South Beach's waterfront homes and condominium real estate market is very special. Miami Beach has the unique characteristic of being an international city with visitors coming to enjoy the warm winters, outstanding restaurants, amazing nightlife, a growing Arts and Cultural Scene, the Art Deco architecture, and of course the warm & sunny beaches.
These days, an increasing number of savvy and affluent buyers are coming to Miami Beach to take advantage of the advantageouseconomics of investing in "South of Fifth" luxury waterfront condominium buildings- such as The Continuum on South Beach, Apogee, The Portofino Tower, Icon South Beach, The Murano Grande, The Yacht Club at Portofino, The Murano at Portofino, and even the troubled but beautiful Bentley Bay condominiums (just north of Fifth Street).
In South Beach, you can enjoy a true Oceanfront lifestyle, along with the sophistication of a mini-Manhattan! This is specifically why Miami Beach's South of Fifth Neighborhood is especially popular with New Yorker's looking for a second home (or to eventually relocate to a warmer climate). Much like the better neighborhoods on the island of Manhattan in New York city (such as SoHo and and the West Village), South Beach's neighborhoods have HUNDREDS of upscale restaurants, nightclubs, bars, and lounges to choose from. In recent years, various well known celebrities have become attached to high caliber local establishments- such as Danny DeVito's Devitos in the South of Fifth area of Ocean Drive, or Gloria Estefan's Cardoso Hotel on 13 & Ocean Drive, and VERY popular Shake Shack hamburger restaurant on the newly remodeled Western end of Lincoln Road.
South Miami Beach is the dream place that can give you a great quality of life, and a city with nearly as many Oceanfront amenities that most upscale and savvy New York residents most especially are used to living and enjoying on a daily basis. The significantly price reduced real estate market in Miami Beach has become popular all over again (especially in the latter half of 2010) as the market for premier waterfront condos is rapidly being absorbed. For more information on current market conditions, please click HERE my previous market analysis and commentary.
Over the past few years, Miami Beach real estate's attractive prices have attracted many Americans and foreign buyers seeking out the FINITE supply of price reduced waterfront purchasing opportunities. Contemporary Miami Beach is known as America's playground, so people from all walks of life, mostly coming in from European countries and South America, are examples of today's foreign buyers who love to come here. Given the current price rollbacks and Buyer's Market environment, we find that many high net worth individuals are NOW looking to invest in a wide variety of apartment buildings, upscale condominiums, and waterfront estates and homes located on the various island communities of Miami Beach.
Since the real estate market crash in 2008, the market trend for Miami Beach waterfront homes and condos specifically has changed from real estate flippers and speculators to financially strong "Buy and Hold" clientele that are concerned with having a high quality of life living experience.