South Florida Housing Is Hot!
As South Florida's housing market continues posting solid price gains, the posh end is leading the charge with one record breaking sale after another.
Online, July 2, 2013 (Newswire.com) - The $30-million sale of Yankees slugger Alex Rodriguez's Miami Beach party pad conjures the old saying, "The rich get richer.''
As South Florida's housing market continues posting solid price gains, the luxury end is leading the charge with one record breaking sale after another.
"The market is on fire here,'' declared broker Jill Eber of The Jills team at Coldwell Banker, who found the buyers for A-Rod's house at 4358 N. Bay Rd, Miami Beach.
"The luxury market used to be more seasonal. But now there's such an inflow of people from all over the world, some of our largest sales are happening in summer,'' expounded broker Jill Hertzberg of The Jills team, which had $475 million in sales in 2012, a record among Coldwell Banker agents.
The sale of A-Rod's home set a record for Miami Beach ( though below the Miami-Dade record of $47 million for Three Indian Creek Dr. Set last year in the opposite sanctuary of Indian Creek Hamlet ).
Meanwhile, Fri. in Fort Lauderdale, an eight-bedroom, 88201; Half bath house at 2400 Del Lago Dr. In Harbor Beach sold for $17.5 million including furnishings, a Broward County record, according to listing agent Sheryl Hodor of Prudential Florida Realty. The California modern-style mansion boasts 400-feet fronting on the Intracoastal Waterway.
"We've seen a rise in prices and demand,'' claimed Hodor. When the real estate market crashed, she claimed, the luxury end took a shorter, less deep dive than much of the market. "High-end sellers can hang onto their property. They generally have two or three. So we did not see the decline as much in the high end.''
"Last to drop, first to rally,'' announced Beth Butler, president of One Sotheby's Global Realty. "The costs have obviously come back in the luxurious tier and have now surpassed their highs.'' Rodriguez's sister, Arlene Susy Dunand, who is an agent at One Sotheby's Global Property, represented her bro in the exchange, which closed May Twenty-four.
Rodriguez had acquired the North Bay Road site in May 2010 for $7.4 million and custom built the smooth modern house, that has nine bedrooms and 118201; Half baths with 275 feet of bayfront land overlooking downtown Miami. The home has covered patios, Zen-style gardens, an outside kitchen and roof deck.
A-Rod, a three-time American League most valuable player, has been on the Yankees' disabled list following hip surgery in Jan, but he's practicing at the team's spring training complicated in Tampa. He's one of 3 partners in Homes for sale in Coral Gables-based Newport Property Construction, which built the home for approximately $7.6 million in 2011.
The buyer was Stephen Levin, manager of Gold Coast Libation Distributors, a huge Doral-based lager distributor, whose wife Petra is a former Miss Germany. Stephen Levin, of Palm Beach Didn't return telephone calls to his office seeking comment.
South Florida ultra-luxury condo prices in a similar way are hitting ambitious new highs.
In March, two penthouse units at the Miami Beach Edition sold for a sum total of $34 million with plans to mix them into an eight-bedroom, Homes for sale three-level penthouse spanning over 16,000 square feet of space.