South Beach’s Rise and Fall

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The Southeast Florida Regional (SEFR) MLS has prepared an analysis of the luxury high-rise condos located in the trendy SoFi (South of Fifth) neighborhood of South beach.

It’s about time! Now, eager potential buyers can base their decisions on comprehensive statistics.

The analysis covers sales and acquisitions for the period of 1/1/07 through 9/3/2007. The properties included are: ICON South Beach, Murano Grande, Yacht Club at Portofino, Murano at Portofino, Portofino Tower, South Pointe Tower, and Continuum I.

Results show that Murano Grande has been the most successful building with an exceptionally high number of sales. Some attribute its success to the fact that condo’s prices at the Murano Grande greatly reflect the actual market value.

Though Murano Grande may have been the most successful for the accounted period, its protégé, Murano Portofino, is the real star of SoFi. The building’s longstanding success has stood the test of time through slow seasons in the market.

On the other hand, ICON South Beach has endured a painfully slow growth due to its overpriced listings. Priced at about $60 per-square-foot more than those at the Murano Grande, a building of the same caliber, it’s no surprise!

For those seeking to purchase on the esteemed SoFi pointe, experts recommend Portofino who’s owners are eager to buy. As well as the Continuum who’s offering great deals for oceanfront properties.

Via South Beach Real Estate Blog

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