Although South Beach and Downtown Miami are located only seven minutes away from one another by car, their real estate markets seem to exist in different dimensions. While Greater Downtown Miami continues to be troubled by oversupply issues, South Beach is enjoying record-breaking sales. Recently, a four-bedroom, four-and-a-half bath residence at Monad Terrace sold for $1,912 per square foot ($6.15M), making it the highest priced sale on a per square basis for a non-penthouse condo on the bayside of South Beach.