Luxury Real Estate Market Flourishes in 2012

ʮ���� 28, 2012

This has been a great year for the luxury real estate market in South Florida. We have seen the prices of luxury oceanfront condos and waterfront estates from Miami to Palm Beach go up in price while the interest rates and inventory went down.

The future is looking bright for luxury waterfront real estate. Pending sales in Miami-Dade rose 52 percent in November, according to a new report from the Miami Association of Realtors. Robert Toll, executive chairman of the developer Toll Brothers, told Reuters TV recently that he thinks we will see more growth in the residential market, home prices rise and the luxury market continue to grow in 2013.

“The Miami real estate market continues to perform robustly as it approaches a new sales record and exceeds one full year of significant price appreciation,” said Martha Pomares, 2012 chairman of the board of the Miami Association of Realtors. “Strong market fundamentals in Miami offer sound and profitable investment opportunities. Population drives real estate, and Miami continues to grow as a result of net U.S. migration, trade, business enterprises, tourism and second and vacation home buying activity.”

Here are a few of the sales that took place recently in Miami. A penthouse at Key Biscayne’s Ocean Club sold for three and a half million. The beautiful three-bedroom, five-bathroom, 3,600 square foot penthouse was listed for over three million. A luxury waterfront estate with four-bedrooms, 5.5 bathrooms and 7,848 square feet located at 890 Harbor Drive in Key Biscayne recently sold for seven and a half million. A Fisher Island condominium located at 5311 Fisher Island Drive on Miami Beach’s Fisher Island recently sold for over five million. This exquisite condo has five bedrooms, five bathrooms and is 6,881 square feet.

All the signs are looking as if 2013 will be even better than 2012. We are all waiting to see what happens with the fiscal cliff, if the interest rates will go any lower and how high the sale prices of luxury waterfront condos and estates will go this year.