Despite the recent financial turbulance in Europe, we're continuing to see strong buyer demand especially from Eastern & Northern European countries. For example, at The Bentley Bay- A two story Penthouse with private rooftop pool sold at a private auction held late last year (part of a three unit sale). Despite the Bentley Bay's troubled history and high maintenance fees (currently at $1.19/SF), this is a boutique entry-level luxury waterfront condominium located just North of Miami Beach's "South of Fifth" Neighborhood. The Bentley Bay features spectacular Bayfront and Atlantic Ocean views, with views directly overlooking Star Island and the Downtown Miami skyline. A Finnish buyer acquired Bentley Bay condominiums #601, #701 and Penthouse 01 for just under $3,000,000 ($345 per square foot of living space) in a private auction sale last year. I find it especially interesting that this is a POSITIVE cash flow investment due to the significant rental income that the Bentley Bay commands- while the overall luxury condominium market in Miami Beach continues a steady rebound from the lows witnessed last year.
Also, most recently ANOTHER Finnish buyer acquired one of the most luxurious Penthouses at the Setai South Beach for $15,000,000 ($2,416 per square foot of living space) last week. It should be noted that this Penthouse was on the market since 2006, significantly reduced from $34M earlier this year. The asking price was $19.9M. This 4bed/4bath Penthouse also has a private rooftop pool and panoramic views of the Ocean, the City of Miami Beach and the Downtown Miami skyline.
See the Luxury Condos at the Setai South Beach For Sale
