Miami Beach real estate is an ever-changing market and the monthly DeVos Report details the highs and lows of the Miami Beach luxury realty scene.
In the 3 Month Snapshot ending May 31, 2012, the number of closed sales dropped just over 10%, as well as the discount from last list price has dropped from 8 to 7%. At the same time, price per square footage increased from $716 to $847. There has been additional excitement in the South Beach luxury market as Casa Casuarina, the former residence of Gianni Versace has been listed for $125 million dollars as international buyers continue to clamor to South Florida for additional investments.
Known as Casa Casuarina, the 10-bedroom, 11-bathroom house overlooks the ocean. Mr. Versace bought the home and its adjacent lot in 1992 for just under $10 million and then invested another $33 million in the property, adding a 6,100-square-foot south wing, a 54-foot-long mosaic-tiled pool lined with 24-karat gold, a mosaic-covered courtyard and frescoes on the home’s walls and ceilings. He was killed outside the home in July 1997.
South of Fifth
- Average $/sq. ft: Up 18%
- Units Sold: Down 8%
- Average $/sq. ft: Up 20%
- Units Sold: Up 41%
- Average $/sq. ft: Up 14%
- Units Sold: Up 24%
Neighborhood Report based on 12 Month Data
NOTE: Report is based on closed sales data as reported by the South Florida MLS.
For a full copy of the DeVos Report for June 2012, click here or visit the Arno DeVos website for listings of many other Miami Beach properties and other market research data.