Miami Luxury Condos Have Been The Leading Force In Pulling The Local Luxury Real Estate Market Up
August 11, 2011
The market for luxury real estate in the region of Miami has definitely been showing signs of improvement within the first few months of 2011 and this is something that goes very well considering that the rental market for the same region has been known to be giving off the same results so far.
People that have been keen on observing the Miami real estate market over the past 2 years will know how amazing it is for so much to take shape in a positive way after the big blow which has struck markets all over the nation. It seems too good to be true for many but the fact of the matter is that these things are really happening and there is no denying the fact that this is just the beginning.
Among the many luxury real estate properties that have been taking the spotlight for the early half of 2011, we find that Miami luxury condos to have been sold have managed to gain an average of 51 sales per month — and these Miami luxury condos went for sales of over $1 million per unit. As far as the home properties go on the luxury real estate market, the first half of the year has projected an average of 41 home sales for the similar price range as the luxury condos around the region.
Should these statistics be used as grounds for future projections, what we are looking at are sales of about 1104 by the end of the year. Given these projections, we could very well be looking at an increase in sales of up to 22 percent — a substantial figure that could further note how resilient the local market of Miami truly is.
Real estate experts that have looked into the activity for the first half of 2011 have observed that the aggressive activity has been driven largely by foreign buyers that have shown a massive interest in many of these Miami luxury condos that have been setting rise around the region. A great majority of these foreign buyers seem to hail from Latin American nations where people find that the weather conditions that are quite similar to that of home allows them to be in a setting that is as pleasant as it could possibly get.
As the demand for these Miami luxury condos has grown in notable numbers, we are likely to find that the prices for these high-end residential options are sure to rise in the months to come, especially now that the signs of positive reinforcement are looking very steady for the market as a whole.