The Real Deal Miami

Rental potential drives South Beach condo-hotel sales

By Alexander Britell | July 15, 2010 05:30PM

Diana Garchitorena, a Setai agent

From the South Florida website:
A heavily international buyer pool is increasingly looking to the
ultra-luxury condo-hotel units in South Beach, led most recently by the
sale of Penthouse B
at the Setai Resort and Residences last month for $15 million. These
sales are driven in some part by the still-strong rental potential of
properties with both hotel and condominium components. Many of the
sales like the Setai’s Penthouse B, are actually resales, according to
realtor Diana Garchitorena of Setai Realty, the project’s exclusive
marketing and sales division, although Garchitorena is an independent
broker. She said sales have been strong this year, especially in the
late second and early third quarters, due to some degree to small cuts
to prices that can go as high as nearly $2,400 per square foot. [more]