The Market For Miami Luxury Condos Is On Fire — Deals Are Being Made In Less Than 24 Hours

13 March 2012

Today’s market for Miami luxury condos is definitely on fire as both buyers and sellers can anticipate a relative amount of ease when it comes to meeting their real estate goals since the region is definitely picking up on an excellent pace.

One of the most interesting pieces of proof to that statement happens to be one recent transaction involving two luxury condo properties that had been placed on the market by the popular rapper from Canada who goes by the name Drake which did not even have to sit too long before finally being snatched up by an A-list home property buyer who also happens to be guard for the NBA team Miami Heat, Mario Chalmers.

The two Marquis Miami luxury condos were listed on the market for $2.5 million; however, the final sales price reached $2.4 million which allowed for a 4 percent discount for both the properties.

Drake was able to purchase both luxury condo properties in early 2011 for a combined sum of $1.9 million which he later placed back on the market for an addition 32 percent in 2012 which account for a 26 percent gain for the rapper on his investment with gross of half a million prior to additional expenses such as fees and taxes on the property.

As impressive as the whole deal may be, people are yet to be astonished by the fact that it took less than 24 hours for an offer to be placed on the Miami luxury condos which had a total floor area of 5,475 square feet of living space, four bedrooms, not one but two kitchen areas, six bathrooms, a media room, marble staircases, living rooms with 20 foot ceilings, and private balcony areas. But there are even more amenities that are set for Chalmers as additional amenities such a sky pool deck is also included in the deal.

Anyone who has ever wanted to either sell their own Miami luxury condo or consider the idea of buying one of the many available luxury condos within the region today will find success to be well within reach considering the excellent conditions of the market.

According to sales reports from the last quarter of 2011, the median sales prices for Miami luxury condos had gone up by as much as 7.2 percent compared to values collected in the third quarter and that definitely speaks a great deal about what people can expect from the market today.

Joan Vonnegut
Miami Luxury Condos