A unit sold at the Porsche Design Tower last week topped the list of the most expensive properties sold in Miami-Dade. Unit 4405 in the tower was traded at $14.4 million. Sunny Isles Beach, where the German brand’s tower is located, is home to some of the most luxurious condominiums in the world. In addition to the Porsche Design Tower, other branded towers also share spaces on the island, such as Residences by Armani Casa, Ritz Carlton Residences, Trump Towers and the recently launched Bentley Residences.
Condo sales rebounding
According to news released by The Real Deal, the condos segment in Miami Dade had a “rebound” (sales rebound) last week. The volume of dollars invested in the segment reached almost US$ 180 million, which represents approximately double the amount of the immediately previous week (US$ 91 million). There were 240 units sold, against 138 the previous week. A swipe increase totaled $179 million, nearly double the previous week’s $90.9 million. Sales reached 240, compared to 138 the week before. An increase of 75%.
We had already commented on this blog that the demand for condos in Miami, sooner or later, would come back strong. “The condos segment, in the last 2 years, seems to have been left a little aside”, reveals Heloisa Arazi, broker and owner of AMG International Realty, in Miami. “Due to periods of quarantine and confinement, people preferred single-family homes in suburban areas, which caused condos inventory to rise and prices to fall,” she explains. “Gradually, the large demand for single-family homes is migrating to condos, as the first ones have super low inventory”, predicts Heloisa.
Opportunity in the luxury segment
Units in super luxury condominiums, like Porsche Design in Sunny Isles Beach, are the best opportunities on the market. It is possible to purchase a 4,000 Sqft unit in the condominium for US$ 6 million (up to the date of creation of this post – 07/08/2022), a relatively low price for the standard of the development, since it is a front condominium to the sea, with a car lift and backed by a world-renowned brand.
“Where else will you be able to buy an apartment facing the sea with a car elevator that allows you to park inside the unit?”, asks Heloisa. “It is, without a doubt, one of the best opportunities in the luxury segment in Miami”, recommends Heloisa.
In fact, the luxury oceanfront condominium offers a car elevator, patented by the builder, by the name of Dezervator. The “Dezer” in the title refers to Gil Dezer, owner of construction company Dezer Developmentos. The elevator allows the owner to go up to the unit with his car and park in a private “sky garage”. The device will also be available at the Bentley Residences condominium, also designed by the same developer, in Sunny Isles Beach.
As well as the Porsche Design Tower, there are several other opportunities in the luxury segment in Miami, still with prices that have not recovered from the recent crisis. The Sunny Isles Beach region, in this context, is one of the most recommended.
About AMG International Realty
AMG International Realty is a global real estate company specialized in Florida and focused. If you want to know more about real estate opportunities in Miami, Orlando or the Tampa area, contact me right now and chat with me on WhatsApp: +1 305 318 6968 (Heloisa Arazi).