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January 11, 2013
Luxury waterfront real estate Inventory in Miami has been dwindling down to almost nothing due to the condo buying frenzy that took place last year. Real estate developers have been proposing one new waterfront condo tower project after another hoping to replenish the condo market and ride this new wave of luxury buyers. Each new condo design is chic with all the latest gadgets and modern floorplans for buyers with exquisite taste.
The latest condo tower project to hit North Miami is the Marina Palms Yacht Club and Residences. Two luxury waterfront condominium towers will be located on a 14-acre site at 172nd street and Biscayne Boulevard. The buildings will include 468 residences, a marina and yacht club with one million square feet of residential space.
The new Paramount Bay, a luxurious condominium tower located on the bay has almost sold out. About 90 percent of the condo inventory has been sold with only 28 unites are left.
Over the past year many waterfront condos have been purchased by foreigners, but in this case 50 percent of Paramount Bay condos have been bought by U.S. citizens with about one third of those buyers located in Florida.
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