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Record sale by Condoideas Realty Group at the Yacht Club at Portofino gives hope about the real estate market in South Beach Miami

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April 26, 2016 (MMD Newswire) — We are happy to announce that Condoideas Realty Group’s agent Gladys Muller closed a record saleat the Yacht Club at Portofino this month!

Condoideas Realty Group is one of leading real estate brokerages in South Beach Miami. Though closing deals in the whole Miami-Dade county, the agency is specialized in South of Fifth and counts many listings at the Yacht Club at Portofino where the office is located.

While the real estate market has become slower lately, with a progressive decline in the volume of sales, the Yacht Club just scored its record sale.

Selling 2 bedroom corner unit #1902 at the Yacht Club at Portofino over $1000/sqft definitely adds value to the building. Indeed, the average price/sqft of units sold at the Yacht Club at Portofino usually revolves around the $750/sqft range. Such a record sale brings the Yacht Club at Portofino closer in price to his neighbor South of Fifth buildings: the Murano Grande and the Icon South Beach.

Unit #1902 is gorgeous indeed, offering views of both the Biscayne Bay and the beach from its two balconies. It was listed at $1,200,000 and closed at $1,150,000 which makes it sold at $1,018/sqft. It is a price point never reached at the Yacht Club at Portofino. It sheds hope on the future of the building.

Among the 34 units currently listed for sale at the Yacht Club, 7 of them are listed within the same range. As a reminder, the average price/sqft in 2015 was $763/sqft and $769/sqft in 2016.

Another aspect to take into account is the added value from the construction work on the building. Indeed, the management office at the Yacht Club at Portofino has been working hard over the past 2 years on the overall renovation of the building. The hallways have been redone, doors have been changed, the outside walls have been painted, the balconies have been renovated and the pool deck has been worked upon since November 2014. The project comes along a special assessment which will be reflected on the Yacht Club’s future prices. Knowing that the pool deck including the swimming pool, the Jacuzzi, the barbecue pits and the tennis courts, will be greatly embellished, owners can be reassured on the fact that their units should rise in value based on the upgrades. The lobby might be renovated soon after the pool deck is done too.

In a climate of slowdown on the real estate scene of Miami, some sales still strike records. That’s the case of the latest breaking sale at the Yacht Club at Portofino.


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