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.

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