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Miami-Dade’s Luxury Condo Resale Market Surges
The luxury condo resale market in Miami Dade County has seen a strong recent upswing, but will it last?
As difficult as it may seem to fathom, given the current macroeconomic data plaguing South Florida, indications are growing that the luxury condo resale market in Miami-Dade County is back — at least for the time being. Foreign buyers with strong currencies complemented by a scattering of wealthy domestic purchasers acquired more $1 million condos in 2011 than in the last year of the South Florida real estate boom in 2006, according to an analysis of data from the Southeast Florida Shared Multiple Listing Service Database. Buyers purchased nearly 590 condos for at least $1 million each in 2011 after acquiring less than 500 high-priced units in 2006. On a year-over-year basis, the 2011 luxury condo resale activity represents a 29 percent increase from 2010 when fewer than 460 units were purchased for at least $1 million each in Miami-Dade. Weeks into 2012, an additional 100 luxury units are already under contract waiting to transact. Topping the list for the most expensive condo resale in the year 2011 is a penthouse in the Setai Resort & Residences in Miami Beach that sold ... more

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