Miami Waterfront Real Estate Hitting New Highs
If Miami is where you are, then the beach is the place to be. Famous for its sunny tropical climate and azure waters, Miami is the proverbial beach lover’s paradise. So much so that the Miami waterfront real estate has evaded the recession and has turned out to be a proverbial money spinning strategy for all of its investors.
Anyone that wishes to experience the lavish lifestyle of a business tycoon or a movie star should seek waterfront homes in the bayside properties of Miami. More than ever, people are willing to pay big money to fulfill their dream of living in a palatial mansion by the oceanside.
Luxury Hits a New High
In the mid 90’s, house sales in Miami for $3-5 million were the talk of the town. During the early 2000’s brokers and investors were used to one record breaking sale per year, typically in the range of $10 million. But since 2010, the values of Miami waterfront real estate and secondary Miami oceanfront real estate have been on the rise and are steadily climbing. In 2011, the average price-per-square-foot for Miami Beach real estate was $769. Now it’s 18.2% higher at $909 PSF.
According to market estimates, three years of ascending real estate values have made buyers feel confident in buying real estate in Miami beachfront areas and this is being reflected in the overall increase in values of Miami waterfront real estate. Matt Damon’s $20 million house listing was just the tip of the iceberg and now that the mythical glass ceiling has been broken, there is no stopping the money from pouring in into these beachfront properties.
Miami Waterfront Real Estate Options are Plentiful
When once Star Island, Venetian Islands, and North Bay Road were the neighborhoods of choice for celebrity settlers, the choice is more varied now. Indian Creek , La Gorce, and Coral Gables are the new destinations of pride. When 3, Indian Creek sold for $47 million in 2012, it set a new record breaking high for waterfront estates all across Miami. Recently, when the house at 34, La Gorce was sold for $14 million, it set a new record in Maimi-Dade County for per square foot price. The buyer paid $611 per square foot for the property or $2,889 per square foot for the home.
This in demonstrates how desirable the Miami waterfront real estate market is, and how much stronger it is going to become in the near future.