in the News

The Big Big Boom

The Big, Big Boom

“MIAMI IS STARTING TO LOOK LIKE NEW YORK, AT LEAST IN terms of what buyers are paying per square foot of prime real estate,” says Denise Rubin, principal of Denise Rubin Group in Aventura, which was recently acquired by Warren Buffet’s Berkshire Hathaway Home Services. “The reasons fueling Miami’s prices today are the same ones that launched Manhattan’s meteoric rise so long ago: Miami has grown in prestige as a world city amid an influx of international cash, which lifts the prices. Five million to $10 million is not considered expensive anymore for a home in Miami Beach.”

Rubin says two-thirds of all home and condo sales close in Miami, Aventura and Sunny Isles without financing from a lender; six years ago, only a fifth of sales were all cash. “There is another level of buyers in the market,” she says. “However, banks are finally lending again, although requirements are much tighter.”

In the last 18 months, there have been record-breaking sales in Miami, with homes going for $38 million in La Gorce Island. The tiber-contemoporary home of Luca Fendi was purchased two years ago for $5.52 million, and now the 8,030-square-foot home set a record in Venetian Island for $14 million. Apogee South Beach set a new price record for non-oceanfront in Miami-Dade County when a 4,154-square-foot unit sold for $12.5 million – that metes out to $2,985 per square foot. A property on North Bay Road set a price record at $30 million, and Brickell reached a new high when a European tennis player paid $1,500 per square foot.

Rubin says every sale she’s made in Aventura over the past year has set price records, and adds, “The will soon be a new all-time high paid in Aventura when a pending sale I have closes got $812 a square foot. This will surpass the last two highest sales of $760 a square foot.’

Rubin is excited about the new projects underway, as well. “New Construction is boomingm with 85 projects signed off on and 45 waiting for approval,” she says. “Construction crews are busy now working on 34 of them.” She cites the top projects as being located in Miami Beach, Sunny Isles Beach, Key Biscayne and Bal Harbour.

And in addition to the flood of South American buyers we’ve been seeing over the past couple of years now, more and more are coming from Europe and Asia. “They have cash and they’re spending it,” Rubin says. And that can only be positive for the city’s economy.

For more information on the Denise Rubin Group, visit

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