If you speak withy many of the leading real estate brokers in South Florida, they would have you believe that the ultra luxury market is back!! In fact there has been an up tick in sales of homes/condo market over the $2-3M
level during the past several months.
However when you dig deeper, the underlying factors do not really appear to be a return to the good old days, but rather selected opportunities to purchase these properties at very deep discounts by those with very deep pockets
Just days after reading an article about the bounce back of the luxury market, I read an interesting article a leading South Florida daily business publication that seemed to suggest just the opposite.
In the very high end community of Manalapan, sales have been very slow. Now, I do not mean to compare this community with the $2-3M market, but this is certainly an area where the ultra wealthy would be buying if they believed the market was back!
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I do believe that we will continue to see isolated cases of purchases in many markets, especially single family homes that he bought at considerable discounts. Otherwise, I continue to maintain a strong conviction that the market has years to go before recovering and it will reshape the Florida real estate landscape before we reach a normal supply and demand.
If you are thinking of selling, no matter the value or type of property, please research the auction alternative. Please visit my web site www.auction-generation.com or call Troy Fowler at 305-206-0349.
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Troy,
The luxury buyers are pacing themselves is my firm belief. The ones that want to buy something want to buy at the bottom of the market are watchful and some really believe STILL that we have not reached bottom yet. I guess it really matters where you are location-wise when we define who has hit bottom and who has not. I am sure parts of Miami have seen the worst of it but I am not an expert in that area of Florida. The upside to this in my opinion is that we may have a stampede on our hands if it becomes more than apparent that prices are on the rise...better get your Nikes on!