The month of March is an exciting time for local events in and around Miami Beach! So far in 2010 we've been seeing strong tourist traffic for events such as The South Beach Wine and Food Festival, the upcoming Winter Party Festival the culminates in a massive beachfront fund-raising party right off 12th Street and Ocean Drive. In addition to being an important fundraiser, the Winter Party Festival is also a major contributor to Miami and Miami Beach's economy, this year the local Miami Beach tourist Board is expecting over 10,000 people from around the world!
Also, the 2010 Winter Music Conference will be taking place in and around Miami and Miami Beach from March 23 -27. During the week, there will be over 400 parties held at dozens of venues and outdoor spaces. This is the 25th year that this amazing music conference takes place, and each year the event attracts more visitors and the hottest music talent on the planet!
In the past few months, we've also noticed a strong increase in buyer traffic for Miami Beach's hottest real estate. For example, we just had a young (and famous) Brazilian client of ours purchase in one of Miami Beach's most popular waterfront condo buildings- The Murano at Portofino. This building happens to also host a variety of VIP events at the world-famous Piaggia Beach Club, which is located on the southern side of the main entrance.
Murano at Portofino South Beach (Intracoastal & Fisher Island Views)
Pending Sales Price: $900,000
2009 Tax Assessed Value: $766,000
Previous Sales Price (2005): $975,000
Condo S.F.: 1,390 ($647/SF)
Interior Decor / Overall Condition: Beautiful decorator-appointed finishes
Note that the tax assessed value is significantly lower than the pending price. This pending sale demonstrates the resilient market value of premier condos located in luxury waterfront buildings in South Beach. If you are potentially looking to purchase, NOW is the time to take advantage of this buyer's market. We're seeing strong buyer activity from those looking to become a part of the amazing lifestyle that Miami Beach has to offer!