The Real Deal Miami

Bargain prices for high end homes

April 28, 2008 11:56AM

When the 7,600-square foot San Marco house at 1215 N Venetian Way, sold for $4.5 million, or $588 a square foot, ending three years on the market, it was another nail in the coffin of the housing boom here. The seven-bedroom house, which faces the bay, was listed for $5.7 million, but fetched a per-square-foot price of only 85 percent of the low-end of the neighborhood’s average. Houses on San Marco typically fetch $700 to $1,000 per square foot.