When Timoni West decided to move to Miami from Austin, Texas, this year, she wanted a waterfront condo in Miami Beach, ideally south of 50th street. She had ruled out Eighty Seven Park, a waterfront condominium completed in 2019, because of the location in still-emerging North Beach. “I thought it was too far north—I wasn’t taking it seriously,” said Ms. West, 42, who works in the tech industry.⁠ ⁠ Ultimately, however, the building’s ocean views, architecture and amenities won her over. Working with Mr. Harary, she paid $4.8 million in June for a two-bedroom, roughly 1,600-square-foot unit with a terrace.⁠ ⁠ By contrast, Miami-based real-estate agent Nelson Gonzalez recalled selling a waterfront house in Miami Beach’s sought-after Sunset Islands for $5.6 million in 2012. The buyer, a South American, bought the property as an investment, he said, and renovated the circa-1940s house. The lot was about half an acre—large for Miami Beach. When the property sold again this year, the six-bedroom, roughly 5,000-square-foot house was considered a teardown, he said, with most of the value in the land.⁠ ⁠ The price? $25.5 million.⁠ ⁠ More on the ever-changing real-estate market in Miami and beyond via the link in @wsjrealestate's bio.⁠ ⁠ 📸: @mbkoeth for @wsj