Money has been changing hands at a rapid rate in Florida. Miami luxury real estate, especially, has exploded recently, with multi-million dollar estates being listed for over double what they were initially bought for only a few years prior. And buyers are getting their asking price. The market is hot for luxury real estate. And tuned-in investors are riding the wave, and making six and seven-digit flips in the process. Here is some background to help you get onboard.
The Apogee Penthouse at 800 S. Pointe Drive has just been listed at an incredible $25 million. What makes this number even more amazing is that it was bought one year ago for $11.5 million. With the potential of a $13.5 million profit in just one year, the Miami luxury real estate market has captured the attention of the world, including several well-to-do celebrities.
New York Yankees star Alex Rodriguez has recently put his 9-bedroom, 11-bath beachfront estate on the market. The asking price? $38 million. He is looking to make a $12 million dollar profit in only two years. The 20,000 square foot mansion has 275 ft. of private beach, a pool, a home theater system, a gym, an elevator and even its own batting cage.
Remember the Indian Creek property we wrote about this past week? It sold for its asking price of $47 million five days ago. Meanwhile former King of Queens star Kevin James has put down $18.5 million for a property appraised at just $4.9 million only seven years ago.
Rosie O’Donnell has also listed her 11,000 square foot home in Miami for $19.5 million. This is almost $13 million more than for what she bought it for 13 years ago. The home is located on 43 Star Island Drive. Her neighbors have seen at least three other properties sell for $8 million plus in the last few months.
Morgan’s Hotel Group has recently put its Luxury Delano Hotel on the market. The 195-room hotel is located in South Beach, Miami Beach. $10.8 million in renovations have been put into the hotel over the last few years, but the asking price is still much more than what was originally paid. It is currently being listed at $200 million, which is approximately $1 million per room.
Luxury buyers are investing in multi-million dollar properties, and then flipping them a few short years later for massive profits. It’s a trend that is not showing any signs of slowing down.