The Sofi Group - Luxury Real Estate & Marketing

Despite all of the catchy headlines about the meltdown real estate market in Miami, the luxury market in South Beach has held up quite well during this turbulent past year. No fewer than 134 units listed for $750K or more were sold in 2009 through mid-December. There is still plenty of inventory on the market, and good deals will certainly be available in 2010, but luxury condo prices have probably corrected about as much as they will.

This is likely to hold especially true for South of Fifth – the exclusive neighborhood located at the tip of South Beach, which has received a lot of buyer interest in 2009 and throughout the first half of 2010. The reason for that is that supply is relatively constrained – there are 7 high rise luxury condominium buildings – Apogee, the 2 Continuum Towers, Murano at Portofino, Portofino Towers, Murano Grande and Icon South Beach, plus South of Fifth – the newest luxury building, which is a smaller, 28-unit only building. Because of zoning restrictions, no buildings taller than 75 feet will be built in the area. That means that what is currently built represents the majority of the supply for the future. Demand, on the other hand, is likely to remain strong – both from US and international buyers.

The story is different for single family homes – the sale activity there has been significantly slower, and the inventory is substantial. We expect there will be great opportunities to own a luxury waterfront home for a relative bargain price in 2010.

The SoFi Group is the leading real estate sales and marketing company in South of Fifth, in South Beach Florida. We are involved in the sales of Luxury condos in the most sought after buildings in South Beach and Miami Beach. The buildings we focus on are Apogee South Beach, Continuum, Continuum II, Portofino Towers, Murano at Portofino, Murano Grande, Icon South Beach, Il Villaggio and The Setai.

Miami and Miami Beach have been undergoing a dramatic transformation in the past decade. From a city only known for its beaches and beautiful people, Miami and Miami Beach evolved into a cosmopolitan metropolis that attracts many like a magnet. Neighborhoods have emerged in places where only a few years ago, there was nothing - from SoFi, sophisticated and exclusive, at the very tip of South Beach, to the Design District, happening and cutting-edge, in a formerly abandoned neighborhood. Miami has become a truly international city, with people moving here from Europe, Latin America, and all over the US, but preserved its Latin twist.

There truly is something for everyone in this new Miami. For the foodies and the shopping aficionados entertainment is plentiful - fabulous restaurants are everywhere, and international shopping brands have set shop on Lincoln Road or close by. For the art enthusiasts, there are over 100 art galleries now open in Wynwood, the arts district, and the new Miami Art Museum, a masterpiece of Swiss architects Herzog and de Meuron, is slated for completion in 2012. And then, of course, Miami is home to Art Basel Miami Beach, which transformed Miami into an art world Mecca. For those passionate about design, there is the Design District, which has transformed itself into one of the most important global centers for cutting-edge art and design, and hosts the leading international design show Design Miami. For the performing arts devotees, the Adrienne Arscht Center offers everything from opera to theater, and the New World Symphony will soon find a new home in the edifice envisioned by Frank Gehry close to Lincoln Road.

Aside from all of the above, of course, there is the weather, the beach, the ocean. What more could one ask for?