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SoFi Condo Miami Beach on a Sales Tear

SoFi condo on a sales tear

Date: Friday, November 16, 2012, 8:00am EST

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Ocean House

The library in a unit at Ocean House.

SoFla Luxe- South Florida Business Journal

Need a snapshot of South Florida’s resurgent luxury real estate market? Look at 125 Ocean Drive in South Beach. Ocean House, the 18-unit ultra-luxury condo development in the white-hot South of Fifth Street (SoFi) market has sold two-thirds of its units since emerging from a foreclosure takeover.

The average sale price hovers near $5.3 million.

Tripling that average, though, is the listing for Myles Chefetz’s penthouse. The listing price for the Prime 112 owner’s condo: $18.5 million. The listing agent is Dora Puig with PuigWerner Real Estate Services LLC.

Cervera Real Estate handles in-house sales.

Residences at Ocean House range from 3,500 to 6,400 square feet, said George Helmstetter, VP of investments with iStar Residential, which assumed the nearly built-out property out of foreclosure – and reworked, redesigned, renamed and rebranded the project. In fact, a gutting and redo of the common area was similar to iStar’s effort at Paramount Bay, which now is about 85 percent sold, he said.

“This is a unique product in this neighborhood,” he said. “It’s desirable for someone wanting to be in the mix of everything with privacy and exclusivity.”

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