Miami-Dade's Luxury Resale Market Surges

March 27, 2012

South Florida is a hotspot for a lot of things. Tourists come for the beaches, the nightlife, and the well-known attractions.  Real estate buyers come for incredible deals on oceanfront properties with incredible views straight from their terraces.  Due to the increasing demand for luxury properties in South Florida, it’s become slightly obvious that the luxury condominium market in the Miami-Dade County is booming.

According to data collected from the Southeast Florida Shared Multiple Listing Service Database, more $1 million condos were acquired in 2011 than in 2006. Statistics show that buyers purchased almost 590 condos; each $1 million or more. Going into 2012, 100 luxury units are already under contract waiting for transaction. This is incredible for a number of reasons, but the fact that we are still in January and luxury condominiums have been a hot commodity makes a positive outlook for the market here in South Florida seem inevitable.The most expensive condominium resale in 2011 was the penthouse in Setai Resort & Residences in Miami Beach that sold for $21.5 million:

This real estate resurgence in the luxury market has inspired an increasing owners to put their condos in the market for resale, since demands acknowledges the worth of these luxury properties. It’s not just owners who have been taking notice of what is happening with the real estate market in South Florida, as developers sees demand as a strong incentive to build new condominium towers. At least five new luxury condo towers are either planned or under construction in Miami-Dade County.

As we continue to see what 2012 has in store for the luxury real estate market, it is exciting to see both owners and developers reacting to great opportunities of the current real estate market.

Source: Miami-Dade's Luxury Condo Resale Market Surges