In the 1960’s it was London, in the 1990’s it was Hong Kong, Dubai ruled in 2000 and now Miami Beach has emerged as one of the most sought after addresses in the world. This city boasts year-round sun, pristine beaches, a rich history and an exploding restaurant scene causing foodies from around the globe to take notice. Miami Beach is the one of the most internationally-integrated cities in the world and the world loves Miami Beach right back!
I was born and raised in Miami Beach and have watched my beloved city grow into this incredibly sophisticated destination. I have a close pulse on the booming Miami Beach real estate market. Our market has fully recovered from the recession’s damage and prices and many areas have surpassed those from the prior peaks of 2006. The new construction projects have attracted interest from all over the world in the single-family home sector, as well as the condo market. Star-chitects (star architects) have been creating architecturally significant projects all over this city and buyers have been paying attention.
Argentina, Venezuela and Brazil make up the largest percentage of international buyers. In addition, we are seeing a significant number of buyers from New York and California who have been flocking to our shores to enjoy the city, as well as Florida’s tax advantages, which are free from personal income tax.
There are numerous new construction projects underway. A few of my favorite Miami Beach projects are Glass, Marea, 321 Ocean, Ritz-Carlton Residences and One Ocean. Modern and sleek designs are currently all the rage and amenities are beyond anything we have ever seen. These world-class amenities range from IMAX theaters to full smart home automation.
The highest price per foot sales have been concentrated in the South of Fifth Street neighborhood, SOFI, where $1,000 a foot is the new norm. Many buildings such as Continuum, Apogee and Setai are regularly breaking $2,000 a foot. SOFI has become the most sought after neighborhood in South beach. Walk from 5th street to the incredible South Pointe Park and enjoy some of the city’s most renowned restaurants (Joe’s, Milo’s and Prime 112) and popular nightlife spots (Radio Bar, Story and Nikki Beach) along the way.
As for the single-family sector, the demand is extremely high for turnkey homes. New construction waterfront homes have transformed the market with sales in the $1,500 per foot range. Modern and contemporary architecture has lead the market and numerous projects are at varying stages of construction. In the past year, Alex Rodriguez’s home sold for $30 million, 42 La Gorce sold for $30 million and 30 Star Island sold for $28 million. The guarded islands and N. Bay Road are the price leaders in terms of location.
This is a very exciting time in the Miami Beach real estate market. From a beachfront studio pied-a-terre to a waterfront estate, Miami Beach has so many incredible options and the world has truly taken notice.
Danny Hertzberg is a Board Member of the MBVCA. He is a real estate agent with The Jills®. For more information about Danny, please visit the below links: