The Miami luxury properties market is booming. As most Americans complain about the not-so-favorable economic conditions, the super rich are buying super expensive beach properties at a staggering rate. A good example of a luxurious property that went off the market not too long ago is a penthouse at the Setai Resort, which fetched a whooping $27 million. As far as far as Miami luxury condos and condos in Miami’s South Beach are concerned, this was the highest price ever.

1. What Is The Price Of Luxury Living In Miami?
The Miami luxury properties market is booming. As most Americans complain about the not-sofavorable economic conditions, the super rich are buying super expensive beach properties at a
staggering rate. A good example of a luxurious property that went off the market not too long ago is a
penthouse at the Setai Resort, which fetched a whooping $27 million. As far as far as Miami luxury
condos and condos in Miami’s South Beach are concerned, this was the highest price ever.
According to South beach real estate agents, there is no doubt that Miami's luxury real estate market is
on the up and up. It's not just American buyers who are contributing to this upward trend. With more
and more countries joining the league of emerging economies, an increasing number of people from
across the planet are making their way to Miami to grab their share of the so called good life. Some of
these countries include Brazil, Venezuela, and China just to mention a few.
Not too long ago, Wayne Boich Jnr, a coal magnate from Ohio managed to sell his luxurious condo in
South beach at a little over 20 million dollars. Prior to the sale, several potential buyers were locked in a
rather fierce bidding war that saw the listing price of the property rise by $2 million. Wayne Boich Jnr
purchased the 7 and a half bath, 6 bedroom property in the summer of 2007 at a price of 7 million
dollars.
The Miami Luxury real estate market is without a doubt going crazy. According to a luxury real estate
agent, one area that is significantly contributing to this state of affairs is the South of Fifth
neighborhood. It is even being claimed that the 27 million dollar record for the Setai condo may not
stand for too long. Currently, there is another property in the area up for sale at a mind-boggling $39
million which is an all time record high for a condo listing.
The 11,000 square foot property is owned by Ian Bruce Eichner, a real estate developer from
Manhattan. The property offers spectacular views of the Atlantic, heated pools, private elevator, over

2. 800 square feet of guest quarters, a swanky beach cabana just to mention a few. With all those features,
one would think that the property couldn't get any more 'A-list', but it does. According to the real estate
agent who's currently handling the property, Tom Cruise was a tenant of this property during the filming
of Rock of Ages.
'Schrager's The Residences' is another brand that's stirring up a storm in the Miami property market.
Out of the 26 properties built, only 13 are still available. The most astounding fact is that despite the
price per square foot for these pretties having doubled in just over 4 weeks to over $3000, scores of
buyers are still showing interest. One condo in the development was sold at $34 million which is the
highest price any condo has ever sold for in Miami.
One of the main reasons some of these properties end up being bought at such outrageous prices are
the bidding battles that take place. As mentioned earlier, this is what caused Wayne Boich's property
price to go up by $2 million. In the Schrager's The Residences case, there was a bidding war between a
wealthy New Jersey family and a moneyman from Wall Street, the former won.
According to real estate experts in Miami, the super high pricing isn't the most surprising aspect. What's
astounding is the rate at which Miami luxury condos are being bought. More and more people are
willing to pay top dollar for the very best of what this sunny destination has to offer.
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Whether you are purchasing an investment property, a vacation home, or a full-time residence, Dmitry
Viner of Imperial Real Estate Group (http://imperialrealestategroup.com/us/ ) takes the time to
understand why you are buying and what features are most important to you.