The real estate market in South Florida is steaming, but a certain recent sale is a record breaker. This residential real estate market transaction involved the Faena House, which is an 18-story luxury penthouse. The Miami Beach property sold for a whopping $60 million.
The house is situated in an area known as the Faena District. This penthouse features a multitude of perks, including nine bathrooms. It also has a pool that is 70 feet long, as well as a terrace that wraps around the home with a view of the Miami skyline. Residents can also see the Atlantic Ocean and Indian Creek from the property.
Back in 2008, condos were being sold at a maximum of $1,000 to $2,000 per square foot. Now, however, condos can be found selling at $4,800 per square foot. The fact that condos are selling at higher prices shows that more consumers are confident in the market. The $60 million sale is far higher than the previous record-breaking condo sale of $27 million.
Most people cannot afford a condo or home valued at millions of dollars. Still, the healthy residential real estate market in the Miami and Miami Beach areas benefit people of all income levels who own property there or who are looking to own property there. Approaching a residential real estate deal incorrectly in Florida may, unfortunately, cause the deal to flounder. Appropriate legal guidance, however, can help a person to navigate even the most complex deal and ultimately achieve his or her real estate goal in the Sunshine State.
Source: CBS Miami, "$60 Million Miami Beach Penthouse Sale Breaks Record", Sept. 24, 2015