Luxury Homes in South Florida are Hot

29 May 2013

South Florida’s housing market continues to gain solid grounding in terms of home valuation, and the luxury sector is leading the growth with continued record-breaking sales.

The luxury end of South Florida’s residential market used to be seasonal. However, with the sudden influx of luxury homebuyers from around the world, mainly Latin America and Russia, many of the largest sales were made during the summer. This is according to Jill Herzberg who posted $475 million in sales last year.

One of the prime examples that the luxury market of South Florida is sizzling is the sale of A-Rod’s Miami Beach pad at $30 million.

In Fort Lauderdale, a property in 2400 Del Lago Dr. in Harbor Beach posted a sale for $17.5 million. This was a record in the Broward County. The eight-bedroom, 8 1/2 bath boasts a 400-foot frontage overlooking the Intracoastal Waterway.

The increase in demand clearly pushed the prices to record levels. Back when the housing bubble burst, the luxury market was hit with a relatively lesser damage than the other sectors of the housing arena.

The buyer of Rodriguez’s home was revealed to be one Stephen Levin. Mr. Levin is the chairman of Gold Coast Beverage Distributors, a Doral-based beer distributor.

Along with the luxury homes, the high-end condo market of South Florida is also posting strong gains and demand. Two penthouse units at the Miami Beach Edition sold for a combined $34 million in March. The sale was accompanied with plans to combine the two units in one eight-bedroom penthouse with more than 16,000 square feet.