The Significant Growth In The Miami-Dade County Luxury Condo Resale Market
Many have found it remarkable for there to have been such significant growth in the luxury condo resale market for Miami-Dade County considering the macroeconomic data situation which has been troubling South Florida for the past while.
Nevertheless, there have been numerous foreign buyers who have come into the area with financial powers brought about by their stronger currencies which have enabled them to acquire over $1 million condominium properties within 2011 compared to the previous year of the real estate boom which took place in 2006.
Almost 590 condominium properties were taken off the property market for values of no less than $1 million each within 2011 while less than 500 of these high-end options were sold in the final year of the South Florida real estate boom which leads to a rise of 29 percent from 2010.
With just one more week remaining in the first month of 2012, there are already 100 more luxury units currently under contract with pending transactions underway.
2011’s record high for the most expensive condo resale is a penthouse property sold for $21.5 million found in the Setai Resort & Residences located in Miami Beach. In other condos, a penthouse property at the Apogee condominium was sold for $11.5 million while a unit at the Continuum in South Beach has sold for $10.6 million.
Now that the luxury resale market has shown great spirit once again, owners have become more optimistic as demonstrated by almost 1,000 condos being placed on the resale market with values that range from $1 million and up.
In fact, there are almost 20 ultra-luxury condominium properties which are currently on the property market with asking prices of at least $10 million each — one of which is a $38 million condominium that is located in the fabulous Bal Harbour village.
Of course, real estate developers have been keeping an eye on the on-going activities in the luxury condo market which have brought out at least five more luxury condos which are currently underway to provide even more luxury real estate options which are bound to hold values of more than $1 million each.
While there is new life in the luxury condo market for Miami-Dade County, the Broward County has had a different tale as less than 70 luxury condo resales were made in 2011. Nevertheless, statistics are up 11 percent from the previous year.
As of now, people are unsure of whether the Miami-Dade luxury condo market will be able to carry on with the current pace because of the economic challenges that lie up ahead which may alter the buying attitude of foreign buyers which have made up for a significant perfect of the $318 million in monthly sales throughout the Miami-Fort Lauderdale-Miami Beach market.
Also, the Miami-Dade County luxury condo market is looking into the inventory for condos on the resale market excluding units which have remained unsold from the last South Florida real estate boom because there remains to be approximately 20 months of high-end condos left in the inventory despite the fact that almost 50 units are being sold per month.
Ideally, having a supply of inventory of around six months is what experts would consider to be a healthy market.
Luxury condo owners and sellers have also proven to be another issue that the market is dealing with since many of these people are asking for more than $1.75 million in 2012 whereas transactions prices in 2011 were at $1.6 million.
With all these various factors having such an influence on what could take place in the upcoming months, many are curious as to whether the momentum is going to be able to extend past the middle point of 2012.