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Luxury Waterfront Estate Market is Heating Up in Miami

January 8, 2013

This is a great time to sell your waterfront estate. Miami has become the epicenter of luxury, excitement and culture in South Florida. Many people from around the world come to live and vacation here for the dining, night life and all that Miami has to offer.

We have seen record breaking sales and prices in the oceanfront condo market over the last year, and now we are seeing more and more luxury estates going on the market and selling quickly.

One of the recent sales took place on Sunset Island for a little over twelve million. The buyer was Miami Islands Property, a limited liability company according to public records. This luxury waterfront property was built in 1956. It’s a single family home with 9,823 square feet. The property was originally purchased by G2 Residences for four and a half million in 2004.

Another noteworthy property that recently sold is an 11,772-square-foot waterfront home located on Allison Island. According to real estate records this eight million dollar sale set a new record for Allison Island, one of the Islands just off of Miami Beach.

The estate was owned by former Florida Marlins shortstop Edgar Renteria. He purchased the home in 2000 for one and a half million.

A third notable sale in the luxury real estate market in Miami was owned by a former Formula 1 driver Eddie Irvine. He sold his waterfront estate on Venetian Island for seven million. Irvine purchased his five-bedroom, 5.5-bathroom home in 2010 for one million nine hundred thousand, according to public records.

The housing market crash of 2007 didn’t hurt the appreciation of these luxury homes. The housing market in South Florida is definitely improving and it looks like this is the perfect time to sell a luxury oceanfront home.  

Sunset Island, Miami

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