Luxury real estate seems to be doing well in Miami; approximately $26 million has just been paid for 23 units at the W South Beach condo-hotel project in Miami Beach. Miami Beach is one the most coveted areas in this haute city with superb shopping, restaurants and nightlife. It’s no wonder real estate is doing well here.
These luxury units sold for an average price of more than $1,700 per square foot – a significant increase from hotel property and condo sales in recent months. According to recent reports, sales at the W South Beach have totaled over $240 million with the average transaction trading at more than $1,800 per square foot. These sales mean big things for both the luxury real estate market and for the city of Miami itself.
Source: Condo Vultures