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Prices For Miami Beach Luxury Condominiums Are Reaching Brand New Record Highs In 2013

It seems that the selection of Miami Beach luxury condominiums found within prime neighborhoods such as South Beach and the South of Fifth neighborhood are selling for prices that no one has seen before within the city.

Last week, a majestic 7,100-square-foot Setai Resort penthouse property located at 2001 Collins Avenue closed for a total of $27 million making it the most expensive price for a condominium located within South Florida.

A few weeks prior to that remarkable purchase, a coal mining businessman from Ohio had pushed through to complete the sale of his very own Icon South Beach penthouse at 450 Alton Road within the South of Fifth neighborhood for a value slightly under $21 million.

The 6-bedroom, 7 1/2 - bath Icon South Beach penthouse property had actually set off a bidding war that brought the sale up to $2 million more than its original listing price - a value that is thrice the price of the $7 million which the businessman had paid in 2007 during the bust.

The luxury property market within South Beach is truly on fire, especially for options found within the South of Fifth neighborhood which is bringing the Miami real estate market up to brand new highs.

In fact, the Setai penthouse property might not even remain to be the most expensive condominium for very long as the Penthouse 2 found within the Continuum South tower located at 100 South Pointe Drive in South of Fifth is already on the market with a listing price of $39 million which is a record-breaking listing price for a Miami condominium.

The Continuum penthouse features 11,000 square feet of indoor space and belongs to the builder and developer of the project who decided to keep the property as a trophy. It also features 6,000-square-feet of deck, a heated rooftop pool, 13 1/2-foot ceilings, and floor-to-ceiling glass walls which provide 360-views of Biscayne Bay, downtown Miami, Miami Beach, and the Atlantic Ocean.

While such high-end properties are usually paid for in cash, people who are interested in how much each monthly payment would be for such an opulent high-rise home will find that they will have to pay a monthly payment for principal and interest of around $223,043 under a 15-year fixed-rate mortgage at 3.5 percent. Of course, the tax bill could very well end up giving anyone a run for their money which is exactly why cash buyers are dominating the luxury real estate market within the region today.

If you would like to find out more about the most extravagant deals that are currently being offered within the city of Miami Beach, or if you would like to find out about Miami Beach luxury condominiums that are still within your budget range, you may contact our team of real estate agents for more information on your available options.