From Sunny Isles to Miami, more and more developers are gambling that high-end buyers from around the world will line up for the offerings of starchitects and the opulence that was once reserved for real estate in London or New York.
This has been brought to the attention of real estate markets all over after the $60 million purchase of a Miami Beach duplex penthouse by Ken Griffin a hedge fund manager. Closing this past September, Griffin paid $10 million more than the asking price after it was combined with a lower unit. Features include a 9,900 square foot terrace a 70-foot long pool and eight bedrooms. See all Faena Condos for sale HERE
The Appeal of Million Dollar Condos
While it was believed that the Miami condo market had cooled, with currency prices dropping all around the world, the fact is, among the billionaire buyers, the appeal of sky-high abodes is still as hot as ever before. For example, a six bedroom penthouse featuring a cantilevered glass pool that was listed for $55 million in Sunny Isles Beach was put under contract in 2014, for an amount that was undisclosed. Click HERE See Sunny Isles condos for sale
It is important to note, not all the penthouses are just flying off the shelves and developers have to be careful not to overextend themselves. For example, the Porsche Design Tower has more than 24 billionaires as buyers for the 132 unit building, but the penthouse has been on the market for about three years.
Increasing the Appeal of Miami Real Estate
Miami isn’t the only hot real estate market in Florida. Thanks to a new zoning law, Wynwood, a neighboring city to Miami is about to get quite a few new residents. In an effort to create the southern version of New York’s Meatpacking District, smaller apartment and condo units are being built over a span of 50 city blocks. While these aren’t selling for millions yet, the neighborhood did have a record sell with the 250 Wynwood condos selling for over $1 million.
Perhaps the biggest story is a community that has lurked in the shadows of Miami real estate for quite a while – Fort Lauderdale. According to experts and developers, Broward County is starting to look like a bargain to a number of the foreigners looking to set up shop in this area. Expectations are that this location is going to steal a bit of the Magic City’s steam.
In fact, the land in this area is a fraction of what it costs in Miami, which is, essentially, the exact same beach. Currently, the Auberge Beach Residences & Spa Fort Lauderdale is selling one to five room condos for prices of $1.5 million to more than $9 million.
More Affordable Living Near Miami
Currently, the condos in Fort Lauderdale are being offered for about 40 percent under new units in Miami, which have been quickly scooped up by both foreigners and locals. Even areas that once struggled to sell units, such as The W Fort Lauderdale, is getting a breath of fresh air. The hotel is being renovated and has units that are going for as much as $1.5 million.