ʮ 21, 2012
This has been a big year for the luxury real estate market in Miami. We have seen strong signs of a housing recovery, and sales continue to go up across South Florida.
Sales of existing homes and condominiums rose 23 percent in Miami-Dade this November compared to the previous year. This is the 17th straight month of sale appreciation for condos in Miami, according to a report from the Miami Association of Realtors.
“It appears the Miami real estate market will set another record in 2012, exceeding sales levels at the height of the boom in 2005 and during the all-time record in 2011,” said 2012 Chairman of the Board of the Miami Association of Realtors Martha Pomares. “Considering the shortage of housing inventory available, it is remarkable that sales remain this strong. This record demand coupled with extremely limited supply is driving strong and consistent price appreciation.”
One big factor fueling sales is “a rush to close before the end of the year” to avoid the higher capital-gains taxes on the horizon, said Jay Parker, managing partner of Clear Title Group, a large title company in Miami Beach. “I have not seen volume like this ever,” added Parker. “Its’ just been crazy.”
Source: The Maimi Herald
