May 29, 2013
With the luxury end leading the charge, South Florida’s real estate market is continuing its upward march. Prices in the high-end market are rising, and home sales in the area are breaking previous records.
The luxury housing market was less affected by the market crash. Wealthy sellers have the ability to hold on to their property through rough times, so the high-end market saw less of a decline. Therefore, the luxury end was the first to rebound, and prices have now surpassed their prior highs. Also, the luxury market in South Florida used to be more seasonal, but due to an increase of foreign buyers, that is no longer the case. Large sales are currently taking place during the summer.
Alex Rodriguez recently sold his Miami Beach home for 30 million dollars, a new record in Miami Beach. A Fort Lauderdale waterfront home recently sold for 17.5 million dollars, a recent record in Broward County. Luxury condo prices are also following this trend. In March, two penthouse units in the Miami Beach Edition were sold to one buyer for 34 million dollars. The units will be combined to create an 8-bedroom, 3-level penthouse containing over 16,000 square feet of living space.
Source: The Miami Herald
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