SkyFive Properties Blog

Portofino Tower Miami has been standing as a symbol of prosperity and decadence along the Miami Beach skyline since the late 90’s. Located in within the ultra-exclusive South of Fifth neighborhood of South Beach, this magnificent condominium tower still stands as the symbol of the good life. I personally enjoyed my time living there and operating my modeling agency on the ground retail floor sitting beneath the massive development. We rented out four condos within the building for model and staff accommodations.  The experience was wonderful.  Portofino Tower is still the real deal – a masterpiece of design with boundless amenities and a highly attentive staff.

Condos at Portofino Tower Miami rise up through 44 stories within the absolute best location on South Beach.  For those that love an active lifestyle, the incredible $20 million dollar+ South Point Park is literally in the back yard.  And of course, the South of Fifth neighborhood is incredibly prestigious .  Some of the best and most hip restaurants in all of Miami are all within a short walk.  Hang out amongst the celebs and professional athletes at Prime 112 or dine with the models and fashionistas at Cavalli Miami.  Looking for even more neighborhood fun after dinner? Head out to Story nightclub and see South Beach’s best crowd dancing to music from the world’s top DJs.

La Gorce Island is getting tremendous attention as of late.  Aside from its incredible celebrity appeal and premium status at the top of the market, La Gorce Island is setting records.  34 La Gorce Circle recently sold for $14 million, which set a record for Miami Beach homes of $611 per square foot for the land and $2,889 per square foot for the home. This home sale broke the previous record of 2550 Bay Avenue (on the Sunset Islands) of $529 per square foot for the land and $2,230 per square foot for the home.  34 La Gorce Circle is comprised of a six-bedroom, six-bathroom house that for all intents and purposes is considered a teardown – it’s 75 year old structure. This highly desirable waterfront lot allows for spectacular views of Biscayne Bay, sitting on 22,000+ square feet of land.

At the top of the Miami Beach luxury home market, La Gorce Island competes with communities such as Star Island and Fisher Island for supreme bragging rights and prestige.  Star Island real estate offers a proximity to South Beach that can’t be matched, and Fisher Island has incredibly strict access of boat only on and off of the island.  However, La Grorce Island has plenty going for it to compete as the best Miami Beach luxury home community.

If your dream is to own a home on a delightful private island in one of the world’s most exciting cities, then there is no better place to put your roots down than in Hibiscus Island. This man-made island in Biscayne Bay is part of the three island neighborhoods of Miami built in the 1920’s during the real estate boom. Today, Hibiscus Island, along with its twin partner Palm Island, and the famous Star Island is the place to go to if you want your own private paradise right in the middle of the hustle and bustle that is Miami.  Hibiscus Island house parties are wildly popular with the locals, set amongst evening backdrops of the pristine, calm waters of Biscayne Bay.  Hibiscus island is sexy, chic and fun.

What makes Hibiscus Island real estate so desirable is the combination of security and waterfront luxury that very few places in the world can match up to. Hibiscus Island is accessible only via Palm Island, and these twin guard-gated islands offer round the clock security to their residents. Southwest of downtown Miami, the island offers you unparalleled views of the city skyline.

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.

Golden Beach real estate is simply the creme de la creme of trophy assets.  With over one mile of beachfront exposure, residents can enjoy the ultimate feeling of walking out the backdoor of their mansions and feeling the sand beneath their feet. Its prestige is supreme amongst the many highly prestigious communities of Miami.  Star Island, Fisher Island and the Venetian Islands are all quite impressive, but they are not located on the sand.

It’s no wonder that Hollywood celebrities like Paul Newman, Ricky Martin, and business magnet Bill Gates have been Golden Beach real estate owners in the past. Recently, baseball slugger Sammy Sossa bought his own mansion and became a part of this tightly-knit community.  I had my first experience with Golden Beach back in my days as a fashion model.  I was up for a controversial Abercrombie and Fitch advertising campaign, and it just so happened the legendary fashion photographer, Bruce Webber, owned one of the best pieces of Golden Beach real estate.  His decadent mansion was sitting on the sand; it was an absolutely stunning home. Driving through into Golden Beach was like entering into another world of bliss and tranquility. (I never did get to book that particular campaign, guess that I wasn’t controversial enough – lol).

Demand for South Beach condos has never been greater. With 321 Ocean, Glass, Marea and One Ocean condominium towers all on the way, the South of Fifth neighborhood is leading the explosive demand for South Beach real estate.  Factor in Palau Sunset Harbour, which recently secured its $13.4 million construction loan from C1 Bank, and its easy to see that South Beach is in the midst of a development boom.  The surges of cash buyers pouring into South Beach condos see the irreplaceable, one-of-a-kind global travel destination as an enticing spot for investments.

South Beach condos in prominent buildings like the Setai and Apogee are leading the appreciation of the market over the past three years.  Apogee has been selling recently at prices in the $2,500 to $3,000/SF range.  And the Setai has set Miami Beach records by selling an incredible penthouse for $27,000,000, which worked out to $3,800/SF. Quite impressive figures that have South Beach condos set to rival many of the world’s most expensive condo communities.

The number of Miami condos for sale is on the rise, while the prices of these existing condos continues their steady trend of ascension.  From a macro perspective, we are seeing some degree of settling from the explosive rebound of the Great Recession.  According to the latest news from the Miami Association of Realtors, the median Miami condo price rose 10.3 percent to $193,000 from a year earlier.   Miami condo sales totaled 1,557 units in April, which was relatively equal to the same velocity of the previous year, and 10.2 percent above March.

This data indicates that the Miami market as a whole is offering a better buyer-seller balance. With prices rebounding sharply for more than two years following the historic crash of the real estate market, growing tensions were escalating over another perceived crash.  The more moderate price increases and growing number of Miami condos for sale is healthy news for the market. The high-end luxury market certainly feels good based on activity.  Cash is flowing into Miami at record levels from international buyers.  In Miami-Dade, 70 percent of the condos and 45 percent of single-family homes sold in April were in cash deals.