It seems that the sale of luxury homes in Miami is rising once again. This year, a record of $27 million was set for the highest amount ever paid for a condo in South Florida. This sum beat the previous record of $25 million paid for a condo sold in May of 2012. The $27 million penthouse, located on the 40th floor of The Setai is 7,100 square feet in size and features 4 bedrooms and 4.5 baths.
Owing to Miami’s international exposure, there has been a tremendous increase in foreign buyers investing in luxury homes in Miami. Although buyers from South America and Europe top the charts, countries like China and India have begun to show a growing interest in luxury Miami Real Estate. Most international buyers pay cash for condo transactions, which is reflected in the Miami-Dade condo sales data: 76% of condo sales were all-cash transaction, as well as 49% of single-family home deals.
SALE OF LUXURY HOMES IN MIAMI
Real Estate inventory has been limited since the summer of 2012, as many homeowners are still hesitant about placing their properties on the market until they have started to recuperate more of their pre-housing crisis values. Considering the slow rate at which the value of luxury homes in Miami is rising, it may be a few years before these properties regain their pre-crisis worth.
On the bright side, the housing market in South Florida has continued to evolve, in the face of the countless distressed properties. In Miami-Dade, distressed properties accounted for 41% of total sales in December, which is a decrease from the 54.4% the previous year. Also, the 12.5% increase in the median home prices in Broward County does indicate recovery. It is still too soon to tell whether or not the housing market collapse is over, but one thing remains for sure – buyers from all over the world are once again choosing Miami as an investing opportunity.