According one of the largest real estate brokerages in Miami-Dade and Broward, during March, April and May this year, over 135 condos in Miami priced at $1 million or more sold, almost doubling the number of units in that price range that sold during the same period in 2009, compared to 12 last year, in Broward, 17 $1 million-plus units sold during that time period this year.
The sales for super luxury condos in Miami are taking off as well. Just in the past month we have seen four sales topping the $7.5 million mark. Most if these were luxury Miami Beach real estate properties; located at One Bal Harbour a unit sold for $8.7 million, at the Fountainebleau a $9 million dollar unit, one at the Santa Maria Brickell sold for $11 million and $15 million at the Setai.
According to EWM, there was an average of only 2.5 sales of condos in Miami at that price range in the past eight years and these four sales have the Miami Beach real estate industry talking.
Lori Ordover, managing director for sales and leasing at the Marquis Condos said a penthouse sold this month for $4.2 million. The 7,800 square foot four story penthouse on the 67th floor of 1100 Biscayne Boulevard is one of seven units that sold for more than $1 million since March. The penthouse was unfinished and not on the market yet when they received a good offer from the buyer.
Most of these luxury condos in Miami are being bought in cash and are being bought to live in, not as an investment. Miami Beach real estate experts say that the luxury condo market will only get better because condo living is becoming a more popular lifestyle choice for the wealthy.
According to EWM, this past quarter makes only the third quarter in the past eight quarters that sales of condos in Miami are greater than sales of Miami homes for properties priced over $1 million. During the first quarter of 2010, an average of 39 Miami homes per month sold vs. an average of 45 condos during the same time period.
Shuffield from EWM said, "When I was growing up we didn't have these choices. There were only apartments. Today every one of these buildings is like a little country club. If you don't need a yard and space, it's a great lifestyle.''
Contributed by MLR Realty
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