A couple of days ago I have received a phone call from a Russian client who wanted to buy a new apartment at the pre construction stage. The client had the budget to stay on and wanted to spend up to 700,000.00 cash. He did not want to get any loans, which I cannot blame them for that. One of the biggest requirements for him was to be on the ocean, in what they call in Europe (to be on the first line from the shore). I explained to him that there is a limited amount of pre construction projects in the last 7 years. To be frank, no new projects that are planning to be built soon are chasing the luxury concept like high ceilings, private swimming pools like Porsche residences at Sunny Isles, Mansions at Acqualina, and Regalia at Sunny Isles. I explained that we can only likely shoot for Chateau Beach, which is a new project in Sunny Isles where the developer does not yet conceive of the floor plans and prices. Another project in where my client might have a chance is Apogee Beach at Hallandale, but all 2 bedrooms, as well as 3 bedroom apartments are sold out. Also, the prices started there are close to 800,000.00 for two bedroom apartments anyway.

The last few years have marked increases in Miami’s luxury real estate market that have led to one record-breaking sale after another. Regardless of the notion that the housing market was at its peak in 2005, the recent years have seen a boost in real estate values that have clearly overshadowed the prior market boom.