Statistics Show Miami’s Real Estate Selling Rapidly
March 3, 2014
By Sunny Isles Real Estate Expert on February 28th, 2014
Miami’s luxury real estate comeback continues to be the “phenomenon story” in the world of residential real estate as the inventory keeps shrinking and the prices keep rising. Condominiums remained among the most popular properties in the area. In many cases, these condominium statistics – which are rather promising – are being driven by cash purchases from foreign investors eager to get in on the Miami real estate market and, of course, to enjoy what Florida has to offer as a place to call home.Promising NumbersIn 2007, buyers pulled out of approximately 10,000 condominiums. While that might’ve been rather terrifying news, particularly at the time it was happening, a full 95% of the 23,000 condominium units that were built during the last condominium real estate boom have now sold.
People may have been pulling out at one time, but there certainly not anymore. Putting these two numbers together illustrates just how far the real estate market has come, in recent years.Big NumbersIt’s certainly no secret that Miami is home to many affluent people and, by looking at the numbers associated with real estate, it’s sometimes possible to drive that point home. According to the reporting, two side-by-side penthouse units located at the development Edition Miami Residences sold for $34 million each. This is still the largest real estate condo deal in Miami-Dade County history, according to Forbes.
Despite that being the largest deal, that is not the largest price. Palazzo D’Oro, a penthouse located at Mansions at Acqualina, is listed for $55 million, the most expensive condominium property in all of Miami. Where prices are concerned, a preconstruction oceanfront condominium in Miami-Dade County will typically start at about $1200 to $1500 per square foot. Construction Is Moving ForwardThe numbers also reveal that construction is still underway in the Miami-Dade area.
There are 6200 residential units that have been proposed for the downtown Miami area. There are also 3036 residential units being constructed in downtown Miami already. Of course, for investors looking to get into the Miami-Dade real estate market, these constitute great buying opportunities.
Go BigThe new construction now days offers some of the tallest and most luxurious condos in the world. Panorama Tower downtown Miami will be the tallest building in Florida. It is projected to rise 830 feet over Brickell Avenue. Miami, of course, is no stranger to tall towers and some of the best luxury properties happen to be located in them, but this will definitely take things to another level.Constant interest from affluent individuals abroad and individuals within the United States have brought real estate in South Florida to the new levels both in luxury and price per square foot. Not only it is selling, there is construction going on to make certain that there is enough inventory to satisfy future need.