There are exclusive residences, and then there are really exclusive residences in Miami. Apogee Miami is the new “top” of the real estate market in the Miami South Beach area. It wasn’t too long ago that Fisher Island in Miami Beach was the priciest place to live, owing to its average residential sales price of $3.4 million. With Apogee’s selling prices, Fisher Island is about to get trumped. The upper-end of the real estate market has not lost its desirability despite the worst recession since the Great Depression, and Apogee is definitely the upper crust of the upper-end.
sold for a cool $15 million in 2008, making it the highest selling price of the year for South Beach real estate. What’s the big attraction of Apogee South Beach? Because each unit in the building offers 3,000 to 4,200 square feet of living space and special soundproofing, there’s plenty of elbow room and privacy. Each unit features glass windows that are impact resistant and sound resistant. There are even “midnight” kitchens in the master bedroom closets (you read that right). Situated at the very southern tip of South Pointe, the oceanfront property sits on nearly three acres and offers endless amenities. It’s surrounded by other expensive and luxurious properties.
Despite the recession, South Beach condos have seen sales of multimillion dollar properties on an almost weekly basis. With luxury units like in Apogee condos, many buyers pay in cash. As the economy enters the recovery stage and the dollar increases in value, look for prices on luxury condos to not only hold steady, but spike back up in price. While midrange properties in Miami Beach don’t do well in a floundering economy because mortgages are hard to get, luxury condos attract buyers who have ample stores of liquid assets.
While the rest of Miami-Dade has experienced sluggish sales, the high-end of the Miami Beach market never came to a grinding halt. The richest of the rich don’t need to rely on credit or loans, so a place like Apogee is within their reach no matter what the unemployment rate is.