Resale Market For Miami Luxury Condos Indicates Positive Trend For Buyers And Sellers
While there are many who remain concerned about how the economy is going to manage achieving full recovery from the market crash that took place years ago, numerous indications have shown signs of life on today’s resale market for Miami luxury condos is despite the fact that no one knows how long these conditions are going to last.
Nevertheless, there have been positive trends which definitely marks the start of something worth looking forward to on the condo market as almost 590 luxury condos had been purchased within Miami in 2011 — many of which were sold to foreigners.
Comparing numbers from 2011 to those collected in 2010, the luxury condo resale market has received an increase in activity of 29 percent when no more than 460 condo units were purchased within the region.
Out of all the luxury condo resales to have taken place in 2011, the most expensive one happens to be that of a penthouse property within the Setai Resort and Residences in the city of Miami Beach which had been sold on the property market for a sum of $21.5 million.
There have been many other Miami luxury condos to have been taken off the condo resale market and two of these include a penthouse in the Apogee condo which was sold for $11.5 million and a condo property in the Continuum South Beach which went for $10.6 million.
Due to the fact that the luxury condo resale market had indicated such undeniable signs of life, numerous property owners who had once been so reluctant about placing their Miami luxury condominiums on the resalemarket have finally decided to do so at values of no less than $1 million each which led to almost 1,000 condos going for resale on the market and almost 20 ultra-luxury condo units which have been placed back on the resale market for values of at least $10 million each.
Given the current pace at which the luxury condo resale market is moving forward, there is no guarantee as to how long such a trend is going to carry on, especially since there are various economic factors which could either slow down or further accelerate the current pace; however, people can be sure to find that there will always be those who will find Miami luxury condos to be the number one real estate option of choice within the region.
Joan Vonnegut
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