South Beach’s high-end market holds its own

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From the South Florida Web site: South Beach residential real estate prices are staying strong at the high end as buyers fork over cash to buy ultra-luxury condominium units. Upper-echelon properties, especially those in the South of Fifth neighborhood, are holding their own and, in some cases, fetching more than expected. “In South Beach, I would say prices are holding, prices are coming back,” de Solminihac said. “I saw a few transactions where the buyers expected to get lower prices, and the sellers got even higher prices than the first bids.” He cited one example at the Portofino tower, where the first offer for a $2.2 million unit came in at $1.5 million, and that was out-bid by a $1.55 million offer. Finally, a buyer came and offered $1.725 million and the deal closed in 15 days. [more]

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