The luxury condo resale market in Miami is back and growing! In fact, and thanks to the foreign buyers with strong currencies, more Multimillion-Dollar Condos were sold in 2011 than in the last real estate boom of 2006.
According to an analysis of data from the Southeast Florida MLS Database, there was a 29 percent increase in 2011 from the previous year in the luxury condo resale activity. Areas with most resurgence in Luxury Condo Sales include the posh Miami Beach Condos, where a penthouse was sold for $21.5 million, followed by the lavish South of Fifth Luxury Condos neighborhood where various condominiums were sold for over $10 million.
More and more ultra-luxury condominium units in Miami are appearing on the resale market in areas such as the Bal Harbour Condos,and the unique Sunny Isles Beach Condos while the developers are taking advantage of the resurgent market and building several new million-dollar condo towers in South Florida. For instance, the Brickell House is selling units before the construction is completed by giving the option of quarterly pay, which the foreign buyers are readily taking advantage of and paying cash; by the time the project is finished in two years, they will have paid for almost 70% of their home and will have gotten a great deal. Just 90 days into the sale of 374 units at Brickell House, 190 of them quickly went to Brazilians, Venezuelans, Mexicans, Russians, Chinese and Europeans.
There is more proof that South Florida?s condo market is definitely back and is experiencing tremendous growth. In fact, Miami?s existing condo inventory is on the verge of being sold out. Catering to the foreigners, there are 22 newly-announced condo projects! Now is the time to buy and take advantage of the affordable luxury real estate in Brickell, South Beach, South of Fifth, Sunny Isles beach, Aventura, Hallandale Beach, Hollywood and other wealthy areas of Miami.
Post By
Yuliya Volokh
MiaLingua
Source: http://onemiamiliving.com/miami-real-estate-condo-sales/
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