The Real Deal Miami

Sky’s the limit on land prices

Asking figures in close-in markets of Edgewater, Brickell and Wynwood hit new highs
The sale of 3333 Biscayne Boulevard lofted land prices in Edgewater.

The sale of 3333 Biscayne Boulevard lofted land prices in Edgewater.

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]