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
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