A total of $7 million worth of condos were sold at the W South Beach just during the month of May. Opened two years ago, it managed to sell 128 units for a total of $215 million. David Eldestein, the developer and resident of W condo hotel noticed that 63% of buyers are foreign buyers and most of them are from Brazil. Eldestein lives most of the time in New-York but it’s the first time he uses one of his development as second home, a $3,5 million penthouse duplex with a private roof deck.
Famous athletes, like Amar’e Stoudemire from the Knicks or Dwyane Wade from the Heats, bought at the W South Beach.
Prices have strongly decreased since the opening of the W, from an average of $2,019 they dropped to $1,644 per square foot nowadays.
If the Miami Heats win this year, we may expect an increase of prices in South Beach Real Estate!