From the South Florida Market Report: Land-hungry developers from around the globe are buying up sites in Miami-Dade County for tens of millions of dollars per acre, spurring record sales.
Among the sky-high prices: nearly $75 million paid for 2.4 acres in Brickell, $64 million for 7.4 acres in Miami’s Arts & Entertainment District, and $75 million for 4.5 acres in downtown Miami.
International buyers are dominating the local land grab scene. Take the $75 million sale in December of a construction site in the Brickell submarket, an area where asking prices are now 324 percent more than what the land sold for in 2009. [more]