No place for bargain at Miami’s luxury condo market
With many high-end buildings under construction and the recent cool down in the market, Miami’s scenario was perfect for sellers just a few weeks ago, with prices slithering down and less competitive between buyers; but a recent report showed that Brazilians are progressively re-entering to the Miami real estate market as one of the key players they had been in the past. In addition, recent economical world power have come to be interested in Miami’s resources and value, that includes now the presence of Chinese, Russians, Germans and other South American countries, most of them interested in Miami’s market flexibility.
Entering more into detail, in the last 6 months more than 40 units were sold in prime areas of Miami, (Bal Harbour, Sunny Isles, Miami Beach, Surfside and Bay Harbor Islands) according to the latest reports; the two most high profile were detected at the luxurious Beach House 8, in Miami Beach: Mario Garnero, a Brazilian entrepreneur, is one of the buyers; he paid $14 million for a penthouse, and a Cayman Islands-based LLC, which paid $13 million for the fourth and fifth floors. ONE Sotheby’s International Realty was responsible for pre-construction sales, with prices starting at $5.9 million.
Beach House 8 is one of the recent luxury developments constructed in the ever-impressive Miami Beach. The 10-story building newly completed, broke ground in 2014. Designed by Arquitectonica, it shares neighborhood with the Faena District (which includes the recent sold out building, Faena House) that goes on both sides of Collins Avenue, from 32nd Street to 35th Street.
There is still a high inventory, and much more to become available in the next few years; question remains “how long will they be available?” as they sell quickly by the building. Developers, as the market itself, have become more prepared for fluctuations in the real estate market. In some cases, the projects require cash deposits of as much as 60 percent, and contract cancellation had stiff penalties; non the less, there are still ways to be flexible with payments’ time.