Brazilian Investor's $15M Sale Highlights Oceana Key Biscayne's Luxury Appeal
In a notable transaction that underscores the resilience of Miami's luxury real estate market, Brazilian investor Andre Szajman has sold his Oceana Key Biscayne condominium for $15.2 million. This sale not only highlights the enduring appeal of high-end properties in the region but also reflects broader trends in the upscale housing sector.
A Closer Look at the Transaction
Property records indicate that Szajman's ACCAA LLC, registered in Delaware, transferred ownership of unit LPH2S at 360 Ocean Drive, Key Biscayne, to Oceana LPH2S, another Delaware entity. The deed identifies Juan Ball, a former banker with Lehman Brothers and Bear Stearns, as the purchaser. Currently, Ball leads ABS Capital Company, an investment firm based in Miami.
Juliana Savoia of Coldwell Banker Realty represented the listing, while Florencia Moni from Berkshire Hathaway HomeServices EWM Realty facilitated the purchase.
Property Details and Ownership History
Andre Szajman, head of Brazil's 1188 Investimentos, acquired the condo in 2014 for $10 million. The residence boasts 4,800 square feet, encompassing four bedrooms, six bathrooms, and a half-bath. Its spacious design and prime location make it a coveted asset in Miami's luxury market.
Oceana Key Biscayne: A Benchmark in Luxury Living
Developed by Argentina-based Consultatio in 2014, Oceana Key Biscayne stands as a testament to luxury and exclusivity. The oceanfront complex features two towers housing 154 units and 12 villas. Residents enjoy a private beach, putting green, cinema, and fitness center. The development achieved a sellout of $550 million upon its completion, reflecting its significant impact on the luxury real estate scene.
Market Dynamics and Pricing Strategy
Initially, Szajman listed the unit for $18 million in 2022. After withdrawing it from the market in 2023, he reintroduced it in September at $15.3 million. The final sale price of $15.2 million marks the most significant condo transaction in Miami-Dade County during the third week of January.
This sale aligns with recent trends in Miami's luxury condo market. According to a Q3 2024 report, the sector transitioned into a buyer's market, with inventory levels exceeding the ideal 9-12 month range for four consecutive quarters. Despite a 15.1% year-over-year decline in closed sales, the median sales price experienced a 6.9% increase, reaching $1.74 million.
Insights
What makes Oceana Key Biscayne a sought-after residence?
Oceana Key Biscayne offers unparalleled luxury with its oceanfront location, exclusive amenities, and spacious residences. The combination of private beaches, state-of-the-art facilities, and proximity to Miami's vibrant culture makes it a prime choice for discerning buyers.
How does this sale reflect current trends in Miami's luxury real estate market?
The successful sale at a substantial price point indicates sustained demand for high-end properties in Miami. Even as the market shows signs of shifting towards buyers, premium residences continue to command impressive valuations, highlighting the city's enduring appeal to affluent investors.
What should potential investors consider when looking at Miami's luxury condos?
Investors should monitor market inventory levels, pricing trends, and the unique features of each property. Aligning investment goals with market conditions and understanding the distinct advantages of properties like Oceana Key Biscayne can lead to informed and profitable decisions.
In conclusion, Andre Szajman's recent sale underscores the robust nature of Miami's luxury real estate market. Properties that offer exceptional amenities, prime locations, and exclusivity continue to attract significant investments, reinforcing Miami's status as a premier destination for luxury living.
