Buyers paid a combined $23 million in March for six waterfront condominium units located on the Barrier Island just east of Downtown Miami, according to a new condo report from Condo Vultures® LLC.
There were four deals worth $13.2 million that occurred in Miami Beach, and two transactions worth $10 million that closed in Sunny Isles Beach, according to the condo report.
"Investors seem to be saying with these purchases that new waterfront housing on Miami's Barrier Island is a great hedge against a volatile real estate market," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures®.
In trendy Miami Beach, Buyers closed on three transactions in the Capri South Beach for a combined $9.4 million, and one deal at the Apogee for $3.75 million.
Buyers in Sunny Isles Beach paid $5.25 million for a 5,030-square-foot penthouse at the Sayan, and $4.75 million for a two-story unit in the newly opened Jade Beach, according to the condo report.
Four of the transactions closed with cash but two involved financing.
A balloon mortgage for $4 million was provided on the $5.25 million unit at the Sayan, and an Adjustable Rate Mortgage in the amount of $500,000 was extended on a $2.36 million purchase at the Capri South Beach, according to the condo report.
Peter Zalewski is a principal with the consulting company Condo Vultures® LLC and a licensed real estate broker with Condo Vultures® Realty LLC. Peter can be reached at 305-865-5629 or by email at peter@condovultures.com. Be sure to check out Peter's blog at CondoDump.com. Don't forget to sign up for our weekly Market Intelligence Report for detailed condo reports. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures Database . Our new book Miami's Great Condo Crash: A Chronicle of the Boom and Bust is now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure Database.
Copyright © 2009, Condo Vultures® LLC
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