Miami's Palau at Sunset Harbour Enjoying Sales Success, Attracting Local Buyers

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Condos are still selling fast in Miami.
 
To validate that point further, Douglas Elliman tells World Property Channel that Palau at Sunset Harbour, a new condo community in Miami, has now secured reservations for 40 percent of its luxury condominium inventory. Notably, most of Palau's buyers are South Florida residents, an interesting contrast to the foreign buyer phenomenon of recent times.
 
Nearly 60 percent of the reservations to purchase come from locals who love the burgeoning neighborhood and its walkable, bikable nature. "Our buyers run the gamut from young families, to couples and empty nesters, and they all agree that the intimate building is ideally located and beautifully designed" said Ann Nortmann, Douglas Elliman real estate agent and sales director for Palau. According to Nortmann, the response has been exceptional considering they are in "pre-launch phase."
 
Nestled in the Sunset Harbour neighborhood of South Beach, retail, dining, leisure and community amenities abound. The low-scale (five-story), waterfront property includes 11,000 square feet of retail space. It is adjoined by an upscale residential area, instead of a multitude of high-rise condos as are most new developments. Slated to break ground mid-2013, Palau features include a rooftop swimming pool, lush, tropical outdoor spaces, fitness center, waterfront promenade with boat docks, valet and 24-hour concierge.
 
"The sales activity is a testament to the ongoing recovery of the housing market, and points to a growing affinity towards walkable, urban real estate," said Vanessa Grout, president & CEO of Douglas Elliman in Florida.  "We are thrilled to have partnered with SMG Management on this exciting project, and look forward to future collaborations."
 
The product of a shared vision, developer SMG Management LLC brought together a strong team of professionals including nationally renowned architect Kobi Karp and award-winning landscape architect Raymond Jungles to create an ultra modern and innovative concept. Represented exclusively by Douglas Elliman to market across the brokerage's leading local, nationwide and international network, Palau now has 30 units available: one-to-three bedroom properties, including penthouse and lanai residences, ranging in price from $500,000 to over $2 million.