This is a good indication of the return of luxury buying and that the market is coming back. The Setai's PH-B closed this week for $15,000,000, just over $2,400/sq ft. This now tops the highest condo sales in Miami Beach in the past 5 years. Other recent Luxury Penthouses sales are the Fontainebleau Penthouse at $9,000,000 and One Bal Harbour Penthouse at $ 8,700.000, both closed in May 2010.
Read the article in the Wall Street Journal:
Luxury Sales Bounce Back
http://online.wsj.com/article/SB10001424052748704717004575268573660359734.html
http://online.wsj.com/article/SB10001424052748704717004575268573660359734.html
The Wall Street Journal released last week the results of a study by MDA DataQuick, a real-estate provider, suggesting that the Luxury real estate market is aggressively rebounding. Markets such as San Francisco, Manhattan, The Hamptons, Menlo Park and Beverly Hills are seeing numbers reminiscent of 2005. The report also lists Las Vegas and Miami as showing great promise.
