A number of developers are proposing infill
single-family houses in highly desirable neighborhoods and oceanfront condo
towers appealing to luxury buyers.
On the condo front, the priciest units available range
from a proposed six-bedroom penthouse with 15,500 square feet for $55 million
in the planned Mansions At Acqualina in Sunny Isles Beach to a pair of
unrelated units located in the Continuum On South Beach project that are priced
at $39 million and $35 million, respectively.
A few years ago, multi-million-dollar condo deals were
unheard of in the United States because the luxury market had gone bust with
the rest of the country. But now, real estate experts say the market is turning
around and astronomical listings are popping up in small real estate bubbles
from coast to coast. Unlike the subprime mortgage scandals, almost all of
Miami's expensive real estate is bought and paid for with cash, mostly by foreigners.
This is an "other world," where the rest of
America's real estate metrics don't really apply. Most of the country is still
creaking into recovery, where home ownership is at a 15-year low and property
values are expected to stagnate the rest of the year after prices have been
plummeting for the past four years. But for the super wealthy, the mega-rich
"1 percent-ers," a luxury condo bidding war has replaced the
recession but here in Miami. *Notes taken from ABC Nightline.
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