The Housing Market Continues to Grow in Bal Harbour
The economy and the housing market have been growing in Bal Harbour. A large number of people have been seeking Bal Harbour real estate, and this number does not appear to be decreasing as time goes by. The area is pretty, and it contrasts with the busy environment that the rest of the city engenders, but this relaxing atmosphere is likely to become obsolete with so many people moving into the neighborhood. Last year, housing sales amounted to more than $758 million.
So many condominium homes have been sold recently at The Plaza Bal Harbour and Balmoral Bal Harbour that this fact has driven housing prices up by 35 percent. It’s such a significant number that people have wondered what is causing this increase in prices. The major reason is the condos at St Regis. People began to move into this building last year and after eight months, the owners realized over $658 million in sales. One notable purchase materialized when a foreign investor purchased five condominium homes in the building in the amount of $24.6 million.
The new condominium buildings make this location difficult to overlook, but the new shops and restaurants also add to the area’s charm. This location is becoming so popular that people don’t mind paying between $1,200 and $1,500 per square foot for these homes. It’s no wonder that so many new development projects are waiting to be approved right at this very moment.
Just two short years ago, the housing market did not seem to be going anywhere. With the current increase in the economy, people can’t say that the real estate market in Bal Harbour is stagnant now.
The economy and the housing market have been growing in Bal Harbour. A large number of people have been seeking Bal Harbour real estate, and this number does not appear to be decreasing as time goes by. The area is pretty, and it contrasts with the busy environment that the rest of the city engenders, but this relaxing atmosphere is likely to become obsolete with so many people moving into the neighborhood. Last year, housing sales amounted to more than $758 million.
So many condominium homes have been sold recently at The Plaza Bal Harbour and Balmoral Bal Harbour that this fact has driven housing prices up by 35 percent. It’s such a significant number that people have wondered what is causing this increase in prices. The major reason is the condos at St Regis. People began to move into this building last year and after eight months, the owners realized over $658 million in sales. One notable purchase materialized when a foreign investor purchased five condominium homes in the building in the amount of $24.6 million.
The new condominium buildings make this location difficult to overlook, but the new shops and restaurants also add to the area’s charm. This location is becoming so popular that people don’t mind paying between $1,200 and $1,500 per square foot for these homes. It’s no wonder that so many new development projects are waiting to be approved right at this very moment.
Just two short years ago, the housing market did not seem to be going anywhere. With the current increase in the economy, people can’t say that the real estate market in Bal Harbour is stagnant now.