Attention all Miami Beach residents and real estate brokers, another record is about to be broken. Ian Schrager’s Residences at Miami Beach are already reportedly being priced out at about $3,000 USD /sq. ft. The highrise, still under construction will have 26 condo residences and will set a new record for new developments in Miami.
The new record is being analyzed as New York prices here in south florida. This trend is a true sign of the increasing demand for high end residences here in south florida. This trend is also attracting the likes of Art Basel, wherein buyers come from around the globe to drop money on art to the tune of millions.
What does this mean for residents and brokers? Simple. Higher home values for residents and more high end residences to acquire/sell for brokers. For those interested in moving their primary residence to the area, a sense of urgency should be felt as it appears this upward trend is not slowing down whatsoever. Get in before the prices become too much to bear.