I'm constantly asked, who's buying in these challenging economic times?The answer is highly qualified end-users primarily from Europe and Latin America! Based on my recent experience, Eastern and Central Europeans, Brazilians, some Venezualan and Colombia, and Argentine high net worth individuals. Today's buyers primarily look for premier waterfront luxury homes and condominiums in South Beach as a great investment opportunity given the recent price reductions and limited inventory.
Especially in such premier waterfront ultra-luxury condo buildings such as The Continuum North and South Towers, Icon South Beach, The Murano Grande, Murano at Portofino, and Apogee Condos have drawn strong European and Brazilian luxury buyer interest.
It's my belief hat these condo buildings draw strong international buyer attention due to their prime waterfront locations in the Miami Beach's South of Fifth Neighborhood / District. These contemporary condominium buildings are located in an area of Miami Beach with stringent building restrictions (no waterfront land is available for future development). Also, The Continuum on South Beach boasts such amenities as TWELVE amazing Oceanfront acres at the Southernmost tip of Miami Beach. The individual condominiums in all of the mentioned buildings feature a minimum of 9' floor to ceiling sliding glass doors and windows, top of the line European Kitchens, incredible views of the Ocean, The Downtown Miami skyline. All of these condos feature oversized bathrooms with whirlpool bathtubs, European cabinetry in Bathrooms and Kitchens, private beach and pool cabanas, and state-of-the-art amenities.
For example, at The Continuum on South Beach, residents have an on-site three-story fitness center (A Marco Borges Concept) with an incredible selection of free weights, yoga and pilates classes, a private lap pool, THREE sunken Oceanfront Tennis Courts, Men's and Women's private jacuzzi's, massage rooms, as well as steam rooms and dry saunas.
A common cliche is that real estate is all about location location location (and long term supply and demand). Luxury waterfront condominiums in Miami Beach, and particularly in South Beach's South of Fifth Neighborhood, are an excellent example of the BEST location with VERY LIMITED future supply. Due to Art Deco Preservation League & City of Miami Beach zoning restrictions, NO new waterfront buildings are to be built for the foreseeable future.
That's right, NO new supply is planned, given the current physical and legal constraints imposed by the City of Miami Beach. The Murano at Portofino, The Portofino Tower, Apogee, Icon South Beach, The Murano Grande, and The Continuum on South Beach's are all direct waterfront condo buildings. All of these luxury condo buildings are located in the heart of the South Beach's South of Fifth Neighborhood- with world-class food, boutiques, and the many other unique attractions within Ten minutes walking distance!
Is this a fantastic medium to long-term investment opportunity? Come and take a look at a few of the condominiums I highlighted in this post, and decide for yourself!
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