Here’s a recap of some of the major real estate events happening in the sunny state.
Miami residential sales grew by 24% in October, with the majority of purchases coming from foreign investors. The continued Florida boom has prompted new growth of not just condo developments, but the stores that cater to a growing affluent market as well. North Miami has seen the development of a new Whole Foods store at 123rd Street and Biscayne Boulevard. The high-end supermarket will be a luxurious addition to the already prestigious address, home to the Kardashians.
The Kardashians were recently given the keys to North Miami. They did not fare as well at Miami Crescent, however, where they were not permitted to shoot their reality show. According to Miami Beach law, you need the majority of your privacy-loving neighbors to consent to filming in their backyard and having camera crews there almost year-round. So it doesn’t look good for our divas.
And while we are on the topic of reality stars, one of the Real Housewives of Miami, Lisa Hochstein, has recently put her $10.7 million mansion up for sale. The Sunset Island mansion was listed a couple weeks ago. Her plan is to buy a massive new home nearby on Star Island designed by Kobi Karp. The opulent palace includes a five-car garage, pool, guesthouse, servants’ quarters, and gym. However, what is making the papers is that its construction necessitates the demolition of an historic estate in the process. This has locals up in arms, and despite the grandeur of her new estate, may not be the best move. After all, she has to live with these people.
So to round up the news this week, it looks as though while the prospects of owning luxury real estate in South Florida are still sunny as ever, it is always important to be mindful of your neighbors.
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