The Real Deal Miami

Sun shines on exclusive Miami area

By Jennifer LeClaire | November 26, 2008 12:03PM

From the New York magazine:
Twenty years ago, South Beach was a district of ramshackle historic buildings occupied by elderly retirees, drug dealers and poor immigrants. Billions of dollars worth of revitalization later, South Beach is a retreat for celebrities and affluent internationals trying to purchase a piece of paradise. “South Beach’s luxury market is selling strong, even though some deals are getting done at 20 to 30 percent below the asking price,” said Esther Percal, a senior vice president at Esslinger Wooten Maxwell in Miami Beach. “But nobody is giving anything away down here.”