South Florida Luxury Home and Condo Market is BACK!
- katerinatristan
- Feb 10, 2013
- 2 min read
The South Florida luxury real estate market is rebounding. High-end homes and condos have been selling here in South Florida and this is helping South Florida's housing market to recover from a six-year downturn.
During the real estate bust here in South Florida the luxury home market which is considered $750,000 and above did not sell any better than the modestly priced homes.
During that time most sellers have to wait for months to sell their properties. A lot of the time it took more than a year to two years to sell a luxury home and that is even after slashing their prices over and over again.
Beautiful luxury estate waterfront homes in gated communities were not even selling at $.50 on the dollar because of buyers being afraid of what the future market was going to do.
But most buyers believe now that the bottom has finally passed.
A recent project in Boca Raton called 200 E. project sold nine units in nine weeks for $7 million and is 90% sold out.
In 2012 Broward County posted 464 sales of homes and condos that were $1 million dollars or more. This was the third year in a row that the prices have risen and it is the 51% jump over 2009.
The 2012 sales volume was $768 million in Broward County.
In 2012 Palm Beach County there were 791 sales of $1 million or more in homes and condos which was 33% higher than it was in 2009.
But Miami-Dade County did the best among the three Florida counties. Miami has ultra high-end condominiums in downtown Miami and along the Miami coastline which are very sought after. Foreign investors especially from Brazil have been coming to Miami to buy up luxury properties.
All of the high-end market condominiums which were sitting vacant during the bust and for years after that are now almost totally sold out.
Developers are now excited about building new condos. Developers have announced that they are going to be building 99 more condominium towers with a total of over 14,000 condos in the tricounty region of Miami-Dade, Broward County and Palm Beach counties,. Jorge Perez has just sold out on his Apogee Beach condo project located in Hollywood Florida were prices start at $1 million.
The island of Palm beach has a large shortage of properties and homes for sale. Looks like our luxury market is back in full swing! Call your Wellington Luxury REALTORS® today at 561-753-0135.
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