The Most Expensive Retail-Type Commercial Property Is On The Bal Harbour Real Estate Market
People who are curious about where the most expensive retail-type commercial real estate properties are located should look no further than the Bal Harbour real estate market where a price per-square-foot of $2,555 is charged at the world-famous Bal Harbour Shops.
Despite being almost 7 times the industry average price per-square-foot — which happens to be $451 — the upscale retail center manages to garner increasing sales even during relatively slow months of business. In June when the price per-square-foot was at $2,514, the retail center managed to achieve an increase in sales of 20 percent.
It seems that business is doing exceptionally well within the upscale village of Bal Harbour which is located on the northern oceanfront section of the barrier island of Miami Beach. As the tourist season begins to reach its peak, people are eagerly in anticipation of the South American market which are notoriously known to prefer luxurious options such as the ones being offered within the upscale village.
Even the residential sector of the Bal Harbour real estate market has been seeing a great deal of impressive activity in recent months. Early in August 2012, one avid luxury property buyers purchased five units at the St Regis Bal Harbour for $24.6 million.
Nevertheless, the unprecedented success of the Bal Harbour Shops has definitely proven to be such an amazing example of how a luxury location can hold the key when it comes to unlocking profitable achievements. In fact, there are plans to add even more options to the Bal Harbour real estate market as additional space is now intended to be created for 50 more tenants at the open-air shopping center known to carry brands such as Alexander McQueen, Balenciaga, Fendi, Dolce & Gabbana, Emporio Armani, Gucci, and many more.
There have been speculations regarding another development project set for Miami’s Design District which is reported to be the relocation option for numerous shops — including ones that used to be situated at Bal Harbour Shops. However, there is no grave threat for the Bal Harbour real estate market as its unique location makes it the only oceanfront paradise setting which offers the highest degree of luxury within the region today.
People that are looking for the best luxury options — whether it involves finding the most profitable commercial real estate options or even the most opulent home spaces within exclusive community settings — are sure to be delighted with the selection of options on the Bal Harbour real estate market. If you would like to find out about all your available options, you should contact a professional agent for more information.