MIAMI BEACH: SOUTH OF FIFTH (SOFI) PRICES CLIMB – SEE WHY IT’S A PRIME TIME TO BUY
Smart end users and investors alike are picking up units in “South of Fifth” extremely quickly these days. Unlike other areas of Miami, there is extremely limited supply and limited real estate in this coveted area of South Beach. ”South of Fifth” is composed of only 5 blocks at the end of South Beach with unsurpassed ocean, views and limited land and it’s just a matter of time when this will be the neighborhood that only a select few will be able to enjoy and call home and this is why:
In certain buildings, such as Murano Grande, ICON South Beach, Murano at Portofino, Apogee, Portofino and Continuum there is a very limited number of units for sale. We have seen these buildings hold their value and now we are seeing the pricing climb. These buildings are selling in the $550 (on a low end) to over $1,600 per sqft. Pricing will vary by building, views, etc but over all it’s a seller’s market (some buildings have as little as 3% inventory in the resale market).
Christian and I , and members of our SoBe Luxury Homes team, have received unsolicited offers for customer’s units in an effort to get into this market – something unheard of 3 years ago. We all know what happened to the market a few years back, yet Miami and Miami Beach remain very much in the game and SoFi tops all the desirable neighborhoods.
There are good buys, but certainly not in every building. We are part of a round table made up of a select group of top brokers named “Condo Experts” (we meet once a month in a round table setting to discuss the market, trends and new sales) and the top prediction is that high end properties in South of Fifth will reach $2,000/sqft before year’s end. On the other hand select luxury buildings outside of South Beach and some areas in Miami are not having nearly as many transactions as we are seeing in South of Fifth. However the volume of sales has picked up across the luxury market.
As in other areas in the country, the real estate business at the end of the day is ALL about location, location, location and there’s and very few neighborhoods in the country or even in the world are seeing the success we have been experiencing in South of Fifth.
For a list of some of the best deals in SoFi please write to Ivan ivan@sobeluxuryhomes or call 305.490.0028 or Christian firstname.lastname@example.org or call 305.608.6681 .
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