Miami Condo Market and Lifestyle Updates
Luxury residential sales rise in Miami

Luxury residential sales rise in Miami

by Sep Niakan | January 22, 2014

Miami’s luxury residential market enjoyed an increase of nearly 400 homes and condos sold for at least $1 million during the first nine months of 2013, a new report shows.

Luxury residential sales in Miami jumped from 1,065 in 2012 to 1,442 through September 2013, according to the latest “Atlantic Insights” report from Christie’s International Real Estate. Luxury homes stayed on the market for an average of 132 days during the third quarter of 2013, down from 167 in 2011 and 140 in 2012.

Sales volume, not pricing, is driving transaction velocity in Miami’s luxury market. The most expensive individual sale through September 2013 in Miami was a $41 million transaction, down from $45 million in the first nine months of 2012.

In another sign that domestic buyers have returned to Miami’s luxury market in full force, foreign buyers only purchased 35 percent of the area’s luxury residences last year. Miami still offers a significant bargain for those investors. The average per square foot price of Miami condos at the end of the third quarter of 2013 was $612, compared to $1,203 in New York. But that is poised to change, as prices for new waterfront construction exceeds $1,500 per square foot.

 

Source: therealdeal.com

Recent posts

Real Estate News

Could Cite in Edgewater Have New Hotel Neighbor?

by Sep Niakan | January 12, 2017

According to thenextmiami, a petition involving a 15 by 75 feet alley has sparked speculations that a brand new hotel could be coming to Edgewater. Why? Simply because this alley comes attached to a 7,875 sq. ft. plot located at 348 Northeast 20...

Real Estate News

Brickell Avenue Bridge Schedule, Traffic and Solutions -- All You Need To Know

by Sep Niakan | January 09, 2017

Ever tried driving from Brickell to Downtown Miami for lunch? Most Miamians dread the thought of catching the dreaded drawbridge, which opens every hour or half-hour during non-curfew hours to allow river traffic to pass under. So what’s...

Real Estate News

9 Positive Signs for the Miami Real Estate Market in 2017

by Sep Niakan | January 08, 2017

Last year’s headlines weren’t too kind to Miami with hurricanes, Zika warnings and falling sales painting a dark picture. However, with the elections finally done with, there are plenty of reasons to be optimistic about 2017: 1. ...

Real Estate News

Projects That Will Change the Way We Look at Wynwood, Forever!

by Sep Niakan | December 28, 2016

We all know Wynwood as the friendly, hipster neighborhood splashed with the best street art in the world. It’s where we all go for our art fix, browse far-out finds and linger around for a couple of craft beers. But, how about shopping,...