luxurious touches throughout. If you want a luxury residence in the heart of this incredible area, this property is a great choice. Each residence features incredible views of the surrounding area, as well as the beautiful Atlantic Ocean and the Intracoastal Waterway.
All residences on property offer high ceilings, with incredible floor to ceiling windows. Luxurious imported marble floors, state of the art lighting and modern wiring for Internet access and phones give you many benefits, as well. The spacious floor plans mean that you have the room you need in which to relax. The fully equipped kitchens offer you state of the art appliances, custom designed cabinetry and more.

Even the bathrooms are luxurious

Enjoy the opulence of marble sinks, floors and showers or recline in the whirlpool tub for more enjoyment. The luxury showerhead and faucets provide nice touches, as well as greater comfort, while the laundry room provides you with convenience. Whether you want to purchase a condo for investment purposes or for use as a vacation or primary residence, you will find that you have made an incredible choice.
The property also offers you the amenities you need for relaxation. The fantastic restaurant on property is great for convenient dining, while the outdoor heated pool and sundeck provides you with sunbathing and fun. The poolside cabanas are a great place to cool off and relax in the shade with air conditioning, and the fitness center is incredible, fully outfitted with the best modern workout machines. Enjoy immediate beach access, as well, for the most fun in the sand and surf.

See All Available Properties On The MLS For Bal Harbour Tower