Bal Harbour Luxury Oceanfront Condos May be Driving the Hot Miami Market

August 6, 2012

This is great news for sellers. Luxury waterfront condos in the area rose 35 percent this year so far. The Bal Harbour shops, fine dining and nearby South Beach always attract buyers, but it also seems to be the new St. Regis Bal Harbour Resort.

The St. Regis Bal Harbour Resort development opened this past January and has already reached over six hundred million in sales. The development is much more than a resort, you can become a resident of this luxurious resort with breathtaking ocean views, private butler service and unique spa services.

Other luxury oceanfront condo developments are also doing well in the area. Property Markets Group is developing the 95 on the Oceana condominium complex in Bal Harbour.

Ryan Shear, managing director at development firm Property Markets Group says the increase in sales and property value has come from a couple of things taking place in Bal Harbour.  

“One is the lack of supply — obviously there’s only so much oceanfront in South Florida,” he said. “And the other factor has been the South American buyers — these aren’t New Yorkers or Americans — in all these buildings.”

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