The increasingly large group of international buyers looking at luxury units in South Beach condo hotels is led by the $15 million sale of Penthouse B at the Setai South Beach
last month. These sales are motivated by the strong rental income potential of Miami Beach properties with both hotel and condominium benefits.
According to data from the Florida Multiple Listing Service, there have been several high-priced purchases in South Beach condo hotels in the last few months. These Miami Beach properties
range from a sale for $9 million at the Fontainebleau II, a unit at the Ocean Club on Key Biscayne for $6.2 million and at One Bal Harbour
a unit sold for $8.7 million at the end of May.
According to Diana Garchitorena, a Realtor with Setai Realty, many of the sales there are re-sales, including Penthouse B at the Setai. She said sales in the late second and early third quarter have been strong this year, partially due to prices that go as high as $2,400 per square foot. She also said she has seen a lot of foreign buyers from Europe and South America at the Setai.
Because many buyers in South Beach are foreigners and do not live here full time the sales are almost all Miami and Miami beach condo hotels
. This makes it easy for their owners to rent them out when they are not in town if they choose.
Diana believes that a lot of what is happening is because of the rental potential. There is a big influx of Miami Beach properties to rent and with many people booking for the season; most of them are rented by September.
Miami Beach properties at the Setai start at $10,000 per month for a two bedroom and larger properties can bring in over $20,000 per month.
Aqualina, another condo hotel in Miami, sold a unit for $4.5 million and the Marquis
downtown sold a penthouse for $4.2 million in June.
Call MLR Realty
at: 1-305-673-3303 to speak with a Realtor that specializes in South Beach condo hotels and Miami Beach properties for sale and for lease.