South Florida Business Journal
September 14, 2012
Luxury Miami Beach Condos Sell In All-Cash Deals
By Jeff Zbar
Two luxury condos have been sold in Miami Beach, both in all-cash deals.
A four-bedroom, five-bathroom unit at Continuum Miami Beach sold for $6.575 million. The listing agent was Kevin Tomlinson, VP with One Sotheby’s International Realty in Miami Beach.
The unit, at 100 S. Pointe Drive, No. 3007, has some 4,000 square feet and was built in 2003. It was an all-cash deal by American buyers.
A 4,154-square-foot corner unit at Apogee South Beach also recently sold for $6.2 million in an all-cash transaction. Worldwide Properties’ Alan Araujo represented the Brazilian seller; the Brazilian buyer plans a complete remodeling. The property had been on the market for 74 days.
In fact, cash – especially from the pockets of South American buyers – is fueling a growing number of sales, said Michael Gerrity, founder/CEO of World Property Channel, a global Internet news site covering real estate.
“That’s just what they do in Latin America,” he said. “Most properties are not financed. They pay cash.”