Image source: blackdreamer.com
There is no denying it -South Florida’s Miami Beach is the epicenter of the world’s most beautiful buildings, desirable lifestyle and all-round chic. The city glows with the uniqueness of cutting-edge design, founded upon aesthetics, ingenuity and independent flair.And best of all, the cities prices are rising- and rising fast. Prospera Realty knows that for buyers and investors looking into Miami Beach real estate, there really is no question why the area is so popular and prolific in new and exciting developments.
SETTING RECORDS
Both entry point as well as luxury real estate in Miami Beach is finding itself amidst a skyrocketing period of sales. Major projects such as The FeanaHouse recently made 2014 headlines, in which the 5 Bedroom Penthouse was sold for a whopping $50 million USD. Another hot spot was the TheSetai with a penthouse selling for a staggering $27 million in 2013. With the median sale price for Miami Beach real estate currently at $350,000, the city is thriving on a 35.4% median value increase since 2009. New developments are emerging around every corner, and as Miami Beach exists within finite space in a geographical sense, property values are destined to increase, as more and more people choose to invest upon the islands.
CASH TALKS
It appears that buyers have the cash and they are more than willing to spend it, with recent buyers prepared to place 50% staged payment deposits on property acquisitions as opposed to the 20% during the past market cycle. With Miami Beach existing as the point of fusion between North and South America, the cities potential is limitless and the future looks even brighter.
SHOOTING FOR THE STARS
With Internationally acclaimed architects responsible for a large majority of the cities glamorous hotels and buildings, it isn’t hard to understand why the city has managed to move forward from the downturn in 2008.
‘Star Architects’ such asHerzog & de Menron and Frank Gehrywho are responsible for designing the innovative multistory parking garage at 1111 Lincoln Rd and the Miami New World Centre respectively,are just two of the multitude whom have brought worldwide acclaim to Miami Beach. Terry Riley, an architect and former museum director who divides his time between Miami and New York, says that before 2008, developers severely restricted architects as to “how much design innovation they could pursue.” In the case of Miami Beach in current times, the success of the market is allowing developers to give the ‘green light’ to innovation, resulting in the city of Miami benefiting greatly from the latest in beautiful, modern and revolutionary architecture.
But it is not just the star-quality architecture that makes Miami Beach one of the most desirable areas to live – the city has become a drop-off point for the super-rich, who feel the need to keep homes in London, New York, perhaps Moscow or an Asian city, and now Miami. As South Beach is also considered one of the world’s top 10 beaches, it is clear why celebrities and the wealthy are drawn from far and wide to its white sands and aquamarine waters. The cities sunshine, nightlife and sports events arequickly being matched by a fresh verve for the Arts & Culture, coupled with the current ‘food craze’which is setting new records.In fact, many have said that Miami Beach is at times following a London Formula: Property speculation + contemporary art + restaurant boom + cultural diversity = dynamic world city.
So with Miami Beach’s abundance of promise and potential, Prospera Realty is here to make their mark amidst this exciting period in South Floridian emerging real estate.
