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

Miami’s New and Pre-Construction Condo Update: August 2017

by Sep Niakan | September 17, 2017

August comes up with quite some movement for the preconstruction condo market in Miami. We have Aston Martin Residences gearing up for a fall groundbreaking, Canvas and The Harbour successfully topped off, 1010 Brickell got its ok to open and...

Opinions and Advice

Back to school

by Sep Niakan | August 29, 2017

Septembers can be a sobering time for most as we say goodbye to summertime frolic. Kids are either back to school or are gearing up for it. Parents are busy running around, trying to get everything and every kid organized. It’s back to the...

Opinions and Advice

4 Property Tax Savings and Benefits when Buying Property in Florida

by Sep Niakan | August 29, 2017

For most people, paying taxes equals one big headache. In Florida, knowing your tax laws is worth the pain. Being a Florida resident, you can gain from many tax-saving programs. You can also find affordable real estate in big cities like Miami....

Lifestyle

September Events to Spice Things Up In Miami!

by Sep Niakan | August 27, 2017

Summer may be on its way out, but that doesn’t mean things have to fizzle down. There’s a whole bunch of stuff to do this month, especially around Labor Day weekend. Scroll through our top picks and plan a fun September in...