Wellington draws Miami sized asking prices

Homes with farm-sized lots in Wellington are beginning to command prices similar to those of Miami’s waterfront estates, according to the South Florida Business Journal. A 10,000-square-foot residence, at 13281 South 52nd Place in Wellington, recently listed for $8.9 million. But instead of a yacht dock, this 10-acre property includes a 14-stall barn, staff quarters and an additional six-stall stable. Another 10-acre Wellington property, at 13401 South 55th Street, is asking $9.8 million. The nine-bedroom, 12-bath 20,000-square-foot house includes a guest apartment with an elevator and a tennis court.

The luxury trend will likely to continue in Wellington because of the influence of the nearby Palm Beach Polo Club, according to Martha Jolicoeur, of Illustrated Properties in Wellington. “Eventually anyone who is interested in horses will end up in Wellington.” [SFBJ] –Christopher Cameron

Florida’s highest penthouse on the market for $15 million at Miami condominium

The highest penthouse in Florida is currently on the market for $15 million, according to Douglas Elliman Florida’s Chad Carroll. The four-bedroom, 4.5-bathroom property, which is located at the Four Seasons Brickell at 1425 Brickell Avenue in Miami, has a total of 7,458 square feet. The property is located on the Four Seasons’ 70th floor. — Alexander Britell

More retail arriving near Lincoln Road

Retail development surrounding Lincoln Roadjust keeps on coming. Developer Scott Robins— brother of Dacra Development CEO Craig Robins — is constructing a three-story mixed-use building at 1000 17th Street, according to Curbed. The 18,000-square-foot glass structure, named 1000 Building, is designed by Arquitectonica and will include retail on the lower floors and a restaurant on the roof.[Curbed] – Christopher Cameron

Downtown Miami waterfront condo market sees 20 percent price increase

The waterfront condominium market in downtown Miami saw a 15 percent increase in average sales prices at the halfway point of 2012, according to a new report from One Sotheby’s International Realty. There were a total of 314 waterfront condo transactions in the first six months of 2012, down 12 percent from 356 in the same timeframe in 2011. The average sales price rose to $485,256 from $420,216, with the median sales price rising 20 percent in the same period. The non-waterfront market saw a 26 percent increase in median sales prices in the same period. — Alexander Britell

Miami pending sales rise 31 percent

The total number of single-family and condominium listings that pended in July rose 31 percent compared to the same period in 2011, according to a new report from the Miami Association of Realtors. There were at total of 3,393 listings that pended last month, up from 2,593 in July 2011. The total represented a 2 percent increase compared to June. “Despite very low levels of housing inventory in Miami, pending sales activity continues to increase, a sign that demand will continue to yield strong price appreciation,” said Martha Pomares, 2012 chairman of the board of the Miami Association of Realtors. “We are at a point where we’re seeing a shortage of housing inventory in Miami. We need more supply to satisfy demand.” — Alexander Britell

Zilbert International Realty lists 100 Miami Beach’s 100 Palm Avenue for $23.4 million

Miami Beach’s 100 Palm Avenue is the latest home to top the $20 million list price, with Zilbert International Realty putting the home on the market for $23.4 million. The 12,052-square-foot waterfront estate, which was built in 2007, is on the southern portion of Palm Island. “We don’t often see homes of this caliber become available in Miami Beach,” said Mark Zilbert, managing broker of Zilbert International Realty. The home, which also has its own boat dock, is located on a 30,000-square-foot lot. — Alexander Britell

Hialeah’s Okeechobee Villas apartment complex sells for $8.1 million

The 109-unit Okeechobee Villas in Hialeah has been sold for $8.1 million, according to Marcus & Millichap’s Gregory Matus, vice president and regional manager of the firm’s Fort Lauderdale office. The price represented an average of $74,311 per unit. Marcus & Millichap’s Joseph Thomas and Felipe Echarte represented the seller, a Miami Lakes-based limited liability company. Okeechobee Villas, which is currently 97 percent occupied, is located at 1350 West 6th Avenue in Hialeah. — Alexander Britell