Miami beach luxury waterfront sales jump 41 percent

There were 75 sales of luxury waterfront homes in Miami Beach in 2011, a 41 percent increase compared to 2010, according to Kevin Tomlinson, a vice president at One Sotheby’s International Realty. Those included three sales of $20 million or more, topped by the sale of 13 Star Island Drive in April for $25.5 million. The 75 transactions, each of which were more than $700,000, sold for an average of $769 per square foot. The data covered all Miami Beach waterfront sales up to 63rd Street, including Miami Beach’s island communities. According to the data, Miami Beach’s luxury market bottomed out in 2009, when it saw a total of 42 sales. [South Beach Real Estate Blog]