Miami’s Exclusive Oceanfront Properties Attract Wealth Buyers Despite High Price TagsJanuary 14, 2016
The South Beach, Bal Harbour and Sunny Isles Beach neighborhoods are regarded as the top and most highly sought destinations for international buyers and Ultra High Net Worth Investors (UHNWI). In these areas posh oceanfront units with hefty price tags to match are often referred to as “mansions in the sky” a testament to their significance as the main attraction and a hot commodity for wealthy buyers. Exclusive tower suite offerings at the higher-end of the market have now been elevated and shifted from traditional higher floor designer condos with incredible views to magnificent one-of-a kind masterpieces designed for the most distinguished wealthy buyer looking for an opulent lifestyle with no expense spared.
Luxury tower suites at Continuum South Beach, Faena House Miami Beach, St. Regis Bal Harbour and Mansions at Acqualina in Sunny Isles Beach, and even projects in pre-construction such as Oceana Bal Harbor to name a few, command high price tags by offering buyers unmatched design quality and privacy, full-floor units with sprawling living spaces, outdoor living spaces including rooftop or indoor pools, breathtaking panoramic views from every room, exclusive access to five-star amenities and white-glove services, sophisticated art and design, and in-home technological advancements for comfort and convenience (See Mansions37, a newly unveiled full-floor double unit at the Mansions at Acqualina Sunny Isles Beach presented by Matias Alem of BRG International.)
To date the Miami Real Estate market has maintained consistent positive growth in the last few years stemming from numerous massive sales of these specific types of luxury residences. As evidence, the influx of International buyers and the emergence of new projects from internationally acclaimed developers created heavy demand and what some would consider a buying frenzy for tower suites in top residential towers on the oceanfront. (For a list of top Sales including Penthouse sales at the higher end of the market, see Billionaire Fuel Record-Breaking Sales…).
While many of Miami’s luxury condominium towers offer incredible design and architecture, a range of five-star amenities and services, and top of the line finishes and fixtures to attract investors; the coveted penthouse condos offered to select buyers has made significant impact on the real estate market in recent years. Take for instance, a $60 Million all-cash duplex penthouse residence at Faena House Miami Beach, it holds the record for Miami highest luxury condo sale EVER. In Miami, penthouse luxury is now synonymous with over-the-top residential extravagance, and it’s a lifestyle only the wealthy can afford.