Most of the headlines you read about regarding Miami and Miami Beach real estate tend to focus largely on the many high rises that have yet to find buyers or are having financial difficulties. While all of that may be true, there has been some major activity going on behind the scenes in both cities, believe it or not.
Just last week a businessman purchased a new piece of Miami Beach real estate for the handsome sum of $16 million. This 17,200 square foot home faces the water and includes two boat docks plus a garage capable of accommodating up to five vehicles. The buyer actually got quite a significant discount as the home was originally listed for $25 million. For the time being, the sale is one of the largest so far this year.
Putting aside Miami Beach real estate, over in neighboring downtown Miami the fairly recent Marquis condo also saw some impressive sales. One of the building’s penthouses sold for a whopping $4.2 million, a number considered to be the most expensive condo ever sold in the Biscayne Corridor area. The penthouse is 7,800 square feet and is four stories tall.
While these two transactions can’t singlehandedly fix what’s wrong with the housing market, they do prove that major activity is still taking place despite all the bad news.