The Ocean House, at 125 Ocean Drive, previously marketed under a different name, South of Fifth, was completed in 2006 and fell victim to financial troubles. New influx of capital, retrofitted floor plans and a new launch and Ocean House is now actively selling some of the most unique oceanfront condos along the beach. It is a small luxury boutique building offering just 18 flow through and oceanfront residences. The location is as prime as it gets.
There are a select few residences offered for sale. There is an expansive two story townhouse over 6000 square feet offered at $8,330,000, just under $1500 square foot. A private elevator opens directly into this grand home with wet bar and direct pool access. There are a few select units available. 3 have sold recently and another is under contract. A listing offered at $6,225,000 sold for $5,500,000, $1567 per square foot. This sale sold at 12% below asking price. Which tells us that there is some negotiating room off the asking price of the units offered.
South of Fifth in Miami Beach is home to some of the most sought after condominiums such as the Apogee, Continuum, the Murano and Icon. Recorded sales prices at the Continuum exceed $1000 a square foot and a recent sale of the penthouse in the North Tower of the Continuum was sold at over $2500 square foot. The Apogee South Beach has several recorded sales exceeding $2000 square foot.
The Ocean House South of Fifth is a very exclusive property ideal for those preferring a smaller residential feel. In the Miami Beach very hot real estate market, these exclusive 18 condominiums are selling and will no doubt soon be all sold. The ultra luxury market continues to perform breaking all previous sales records.