Record Sale in South of Fifth! Is the Buyer’s Trust Restored?

A South of Fifth penthouse just sold for $3,820 per SF. The penthouse residence located in the new 321 Ocean has broken a record in the South of Fifth neighborhood after being on the market for more than two years. The property which offers two full floors, one of which a rooftop terrace, was originally listed for $34,999,999 ($5,140 per SF) and sold for $26M or $3,820 per SF. The property was bought in 2015 for $20M. The last sales record in South of Fifth was at $3,591 per SF at Ocean house.

The Penthouse at 321 Ocean



The 13,220 SF, two-story Penthouse offers nearly 7,000 SF of interior space, a private 5,223 SF roof deck with a 36 ft infinity pool, an outdoor kitchen, fire pit, and massive entertaining space. It offers and abundance of light and space, and has a plethora of luxury specifications. 360 Ocean & city views enjoyed from a comfortable height 100 ft above the beach.

Is confidence in the South of Fifth market restored?

The overall $2M+ market in South of Fifth saw increased values in the first few months of 2018, with some luxury condos performing significantly better than others. It seems buyers confidence has been restored after a period of price corrections. This record sale proves that luxury buyers are more eager to pull the trigger again. Ultra-luxurious Apogee recorded no less than 5 sales with 2 of them passing the $3,000 per SF. Continuum on South Beach also had a strong start of 2018 with some high priced sales in both towers.

Record Sale in South of Fifth! Is the Buyer's Trust Restored?

* Click on image to enlarge *

Record Sale in South of Fifth! Is the Buyer's Trust Restored?

With more trust and rising prices in the South of Fifth condo market we still want to urge buyers to watch the prices carefully. It is still very important to do good analysis and to only invest top dollar in top of the line units. In case you are looking to buy or to sell your South of Fifth condo unit contact me today!

David Siddons | +1.305.508.0899 | David@siddonsgroup.com

David Siddons is a top producing Miami realtor with over $60M in yearly sales. He is known as a market analyst and the author of many Miami real estate market reports. 

FAQ

These are the most commonly asked Google Real Estate Related questions

1. What are the Current Best New Condos in Miami?

If you want to hear in more details our opinions on the best new Miami new construction condos. Please read this article:Best New Construction Condos 2022-2023

2. What is the best New Construction Condo in Fort Lauderdale?

In our opinion, the Residences at Pier Sixty-six are certainly the most interesting and unique. Already well underway this 32 Acre project will be home to the first of its kind Marina where owners will be able to anchor up vessels up to a staggering 400 ft! For specifics of this project see our independent review of this project.

3. How can I compare the new luxury construction Condos to the best existing Luxury Condos in Miami? 

Our Best Luxury Condos in Miami article will prove to be very useful to those looking to compare the existing to the new. You may also want to watch this video which shows the performance of the best Condos in Miami over the last 15 years!

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