“In the past three or four months we’ve seen a tremendous pickup out of Italy and France in particular, especially in downtown and Miami Beach,” Philip Spiegelman, founder and chair of International Sales Group told Miami Today. He went on to say in their office 74% of all sales are to buyers whose permanent residence is outside the country.
Mr. Spiegelman said he attributes these sales to the unrest and instability of the Euro Zone economies.
Miami Today reports Miami real estate, though increasing in value, is still undervalued compared to similar properties in London or Paris. They can get more here for far less.
Spiegelman said prices in Miami are still bargains compared with real estate values in most other major cities in the world.
Future Construction Contracts Rise 46% in Miami
According to a report from McGraw-Hill the total dollar value of contracts for future construction in the Miami metro area has risen 46% for the year to date. There is a total of $2.82 billion in contracts for future construction since the beginning of the year, up from $1.94 billion at the same time last year. Residential contracts have risen by 62 percent in the period, while nonresidential contracts have increased by 32 percent.
Miami Beach’s La Gorce Circle Home Sells for $11 million
According to The Real Deal, a home in Miami Beach’s La Gorce Island has sold for 11 million dollars. The property, which is located on a 1.78-acre tract at 100 La Gorce Circle, has a total of 10,056 square feet, seven bedrooms, seven bathrooms and three half bathrooms. It was built in 1952.
Lina Buitrago represented the seller along with partner Andres Toro from Engel & Voelkers Sunny Isles Beach/Las Olas Boulevard. According to Buitrago, the property was one of the last unsold double-lots in the Miami Beach area.
The home’s owner is Carlos Ossorio, according to records from the Miami-Dade County Property Appraiser’s office. The buyer was not disclosed.
Miami Beach and its environs have been experiencing a surge in demand during the last year, particularly on islands like La Gorce and Indian Creek. The latter recently saw a $47 million sale, the largest in the history of Miami-Dade County. Call Us Today! #305-785-6480