Palm Island in Miami Beach is one of South Florida's finest communities. Centrally located, it takes only 10 minutes to drive to the Miami International Airport, and 5 minutes to drive to world renowned South Beach, aka SOBE.
Recently, a luxury home on Palm Island sold for $11,950,000. The property, located at 55 Palm Ave. is situated on a lot measuring 30,000 square feet, with 100 linear feet of water frontage. The restored 8 bedrooms, 9 b
athrooms house, is very spacious with more than 12,000 square feet of living space, and boasts 12 feet high cathedral ceilings, and beautiful views of the intercoastal water way.
athrooms house, is very spacious with more than 12,000 square feet of living space, and boasts 12 feet high cathedral ceilings, and beautiful views of the intercoastal water way.Most noteworthy is that the property was previously purchased in 2003 for $2,900,000 and then again in 2004 for $3,400,000. The 1920's house was subsequently restored with a 10,000 square feet addition, and sold once again -- for a whopping profit. Could prices in Miami be climbing again -- not, or does the new owner know something that the rest of us don't? Is this sale a precursor of a once again active and thriving Miami real estate market? The next 12 months or so should bring some answers.
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