Luxury Real Estate Sales are on the Rise in Miami

July 9, 2012

Many of the most spectacular oceanfront condominiums in this area are now under contract. The large majority of buyers have been foreign, bringing huge amounts of money in from Russia and South America. These buyers only want the very best that the South Florida oceanfront market has to offer and price does not seem to be a factor.

The sales volume is reminiscent of 2006. New buildings on the ocean are selling the majority of their inventory in a very short period of time. The availability of prime luxury property has been dramatically reduced and existing inventory is starting to steadily appreciate. Several luxury oceanfront developers have started taking contracts on new opulent buildings, whose condominiums start at over $5 million. One new oceanfront development in Sunny Isles, has taken over $175 million in contracts in just a few months. Unfortunately this ravenous appetite for luxury oceanfront property has not occurred, as of yet, in areas north of Sunny Isles Florida. The ultra affluent foreign buyer has resisted coming north in his search for a property, as a result there are still great deals to be had in exclusive oceanfront properties from Fort Lauderdale to Palm Beach.

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