214 W. San Marino Drive, Miami Beach Florida Sold For $5,000,000
A beautifully renovated Miami home located on San Marino Island just closed for $5,000,000. It is a sale worth mentioning because the per square foot price of the home came out to a grandiose $1,328 per square foot of interior living space. The lot size had an affect on the selling price, because at 15,750 square feet, with 90 linear feet of bay front, the lot is approximately 1.5 times the size of an average size Venetian Islands waterfront property.
The sale is remarkable because the average price of most bayfront homes that have recently sold on the Venetian Islands is well below $1,000 per square foot, and in the present climate of slow real estate sales in the middle of a recession, the sale may be a precursor of a market which is soon to rebound. This may not seem likely according to news reports seen on CNN and Fox, but home sales are increasingly being made in the Miami area, and in the luxury real estate market, this may be that long awaited spark of light which will take the darkness away.
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