When Alan Faena declared high-end project in Miami Beach 3 years past, the area’s housing market was riding a high wave of rising values because it recovered from the recent real estate downturn.
In the years once its launch, Faena House became an emblem of the heights to that developers may take the luxurious market, shattering Miami-Dade’s residential value record with the $60 million sale of its penthouse unit to the hedge fund mogul from new York.
But four months once the new buyer closed on Faena’s duplex flat, he placed it back on the marketplace for a complete of $73 million. The main reason and short explanation was changes at his plans. Considering broker prices, closing fees and possible negotiation hedge fund mogul won’t make much money out of this deal.
By early August, $148 million value of Faena residences were up for sale, representing concerning twenty percent of the units within the tower. The same is true for several of Miami’s shiny new luxury buildings and homes at Golden Beach florida.
The same is true for several other luxury projects. Inventory is up on the high-end market and buyers are not ready to make their moves.
With sales slow and many of competition, several of Miami’s biggest developers face a tough decisions Launch currently and risk failure, or stay time till ensuing demand cycle, that may take years to fall out.
The new development that started earlier in the cycle like Porsche Towers Sunny Isles Beach has done very well. Sales started in 2013 for the 57-story Porsche style Tower, set in Sunny Isles Beach, and most of the units have closed.
The other developments in the early years have been successfully built and completely sold out are regalia Miami and world famous St Regis Bal Harbour.
Regalia Miami is a truly unique project. It has been completed in the year of 2014. It consists only of thirty nine finest full floor residences with unbelievable 360 degree views of the Atlantic Ocean, Intracoastal waterway, Miami Beach, Downtown Miami, Golden Beach. It has a truly unique location. Being the last high rise development in the north point of Sunny isles beach regalia situated on the edge of Golden beach that contains only single family homes. This provides complete unobstructed magnificent south views for each residents in Regalia even for the units on the lower floors. Penthouse unit in this development is still owned by the developers and maybe available for sale for about $40 million.
Another incredibly popular recent development is St Regis Bal Harbour. Location here is also one of the most desirable in town. It’s right across famous and most luxurious Bal Harbour shops with all its glamorous boutiques and restaurants. St Regis has three towers. South and North towers are strictly for the owners to use and enjoy and the center tower is for the hotel guests. Center tower also contains private owned units that can be enrolled in the hotel program for a great income generation purpose. St Regis Bal Harbour offers unparalleled amenities which are two restaurants on site, multiple swimming pools, Jacuzzi, state of the art fitness center, fully equipped spa, concierge service, valet and so much more.
Lastly, one of the most iconic development down north from bal harbor is Acqualina Spa Resort. This is truly very reputable brand that associates with the top quality, exceptional service and magnificent views at the best location. With Acqulina expansion and two new towers known as Estates at Acqualina the entire site will occupy over 3 acres of oceanfront site, four towers which are Acqualina Miami condos for sale, Mansions at Acqualina and two upcoming Estates at Acqualina developments. If one is looking for best of the best at high-end luxury developments on the ocean in Miami Acqualina would be a great choice for a great family gate away as a second home or prime residence.
For best deals contact a professional real estate agent in the area and make sure you get a great help and assistance with buying your oceanfront property in Miami.