South Florida's High-End Luxury Real Estate is in High Demand

June 5, 2012

Up and down the South Florida shoreline, the super-high end real estate market is on fire. While Wall Street turmoil kept many would-be buyers on the sidelines for years, they’ve since reentered the market with confidence.

While your home may have lost half its value in the past five years, ultra-elite properties like 3 Indian Creek, and Ricky Martin’s sumptuous, 10,000-square-foot North Bay Road estate, which sold two weeks ago for $10.6 million, are in strong demand.

Most buyers are out-of-towners, wanting a second, third or even fourth home.  Nearly all pay cash — regardless of how high the price.  The latest industry data indicates, they’re willing to pay more than at any point in recent years.

In Miami-Dade, the hot spots are well known: South Beach; Gables Estates; Star Island; Key Biscayne. Prices are mostly still off their all-time highs, motivating the shrewd and affluent to pounce on good deals before they vanish.  Affluent New York deal seekers are confidently purchasing, and now make up roughly a third of all the building's owners.

Full Story:  The Miami Herald