This year’s holiday season is animated with the approach of the 11th annual Miami Beach Art Basel. Coinciding with art Basel is the excitement of the upswing in the Miami Beach real estate market.
Recent sales are on the rise with many $1,000,000+ properties sold in November. Even more significant is the fact that in some cases, the property actually sold for higher than the listing price. This is an interesting trend in the luxury real estate market, often created by the rise in sales and decrease in availability of exclusive ocean and bay view condo and single family home properties.
Some of the properties falling under this category are condo units located on Alton Road and Collins Avenue. One property at 400 Alton Road and three properties at 450 Alton Road (two 3 bedroom/3 bath units and two 2 bedroom/2 bath units) sold for $3,550,000, $2,700,000, $1,650,000, and $1,400,000 respectively. All of these units sold for at least $50,000 above the estimated value and one sold for as much as $700,000 above the original estimate. A 3 bedroom/3 bath unit at 4779 Collins Avenue sold for $1,800,000 – approximately $133,378 over the original estimate.
New updated listings currently on the market include a rare double-unit at the prestigious Bath Club that was combined into one amazing space with direct ocean views. This beautiful property at 5959 Collins Avenue, with 5 bedrooms and 4 baths, 5,100 square feet of luxury living with a spectacular beach view, was built in 2005 and is offered at $4,500,000.
Other exceptional properties include a beautiful Mediterranean style single family home at 5970 North Bay Road, 6,151 sq. ft, 5 bedroom/5 full baths/1 half, with a 30,800 sq. ft. lot.
The upcoming Art Basel Festival, the multitude of coinciding events, including the International Contemporary Jewelry Fair, will create an influx of people from all over the world and will continue to strengthen the Miami Beach economy. The high demand for luxury waterfront properties has sparked a new burst of business, redefining Miami Beach as a viable option for national and international real estate investors. The market is ready … are you?
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This renowned art event features exceptional talent from leading galleries throughout North America, Latin America, Europe, Africa, and Asia. The main event is in the Miami Beach Convention Center ? included will be famous names in the art world and leading-edge newcomers, exclusive traditional galleries, performances, film and video, and “Art Public” located in Collins Park with a focus on outdoor events. The outdoor features are still in development ? one of which includes the recreation of the Apollo 11 mission that landed the first man on the moon. For additional information visit: www.miamibeach.artbasel.com
A multitude of coinciding events separate from the actual Art Basel show are also part of the excitement, some of which will be held at Bayfront Park. LaserNet and Andy Warhol Contemporary Ultra Violet will be projecting a timeless laser beam from Bayfront Park to Miami Beach every night (Dec. 5 – 9). The light show can be viewed from South Beach, the Causeway Bridge, and downtown.
An inaugural event with the International Contemporary Jewelry Fair will be hosted at the SeaFair, a 200+ foot $40 million yachtextravaganza built precisely for jewelry exhibitions and mobile art installations. Located at Chopin Plaza, an opening preview party will be hosted on Dec. 4th by diplomatic representatives from Australia, Brazil, Lebanon, Philippines, and Spain, with regular fair hours from 1:00 pm – 10:00 pm December 5 – 9. For more information visit: www.icjfmiami.com.
How will this significant international art event impact Miami Beach? It’s all good … this internationally renown art event will also contribute to the upswing in real estate events now happening in the Beach. The influx of people from all over the world has strengthened the Miami Beach economy. The high demand for luxury waterfront properties has sparked a new burst of business, redefining Miami Beach as a viable option for national and international real estate investors.
Aleksandra Marzec
Broker Associate
Coldwell Banker Miami Beach
(305) 760-9121
