Miami Hot for Homebuyers

Nonconforming

Maybe they ought to change the name—and venue—of the TV Land television show from “Hot in Cleveland” to “Hot in Miami.”

A mansion on Indian Creek Drive in Florida is under contract for $52 million, a three-bedroom penthouse apartment in South Beach recently went for a record $25 million, and sales at the new St. Regis Bal Harbour Resort and Residences have reached $623 million on the barrier island between Miami Beach and Sunny Isles Beach in just six months.

As of mid-June, buyers at the St. Regis have closed on nearly 170 of the nearly 500 condo apartments, hotel rooms and fractionals, ranging in price from $1.35 million to $13.5 million, according to Condo Vultures, a South Florida consulting firm.

Started in 2008 as the market was crashing all around it, the project is comprised of three towers, two which contain 205 traditional condos and a third which houses 287 condo hotel units, fractionals and standard hotel rooms. It also four swimming pools, a 12,000-square-foot spa on ocean-front acres.

Four years later, developers started converting reservations to contract.

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